VANCOUVER, June 14, 2016 /CNW/ - Eureka Resources Inc.
("Eureka" or the "Company") (TSXV: EUK) is pleased to announce
that it has staked additional claims adjacent to the FG project.
The new staking covers 5,776 hectares within the 3 claims
added.
An airborne geophysical survey was completed in 2007 covering a
large portion of the Eureka Syncline. The additional claims have
been staked to include ground over the southern limb of the
syncline. The Company commissioned a partial interpretation of this
survey in 2015 covering ground which included the existing
resource. Results provided a geophysical anomaly that clearly
identified the resource area of the Main Zone. The survey also
indicates the presence of cross faults offsetting the northwest
projection of the main mineralized zone both downslope and upslope
from previously drilled holes. Continued follow-up geochemical
studies will be conducted this summer with the goal of identifying
potential drill locations.
Results of the 2015 geochemical program have shown a correlation
between gold anomalies and electromagnetic signatures of the
northwest projection and of the mineralized zone. Geophysical
interpretation suggests the northwest projection to be much more
complex than originally thought. Similar conclusions are being
derived regarding extension of the zone to the southeast.
The new claims which cover the south limb of the syncline will
be the subject of further geophysical study and interpretation to
be completed in 2016. It is intended to identify the favourable
mineralized zone in the southern limb from this interpretation.
See map
https://www.eurekaresourcesinc.com/assets/img/maps/eureka_structures_160611.jpg
FG Project
Eureka has held the FG property (formerly called Frasergold)
since 1982. To date over $15.0
million of exploratory work has been completed by the
Company, ASARCO, AMOCO and Hawthorne Gold Corp. The historical
exploration has established a Measured and Indicated (376,000
ounces) gold resource at an average grade of 0.776 g/t gold, using
a cut-off grade of 0.5 g/t, and an Inferred gold resource (634,900
ounces) at an average grade of 0.718 g/t gold, using a cut-off
grade of 0.5 g/t. Mineralization has been outlined over a strike
length of 3 kilometres, and has the potential for additional
mineralization that could extend along an interpreted strike length
of over 10 kilometres. Details of the gold resource can be found in
"NI 43-101 Technical Report, Frasergold Exploration Project,
Cariboo Mining Division, dated July 27,
2015" available on SEDAR or at the Company's website.
John R. Kerr, P.Eng., is the
Company's designated Qualified Person for this news release within
the meaning of NI 43-101 and has reviewed and approved the
technical information described in this news
release.
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 news release.
Cautionary Statement Regarding Forward-Looking
Information
This news release includes certain "forward-looking
statements" under applicable Canadian securities legislation that
are not historical facts. Forward-looking statements involve risks,
uncertainties, and other factors that could cause actual results,
performance, prospects, and opportunities to differ materially from
those expressed or implied by such forward-looking statements.
Forward-looking statements in this news release include, but are
not limited to, statements with respect to the Company's proposed
financings, objectives, goals or future exploration plans at the
Frasergold Project and the Gemini Project, and the business and
operations of the Company. Forward-looking statements are
necessarily based on a number of estimates and assumptions that,
while considered reasonable, are subject to known and unknown
risks, uncertainties and other factors which may cause actual
results and future events to differ materially from those expressed
or implied by such forward-looking statements. Such factors
include, but are not limited to: general business, economic and
social uncertainties; litigation, legislative, environmental and
other judicial, regulatory, political and competitive developments;
delay or failure to receive board, shareholder or regulatory
approvals; those additional risks set out in the Company's public
documents filed on SEDAR at www.sedar.com; and other matters
discussed in this news release. Although the Company believes that
the assumptions and factors used in preparing the forward-looking
statements are reasonable, undue reliance should not be placed on
these statements, which only apply as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. Except where required
by law, the Company disclaims any intention or obligation to update
or revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
SOURCE Eureka Resources, Inc.