GHL - Goldhills Holding Ltd Provides Update on Lennac Lake Property
(TheNewswire)
Vancouver, BC – TheNewswire - July 8, 2024 - Goldhills Holding Ltd. (TSXV:GHL ) ( OTCQB: GODZF )( Frankfurt: GRYA) (“Goldhills” or the"Company") is pleased to announce thatit has closed its previously announced Mineral Property OptionAgreement (the “Option Agreement”) with Donald MacIntyre andVictor Parsons (collectively, the “Optionors”) (see press releasedated May 2, 2024). This agreement grants Goldhills the option toacquire a 100% interest in the Lennac Lake Property, comprised ofthree contiguous blocks covering a total area of 970.897 ha locatedthe Omineca Mining Division in British Columbia. On May 12, 2024, the Company staked 4 additional claims expanding theLennac Lake Project by 1325.67 hectares.
In order to exercise the option, the Company must makecash payments of $100,000 to the Optionors over a three-year period.The payments are scheduled as follows: $10,000 upon signing, $20,000by the first anniversary, $30,000 by the second anniversary, and$40,000 by the third anniversary of the agreement. Goldhills is alsoobligated to incur exploration expenditures totaling at least $370,000by specific milestones: $75,000 by the first anniversary, anadditional $100,000 by the second anniversary, and an additional$200,000 by the third anniversary. Upon commencement of commercialproduction, Goldhills will pay the Optionors an annual payment in lieuof a net smelter return royalty, beginning at $40,000 CDN perannum.
The Lennac Lake Project is located in the Babine Copper– Moly Porphyry district in central British Columbia. The propertyhas a history of exploration dating back to 1971 and is an earlyexploration project with substantial potentialfor discovery of further porphyry and related mineralization. The maintarget, and most developed prospect is the West Zone. Two drill holesin 2012 confirmed porphyry copper ± molybdenum mineralization hostedin potassic altered porphyritic intrusive rocks to depths greater than300 metres and remains open. Previous diamond and RC drill programshave worked to constrain the lateral extent of mineralization andalteration. Airborne magnetic data, as well as ground IP provideadequate geophysical data to guide future drill programs bycorrelating potential mineralized zones to chargeability and magneticparameters. A higher grade Cu±Mo core or feeder zone could be locatedat depth or within the volume of rock between the 2012 drillholes. For a comprehensive report on the LennacLake Project see the June 2024 43-101 Technical Report. ( https://www.sedarplus.ca/csa-party/records/document.html?id=442e9c2e0c86bd4512f0cbe751b738080cfa7ec47c2e1d7ad29eec6b2f59dd8c )
Jeremy Hanson P.Geo is a Certified ProfessionalGeologist and ‘Qualified Person’ for the purposes of Canada’sNational Instrument 43-101 Standards of Disclosure for MineralProperties, has verified and approved the information contained inthis news release.
Goldhills Holding Ltd.
Steven Sangha
Director
Phone: 7782286872
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
Forward-lookingInformation Cautionary Statement
Except for statements of historicfact, this news release contains certain “forward-lookinginformation” within the meaning of applicable securities law.Forward-looking information is frequently characterized by words suchas “plan”, “expect”, “project”, “intend”,“believe”, “anticipate”, “estimate” and other similarwords, or statements that certain events or conditions “may” or“will” occur. Forward-looking statements are based on the opinionsand estimates at the date the statements are made, and are subject toa variety of risks and uncertainties and other factors that couldcause actual events or results to differ materially from thoseanticipated in the forward-looking statements including, but not limited todelays or uncertainties with regulatory approvals, including that ofthe TSX-V. There are uncertainties inherent in forward-lookinginformation, including factors beyond the Company’s control. Thereare no assurances that the business plans for the Company as describedin this news release will come into effect on the terms or time framedescribed herein. The Company undertakes no obligation to updateforward-looking information if circumstances or management’sestimates or opinions should change except as required by law. Thereader is cautioned not to place undue reliance on forward-lookingstatements. Additional information identifying risks and uncertaintiesthat could affect financial results is contained in the Company’sfilings with Canadian securities regulators, which are available at www.sedar.com .
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