RESOLVE ACQUIRES CLAIM BLOCKS ADJACENT TO NEW NADINA EXPLORATIONS' SILVER QUEEN PROPERTY
Resolve Ventures Inc. has entered into an option agreement, where by the company may acquire a 100-per-cent-interest in the Mary property located 30 kilometres southeast of Houston, B.C., from two arm's-length vendors.
The property consists of 6,365 hectares and lies 1,500 metres east of the New Nadina block. The underlying geology of this claim block is Cretaceous Kaslaka Group andesitic volcanics. These rocks are overlain by Eocene Endako Group Goosley Lake formation alkaline volcanic rocks and Buck Creek formation basaltic volcanics. All small plug of the Eocene Goosley plutonic suite intrudes the Cretaceous rocks. Historic exploration on the Mary block included induced polarization surveying and follow-up percussion drilling of IP anomalies. Of the 22 percussion drill holes completed in 1985, only nine actually reached bedrock. Four of those intercepted anomalous pathfinder elements. The IP anomalies remain untested. Resolve cautions investors that this historical exploration data has not been verified.
The property appears to have seen additional historical exploration. Resolve's technical team will review the assessment record of historical work on the Mary property. Based on the findings of this review, an exploration program will be designed to best assess and evaluate the potential.
Resolve Ventures, president and chief executive officer, Clive Massey, stated, "We are very excited about the acquisition of these claims in this emerging area play as it puts us in a position to exploit some very interesting exploration opportunities in an area proven to be rich with mineral resources."
Property transaction terms
Under the terms of the agreement, the company can earn a 100-per-cent-interest in the property by issuing five million common shares in the capital of the company upon TSX Venture Exchange approval and incurring a minimum $100,000 in exploration expenditures within the first year. The vendors shall retain a 2-per-cent net smelter returns royalty of which the company may purchase 1 per cent for $1.5-million.
The agreement is subject to exchange approval. All shares issued will be subject to a four-month-and-one-day hold period.
About Resolve Ventures Inc.
Resolve Ventures is a Canadian-based mineral exploration company committed to building long-term value through strategic property acquisitions.
Tim Henneberry, PGeo, Resolves's geologist and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.Back to Past News