(TheNewswire)
Vancouver, Brit ish Columbia – TheNewswire - October 12,2022 – Rackla Metals Inc. (TSXV:RAK) (OTC:RMETF) is pleased to announce thatit has entered into a property option agreement with Sabre Gold MinesCorp. (TSX-SGLD) ( “ Sabre”) to purchase a 100% interest in the 376-claim SERgold project located in the Yukon Territory, Canada. The SERproperty surrounds Rackla’s recently optionedHit property in the Yukon (see news release October 4, 2022 and is adjacent to Rackla’s Astro property in the Northwest Territories (seenews release September 20, 2022 ). The SER project further adds to Rackla’s mineralproperty interests in the Tombstone Gold Belt within the SelwynBasin.
“The SER property is a tremendous value add toRackla’s exploration pipeline. We are very proud of the progressthe team has made with the rapid accumulation of high priority targetsin this belt that we consider to be very prospective forreduced-intrusion related gold systems (RIRGS). We are targetingprospects that parallel Snowline Gold ’ s Rogue gold discovery and our teamof geologists are hard at work developing a plan of action to advanceour key targets, ” statesSimon Ridgway, CEO of the Company.
The SER property surrounds a series of small to mediumsize intrusive centres with highly anomalous stream sedimentgeochemistry (up to 0.510 ppm Au) and associated geophysical anomaliesindicating good potential for RIRGS. The SER property in combinationwith the Hit and Astro Properties add a large amount of prospectiveground to Rackla’s holdings in the Yukon and NWT which now cover atotal of 46,125 hectares. The focus has been to acquire prospectiveground within reasonable proximity to the Canol Road and Mac Passairstrip, thereby reducing the logistic and environmental challengesgoing forward.
Figure 1. SER Project Location
Click Image To View Full Size
Rackla recognizes that the SER Project is locatedwithin the Traditional Territories of the Kaska Dena andNa-Ch o Ny ä k Dun First Nations and will prioritizea positive working relationship.
SER Project History
The SER Project is comprised of 376 mineral claimslocated in the Mayo Mining District, Yukon, along the NorthwestTerritories border. The property surrounds the Hit property on threesides and extends 16 km to the southwest and 18 km to thenorthwest.
Several stream sediment gold anomalies in creeksdraining the intrusive bodies indicate potential for goldmineralization within the intrusive stocks. Very limited follow-upwork was done at the time; of the few float rock samples that weretaken, one returned 27 g/t Au and 35 ppm Bi.
Figure 2. SER Project Map
SER Project Agreement Terms
Under the terms of the option agreement, subject to acceptance of the TSX Venture Exchange (the“Approval Date”), Rackla can acquire a 100% interest in the SERProject from Sabre by completing the following:
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paying $50,000 cash to Sabre within three business daysfollowing the Approval Date.
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within twelve months following the Approval Date,paying $150,000 cash to Sabre and issuing $150,000 worth of commonshares of Rackla to Sabre.
Upon exercise of the option, Sabre is entitled to a2.5% NSR royalty on the SER Project.
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 SER 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 SER Project acquisition will be obtained;whether the Company will exercise the option to acquire the SERProject; 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 SER 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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