AccelRate Acquires Options on Thirteen Key Yukon Gold Properties
March 17 2011 - 5:00PM
Marketwired Canada
AccelRate Power Systems Inc. (TSX VENTURE:AXP)(FRANKFURT:KCG) is pleased to
announce that it has entered into option agreements entitling it to acquire a
100% interest in thirteen recently staked Yukon gold exploration prospects in
Canada's Yukon Territory. These new projects comprise a total of 1662 mineral
claims (approximately 35,000 hectares). They have been carefully selected to
cover specific geochemical targets and favourable geology in all areas of the
Yukon where significant discoveries have recently been reported, giving the
Company excellent exposure to all of the major exploration plays in the
Territory at this time. Including the recently optioned LUCKY STRIKE property
located approximately fifteen kilometers east of Kinross's Golden Saddle
deposit, AccelRate now has options on 1881 Yukon mineral claims totalling more
than 39,000 hectares. The options are all subject to acceptance by the TSX
Venture Exchange.
Upon completion of the Change of Business ("COB") announced by AccelRate on
November 24, 2010, and subject to regulatory approval, AccelRate intends to
change its name to "Goldstrike Resources Ltd." and become a pure gold explorer.
The Company continues to evaluate other property opportunities that fit its
aggressive growth and exploration strategy for this emerging new gold district.
ATAC OSIRIS AREA - CARLIN MODEL
AccelRate's new prospects include the RACKLA and STEN NW claims, which are
contiguous with ATAC's Osiris discovery property, where long intersections of
Carlin-style mineralization have been reported in limy horizons within Hyland
Group sedimentary rocks that have a wide distribution east of the Tintina Fault.
Macquarie Capital Markets has described ATAC's discovery as a new Carlin-type
gold district (Newsletter September 16, 2010). The RACKLA prospect, equidistant
from the Rau and Osiris discoveries, covers the headwaters of an anomalous creek
draining the same rock units that host ATAC's Rau and Osiris discoveries, while
the STEN NW prospect covers anomalous gold in creeks draining in every direction
from a central ridge approximately 11 km northwest of the Osiris drilling.
Following ATAC's recent news releases, Carlin Gold, Golden Predator and others
have staked large areas of Road River and Hyland Group rocks to cover similar
anomalies farther south in the Hess River area. AccelRate's EMERALD option
covers an area of highly favourable geology and geochemistry located directly
between two large blocks of Carlin Gold claims, immediately east of Golden
Predator's holdings. AccelRate's SUMMIT option covers the possible source of
strong gold, arsenic, and antimony anomalies in Hyland Group rocks near the
Northwest Territories border. Anomalous thallium is also present. This area is
largely unexplored, but appears to be highly prospective based on geology and
geochemistry.
KAMINAK COFFEE CREEK/KINROSS GOLDEN SADDLE (WHITE GOLD) AREA - OROGENIC MODEL
AccelRate's ARIES option covers the inferred source of gold and arsenic
anomalies on trend with the Coffee Creek discovery, where Kaminak has recently
reported numerous long, high grade gold intersections from structurally
controlled orogenic vein systems within a broad, 43 km long corridor in a
largely unexplored metamorphic terrain. The ARIES property is less than 5 km
from the nearest strong gold anomalies on Kaminak's Apollo property at the
northwest end of the Coffee Creek trend.
AccelRate's BR option covers ground which has returned anomalous gold values on
a short tributary of Coffee Creek 14 km southwest of Kaminak's discovery. The BR
claims tie on to the southwest side of the Boulevard property, where Silver
Quest Resources Ltd. recently reported an encouraging 18 m long gold
intersection in the same rocks, parallel to the main Coffee Creek trend.
AM GOLD RED MOUNTAIN-VICTORIA GOLD DUBLIN GULCH AREA - INTRUSIVE MODEL
AccelRate's ARIZONA option covers strong gold-arsenic anomalies and active
placer claims only 3 km west of AM Gold's Red Mountain deposit, and 50 km west
of Victoria Gold's Dublin Gulch deposit. Gold in these deposits occurs in
structurally controlled vein systems that are independent of host rock type, and
are believed to be related to mid-Cretaceous intrusive activity that is
widespread in Yukon and Alaska. The Red Mountain deposit remains open in all
directions, and the gold is associated with quartz-sulphide veins in a
northwest-trending fault zone that projects onto the ARIZONA property, which is
the subject of another of the options acquired by AccelRate.
AccelRate's OLIVER option property (401 claims) is contiguous with Golden
Predator's extensive Scheelite Dome property (best drill intersection to date
25.40 m grading 11.12 g/t Au), and covers several placer creeks as well as the
inferred source of four gold geochemical anomalies (highest value 65 ppb Au).
Both the ARIZONA and OLIVER properties cover Hyland Group metasedimentary rocks
that may also have potential for Carlin-style mineralization. Both properties
have direct road access.
