bald eae

Bald Eagle Closes Acquisition of Hercules Silver Property, Idaho, USA

Bald Eagle Gold Corp. (" Bald Eagle " or the " Company ") (TSXV: BIG) (OTCQB: BADEF) is pleased to announce that the Company has received TSX Venture Exchange and other regulatory approval for the acquisition by way of a share purchase agreement (the "Purchase Agreement") of a 100% interest in the Hercules Silver Property ("Hercules" or the "Property") located in Washington County, Idaho .

The purchase has been completed with the acquisition of all the issued and outstanding shares of 1218530 B .C. Ltd. ("1218530") from the sole shareholder of 1218530 (the "Seller"). The Property is held directly by ANGLO-BOMARC, US, INC. ("Anglo-Bomarc"), a wholly owned subsidiary of 1218530. The Seller is at arm's length to the Company.

The qualities of Hercules are consistent with Bald Eagle's strategy of increasing shareholder value through acquiring prospective precious metal properties with significant historical data, which can be reinterpreted using modern techniques of geophysics, geochemistry, and ore body genesis modeling. The Company also focuses on mining friendly jurisdictions such as Idaho , which is ranked in the top decile in the world for mining investment attractiveness by the Fraser Institute.

The Hercules Property represents:

  • A significant brownfield land package of nine square kilometers within the underexplored Cuddy Mountain Mining province in West Central Idaho.

  • A silver rich terrane which has been prospected for silver occurrences since the late 19 th century, with six historically identified silver-mineralized zones.

  • Historic drill intercepts including hole 80-13 with 10.7 meters of 825 grams/tonne ("g/t") silver, hole PH 42 with 29.3 meters of 259 g/t silver and hole PH 33 with 14.6 meters of 562 g/t. 1,2 3 (See Table 1)

Hole
Number

From (m)

To (m)

Interval (m)

Ag (g/t)

PH 27

24.4

31.7

7.3

203

PH 6

4.9

29.3

24.4

331

PH 42

7.3

36.6

29.3

259

PH 33

7.3

21.9

14.6

562

80-1

82.3

89.9

7.6

809

80-8

80.8

88.4

7.6

174

84-28

73.2

79.2

6.1

453

77-1

94.5

106.7

12.2

541

80-3

83.8

94.5

10.7

278

80-13

115.8

126.5

10.7

825

80-4

85.3

99.1

13.7

369

Table 1 – Selected Historically Reported Intercepts (Muraro, 2012) 1,2 ; Available at First Idaho Resources Inc.'s SEDAR profile - www.sedar.com

Neither the company nor the Qualified Person disclosed below has independently verified the historical drilling results and true widths and further have not verified sampling and analytical test results. Summaries of past quality control measures and data verification procedures are not available, other than reviewing the results from the NI 43-101 herein referenced. Core recoveries have not been verified. 1,2,3,4,5

Management Commentary

Mr. Sidney Himmel , President and CEO of the Company, commented: "The property we have acquired has been under-explored with modern exploration methods. Our team of geologists believe that there is potential for discovery of epithermal and/or magmatic hydrothermal silver mineralization within the Hercules Rhyolite. Historic drilling and underground exploration supports this model at Hercules."

About the Hercules Property 1,2,3,4,5

The 866-hectare Hercules Silver Property, on the northwestern shoulder of Cuddy Mountain and 200 kilometers northwest of Boise, Idaho , consists of 40 unpatented lode mining claims, one patented lode claim and an additional 475 hectares of private land with attendant access, exploration, mining, milling and water rights. Cuddy Mountain is an uplifted and tilted fault block of accreted Mesozoic terrane about 19 kilometres across, characterized by open grassy slopes. It is surrounded on all sides by rocks of the Columbia River Basalt Group. The core of the mountain is a Triassic-Jurassic sequence of volcanics, volcaniclastics and sediments.

The Cuddy Mountain conglomerate, the basal unit, is 61 metres to 122 metres thick. It grades upwards into fragmented andesite. The Jurassic ash-flow Hercules Rhyolite, which contains the silver mineralization identified historically, overlies the andesite unit. Maximum thickness of the rhyolite, ranges from 91 metres to 122 metres.

The rhyolite, where not exposed, lies below the Brownlee unit which is composed of andesitic pyroclastic tuffs, lenses of manganiferous limestone and lesser amounts of shale and sandstone.  Silver values in the 300 to 950 g/t range and generally associated with fractured, shattered and brecciated zones within the Hercules Rhyolite have been recorded in drilling and channel sampling. (See Table 1.) The Bald Eagle team believes that the mineralization is hydrothermal (epithermal). 1

Mineralization has been identified over 4,800 metres of exposed Hercules Rhyolite, with targets from south to north including the Belmont , Haystack Ridge, Fishpond, Hercules Adit, Hercules Ridge and Grade Creek zones. 1

Historical work completed between 1965 and 1988, included results from 307 drill holes and 320 metres of underground development.  Of the 307 drill holes, 28 were diamond drill holes, 43 underground percussion, and 236 reverse circulation. As a result of the drill campaigns two target types were identified, being high grade silver accompanied by 1-2 % lead and zinc and lower grade disseminated silver suggesting bulk tonnage potential.

