VANCOUVER,
April 2, 2012 /PRNewswire/ -
Rackla Metals Inc. (TSX-V: RAK) is pleased to announce that
it has signed a binding letter of intent with Strategic Metals Ltd.
granting Strategic the option to acquire an undivided 60% interest
in the Scarlet East claim block. Strategic can exercise the option
by making $5,000,000 in exploration
expenditures on the property as follows:
- $500,000 on or before
December 31, 2013;
- an additional $1,000,000 on or
before December 31, 2014;
- an additional $1,500,000 on or
before December 31, 2015; and
- an additional $2,000,000 on or
before December 31, 2016.
Strategic is also required to complete not less
than 1,000 meters of drilling on or before December 31, 2012. Upon exercising the option,
Strategic and Rackla will respectively hold 60% and 40% interests
in the property.
The Scarlet East Claims
The Scarlet East property consists of 230 claims
(47.8 sq km) covering prospective stratigraphy in the newly-defined
Nadaleen Trend, an emerging district of Carlin-type gold prospects
located in east-central Yukon. The property directly abuts
claims held by ATAC Resources and lies approximately 10 km
southeast of its major Osiris, Conrad and
Isis East discoveries.
Soil geochemical surveys and first pass
geological mapping done by Rackla Metals in 2011 have confirmed a
favourable setting for Carlin-type gold mineralization at the
Scarlet East property. Soils collected from the eastern
portion of the claim group returned encouraging
gold-arsenic-antimony-mercury values with a distinct Carlin-type
signature. A series of north-northwest-trending anomalies,
measuring up to 1,500 m long by 500 m wide, contains arsenic values
from 100 to 8,468 ppm together with gold values from 20 to 221 ppb.
The anomalous areas are underlain by favourable off-shelf carbonate
stratigraphy, including gossanous silty limestone, within a
prominent southeast-trending antiform.
Rackla's 2012 Programs
Rackla anticipates three active drill programs
for the coming season, operated by joint venture partners:
- Strategic has committed to a program of not less than 1,000m
meters of drilling at Scarlet East before the end of the year,
testing the high priority targets described above.
- Solomon Resources Limited has announced a comprehensive
3,000-metre diamond drilling and reverse circulation drilling
program in the 2012 field season at the Ten Mile Creek property
near Dawson City.
- Voyager Gold Corp., a private company, has optioned Rackla's
Rivier project and is planning to a 2 stage, 2,500m drill program
this year.
Qualified Person
Roger Hulstein,
BSc, P.Geo., is a member of the Association of Professional
Engineers and Geoscientists of British
Columbia and is the Company's Qualified Person as defined by
National Instrument 43-101. Mr. Hulstein is responsible for the
accuracy of the technical information in this news release.
About Rackla
Rackla Metals controls a portfolio of promising
gold projects across Yukon
Territory, including two extensive claim blocks in the
Rackla belt -an emerging trend of Carlin type gold systems in
east-central Yukon- and the Sixty
Mile project near Dawson City. The
Company anticipates drilling on three of its projects during
2012.
ON BEHALF OF THE BOARD
"Simon Ridgway"
President and CEO
Neither the TSX Venture Exchange nor the
Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy
or accuracy of this release.
Forward-Looking Statement
Some of the statements in this news release contain
forward-looking information that involves inherent risk and
uncertainty affecting the business of the
Company. Actual results may differ materially from
those currently anticipated in such statement.
SOURCE Rackla Metals Inc.