ROCKHAVEN KLAZA AREA - HIGH SULPHIDE EPITHERMAL VEIN/BRECCIA MODEL
AccelRate's STRIKE option property is located in the Nansen Gold Camp, 28 km
northwest of the former high grade gold producer. It is 10 km northwest of
Rockhaven's Klaza property, where four parallel gold-mineralized zones have been
defined within a 1500 m wide northwest-trending structural corridor, and drill
holes have intersected grades as high as 7.2 g/t Au and 260 g/t Ag over 15.3 m.
The STRIKE property covers a 500 ppb gold anomaly and three other gold silt
anomalies on trend with the Rockhaven gold corridor. It is contiguous with the
BBB claim block, where Wolverine Minerals has documented numerous strong silt
and soil anomalies that follow multiple linear structures. The STRIKE property
has very similar geology to the Rockhaven and Wolverine properties, and can be
accessed by a trail along the Klaza river.
OTHER PROPERTIES - KAMINAK COFFEE CREEK OROGENIC MODEL
AccelRate's ROSEBUD SOUTH, CHANCES, LIVINGSTONE and MORLEY options cover strong
gold anomalies in Yukon-Tanana Terrane metamorphic rocks similar to those
hosting the Golden Saddle and Coffee Creek discoveries. The ROSEBUD SOUTH and
CHANCES properties are located in the Stewart River area east of Kinross's
Golden Saddle deposit, and the LIVINGSTONE property covers several of the main
placer creeks in the Livingstone gold camp. The MORLEY property covers the
inferred source of two gold silt anomalies at the upper detection limit of the
government's regional stream sediment geochemical survey (greater than 99.9 ppb
Au), as well as three other gold silt anomalies in the Morley Lake area south of
Whitehorse. ROSEBUD SOUTH is located in an active placer mining area with direct
trail access, LIVINGSTONE is accessible by winter road from Whitehorse and is
served by an all weather airstrip, and MORLEY is less than 10 km off the Alaska
Highway. With favourable geology and geochemistry, these properties have the
potential to open up new areas to discoveries of the Coffee Creek type.
OPTION TERMS
The thirteen options are the subjects of thirteen different arm's length
agreements entered into with a private staking syndicate. The Company has
entered into thirteen separate agreements in order that it may pursue each of
them independently. The essential terms of each option are as follows:
1. The Company may exercise each option by making cash payments, issuing shares
and incurring exploration expenses as follows, and may issue shares in lieu of
cash for the second, third, fourth and fifth payments:
Exploration
On or Before (Date) Cash Shares Expenses
--------------------------------------------------------
TSX Acceptance + 5 $50,000 200,000 N/A
Oct. 31, 2012 $100,000 300,000 $100,000
Oct. 31, 2013 $150,000 300,000 N/A
Oct. 31, 2014 $250,000 500,000 N/A
Oct. 31, 2015 $500,000 600,000 $2,500,000
------------------------------------
Total: $1,100,000 2,000,000 $2,600,000
2. Each Option entitles AccelRate to acquire a 100% interest in the subject
property, subject to a 3% net smelter returns royalty and a 5 km Area of
Interest. AccelRate will have the right to reduce the NSR by 1% by paying
$1,500,000 to the Syndicate at any time prior to the ninth anniversary of the
Option agreement. All shares issued to exercise the options will be subject to a
four month hold.
3. Upon exercise of any Option by AccelRate, the Syndicate shall have the option
to re-acquire a 30% participating interest in the Property for $5,000,000 within
90 days after the earlier of the date the Option is exercised, or 90 days after
the date of the first NI 43-101 report on the property that includes a resource
estimate of mineral resources outlined on the property. Upon exercise of the Buy
Back Option, a joint venture will be formed with AccelRate as operator.
There has been no change to the status of the COB. The Company is in the process
of closing its private placement announced on January 28 and March 5, 2011. All
subscription proceeds will be held in escrow until completion of the COB. The
Company is making required filings respecting the COB in accordance with
Exchange Policy. It anticipates those filings will be reviewed in the ordinary
course. However, the TSXV has in no way passed upon the merits of the proposed
COB and has neither approved nor disapproved the contents of this press release.
There can be no assurance that that the COB or other transactions described
herein will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Filing Statement or
Management Information Circular to be prepared in connection with the proposed
COB, any information released or received with respect to the COB may not be
accurate or complete and should not be relied upon. Trading in the securities of
AccelRate should be considered highly speculative.
The technical information in this news release has been reviewed by Trevor J.
Bremner, M.Sc., P.Geo., a qualified person for the purposes of National
Instrument 43-101.
ON BEHALF OF THE BOARD
Reimar Koch, President
AccelRate Power Systems Inc.
Quattro Exploration & Prod Ltd (TSXV:AXP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Quattro Exploration & Prod Ltd (TSXV:AXP)
Historical Stock Chart
From Jul 2023 to Jul 2024
