/NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER THE
UNITED STATES
NEWSWIRE SERVICES./
VANCOUVER, June 20, 2014 /CNW/ - Discovery Harbour Resources
Corp ("DHR" or the "Company") (TSX-V:DHR) is pleased to announce
its entry into an Exploration License with Option to Purchase
dated June 19, 2014 (the "Agreement")
with Blind Mice Mining Company Inc. (the "Optionor"), whereby the
Optionor granted the Company an option (the "Option") to acquire
100% ownership of the 2BAR project (the "Property") located in the
Table Mountain Mining District, Churchill
County, Nevada. The 2BAR project is comprised of eleven
patented mining claims comprising approximately 227.26
non-contiguous acres (91.97 hectares).
General terms of the Agreement are:
• |
Three year option
period with annual payment schedule of: (all amounts in
US$)
|
|
|
ANNIVERSARY |
OPTION PAYMENT |
|
Upon
Execution (within two days of signing)
|
$50,000
|
|
First
Anniversary
|
$50,000
|
|
Second
Anniversary
|
$50,000
|
|
Third
Anniversary-Purchase
|
$2,100,000 |
|
Total Purchase Price |
$2,250,000 |
|
• |
DHR may exercise its
Option to purchase 100% ownership of the Property at any time by
paying the $2,250,000 purchase price, less any option payments made
previous to its decision to exercise the Option;
|
|
• |
Upon exercise of the
Option by payment of the total purchase price of $2,250,000, DHR
will own 100% of the Property and all attendant mining rights to
the claims. There are no royalties due to the landowner;
|
|
• |
DHR is granted
exclusive rights to explore the property for three (3) years from
the date of entry into the Agreement; and
|
|
• |
DHR may terminate the
Agreement at any time.
|
DHR is aware of five vertical shafts of unknown depths and eight
adits and drifts of unknown lengths, all within the patented claim
blocks comprising the property. Previous sampling encountered high
grade copper and silver mineralization at surface. DHR's Qualified
Person has been unable to verify the above information and it is
not necessarily indicative of mineralization on the property.
A due diligence trip to the properties is presently being
arranged. This trip will serve to determine if any environmental
liabilities exist on the optioned claims, allow access to the
outcropping mineralization on all claims for geochemical sampling
and assay confirmation of previous work, determine priority
drilling sites, determine what access road repairs are needed for
the ingress-egress of the drilling rigs and initiate the stream
sediment sampling program.
Previous exploration on the main 2BAR property suggests that the
mineralization resides in a minimum of two separate zones and are
separated by approximately 120 vertical feet of section. Host
lithologies to the mineralization at 2BAR are Jurassic volcanics,
basalts and andesites. Copper mineralization is dominated by copper
oxides and carbonates, azurite, malachite and cuprite with lesser
amounts of copper sulfides, chalcocite, chalcopyrite. DHR's plans
for testing 2BAR this summer include approximately 2,000 feet of
core drilling, mapping of outcrop and sampling of outcrop, soils
over the claims area and stream sediments.
The Company intends to submit all samples (rock, core, soils and
reconnaissance stream sediments) from the summer exploration
program to ALS Chemex in Reno,
Nevada for preparation and geochemical analysis.
Bruno Hegner, President and CEO
of Discovery Harbour comments, "We are very pleased to have been
granted this option and are eager to commence exploration on this
project. From the results derived from previous programs on the
property, to-date, we see the potential for grade and size at
2BAR."
"The acquisition of the 2Bar project does not mean that we will
ignore our Wabassi VMS project in Ontario. Our efforts this summer will focus on
improving the development profile of the Wabassi District through
continued interaction with Provincial and First Nations leaders on
access and infrastructure issues."
A finder's fee of $10,000 is
payable to DeMatties LLC, a private company in the United States, in connection with the
granting of the Option.
Michael J. Senn, a licensed
professional geologist, is the Qualified Person for Discovery
Harbour Resources as described in National Instrument 43-101 has
reviewed and approved the technical contents of this release.
All dollar amounts referred to in this news release are in
United States dollars.
ON BEHALF OF THE BOARD OF DISCOVERY HARBOUR RESOURCES
CORP.
"Bruno Hegner"
Frank D. Hegner
President, CEO, Corporate Secretary and Director
Disclaimer for Forward-Looking Information
Except for statements of historical fact, this news release
contains certain "forward-looking information" within the meaning
of applicable securities law. Forward-looking information is
frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions
"may" occur. Forward-looking information in this press release
includes, but is not limited to, statements regarding expectations
of management regarding the grant and exercise of the option to
acquire a 100% interest in the 2BAR property, the timing and
payment of the option payments, the Company's plans and timing for
exploration of the 2BAR property and testing of samples collected
during the proposed exploration program on the 2BAR property, and
the Company's plans with respect to its Wabassi property.
Although the Company believes that the expectations reflected in
the forward-looking information are reasonable, there can be no
assurance that such expectations will prove to be correct. Such
forward-looking statements are subject to risks and uncertainties
that may cause actual results, performance or developments to
differ materially from those contained in the statements including,
without limitation, the risks that the Company may not have the
funds necessary to make its option payments pursuant to the
Agreement, the proposed exploration program on the 2BAR property
may not be completed as and when expected or at all, such other
risks as are customarily associated with mineral exploration
activities, and such other factors beyond the control of the
Company. Except as required by law, the Company expressly disclaims
any obligation, and does not intend, to update any forward-looking
statements or forward-looking information in this news release.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Discovery Harbour Resources Corp.