VANCOUVER, Jan. 17, 2017 /CNW/ - Eureka Resources Inc.
("Eureka" or the "Company") is providing a summary of our past
year's accomplishments and an indication of plans for 2017.
Since assuming management of Eureka in June of 2015 the Company
has achieved some significant milestones. Michael Sweatman, the Company's president,
stated, "Despite a volatile market and continued challenges in the
capital markets we have achieved significant steps building our
portfolio of properties."
The Company plans to advance on several fronts during 2017,
adding to our geological database on our properties and conducting
a number of initiatives, these include:
- Geophysics Luxor Project and TAK property Yukon Q2 2017
- Geology and drilling at Gold Creek Q2 and Q3 2017 to earn
our 100% interest
- Drilling at Gemini in March
2017
- Additional property acquisitions possible
Highlights from 2015-16
- Share price was 0.04 October 2015 Financial Year end today
its 0.10 increase 250%
- Market cap was $1,095,889 at
Oct 31 2015 $5,073,097 today over 4 times increase
- Increased from 1 property October
2015 to 4 today
- Optioned 1 property to Canarc (FG) $3,000,000 to be spent to earn 75%
- Earned 50% interest in the Gemini Lithium property
- Earned 49% interest in Gold Creek BC property 36,000
hectares with the ability to increase to 100%
- Purchased 100% interest in approximately 10,000 Hectares in
the heart of historic Klondike
The Company announces that, pursuant to its Stock Option
Plan, it has granted stock options to certain directors, employees
and consultants of the Company to purchase an aggregate 950,000
common shares in the capital of the Company at an exercise price of
$0.13 per share which expire on
January 16, 2022.
ABOUT EUREKA
Gold projects include the FG property
in the Cariboo area of central British
Columbia having an indicated resource of 376,000 ounces of
gold and an inferred resource of 634,900 ounces of gold and the
Gold Creek gold property in the gold belt of the Company's FG
project. The FG project is an advanced stage gold project,
currently under option to Canarc Resource Corp.
The Gold Creek property is a grass-roots project located next
to and with similar geology to Spanish Mountain.
Eureka has recently concluded the purchase of the Luxor
project in the famous and very active Dawson Range Gold belt of western Yukon Territory.
The Company has a pending acquisition of the TAK property
which is subject only to regulatory approval
Eureka owns a 50% interest in the Gemini lithium brine project
located in the Lida Valley, approximately 40 km (26 miles) south of
the Clayton Valley, which contains North
America's only producing lithium deposit. Drilling is
anticipated to commence in 2017. The drilling has been delayed
because of the success of our partners Nevada Sunrise and Advantage
Lithium who have elected to retain the drilling crew at their
Clayton Northeast project (see AAL
and NEV news releases December
2016).
John R. Kerr, P.Eng., is the
Company's designated Qualified Person for this news release within
the meaning of NI 43-101 and has reviewed and approved the
technical information described in this news
release.
Cautionary Statement Regarding Forward-Looking
Information
This news release includes certain "forward-looking
statements" under applicable Canadian securities legislation that
are not historical facts. Forward-looking statements involve risks,
uncertainties, and other factors that could cause actual results,
performance, prospects, and opportunities to differ materially from
those expressed or implied by such forward-looking statements.
Forward-looking statements in this news release include, but are
not limited to, statements with respect to the Company's proposed
financings, objectives, goals and future exploration plans at the
Gemini Project and the FG Project, the costs related to the
Company's proposed exploration programs, and the business and
operations of the Company. Forward-looking statements are
necessarily based on a number of estimates and assumptions that,
while considered reasonable, are subject to known and unknown
risks, uncertainties and other factors which may cause actual
results and future events to differ materially from those expressed
or implied by such forward-looking statements. Such factors
include, but are not limited to: general business, economic and
social uncertainties; litigation, legislative, environmental and
other judicial, regulatory, political and competitive developments;
delay or failure to receive board or regulatory approvals; those
additional risks set out in the Company's public documents filed on
SEDAR at www.sedar.com; and other matters discussed in this news
release. Although the Company believes that the assumptions and
factors used in preparing the forward-looking statements are
reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the
disclosed time frames or at all. Except where required by law, the
Company disclaims any intention or obligation to update or revise
any forward-looking statement, whether as a result of new
information, future events, or otherwise.
SOURCE Eureka Resources, Inc.