tasca options pistol lake property in newfoundland, canada
Vancouver, British Columbia (FSCwire) - Tasca Resources Ltd. ("Tasca" or the "Company") (TSX.V: TAC, FSE: 3TA) is continuing its focus in Newfoundland and is pleased to announce the acquisition of the 1,350 hectare Pistol Lake property from Arm’s Length vendors. Pistol Lake lies within a plus 400 km regional structural zone comprising the Cape Ray Fault – Valentine Fault –Rogerson Lake Structural Zone (CRF-VLS-RLS) running SW to NE through the centre of Newfoundland. This key structural zone hosts the: Benton Resources Inc. / Matador Capital Pty Ltd. Cape Ray gold deposits, Quadro Resources Inc. Staghorn gold zone, Marathon Gold Corporation Valentine Lake gold camp, Antler Gold Inc. Wilding Lake gold zone, and the recent Sokomon Iron Inc. Moosehead discovery. Tasca cautions investors the Company has not yet verified any of the exploration data from any of the above mentioned camps, deposits or zones.
President Clive Massey states, “Tasca continues to believe in the excellent exploration potential of Newfoundland and is very pleased with opportunity to acquire the option on the Pistol Lake property. On-going exploration continues to suggest CRF-VLS-RLS is a significant regional structure controlling the distribution of gold deposits through central Newfoundland. The initial exploration results at Pistol Lake suggest to Tasca’s technical team focussed exploration may well bring success. Tasca plans an aggressive exploration program once the technical team has reviewed and compiled the historic data set.”
The road accessible Pistol Lake property is comprised of 2 licenses totalling 54 claims and lies 37 kilometres southwest of Grand Falls. Pistol Lake is underlain by Silurian sandstones and siltstones with proximal felsic volcanic flows and intrusives, a setting favourable for epithermal precious metal mineralization similar to the above mentioned deposits. Epithermal textures in the quartz veins and stockworks are common at Pistol Lake.
Two areas meriting significant exploration are the Elliot showing and the Pistol Lake showing. Elliot is a hematite carbonate altered syenite intruding carbonate altered sandstones. Several angular quartz breccia boulders were located near the syenite. A trenching program had water issues and only a small amount of bedrock was reached. A total of 239 largely grab samples of the syenite and the quartz boulders returned values ranging from 5 to 3323 ppb Au with 7 of the samples returning values in excess of 1000 ppb or 1 g/t. In addition 597 soils samples were taken. Pistol Lake is 2 km south of Elliot and consists of angular quartz breccia boulders. Tasca cautions investors grab samples are selected samples and are not necessarily representative of mineralization hosted on the property.
Tasca’s technical team will immediately commence a thorough review and compilation of the historic exploration to develop an exploration program to locate the source of the epithermal quartz boulders for a follow up drill program.
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.