Lucky Strike Resources Ltd. ("Lucky Strike" or the "Company") (TSX
VENTURE: LKY) is pleased to announce the engagement of services
with Norwest Corp, JEB Mineral Surveys, MonMap, SGS Mineral
Services and Stewart Group to complete a quality assurance and
quality control (QA/QC) analysis as part of the Company's due
diligence investigations in connection with its acquisition of an
80% interest in six mining exploration licences and permits in the
Choir-Nyalgia coal basin in south-western Mongolia (the "CN Coal
Project"). This announcement is further to the Company's news
release of August 8thwhich announced the commencement of a 1,500 m
due diligence drilling program on the CN Coal Project.
Norwest Corp. of USA has outlined the QA/QC procedures for
geotechnical core logging procedures and rotary drilling logging
procedures. In order to obtain valid results, the cores must be
processed and logged in a consistent manner by all personnel
involved. This involves careful handling, washing, orientation and
marking of the core prior to logging. The core samples will be
preserved following industry standard procedures including ASTM
D5192 to retain in-situ moisture and avoid contamination. The
Rotary Drilling geologic logging covers procedures used for logging
rotary chip samples for holes that are drilled using
Polycrystalline Diamond (PCD) for the purpose of identifying coal
seam locations down each hole. The procedures outline a
step-by-step methodology to achieve these QA/QC practices.
Additionally, Norwest has been conducting on-site training and
supervision of the field personnel involved in this effort.
JEB Mineral Surveys of Ulaanbaatar is carrying out the down-hole
geophysical logging. The truck-mounted down-hole wire-line probe
produces density, gamma and resistivity logs as well as a caliper
log. The probe is lowered into the uncased PCD hole, or, for a core
hole, the probe is dropped through the drill rods. For the latter,
the resistivity and caliper data cannot be collected. The combined
density and gamma data curves are typically sufficient to
discriminate coal beds from other sedimentary units. In a PCD hole,
the cuttings will be collected every 1 to 2 meters' and will be
geologically described to help confirm lithology signatures from
the down-hole geophysics survey. Cores will be described in greater
detail, and for coal-bearing units, specific coal parameters will
be emphasized. A Rock Quality Designation ("RQD") description will
be included for intervals of non-coal sediments. Sample cuttings
from the PCD drilling will not be sampled for laboratory
analysis.
MonMap Engineering Services Co. of Ulaanbataarwill survey the
drill hole locations and significant features on the CN Coal
Properties. MonMap was founded by Mongolian geoscience engineers in
1992. They perform high quality topographic mapping, aerial
photography, remote sensing, geophysical, geological, geochemical,
other geoscientific surveys and GIS services for many international
projects.
SGS Mineral Services of Australia and Stewart Group of UK have
been selected for sample preparation and analysis with local
laboratories in Ulaanbaatar. A proximate analysis will report on
coal core samples with values for moisture content, ash, volatile
constituents, fixed carbon, sulphur and calorific value. The QA/QC
practices are to meet the requirements of ISO 9001 and/or ISO
17025.
Lucky Strike expects the log results of the due diligence
drilling to be announced within 60 days and the coal quality assay
results to be available 20 days thereafter. Furthermore, Norwest
Corp. is on schedule for a September release of the NI 43-101
Technical Report with a calculation of compliant coal resources in
the measured, indicated and inferred categories. The reportable
coal mineral resource estimates will be based on the results of the
initial 2,000 meter exploration drilling program supervised by
Norwest in 2009 on a small portion of three of the six CN coal
properties representing less than 10% of the total licensed
area.
Edwin Ullmer, P. Geo., a Qualified Person as defined by National
Instrument 43-101 and an independent consultant of the Company, has
read and approved the technical and scientific information
contained in this news release.
ON BEHALF OF LUCKY STRIKE RESOURCES LTD.
Cathy Fong, P.Eng, Chairman & CEO
This news release may contain certain "Forward-Looking
Statements" within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical fact, included herein are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the
Company's documents filed from time to time with the TSX Venture
Exchange, the British Columbia Securities Commission and the US
Securities and Exchange Commission.
This release contains "forward-looking statements" within the
meaning of applicable Canadian securities legislation, including
predictions, projections and forecasts. Forward-looking statements
include, but are not limited to, statements that address
activities, events or developments that the Company expects or
anticipates will or may occur in the future, including such things
as the completion of the acquisition of the properties described
above, potential future exploration activities on such properties,
the completion of technical reports in respect of such properties,
future business strategy, competitive strengths, goals, expansion,
growth of the Company's businesses, operations, plans and with
respect to exploration results, the timing and success of
exploration activities generally, permitting time lines, government
regulation of exploration and mining operations, environmental
risks, title disputes or claims, limitations on insurance coverage,
timing and possible outcome of any pending litigation and timing
and results of future resource estimates or future economic
studies.
Often, but not always, forward-looking statements can be
identified by the use of words such as "plans", "planning",
"planned", "expects" or "looking forward", "does not expect",
"continues", "scheduled", "estimates", "forecasts", "intends",
"potential", "anticipates", "does not anticipate", or "belief", or
describes a "goal", or variation of such words and phrases or state
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on a number of material
factors and assumptions, including the results of the Company's due
diligence investigations in respect of the transaction, that the
Sellers perform their obligations under the Definitive Agreements,
receipt of all necessary regulatory approvals, including that of
the TSX Venture Exchange, the result of drilling and exploration
activities, that contracted parties provide goods and/or services
on the agreed timeframes, that equipment necessary for exploration
is available as scheduled and does not incur unforeseen break
downs, that no labour shortages or delays are incurred, that plant
and equipment function as specified, that no unusual geological or
technical problems occur, and that laboratory and other related
services are available and perform as contracted. Forward-looking
statements involve known and unknown risks, future events,
conditions, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially
different from any future results, prediction, projection,
forecast, performance or achievements expressed or implied by the
forward-looking statements. Such factors include, among others, the
interpretation and actual results of current exploration
activities; changes in project parameters as plans continue to be
refined; future prices of minerals; possible variations in grade or
recovery rates; failure of equipment or processes to operate as
anticipated; the failure of contracted parties to perform; labour
disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion
of exploration, as well as those factors disclosed in the company's
publicly filed documents. Although the Company has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Lucky Strike Resources Ltd. Patricia Wilson
604-803-2201 Lucky Strike Resources Ltd. Investor Relations
604-360-8199 info@luckystrikeresources.com
www.luckystrikeresources.com
Lucky Minerals (TSXV:LKY)
Historical Stock Chart
From Dec 2024 to Jan 2025
Lucky Minerals (TSXV:LKY)
Historical Stock Chart
From Jan 2024 to Jan 2025