VANCOUVER, British Columbia, Oct. 4, 2012 /PRNewswire/ -- Berkwood Resources Ltd. (TSX-V: BKR) (the "Company" or "Berkwood") announces that the TSX Venture Exchange has accepted for filing the property option agreement dated Sept. 30, 2012, between Berkwood Resources Ltd. and Group Resources Gemines Inc. (Michel Belisle) whereby Berkwood has been granted an option to acquire a 100-per-cent interest in the Peter Copper Property located near Mont-Laurier, Quebec that is located in Quebec. Consideration is $100,000 payable over two years and 750,000 common shares. Upon exercise of the option the company shall pay the vendor a net smelter royalty or equivalent of 2 per cent on all metals produced from the property with the right to buy back 1 per cent at any time for $1-million subject to further exchange review and acceptance.
The Peter Lake Property:
The Peter Lake Property (the "Property") consists of 24 claims totalling 1403 Ha located in the Mont-Laurier Terrane, in the Central Grenville Province, Quebec. The Property lies within a sequence of metasedimentary rocks, felsic intrusives and gabbros. Cu-Ni mineralization in the area closely follows northeast controlling structures. The mineralization lies within late gabbroic dykes and the mineralized structure has been traced for more than 2 km on surface. The property has the potential to host other minerals including Au, Mo and PGE.
Berkwood will immediately conduct a complete compilation of historic geological work, mineralized area mapping, and submit check assays, this will be concurrent with surface work, channeling and trenching.
This news release has been reviewed and approved by Alain Moreau, P. Geo., who supervised the preparation of the technical information in this news release. Alain Moreau a Qualified Person as defined by National Instrument 43-101.
To view maps and photos of the Peter Lake Copper Property, please click here.
About Berkwood Resources:
Berkwood holds a 100% interest in the Company's flagship property, the Prospect Valley Gold Property located near Merritt, BC. Several areas of gold mineralization have been identified on the 10,871 Ha property. The majority of historic drilling has taken place in the centre of the claim block along the Discovery Trend. This drilling has outlined an extensive low grade epithermal gold system with indications of potential for additional and higher grade mineralization. The system remains open for expansion and other known zones of gold mineralization have yet to be drilled (see Berkwood news release dated January 25, 2012 for details).
Berkwood also recently acquired an option to earn a 100% interest in the Lac Gueret East Graphite Property in Quebec. The 3,186 Ha property borders the eastern boundary of Mason Graphite's advanced Lac Gueret Graphite Project. A 2009 technical report by Tekhne Research which covered 17% of Mason Graphite's Lac Gueret Property with a resource of 7.5 million tonnes measured and indicated grading 20.4% Graphite.
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On Behalf of Berkwood Resources
Brian Buchanan, President and Director
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Forward Looking Statements
This Berkwood News Release may contain certain "forward-looking" statements and information relating to Berkwood that are based on the beliefs of Berkwood's management as well as assumptions made by and information currently available to Berkwood's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitation, competitive factors, general economic conditions, relationships with strategic partners, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Except as required by law, Berkwood does not assume the obligation to update any forward-looking statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE Berkwood Resources Ltd.