VANCOUVER, B.C., April 03, 2017 (GLOBE NEWSWIRE) -- Goldrea Resources Corp. (“Goldrea” or the “Company”) (CSE:GOR) (Frankfurt:GOJ) (OTC Pink:GORAF) announces that it has finalized the acquisition of 100% of the newly named “Argos Property,” previously announced on February 28, 2017.
The Argos Property consists of 42 map designated claim cells in two contiguous blocks measuring 1,982 and 376 hectares, totaling 2,358 hectares. Three additional claims totaling 170 hectares, contiguous with the larger block, are still pending application.
The larger of the two blocks lies approximately 19 kilometers to the south of the Osisko Mining Corporation’s Windfall Project gold deposit, 5.5 kilometers to the south of the Osisko Mining Corporation’s Black Dog Project, and 10 kilometers to the south of Metanor Resources’ Barry gold deposit, which also lie in the same Urban-Barry Greenstone Belt of Quebec as Goldrea’s Argos. The property is easily accessible, with the larger block being crossed by a maintained road from highway QC-113 and the smaller block being accessible by a network of logging roads.
Jim Elbert, president of Goldrea, states, “The Windfall Lake gold sector has several major drill programs commencing this spring. Goldrea’s acquisition of the Argos Property has provided a key position for the Company in this area. Combined with our Cannonball property in the ‘Golden Triangle’ of British Columbia, the Argos continues to enhance our ability to establish a significant presence in areas of high gold interest. The Company is presently reviewing historical documentation on the Argos property to determine avenues of development.”
Goldrea has paid all staking cost and will issue 700,000 common shares, subject to a four-month hold, as consideration, to earn a 100% interest in the Argos property.
The technical contents of this release were approved by Case Lewis, P.Geo., a Qualified Person as defined by National Instrument 43-101. The property has not yet been the subject of a National Instrument 43-101 report.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain "forward-looking statements", which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.