Limited mineralogical work indicates that silver-bearing minerals are included in a polymetallic assemblage of sulfosalts including tetrahedrite-tennantite and polybasite with accessory pyrite, sphalerite and galena. 1,2,4,5

Mineralization occurs in brecciated pipe-like zones as well as broad, tabular zones, each being surrounded by halos of lower grade material. Historic drilling shows the pipes to increase in grade and thickness and remain open at depth. The two largest silver-in-soil anomalies on the Property occur at the Hercules Ridge which has seen little drilling, and the Grade Creek Zone which has not been drilled. 1,2

Transaction Terms

Pursuant to the Purchase Agreement, the Company has acquired all issued and outstanding shares of 1218530 for C$150,000 in cash and 1,400,000 common shares of the Company at a deemed price of C$0.10 per common share. On commencement of commercial production on the Property, a cash payment of $1,000,000 will be made to the Seller. The Seller has also been granted a 2% net smelter royalty ("NSR"), subject to a $1,000,000 buyback for one-half (1.0%) of the NSR. Bald Eagle previously paid the Seller an exclusivity fee of $25,000 . All legal, technical, and financial due diligence has been completed to the satisfaction of Bald Eagle. The parties to the Purchase Agreement have been provided standard representations and warranties for a transaction of this nature. A finder's fee of $17,500 in cash and 140,000 common shares of the Company, in total equal to 10% of the consideration paid to the vendor at closing, was paid to Kurt J. Hoffman , who is at arm's length to the Company.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved for disclosure by Nick Tintor , a Qualified Professional Member of the Mining & Metallurgical Society of America and the "Qualified Person" for Bald Eagle within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

About Bald Eagle Gold Corp.

Bald Eagle Gold Corp. is a junior mining company focused on the exploration and development of advanced exploration assets in known gold districts in the Americas. The Company's objective is to acquire advanced exploration projects for exploration and development. Advancing acquired properties will be through evaluating historical data and utilizing modern exploration techniques and geological concepts. The management team and board of directors of the Company have an established track record of creating significant returns for investors and have demonstrated access to capital to advance the development of assets.

References:

1.

The technical information disclosed in this news release, including historical drilling results on the Hercules Property is obtained directly from the historical report "NI 43-101 Technical Report on the Hercules Silver Property, Washington County, Idaho for First Idaho Resources Inc. and Anglo-Bomarc Mines Ltd ., June 2012 , by T.W. Muraro , P.Eng.". (Filed April 3, 2013 and available on First Idaho Resources Inc.'s SEDAR profile at www.sedar.com .)



2.

Don H. Adair, High Grade Silver Potential of the Hercules Project, Cuddy Mountain District, Idaho, For Anglo-Bomarc Mines, Ltd., December 23, 1985, Boise, Idaho, referenced in NI-43-101 Muraro Technical Report.



3.

A qualified person has not done sufficient work to classify any historical estimates of resources as current mineral resources or mineral reserves and the issuer is not treating any historical estimates as current mineral resources or mineral reserves and has not verified the historical drilling results or any information disclosed in this press release, including sampling, and analytical test results. Summaries of past quality control measures and data verification procedures are not available, other than reviewing the results from the NI 43-101 herein referenced.



4.

Livingston, D.C., A Geologic Reconnaissance of the Mineral and Cuddy Mountain, 1923, Mining District, Washington and Adams Counties, Idaho, Pamphlet No. 13, Idaho Bureau of Mines and Geology, State of Idaho.



5.

Don. H Adair, Geological Report on the Hercules Silver Property, Cuddy Mountain, Idaho, for First Idaho Resources Inc., September 14, 2001.

ON BEHALF OF THE BOARD OF DIRECTORS

Sidney Himmel
President, CEO & Director

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States . Any securities referred to herein have not and will not be registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act ") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws of an exemption from such registration is available.

Forward-looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information in this press release may include, without limitation, the future operating or financial performance of Bald Eagle, the estimates of potential quantity, grade, and metal and mineral content at the Property, Bald Eagle's assessment of the reliability of the current exploration results, Bald Eagles' assessment of the reliability and relevance of the historical drill results; the ability of the joint venture to operate the exploration and development programs for the Property, and the anticipated timing of the next phase of exploration work.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Bald Eagle, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although Bald Eagle has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. Bald Eagle does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

SOURCE Bald Eagle Gold Corp.

Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/August2021/10/c7445.html

News Provided by Canada Newswire via QuoteMedia

The Conversation (0)
Bald Eagle Gold

Bald Eagle Gold

Overview

It can be difficult finding a viable asset to develop for emerging mining and exploration companies. Luckily, the right management team operating in the right jurisdiction can push even junior players into the big leagues.

