Anconia Announces Land Claim Option Agreement
22 December 2011 - 4:30AM
Marketwired Canada
Anconia Resources Corp. (TSX VENTURE:ARA) ("Anconia" or the "Company") is
pleased to announce that it has entered into an option agreement (the
"Agreement") with Melchett Syndicate Inc. ("Melchett") whereby the Company will
have the option (the "Option") to acquire up to a 100% interest in 17 unpatented
mining claims (comprising 205 units) (the "Property") situated located
approximately 60 kilometers north of the town of Nakina in the Province of
Ontario.
Under the terms of the Agreement, Anconia can acquire:
(i) a 20% interest upon payment of $37,500 to Melchett and upon incurring
expenditures of at least $750,000 by December 31, 2012. The Option
will remain in full force and effect until June 30, 2014 upon payment
of $25,000 to Melchett on or before December 31, 2013;
(ii) an additional 20% interest upon payment of $18,750 to Melchett and
upon incurring additional expenditures of at least $1,000,000 by June
30, 2014, upon which the Option will remain in full force and effect
until December 31, 2015;
(iii) an additional 25% interest upon incurring additional expenditures of
at least $1,500,000 by December 31, 2015, upon which the Option shall
remain in full force and effect until September 30, 2017; and
(iv) the final 35% interest upon preparing and delivering a feasibility
study on the Property to Melchett by September 30, 2017 (which date
can be extended to September 30, 2018 upon payment of $25,000 to
Melchett);
The Agreement further provides that, upon acquisition of a 100% interest in the
Property, the Company will issue 500,000 common shares of the Company to
Melchett.
If the Option ceases to be in full force and effect, Melchett has the right to
purchase all interest in the Property previously acquired by the Company for a
price equal to 10% of the expenditures incurred by the Company other than the
initial $750,000 of expenditures and excluding any payment to Melchett by the
Company.
Melchett will retain a 3% NSR on the Property. Anconia will have the right to
purchase up to 2% of the NSR until September 30, 2025 for up to $15 million, and
to purchase the NSR if Melchett wishes to dispose of all or part of the NSR.
The Agreement is subject to approval of the TSX Venture Exchange.
About the Property
The Property covers a strike length of 16 km of highly prospective sulphide
bearing volcanogenic massive sulphide (VMS) stratigraphy. A whole rock
geochemical survey of the Property has identified two areas situated along this
strike length that maintain major element alteration and anomalous minor element
(Zn, Pb, Ag, & Cu) concentrations characteristically associated with VMS
deposits and more specifically with being proximal to a source vent within a VMS
genetic model. These two areas are referred to as the Relf Zone and the Nakina
Zone.
Of the two areas of interest the most extensive and detailed exploration has
been carried out over the Relf Zone. Assays grab samples taken from outcrop at
the Relf Zone are given in Table 1.
Table 1
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Sample Type Zn % Pb % Cu % Ag oz/t Au g/t Sampler
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Grab 1061 12.90 1.92 0.29 19.48 0.0195 Red Bird Gold Corp
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Grab 1062 2.63 0.87 0.12 8.96 0.0120 Red Bird Gold Corp
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Grab 1063 2.77 0.36 0.16 5.54 0.0365 Red Bird Gold Corp
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Grab 1064 11.60 0.87 0.51 9.81 0.0275 Red Bird Gold Corp
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Grab 1065 16.80 2.40 0.08 23.10 0.0180 Red Bird Gold Corp
----------------------------------------------------------------------------
Grab 1066 8.26 0.33 0.97 5.99 0.0250 Red Bird Gold Corp
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Grab 1067 11.10 1.30 0.14 13.90 0.0225 Red Bird Gold Corp
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Grab 1068 9.88 0.56 0.15 6.31 0.0350 Red Bird Gold Corp
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Avg "x" samples 13.00 1.20 0.26 11.46 Shawmin Mines Ltd
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Grab "best" 19.10 2.20 0.40 19.93 1.72 Shawmin Mines Ltd
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Avg 5 grab sample 9.95 0.66 0.33 6.17 0.52 Kerr Addison
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Grab "best" 19.14 2.19 0.15 16.39 Kerr Addison
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At the Relf Zone surface detailed rock sampling and shallow (8 drill holes
KAR-01 to KAR-08 all less than 200m vertical depth) and deep (2 holes SB-07-01 &
SB-08-02 maximum 620m vertical depth) diamond drilling has been carried out.
