VANCOUVER, British Columbia, May 15, 2018 (GLOBE NEWSWIRE) -- Rackla Metals Inc. (TSX-V:RAK) is pleased to announce it has sold or joint ventured a majority of its Yukon projects, reducing holding costs while retaining exposure to some of the properties through an NSR. A summary of the recent transactions is as follows:
- 346 Sixty Mile Claims and 320 Scarlet West Claims lapsed.
- Agreement with an arm’s length individual to sell 81 of the Sixty Mile Claims, for a potential 25% share of any future payments received on the claims over the next 5 years.
- Agreement with arm’s length Strategic Metals to sell 230 Scarlet East Claims and 49 Hat Claims for $50,000 plus a retained 1% NSR.
- Agreement with an arm’s length individual to sell the remaining 63 Sixty Mile Claims, in return for acquiring 100 Rivier Claims (these claims were previously subject to an option agreement which was terminated last October). The Rivier Claims are subject to a 2% NSR and annual advance royalty payments of $10,000 commencing in April 2020.
As a result of the above transactions, Rackla’s Yukon holdings consist of the consolidated Rivier Project (116 claims) targeting lode gold mineralization of the Motherlode type. Geochemical results from soil sample programs identified three zones of anomalous gold values adjacent to a structurally controlled ultramafic body indicating the potential for significant gold mineralization. Each of the three zones includes at least one soil sample that contained over 2 grams per tonne gold.
Qualified Person
Bruce Smith, M.Sc., M.Eng., a member of the Australian Institute of Geoscientists, is the Company’s Qualified Person under the terms of National Instrument 43-101, “Standards of Disclosure for Mineral Projects”, and has approved the disclosure of the technical information in this news release.
About Rackla
Rackla Metals is actively investigating new prospective projects for acquisition and will continue to seek joint venture partners for its Rivier Project.
ON BEHALF OF THE BOARD
Bruce Smith,
President and Director
Tel: (604) 801-5432; Fax: (604) 662-8829
Email: info@goldgroup.com
Website: www.racklametals.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking statements and include, without limitation, statements about the Company’s plans for its properties and possible future property acquisitions. Often, but not always, these forward looking statements can be identified by the use of words such as “estimate”, “estimates”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “upgraded”, “offset”, “limited”, “contained”, “reflecting”, “containing”, “remaining”, “to be”, “periodically”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, whether the Company’s plans for its properties and possible future property acquisitions will proceed as anticipated; changes in general economic conditions and financial markets; the Company or any joint venture partner not having the financial ability to meet its exploration and development goals; risks associated with the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in the Company’s quarterly and annual filings with securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: expectations that the Company’s plans for its properties and possible future property acquisitions will proceed as anticipated; that the Company’s stated goals and planned exploration and development activities will be achieved; that there will be no material adverse change affecting the Company or its properties; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.