tasca options handcamp property in newfoundland, canada
Vancouver, British Columbia (FSCwire) - Tasca Resources Ltd. ("Tasca" or the "Company") (TSX.V: TAC, FSE: 3TA) is pleased to announce the acquisition of the 2,100 hectare Handcamp property from Arm’s Length vendors. The Handcamp property has been explored for base metals since the 1960’s and has only recently been recognized for its gold potential. A 12 hole diamond drilling program in 2010 returned highlight gold values of 6.3 g/t Au over 1.9m and 10.8 g/t Au over 0.9m within a broader zone of 3.1 g/t Au over 5.9m or 1.2 g/t Au over 20.9m in Hole 004; 1.53 g/t Au over 12.6m in Hole 005; and 5.5 g/t Au over 1.8m within a wider interval of 3.5 g/t Au over 3.5m or 1.0 g/t over 17.8m in Hole 012. True width is estimated at 75% and full QA/QC protocols were instituted. Eleven of the 12 holes were drilled in three fences spaced 250 to 300 metres apart, while hole 012 was drilled to test the area of a 31 g/t Au float sample approximately 550 metres to the southwest of hole 004. Plus 1 g/t Au intersections over 0.60m to 1.00m were recorded in all but two of the remaining 9 holes. Tasca cautions investors the Company has not yet verified the historical data.
(Source: Pickett,J.W.; 2011; Line Cutting, Soil Sample Analysis, Induced Polarization Geophysics, Trenching and Diamond Drilling, Handcamp Property. Government of Newfoundland and Labrador Department of Natural Resources Assessment Report 012H/08/2157)
President Clive Massey states, "Tasca continues to believe in the exceptional exploration potential of Newfoundland and is very pleased with this opportunity to acquire the option on the Handcamp property. The intersection of plus 1 gram gold intervals in 10 of 12 holes drilled over a strike length of 850 metres in 2010 strongly suggests a robust gold system occurs at Handcamp. Tasca plans an aggressive exploration program once the technical team has reviewed and compiled the historic data set.”
The road accessible Handcamp property is comprised of 5 licenses totalling 84 claims and lies 15 kilometres south of the small village of South Brook or 115 kilometres east of Deer Lake. Handcamp lies in the Dunnage Zone, a series of Cambrian to mid-Ordovician island arc and back arc ophiolite and marine volcanic- sedimentary sequences. The claims are underlain by lower Ordovician Roberts Arm Group submarine volcanic and volcanogenic sedimentary rocks. The gold mineralization appears to be related to felsic volcanic and volcaniclastic rocks accompanied by abundant red and ferruginous chert in zones up to 50 metres wide.
Soil geochemistry, rock geochemistry, mechanical trenching and Induced Polarization geophysical surveys are included in the historical database and need to be compiled and analyzed to direct the next phase of drilling at Handcamp.
Under the terms of the Option Agreement, Tasca will make cash payments of $40,000, issue 4,250,000 shares and complete $2,400,000 in exploration expenditures over the next four years. The Vendors will retain a 2% Net Smelter Return Royalty; Tasca will have the option to purchase 50% of this royalty for $1,000,000 at any time. The Agreement is subject to approval by the TSX Venture Exchange (the “Exchange”).
About Tasca Resources
Tasca Resources Ltd. (TAC: TSX-V) is a Canadian-based mineral exploration company focused on the acquisition, exploration and development of mineral properties. Our objective is to build shareholder value through exploration and potential development or acquisition of existing projects with significant up-side.
For additional information regarding the above noted Property and other corporate information, please visit the Company's website at www.tascaresources.com
The scientific and technical information contained in this news release has been reviewed and approved by R. Tim Henneberry, P.Geo. an independent consulting geologist who is a "Qualified Person" as such term is defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43- 101").
ON BEHALF OF THE BOARD OF DIRECTORS
Clive H. Massey
President & CEO
For further information, please contact:
Tasca Investor Relations
Phone: (604) 644-6794; Email: firstname.lastname@example.org
#830 – 1100 Melville St. | PO Box 43 | Vancouver | BC | V6E 4A6
Tel: (604) 341-6870 | Fax: (604) 395-7068
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Tasca Resources Ltd. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Tasca Resources Ltd. management on the date the statements are made. Except as required by law, Tasca Resources Ltd. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.