One of the US' most prolific mining districts is Nevada. According to the Fraser Institute, the state ranks as one of the top mining jurisdictions in the world. Nevada hosts the perfect mix of existing infrastructure, a skilled local workforce and favorable warm weather year-round, which presents emerging mining companies with exceptional discovery potential and economic prospects.

Keep reading...Show less

Acquiring and Exploring Early-Stage Gold Assets in Mining-Friendly Gold Districts of North America

Gold bars with rising graph overlay and text "Weekly Editor's Picks."

Editor's Picks: Gold Knocks Out Inflation-Adjusted High, Silver Breaks US$42

Gold's record-setting price run continued this week, with yet another new all-time high in the books. Silver also fared well, breaking US$42 per ounce.

According to Bloomberg, gold has now also surpassed its inflation-adjusted all-time high of US$850 per ounce, which it set more than 45 years ago on January 21, 1980. The news outlet notes that at the time the US was dealing with currency issues, inflation and recession concerns.

These are problems that sound all too familiar today. This week brought the release of the latest US consumer price index (CPI) data, which shows a 0.4 percent month-on-month increase for the all-items index — that's ahead of estimates and the most since the start of 2025.

Keep reading...Show less
Gold pan holding pieces of gold from creek placer deposit, with words '5 Top Canadian Mining Stocks This Week.'

Top 5 Canadian Mining Stocks This Week: Guardian Exploration Gains 94 Percent

Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.

On Thursday (September 11), Canadian Prime Minister Mark Carney revealed the first tranche of projects selected by the newly created Major Projects Office.

The goal of the office is to accelerate timelines for projects deemed to be in the national interest, which include infrastructure, natural resources and technology. The office is being led by Dawn Farrell, who previously served as president and CEO of TransAlta (TSX:TA) and Trans Mountain. Three of the five projects announced are well into permitting or development and the Prime Minister said that the intention was to help them with a final regulatory push or to find the financing needed to complete.

Keep reading...Show less
Hamak Gold

Admission to Trading on the OTCQB Market

Hamak Gold Limited (LSE: HAMA / OTCQB: HASTF), a company combining traditional gold exploration in West Africa with a Digital Asset Treasury Management strategy, is pleased to announce that the Company's shares have been admitted to trading on the OTC Venture Market ("OTCQB") in the United States, under the symbol "HASTF". No new Ordinary Shares have been issued by the Company for this parallel trading of its shares.

The purpose of the listing of shares on the OTCQB is to broaden the Company's exposure to the North American investor markets and to increase trading liquidity in a drive to deliver shareholder value.

Keep reading...Show less
Stock market display with "Mergers and Acquisitions" in green and white text.

Barrick’s Plan to Sell Hemlo Mine for US$1 Billion Marks Canadian Exit

Barrick Mining (TSX:ABX,NYSE:B) has agreed to sell its Hemlo gold mine in Ontario for up to US$1.09 billion, transferring one of Canada’s most storied gold operations to a new owner and continuing Barrick’s shift away from non-core assets.

The company announced on Thursday (September 11) that Carcetti Capital (TSXV:CART.H,LSE:ORUG), which will be renamed Hemlo Mining (HMC), will acquire the mine under terms that include US$875 million in cash, US$50 million in HMC shares, and as much as US$165 million in contingent payments tied to future gold prices and production.

Barrick president and chief executive Mark Bristow said that the sale is part of the company’s ongoing capital allocation approach, noting that proceeds will help bolster the company’s balance sheet and fund returns to shareholders.

Keep reading...Show less
Gold nuggets beside text: "5 Top Australian Mining Stocks This Week."

Top 5 Australian Mining Stocks This Week: Zenith Minerals Strikes Gold at Red Mountain

Welcome to the Investing News Network's weekly round-up of the top-performing mining stocks listed on the ASX, starting with news in Australia's resource sector.

Companies focused on a mix of minerals and resources once again form this week’s top stocks list, including ones searching for gold, rutile, graphite, lithium and oil.

Significant news, including broad mineralisation discoveries and new acquisitions, drove the top performers this week, which you can learn more about in the list below.

Looking at the bigger picture, Australian lithium stocks took a hit this week following the announcement of Chinese battery giant Contemporary Amperex Technology's (SZSE:300750,HKEX:3750) reported production restart at its Jianxiawo lithium mine in Yichun. Lithium prices and mining companies had previously been lifted in mid-August after the mine was suspended.

Keep reading...Show less
Toronto Stock Exchange sign on a stone wall.

Newmont to Exit Toronto Stock Exchange as Cost Cuts Deepen

Newmont (TSX:NGT,NYSE:NEM,ASX:NEM) is preparing to withdraw from the Toronto Stock Exchange later this month, the latest in a string of moves to streamline operations and rein in costs following its US$15 billion takeover of Newcrest Mining in 2023.

The Denver-based miner said Wednesday it has applied for a voluntary delisting of its common shares from the TSX, effective at the close of trading on September 24.

Keep reading...Show less

Latest Press Releases

Related News

×