VANCOUVER, British Columbia--(BUSINESS WIRE)--Clarity Gold Corp. (“Clarity” or the “Company”) (CSE: CLAR) is pleased to announce that it has acquired an additional two mineral property assets situated on Vancouver Island, British Columbia, namely the Tyber and the Gretna projects, and has increased the size of its Empirical project located 12 km south of Lillooet, British Columbia (the “Empirical Project”).
The Company acquired 4,007.5 ha of additional mineral claims adjacent and contiguous to the west of the Company’s Empirical Project directly through online staking. The Company also entered into a mineral property purchase agreement dated July 5, 2020, pursuant to which the Company acquired a 100% interest in and to the 928 ha Gretna Green, 1,331 ha Tyber, and 1,109.7 ha of mineral claims adjacent and contiguous to the east of the Empirical project (collectively, the “Claims”) for a cash consideration of C$10,000 and the issuance of 1,250,000 common shares (collectively, the “Shares”) in the capital of the Company. The Shares issued in connection with the acquisition of the Claims will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
The 928 ha Tyber gold-copper-silver project (the “Tyber Project”) is located in southeast Vancouver Island in the Nanaimo mining division, approximately 1.4 km south of Arrowsmith Lake and 18 km Southwest of Parksville. Historic rock samples taken from the property between 1916 and 1986 assayed up to 2.328 oz/t Au (from historic adit dump), 16% Cu and 305.5 oz/t Ag (1916 BC Mines Annual Report; Minfile 092F236). The Tyber Project consists of several mineralized shear zones ranging from less than 0.30 m to 2.60 m. Two historical adits on the Tyber Project, believed to be targeting mineralized quartz veins within local shear zones, extend approximately 14 m and 47 m in length (1981 Assessment Report 09432).
Gretna Green Project
The Gretna Green gold-copper-silver project (the “ Gretna Green Project”) is 1,331 ha and is located in the Alberni mining division, approximately 24 km Southwest of Port Alberni and 1.3 km North of Henderson Lake. Historical reports show that a selected sample assayed 48.00 grams per tonne gold, 51.43 grams per tonne silver and 17.8 percent copper (Minister of Mines Annual Report 1921; Minfile 092F24). Limited information on the Gretna Green Project is available, however the QP (as defined below) believes the project warrants further exploration.
The Company’s gold-copper-molybdenum porphyry project, the Empirical Project, located 12 km south of Lillooet, British Columbia now totals 10,518 ha. The Empirical Project is situated in the Cordilleran Continental Arc which hosts 26 significant porphyry deposits, including Imperial Metal Corporation’s historic Huckleberry Mine and Noranda’s historic Babine Porphyry camp. Between 1981 – 1986, six out fifteen diamond drill holes intersected gold mineralization, including hole DD81-4 which assayed 3.67 g/t gold over 21 m. Previous exploration focused on molybdenite without an understanding or aim of targeting a larger porphyry system. For more information on the Empirical Project, please see the Company’s National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) Technical Report on the Empirical Project filed on SEDAR on March 24, 2020.
The recently acquired claims have multiple copper showings in the Southeast, including the Rickhill Showing where six surface rock samples collected in 1959 averaged 0.95% copper over 12.9 meters (Minfile 092INW022). Elevated copper in soil samples indicate that this zone of copper mineralization may be extended up to a total of 30 m (Skerl, 1959). In 1970, 538 soils were collected with copper intensities ranging between 6 ppm to 212 ppm (Assessment report 02530).
The additional ground to the southwest of the Empirical Project consists of two molybdenum showings namely, the Molybdenite Lake and Fyp showings where historic samples taken from quartz veins have assayed up to 0.32% molybdenum and 0.35 g/t gold (Nelson, J. (1985-10-01): B.C. Gold Reconnaissance 1985 - Lillooet Project - Final Report; Assessment Report 30875; Minfile 092ISW109,092ISW110). Previous work has focused on the area’s molybdenum potential, with minimal exploration for gold.
“ We are building a solid foundation of exploration assets for Clarity with the acquisition of the Tyber and Gretna Green projects and the expansion of the Empirical Project” said James Rogers, Clarity’s Chief Executive Officer. “ We believe these properties are underexplored and represent an opportunity for Clarity to increase shareholder value with systematic exploration.”
Mr. Rory Kutluoglu P. Geo. is the Qualified Person (“QP”) under NI 43-101 for the technical information in this news release and has reviewed the appropriate and available data for the Empirical Project, Tyber Project and Gretna Green Project and approves the technical contents of this news release. The QP intends to visit the additional Empirical Project claims, Tyber Project and Gretna Green Project shortly and thus cannot validate the historical databases nor the results of the historical work presented herein.
Clarity Gold Corp. is a Canadian mining exploration company focused on the acquisition, exploration and development of gold projects in Canada. The Company has an option agreement to purchase a 100% interest in the highly prospective Empirical Project located in the Lillooet Mining Division, approximately 12 km south of Lillooet, British Columbia and recently expanded its mineral property portfolio with the acquisitions of the Tyber and Gretna Green projects, both located on Vancouver Island, British Columbia. Clarity is based in Vancouver, British Columbia, and is listed on the CSE under the symbol “CLAR”. For more information about the Company and its projects please refer to the Company’s website (www.claritygoldcorp.com).
ON BEHALF OF THE BOARD
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements in this news release include, but are not limited to, statements regarding the historical prospects of the Company’s Empirical Project and newly acquired Tyber and Gretna Green projects and the QP’s attendance thereof. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of the Company. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. There can be no assurance that such 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. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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