Vancouver, British Columbia, April 19, 2017 - 88 Capital Corp. (TSX.V: EEC) (the “Company” or “88 Capital”) has filed its draft filing statement and is working closely with the TSX Venture Exchange (the “Exchange”) to finalize its filing statement and complete the RTO transaction with Golden Ridge Resources Ltd (“GRR”) as announced on January 31, 2017 (the “Transaction”). The Company anticipates closing of the transaction in the coming weeks.
In addition to overseeing all regulatory and compliance filings, the Company has progressed its planning activities for its 2017 diamond drilling program at the Hank Property, located in British Columbia’s Golden Triangle. Planning activities include but are not limited to: plotting of drillhole locations, permitting, stakeholder consultation and the selection of quality strategic contractors in anticipation of the closing of the Transaction. The Company aims to begin drilling on the Hank Property by mid-Summer 2017.
About the Hank Property
The Hank Property is located in the prolific Golden Triangle of northwest BC, 140 km north of the town of Stewart and 15 km west of Highway 37 and the new North West Transmission Line. One hundred and four (104) drill holes totalling 13,709 m were drilled on the property between 1983 and 1993, and trenching, road building, soil sampling and Induced Polarization (IP) geophysical surveys were undertaken during that time. The property lay dormant between 1993 and 2014. Since 2014, GRR has spent approximately $300,000 in exploration work on the property, including soil sampling, prospecting, geological mapping, airborne magnetic and deep-seeking 3D IP surveys.
Epithermal style gold-silver mineralization at the Hank Property occurs in veins and disseminations associated with broad northeast-trending alteration zones that are hosted primarily in volcanic rocks of the Upper Triassic Stuhini Group. Rocks of the Stuhini Group are unconformably overlain by Lower Jurassic rocks of the Hazelton Group on the Property, a feature which has been highlighted in work by the B.C. Geological Survey as a possible regional-scale control on significant gold and copper mineralized systems. Both are intruded by highly altered Early Jurassic felsic stocks.
Historic drill intercepts from the Lower Alteration Zone (LAZ) on the Hank Property include:
Historic drill intercepts from the Upper Alteration Zone (UAZ) comprise both higher-grade calcite-quartz-sulphide veins and lower-grade disseminated mineralization including:
Historic drilling by Lac Minerals in 1985 defined a small, non-NI 43-101 compliant gold resource to a maximum depth of 50m within the Upper Alteration Zone (UAZ), containing 269,500 tonnes grading 4.45 g/t Au in a conceptual open pit referred to as the “200 pit” and an additional 238,000 tonnes grading 2.29 g/t Au in a second conceptual pit referred to as the “440 pit”. The concentrations of other significant metals, including silver (Ag), lead (Pb) and zinc (Zn), within the conceptual pits were not calculated, as they were only selectively analyzed for at the time. It should be noted these estimations precede National Instrument 43-101, are repeated for historical reference only, are not current, and are not to be relied upon. A Qualified Person has not done sufficient work to classify the historic estimate as a mineral resource, and the Company is not treating the historic estimate as a current estimate. Nevertheless, the historic estimates were completed by competent individuals to the standard of the day, and are considered to be relevant to future exploration of the property.
Completion of the Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and GRR shareholder approval. The Transaction cannot close until the required shareholder and regulatory acceptance is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
On behalf of the Board,
88 Capital Corporation
Elston Johnston, P.Eng
Director & C.E.O