Vancouver, British Columbia--(Newsfile Corp. - March 29, 2021) - ArcPacific Resources Corp. (TSXV: ACP) ("ACP" or the "Company") is pleased to announce that it has mobilized a diamond drill to its Rickard Gold Project (the "Property") near Timmins, Ontario, for its initial drilling program consisting of up to 4,000 metres of NQ sized core.
- Diamond Drill has been mobilized to Rickard project.
- Planned 15 holes, up to 4,000 meters of NQ diamond drilling.
- High grade gold in targets in well developed greenstone quartz carbonate vein system.
- LIDAR Surface modeling completed; multiple property wide targets identified.
- 3D modeling completed, potential for extensions of mineralized zones and parallel structures.
- Cost-effective road accessible skid drilling.
Adrian Smith, CEO of ACP Resources comments: "We are excited to begin our initial drilling program at the Rickard gold project. We have taken the time to build a 3D underground mine model and to project mineralization on trend. Visible gold mineralization was historically reported near surface from the Rickard mine, and it is our goal to follow this to depth and make new discoveries as we begin work on the property wide, geologically complex shear zone."
Initial drilling will target near mine extensions, and parallel structures identified in the LIDAR and data compilation work. The planned initial drilling program of up to 4,000 meters of NQ size core will utilize the detailed 3D modeling and aim to identify gold mineralization historically reported to occur in high-grade ore shoots within multiple sub-parallel well-developed vein structures. To date there has been very little to no systematic exploration on the property to identify and follow the structurally controlled gold mineralization. Notably the Property remains open in multiple areas for new discoveries.
The recently flown LIDAR survey on the Property was successful in identifying historic workings and disturbed areas and identified additional vein structures in multiple areas. These vein features are subtle resistive features in contrast with the country rock and can be identified though tree cover in places of minimal overburden. Some of the veins identified in the LIDAR are confirmed in historic trench locations with reported gold values. Work is now being planned to resample these areas and prioritize additional drill targets across the Rickard Project area which is now over 56 square kilometres in size.
Rickard Gold Project Overview
The Rickard Property is host to the historic high-grade Rickard gold mine in the Abitibi Greenstone Belt in Ontario, Canada. The project is located approximately 70 kilometres from Timmins in the Timmins Gold Camp which has produced over 80 million ounces of gold over the last 100 years. The project is well located and sits within 25 to 60 kilometers of six currently producing gold mines and eight previous producers.
Gold was discovered on the Property in 1917 and was quickly developed into a mine with the primary zone consisting of two, one-to-two-meter-wide, veins striking for at least 200 metres. Shafts have been sunk on the Property to a maximum depth of 85 meters, where no mining has taken place below this level.
Only limited exploration drilling has been completed on the Property and the vein systems are well developed with minimal exploration drilling testing the gold mineralization to depth and along strike. Given the significant vertical extent of many greenstone hosted quartz carbonate Archean lode gold systems in the region, potential exists to define a greater depth extent of the high-grade shoots historically mined and to identify additional high-grade shoots elsewhere on the Property.
The property consists of 5,656 hectares of mining claims including three patented parcels which are road accessible, proximal to power and a local work force. Access onto the project area is 20 kilometers from the nearest main highway where well developed road networks makes year-round operations possible.
The Company also announces that it has issued 300,000 stock options to consultants to purchase up to 300,000 common shares of the Company. The options are exercisable for a period of two years from grant with an exercise price of $0.10.
The Qualified Person ("QP") for the Company has not verified the historic sample analytical data disclosed within this release. While the Company has obtained all historic records including analytical data from the previous owner of the Property, the Company has not independently verified the results of the historic sampling.
Adrian Smith, P.Geo., is a QP as defined by National Instrument 43-101 for the above-mentioned project. The QP is a member in good standing of the Professional Geoscientists Ontario (PGO) and is a registered Professional Geoscientist (P.Geo.). Mr. Smith has reviewed and approved the technical information disclosed above.
About ArcPacific Resources Corp.
ArcPacific Resources Corp. (TSXV: ACP) is a Canadian based exploration company expanding the exploration initiative at multiple historic past producing gold and silver mines in the Timmins Gold Camp, Ontario, and in the Nicola Mining Division in Southern British Columbia. The Company is focused on creating shareholder value through new discoveries and strategic development of its mineral properties. For further information, please visit http://www.arcpacific.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
/S "Adrian Smith"
CEO and Director
The forward-looking statements contained in this press release are made as of the date hereof and ArcPacific Resources Corp. undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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