Precious Metals

TSX:EUK

Eureka Resources (TSXV:EUK) has acquired 82 claims located in Klondike goldfields in Yukon. The TAK property consists of a contiguous block of 82 claims covering an approximate area of 1,695 hectares within the Dawson mining division. The property is located five kilometres north of the Yukon River and approximately 20 km northeast of Goldcorp’s Coffee project, which is 120 km south of Dawson City.

Eureka Resources (TSXV:EUK) has acquired 82 claims located in Klondike goldfields in Yukon. The TAK property consists of a contiguous block of 82 claims covering an approximate area of 1,695 hectares within the Dawson mining division. The property is located five kilometres north of the Yukon River and approximately 20 km northeast of Goldcorp’s Coffee project, which is 120 km south of Dawson City.
Eureka has entered into an agreement with a staking syndicate whereby Eureka will purchase a 100-per-cent interest in the claims by issuing 500,000 common shares. The vendors have agreed to a voluntary pooling arrangement whereby the common shares will be released as shown in the table.

Term                                      No. of shares
At closing (subject to four-month hold)  125,000 shares
Six months from closing                  125,000 shares
12 months from closing                   125,000 shares
18 months from closing                   125,000 shares

Eureka will grant the vendors a 2-per-cent net-smelter-return royalty for gold produced from the properties, half of which may be purchased for $1-million.
Placer gold mining in the Klondike area has been active since the late 1890s Yukon gold rush. Bedrock exploration commenced in the area in the late 1950s, attempting to source placer gold, and became active in the 1970s with the development of the Casino porphyry deposit.
Mineralization styles in the district are gold, silver, copper and molybdenum porphyry deposits (Casino), mineralized breccia deposits (Coffee), and lode and stockwork veins (Golden Saddle). All three styles of mineralization have been identified near the Ophir, Sheba and Hav properties. Placer mining has produced gold from creeks draining the project area; however, there is no documented history of bedrock exploration.
“This acquisition adds to our Yukon holdings upon which we intend to commence exploration in the second calendar quarter of 2017,” stated Mike Sweatman, president and chief executive officer of Eureka.
The transaction is subject to TSX Venture Exchange approval.
ABOUT EUREKA
Gold projects include the FG property in the Cariboo area of central British Columbia having an indicated resource of 376,000 ounces of gold and an inferred resource of 634,900 ounces of gold and the Gold Creek gold property in the gold belt of the Company’s FG project. The FG project is an advanced stage gold project, currently under option to Canarc Resource Corp.
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.
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