VANCOUVER, British Columbia, Nov. 23, 2017 (GLOBE NEWSWIRE) -- Glacier Lake Resources Inc. (TSX-V:GLI) (“Glacier” or the “Company”) is pleased to announce it has signed a definitive agreement with an arm's-length vendor to acquire 2,549 hectares of prospective mining claims located in north-central British Columbia, approximately 45 kilometres south of Houston.
The new property lies approximately 6,000 metres to the south of the New Nadina claim block and contiguous to the east with the Poplar block recently acquired by Tasca Resources Ltd. The underlying geology of the claim block is Cretaceous Kasalka group andesitic volcanics and Eocene Ootsa Lake Group felsic volcanics. Several regional scale faults have been mapped throughout the area. The southern boundary of the Cretaceous Bulkley intrusions lies one kilometres to the northwest.
In connection with the acquisition, Glacier Lake intends to research the BC Ministry of Energy and Mines assessment report database to determine if any historical exploration work has been completed on the new claim block to help in designing a preliminary exploration program to explore them.
In consideration for the claim block, Glacier Lake will complete a cash payment of $10,000 and issue 2,000,000 common shares. Completion of the acquisition is subject to the approval of the TSX Venture Exchange. All common shares issued will be subject to a four-month-and-one-day statutory hold period.
"We have been following developments throughout central British Columbia, looking for assets to complement our Silver Vista Project located 130 kilometres to the north,” stated Saf Dhillon, Glacier Lake’s President and Chief Executive Officer. "We were impressed with core photographs of the recently intersected mineralization on the New Nadina website and feel the geology of the region may support additional new discoveries with diligent exploration efforts."
The technical content of this news release has been reviewed and approved by R. Tim Henneberry, P.Geo., a member of the Glacier Lake Advisory Board and a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Satvir Dhillon, President & CEO
Glacier Lake Resources Inc.
Source: Glacier Lake Resources Inc