(TheNewswire)
Vancouver, British Columbia – TheNewswire - October 4, 2022 –Rackla Metals Inc. (TSXV:RAK) (OTC:RMETF) is pleased to announce thatit has entered into a property option agreement with Aben ResourcesLtd. (TSXV-ABN) ( “ Aben”) to purchase a 100% interest in the Hit Property inthe Yukon Territory, Canada. The Hit Property is strategicallylocated on the Yukon side of the border, adjacent to Rackla’srecently aquired Astro property in the Northwest Territories (see newsrelease September 20, 2022 ). The acquisition further expands Rackla’s existing claimposition in the Tombstone Gold Belt within the Selwyn Basin.
“We are thrilled to add to our holdings in theTombstone Gold Belt near Snowline Gold Corp.’s Rogue project golddiscovery, ” states SimonRidgway, CEO of the Company. “We now hold several high qualityexploration targets and a good database to work from in both the Yukonand Northwest Territiories in the Tombstone Gold Belt. We look forwardto progressing our property holdings with our work programs thisfall. ”
Management believes the significance of the recentreduced intrusion related gold systems (RIRGS) discovery made bySnowline at its Rogue property opens up a great opportunity. The Hitproperty surrounds a quartz monzonite intrusive with anomalous streamsediment geochemistry and a magnetic low anomaly making the groundprospective for RIRGS. The Hit claims have seen very little work andRackla is excited to have the opportunity to test this ground for goldmineralization.
Figure 1. Hit Project Location
Click Image To View Full Size
Rackla recognizes that the Hit Property is locatedwithin the Traditional Territories of the Kaska Dena andNa-Ch o Ny ä k Dun First Nations and will prioritizea positive working relationship.
Hit Project History
The Hit Project is an exploration property located inthe Yukon along the Northwest Territories border, close to Canol Road. The property is adjacent to the Astro property but on the Yukon sideof the border.
Several stream sediment gold anomalies in creeksdraining the border intrusive indicate potential for goldmineralization within the intrusive stocks. Additionally, airbornegeophysics show a positive correlation to be further tested. Pleasesee Rackla’s website for more detailed information on the HitProject.
Figure 2. Hit Property Map
Hit Project Agreement Terms
Under the terms of the option agreement, Rackla can acquire a 100% interest in the Hit Project fromAben subject to acceptance of the TSX Venture Exchange (the“Approval Date”) and the following obligations:
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paying CAD$25,000 cash to Aben within three businessdays following the Approval Date.
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within twelve months following the Approval Date,paying CAD$25,000 cash to Aben and issuing 250,000 common shares ofRackla to Aben.
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incurring a total of CAD$100,000 in explorationexpenditures on the Project.
Once Rackla has exercised its option to acquire the Hitproperty, Aben will be granted a 0.5% NSR royalty and Rackla willassume from Aben the obligation to pay a 2.0% NSR royalty to a formerproject owner.
Qualified Person
Bruce Smith, M.Sc. (Geology), a member of theAustralian Institute of Geoscientists, is Rackla’s Qualified Personas defined by National Instrument 43-101, Standards of Disclosure forMineral Projects. Mr. Smith reviewed and approved the technicalinformation contained in this news release.
Simon Ridgway,
CEO and Director
Tel: (604) 801-5432; Fax: (604) 662-8829
Email: info@goldgroup.com
Website: www.racklametals.com
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accept responsibility for theadequacy or accuracy of this press release.
Forward-LookingInformation
Certain statements contained in thisnews release constitute forward-looking statements within the meaningof Canadian securities legislation. All statements included herein,other than statements of historical fact, are forward- lookingstatements and include, without limitation, statements about the Company’s proposedacquisition of the Hit Project, and future explorationactivities . Often, but notalways, these forward looking statements can be identified by the useof 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 similarexpressions, including negative variations.
Forward-looking statements involveknown and unknown risks, uncertainties and other factors which maycause the actual results, performance or achievements of the Companyto be materially different from any results, performance orachievements expressed or implied by forward-looking statements. Suchuncertainties and factors include, among others, whether stockexchange approval to the Hit Project acquisition will be obtained;whether the Company will exercise the option to acquire the HitProject; changes in general economic conditions and financial markets;the Company or any joint venture partner not having the financialability to meet its exploration and development goals; risksassociated with the results of exploration and development activities,estimation of mineral resources and the geology, grade and continuityof mineral deposits; unanticipated costs and expenses; and such otherrisks detailed from time to time in the Company’s quarterly andannual filings with securities regulators and available under theCompany’s profile on SEDAR at www.sedar.com. Althoughthe Company has attempted to identify important factors that couldcause actual actions, events or results to differ materially fromthose described in forward-looking statements, there may be otherfactors that cause actions, events or results to differ from thoseanticipated, estimated or intended.
Forward-looking statements containedherein are based on the assumptions, beliefs, expectations andopinions of management, including but not limited to: that stockexchange approval to the Hit Project acquisition will be obtained;that the Company’s stated goals and planned exploration activitiesat its properties will be achieved; that there will be no materialadverse change affecting the Company or its properties; and such otherassumptions as set out herein. Forward-looking statements are made asof the date hereof and the Company disclaims any obligation to updateany forward-looking statements, whether as a result of newinformation, future events or results or otherwise, except as requiredby law. There can be no assurance that forward-looking statements willprove to be accurate, as actual results and future events could differmaterially from those anticipated in such statements. Accordingly,investors should not place undue reliance on forward-lookingstatements.
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