Glacier Lake Resources Options Silver Vista Property
March 17, 2017
Vancouver, British Columbia – March 17th, 2017 – Glacier Lake Resources Inc. (the “Company”) (TSXV: GLI.H) announces that it has entered into a property option agreement (the “Option”), effective March 15th, 2017, with Multiple Metals Resources Ltd. (“Multiple Metals”), an arms’-length mineral exploration company based in British Columbia. Pursuant to the terms of the Option, the Company has the right to acquire a series of forty-nine (49) mineral claims located in the Province of British Columbia which make up the Silver Vista copper-silver property (“Silver Vista” or the “Property”).
Silver Vista covers 246 square kilometres, and is located 55 kilometres north-east of the town of Smithers, in north-central British Columbia. The Property covers a mineral prospect (“MR”, MINFILE No 093M 195) comprising a road-cut copper-silver showing, which was the subject of diamond drilling (1991), and extensive and strong soil geochemical anomalies (Cu-Ag), completed in 2012-2013 by Amarc Resources Ltd. (“Amarc”). Amarc completed 2,700 line kilometres of airborne magnetics and almost 8,000 surface soil samples, and had successfully permitted a drill program, but did not drill any of the multiple copper-silver geochemical targets. Silver-copper mineralization is very fine grained and disseminated with no obvious fracture or vein control. The mineralization is “consistent with sediment-hosted Cu-Ag mineralization formed during the late stages of, or after, diagenesis”. The MR deposit bear similarities to the Montanore deposit in Montana.
Robert Weicker, the principal of Multiple Metals, indicated; “I am pleased to be to working with the team at Glacier Lake Resources, to discover new copper-silver deposits on the large Silver Vista property. We are looking forward to completing the first drill program this summer since the property was last drilled by Equity Silver Mines Ltd. in 1992.”
The Company can acquire the Property through completion of (i) a series of cash payments totalling $230,000, (ii) by issuing 750,000 common shares of the Company, and (iii) by completing exploration expenditures on the Property of not less than $600,000, all in the thirty-six months following the grant of the Option. Following exercise of the Option, the Property will remain subject to a two-and-one-half-percent net smelter returns royalty, of which two-percent is in favour of Amarc, and one-half-percent is in favour of Multiple Metals.
The transaction will constitute a “fundamental acquisition” for the Company under the policies of the TSX Venture Exchange (the “Exchange”). Following completion of the transaction, it is anticipated that the Company would be listed on the Exchange as a Tier 2 Mining issuer. Closing of the transaction is subject to a number of conditions including completion of satisfactory due diligence, the completion of a technical report in respect of the Property, the approval of the Exchange and the satisfaction of other closing conditions customary in transactions of this nature.
The transaction cannot close until the required approvals are obtained, and the outstanding conditions satisfied. There can be no assurance that the transaction will be completed as proposed or at all. Trading in the common shares of the Company will remain halted pending further filings with the Exchange.
The technical content of this news release has been reviewed and approved by R. Tim Henneberry, P. Geo., an independent consultant and a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Glacier Lake Resources Inc.
Please visit our Website at: www.glacierlake.ca
Completion of the transaction is subject to a number of conditions, including Exchange acceptance. The transaction cannot close until the required approvals are obtained, and the outstanding conditions satisfied. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company 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 or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.