This exploration has determined that the Relf Zone is actually comprised of two
separate zones, the Relf North and the Relf South Zones. A brief synopsis of
these zones is as follows:
Relf South Zone
Stratiform Massive Sulphides (Zn, Pb, Ag, Cu) Within the Relf South Zone a
"Mineralized Sequence" has been defined that is approximately 120m in true
thickness, has a strike length of least 500m and a down dip extension of at
least 400m. Within this "Mineralized Sequence" 5 distinct and stratigraphically
controlled horizons of anomalous base metal mineralization have been identified.
Stockwork/Vent (Cu) Also within the Relf South Zone the deep drilling (SB-07-01
619m, SB-08-02 688m) intersected a zone of Cu mineralization within the footwall
stratigraphy immediately below the "Mineralized Sequence".
Relf North Zone
Stratiform Massive Sulphides (Zn, Pb, Ag, Cu) The Relf North Zone has been
determined to be a hanging deposit whose source of economic mineralization and
major element alteration is the same source which formed the mineralization
noted within the Relf South Zone.
Mr. Jason Brewster, President and Chief Executive Officer of Anconia states
"With the acquisition of the Melchett Lake property the Company controls over 16
kilometers of favourable sulphide mineralized stratigraphy within the Melchett
Lake greenstone belt. With the known Relf Zone and the Nakina Zone, which has
alteration characteristics equal to or stronger than those investigated at the
Relf Zone, the Company believes that the belt has the potential to host
additional as yet undiscovered VMS concentrations along strike, for example at
Key Lake in the western portion where we have a high priority geophysical
target."
John L. Wahl PhD, P.Geo, of John L. Wahl Consulting Ltd and a "Qualified Person"
pursuant to NI 43-101 has reviewed and approved the technical information in
this press release on behalf of the Company.
About Anconia
Anconia is a base and precious metals exploration and development company, which
is focused on providing shareholder value through the advancement of its
properties in the Nunavut Territory and Ontario, Canada. Anconia is undertaking
a comprehensive exploration program to determine the potential of the projects
currently in its portfolio.
Forward-Looking Information
This news release contains forward looking statements within the meaning of
applicable Canadian securities laws including with respect to the potential of
the Melchett Lake greenstone belt to host additional VMS concentrations along
strike. Words such as "may", "will", "should", "anticipate", "plan", "expect",
"believe", "estimate" and similar terminology are used to identify
forward-looking statements and forward-looking information. Such statements and
information are based on assumptions, estimates, opinions and analysis made by
management of Anconia in light of its experience, current conditions and its
expectations of future developments as well as other factors which it believes
to be reasonable and relevant. Forward-looking statements and information
involve known and unknown risks, uncertainties and other factors that may cause
actual results to differ materially from those expressed or implied in the
forward-looking statements and information. Risks and uncertainties that may
cause actual results to vary include but are not limited to: the speculative
nature of mineral exploration and development, including the uncertainty of
mineral reserve and resource estimates; uncertainties relating to the
availability and costs of financing needed to complete exploration activities;
exploration costs varying significantly from estimates; delays in the
exploration and development of, and/or commercial production from, the
properties in which Anconia has an interest; unexpected geological or
hydrological conditions; operational and technical difficulties; fluctuations in
commodity prices; the existence of undetected or unregistered interests or
claims, whether in contract or in tort, over the property of Anconia; success of
future exploration and development initiatives; competition; operating
performance of facilities; environmental and safety risks, including increased
regulatory burdens, seismic activity, weather and other natural phenomena;
inability to, or delays in, obtaining necessary permits and approvals from
government authorities; risks relating to labour; and other exploration,
development and operating risks; changes to and compliance with applicable laws
and regulations, including environmental laws and obtaining requisite permits;
as well as other risks and uncertainties which are more fully described in
Anconia's annual and quarterly Management's Discussion and Analysis and in other
filings made by Anconia with Canadian securities regulatory authorities and
available at www.sedar.com.
Forward-looking information speaks only as of the date on which it is provided
and, except as may be required by applicable securities laws, Anconia disclaims
any intent or obligation to update any forward-looking information, whether as a
result of new information, future events or results or otherwise. Although
Anconia believes that the assumptions inherent in the forward-looking
information are reasonable, forward- looking information is not a guarantee of
future performance and accordingly undue reliance should not be put on such
information due to the inherent uncertainty therein.
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