VANCOUVER, Jan. 30, 2018 /CNW/ - (TSX-V: BCK) –
Blind Creek Resources Ltd. ("Blind Creek" or the "Company") is
pleased to announce the filing on SEDAR of a NI 43-101 Technical
Report (the "Engineer Gold Mine Technical Report") for the
Company's 100% owned Engineer Gold Mine Property, situated 32
kilometres northwest of Atlin,
B.C. The Technical Report, which includes a re-stated
Inferred Mineral Resource Estimate and is entitled "Engineer Gold
Mine, British Columbia, Canada,
January 2018" was written by
Darren O'Brien, P. Geo, Michael Redfearn, P. Eng. and Dr. Simon Dominy, FAusIMM(CP), FGS(CGeol), dated
January 18, 2018. The Engineer Gold
Mine Technical Report is also available for download from the
Company's website at www.blindcreekresources.com .
Engineer Gold Mine Property Spinout
The Engineer Gold Mine Technical Report provides basis for Blind
Creek's recently announced intention to transfer its Engineer Gold
Mine Property to Engineer Gold Mines Ltd. ("Engineer"), a
wholly-owned subsidiary of Blind Creek, subject to receipt of all
required regulatory approvals, for common shares of Engineer (the
"Engineer Distribution Shares"). The Engineer Distribution Shares
will then be distributed to the common shareholders of Blind Creek,
on a one Engineer Share for every 2 Blind Creek Shares held on the
Record Date, on the reduction of the stated capital of the Blind
Creek common shares, all by way of a plan of arrangement (the "Plan
of Arrangement") under the Business Corporations Act
(British Columbia) (the
"Arrangement"). Blind Creek and Engineer have entered into an
arrangement agreement (the "Arrangement Agreement") dated
January 19, 2018 in connection with
the Arrangement (which has been filed under Blind Creek's profile
on www.SEDAR.com.)
The Company believes that the Engineer Gold Mines Project has
exploration potential that should be pursued separately. The
creation of Engineer and the distribution of the Engineer
Distribution Shares to the Blind Creek common shareholders will
allow the Blind Creek shareholders to focus exclusively on the
predominantly based metal properties which remain in Blind Creek
after the redistribution and the Engineer shareholders to focus on
the Engineer Gold Mines Project. For further details on the
Engineer Gold Mine Technical Report and the Transaction, the reader
is referred to the Blind Creek News Release dated January 19, 2018.
A two-phase, $6.2 million,
exploration and development program is recommended in the Engineer
Gold Mine Technical Report, with Phase 1 (at an estimated cost of
$200,000) focusing on resource
expansion through surface exploration, finalizing metallurgy
test-work, and detailed design and costing to rehabilitate the
lower levels of the mine. Phase 2 (at an estimated cost of
$6.0 million, and contingent upon
results of Phase 1) would focus on surface exploration, exploration
of 8 Level of the mine, and processing of a bulk sample from 6
Level.
About Blind Creek Resources Ltd.
Blind Creek is a Vancouver-based junior resource company
focused on lead-zinc-silver project acquisition, exploration and
development in Yukon (Blende
Property) and the Northwest
Territories (AB Property). The Company's flagship property
is the Blende Property in north-central Yukon, the largest undeveloped
carbonate-hosted Zinc-Lead-Silver deposit in Yukon. More recently the company has signed an
agreement to acquire a 100% interest in the AB Property, a
mid-stage Mississippi Valley (MV-Type) Zinc-Lead exploration
property in Northwest Territories
and purchased the Historic and fully-permitted Engineer Gold Mine,
situated 32 km southwest of Atlin,
B.C.
For additional information please visit the company website
www.blindcreekresources.com.
On behalf of the Board of
Directors,
Mr. Brian P. Fowler,
P.Geo.
President
bfowler@blindcreekresources.com
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.
This news release contains certain forward looking statements
which involve known and unknown risks, delays, and uncertainties
not under the control of Blind Creek Resources Ltd. which may cause
actual results, performance or achievements of Blind Creek
Resources Ltd to be materially different from the results,
performance or expectation implied by these forward looking
statements. By their nature, forward looking statements involve
risk and uncertainties because they relate to events and depend on
factors that will or may occur in the future. Actual results may
vary depending upon exploration activities, industry production,
commodity demand and pricing, currency exchange rates, and, but not
limited to, general economic factors. Neither the 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 Blind Creek Resources Ltd.