Homestake Announces Loan Agreement and New Targets at Kinskuch
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 14, 2014) -
Homestake Resource Corporation (TSX-VENTURE:HSR)(FRANKFURT:B6IH)
("Homestake" or the "Company") announces that it has entered into a
loan agreement pursuant to which an arm's length individual (the
"Lender") will loan Homestake $100,000 (the "Loan"). The Loan is
repayable in 12 months and interest is payable quarterly at a rate
of 8% per annum. At the election of Homestake, interest may be paid
by the issuance of common shares in accordance with the Policies of
the TSX Venture Exchange. By way of security, Homestake will
deliver to the Lender a general security agreement and will also
assign to the Lender a loan agreement between Homestake, as lender,
and a third party borrower.
As additional consideration of the Loan being granted, Homestake
has agreed to grant the Lender a bonus by way of issuing 2,000,000
share purchase warrants (the "Bonus Warrants"). Each Bonus Warrant
is exercisable to purchase a common share in the capital of
Homestake for a price of $0.05 for a period of 12 months. The Bonus
Warrants will be subject to a hold period of four months and a day
from issuance.
The Loan and the issuance of the Bonus Warrants are subject to
the acceptance of the TSX Venture Exchange.
Proceeds from the loan will be used to pay acquisition expenses
for the 625 square kilometre Kinskuch property located in
northwestern British Columbia, where two additional exploration
targets have been identified as high-priority.
Kinskuch
Property
Homestake has subdivided the large Kinskuch property into four
general prospect areas; three of the prospects have somewhat
different types of exploration targets, and a fourth area has not
yet been evaluated by the Company. Homestake is seeking funding
partners to drill test targets that have already been identified at
three of the prospect areas, while developing additional drill
targets on this well-mineralized and extensive land package. Two
specific targets have been identified recently as high priority
from existing data; the Kitgold target as part of the Esperanza
property package and the Goldstream target as part of the Illiance
property package.
- The initial drill target at the Esperanza Package is an "Eskay
Creek"-type high grade Ag-Au system at the historic Esperanza mine.
This target is an area of historic workings from which high-grade
gold was mined in the early 20th century. The mine is located only
1.5 kilometres from tide water and at an elevation of only 500
metres, making logistics excellent should a deposit be developed. A
second high-priority target is indicated at the Kitgold target,
where gold-bearing quartz veins are found within quartz stockworks
with assays ranging from trace to 8.6g/t Au, 170g/t Ag, 2.6% Pb and
12% Zn. The veins are traceable for over 2000 metres along strike
and are hosted in a comparable structural and stratigraphic setting
to the nearby Homestake Ridge deposits located 10km to the
north.
- The drill target at the FH Package is analogous to the Early
Jurassic "Red Chris"/"North Rok"-type porphyry Cu-Au system, and is
based on a 1000m x 500m Cu-Au in-soil anomaly which has seen only
minimal historic drilling.
- The initial drill target at the Illiance Package is high grade
Ag-Pb-Zn system exposed in historic trenching and intersected in
Homestake's 2011 drilling program at the Illiance River target. The
Company has completed only four drill holes in a +4 kilometre-long
mineralized trend, with three holes returning high-grade Ag-Pb-Zn
mineralization. A second high-priority target is indicated at the
Goldstream target, where surface sampling has identified several
targets in soil and stream sediment samples overlapping
"Eskay-equivalent" stratigraphy in the Upper Hazelton Group. A
+1500m-long airborne EM geophysical anomaly at Goldstream is
coincident with multi-element soil anomalies with values to 234ppb
Au, 3.4ppm Ag and 2,050ppm Zn.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/hsr0414fig1.pdf.
President Joe Kizis commented, "Homestake is leveraging our
target-rich land position in this highly prospective mineral
district by seeking funding partners, as we have done at our
Homestake Ridge property by bringing in Agnico Eagle. We have
subdivided the much larger Kinskuch property into four prospect
areas because three of these areas have targets that we expect will
be of interest to different types of mining companies. We are
signing confidentiality agreements and showing data to various
companies in anticipation of field examinations taking place
beginning in June. With a $3million spending commitment at our
Homestake Ridge property and an anticipated 40 to 50 -hole drilling
program recently announced for 2014 by neighbor Dolly Varden Silver
(news release April 08, 2014), we expect exciting news from the
district."
