ArcPacific Announces Completion of Drilling Program at Lucky Mike and the Conclusion of an Exploration Agreement with Korea Resources Corporation and Nexgeo Inc.
Vancouver, B.C., April 12, 2017: ArcPacific Resources Corp. (ACP:TSX-V) (the “Company”) announces the completion of the summer drilling program at its Lucky Mike copper, gold and molybdenum exploration stage project located at Swakum Mountain 20 km north of Merritt, British Columbia.
The drill program comprised 7 holes and had the primary objective of investigating the geological extensions of copper and molybdenum mineralization encountered in previous drilling. In particular, Drill holes LM16-01 and LM16-02 were designed to test elevated molybdenum values encountered in DDH LM9 and LM10 completed in the 2014 drilling program. Significant intersections in the 2016 drill program are summarized as follows:
Hole ID From (m) To(m) Length (m) %Mo %Cu
LM16-01 20.00 822.05 798.55 0.023 0.048
LM16-02 130.00 238.00 108.00 0.060
Including 132.00 174.00 42.00 0.024 0.045
LM16-03 76.00 83.00 7.00 0.033 0.260
And 152.00 180.00 28.00 0.017 0.240
LM16-3A 99.00 134.00 35.00 0.033 0.057
And 268.00 378.00 110.00 0.032 0.050
LM16-05 14.00 44.50 30.50 0.082
And 80.50 103.00 22.50 0.020 0.280
(The core intercepts do not represent true widths which have yet to be estimated.)
The 2016 drilling concluded a three-year-phased drill program under the terms of a joint exploration agreement (the “Definitive Agreement”) entered into in September 23, 2014 between ArcPacific and a Korean Consortium comprised of Korea Resources Corp. and NexGeo Inc. In the agreement, ArcPacific granted the Consortium the right to acquire up to an undivided 70% interest in the Lucky Mike project subject to exploration expenditures contributed over a three-year period as detailed in the news release of September 24, 2014. In June 14, 2016 the Definitive Agreement was amended whereby expenditures committed for the 2016 drilling program was reduced to the effect that the Consortium’s interest was correspondingly reduced to an undivided 69%.The total expenditure made by the Consortium to the three-year drill program on the Lucky Mike prospect amounted to CAD$2,404,823.95.
The Lucky Mike property comprises 6085.74 hectares in 29 claims in the Nicola Mining Division of British Columbia.The concluded three-phased drill program covered an area on the southeastern part of the property referred to as the Lucky Mike prospect. Other prospects, namely the Sunshine and Sophie to the west of the Lucky Mike prospect present potential exploration targets. Under Schedule B to the Definitive Agreement ArcPacific anticipates a Joint Venture with the Consortium with initial participating interest of ArcPacific as to 31% and the Consortium as to 69%. The purpose of the joint venture is to further explore the Lucky Mike group of claims for base metal mineralization.
ABOUT ArcPacific Resources Corp:
The Company is a junior resource company focused on acquiring, exploring and developing mineral properties. The Company’s principal asset is the Lucky Mike set of claims in south-central British Columbia. For more information on the Company, please refer to Issuer Profiles on SEDAR (www.sedar.com).
ON BEHALF OF THE BOARD
“R. S. Verzosa”
Ruben S. Verzosa,P.Eng., Director
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