About Homestake
Resource Corporation
Homestake owns a 100 percent interest in the Homestake Ridge
project, located in the Kitsault Mineral district in northwestern
British Columbia, subject to various royalty interests held by
vendors. The project is being advanced as a potential high-grade
underground mining operation. At an $85 NSR cut-off value and based
on drilling completed through 2012, the project contains an
estimated NI 43-101 compliant Indicated Resource of 124,000oz gold
and 939,000oz silver (141,000oz AuEq @ 7.3g/t AuEq grade) plus an
Inferred Resource of 911,000oz gold and 20,366,000oz silver
(1,225,785oz AuEq @ 5.6g/t AuEq grade) in three deposits (see
Footnote 1 for assumptions, methods, and grade and tonnage
distribution). Visit the Company website at
www.homestakeresource.com to see how the Homestake Ridge resource
estimate compares to gold deposits worldwide, as ranked by Natural
Resource Holdings (June 2012).
To date, 262 holes were drilled for a total of 74,973 metres,
and multiple exploration targets remain to be tested on the large
3,617 -hectare property. Agnico Eagle Mines Limited has assumed
project management since January 2013 under an option agreement
signed in August 2012 to fund exploration and development costs of
$25.3 million over a 5-year period to earn a 65% interest in the
property.
Homestake holds an option to acquire a 100% interest in the 625
square kilometre Kinskuch project, located adjacent to, and to the
southeast of, the Homestake Ridge project. The projects are found
within the Homestake-Kitsault belt, which is one of several major
mineral belts of northwestern Stikinia including the prolific
mid-Jurassic Eskay-rift. Homestake, through equity financing or
joint venture partnership, will be aggressively exploring this
trend in 2014.
1. The current estimate was prepared by Roscoe Postle Associates
Inc. (RPA). Mineral Resources utilize three separate block models
constrained by 3D wireframes of the mineralized zones. Mineral
Resources were constrained using a 2g/t AuEq grade shell and CIM
definitions were followed for Mineral Resources. The block models
are comprised of an array of blocks measuring 5 m x 5 m x 5 m, with
grades for Au, Ag, Cu, AuEq and NSR values interpolated using ID3
weighting. The models identified an indicated resource of 604,000
tonnes averaging 6.4g/t Au, 48.3g/t Ag and 0.18% Cu and a
cumulative inferred resource of 6,765,000 tonnes averaging 4.2g/t
Au, 93.6g/t Ag, 0.11% Cu. Mineral Resources are estimated using an
average long-term gold price of US$1,500 per ounce Au, US$27 per
ounce Ag, and US$3.50 per pound Cu, with an exchange rate of
C$1.00=US$1.00. NSR and Gold equivalence were calculated using Au,
Ag and Cu metallurgical recoveries of 92% Au, 88% Ag and 88% Cu in
blocks where Cu%>0.1%; and where calculated using just Au and Ag
recoveries in blocks with <0.1% Cu.
David Rennie (P. Eng.) is the Principal Geologist for Roscoe
Postle Associates Inc. and is the Independent Qualified Person
responsible for preparation and review of the Mineral Resource
Estimate. Homestake Resource Corp is unaware of any legal,
political, environmental or other risks that could materially
affect the potential development of the mineral resource.
Robert Macdonald, MSc., PGeo., is Homestake's Vice President of
Exploration and is the Qualified Person responsible for the
supervision and preparation of the technical information in this
disclosure.
On behalf of the Board of Directors,
Joseph Anthony Kizis, Jr., President & Director,
Homestake Resource Corporation
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 may contain forward-looking statements
including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes,
etc. Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties.
Actual results may differ materially from those currently
anticipated in such statements. These statements are based on a
number of assumptions, including, but not limited to, assumptions
regarding general economic conditions, interest rates, commodity
markets, regulatory and governmental approvals for the company's
projects, and the availability of financing for the company's
development projects on reasonable terms. Factors that could cause
actual results to differ materially from those in forward looking
statements include market prices, exploitation and exploration
successes, the timing and receipt of government and regulatory
approvals, and continued availability of capital and financing and
general economic, market or business conditions. Homestake Resource
Corporation does not assume any obligation to update or revise its
forward-looking statements, whether as a result of new information,
future events or otherwise, except to the extent required by
applicable law.
Homestake Resource
Corporation604-684-9384info@mnxltd.comwww.homestakeresource.com
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