AccelRate Power Systems Inc. (TSX VENTURE: AXP)(FRANKFURT: KCG) is
pleased to announce that it has entered into option agreements
entitling it to acquire a 100% interest in nine gold exploration
prospects in Canada's Yukon Territory. These new projects comprise
1875 mineral claims (approximately 39,000 hectares), bringing the
total land position optioned by the Company to 3756 claims
totalling more than 78,000 hectares. The new options and all
previously announced property options are subject to acceptance by
the TSX Venture Exchange.
Upon completion of the Change of Business announced by AccelRate
on November 24, 2010, and subject to regulatory approval, AccelRate
intends to change its name to "Goldstrike Resources Ltd" and become
a pure gold explorer. The Company continues to evaluate other
property opportunities that fit its aggressive growth and
exploration strategy for this emerging new gold district.
SELWYN MOUNTAINS AREA - ATAC CARLIN MODEL
Seven of AccelRate's new prospects cover multiple strong
regional geochemical anomalies in Hyland and Road River Group
sedimentary rocks in several relatively unexplored areas of the
Selwyn Basin 85 to 270 kilometres south of ATAC's Osiris discovery
property. All seven properties (BIG ONE, CANOL, GULL, MAC, PLATEAU,
RUSSELL, and SPEARHEAD) cover the inferred source areas of strong
to moderate gold silt anomalies from recent government geochemical
surveys. Thallium is also anomalous on all seven properties, and
other anomalous elements include arsenic, antimony and mercury.
This geochemical signature is consistent with Carlin-style
mineralization.
HYLAND-NAHANNI RIVER AREA - NORTHERN TIGER OROGENIC GOLD
MODEL
In addition their Carlin potential, the BIG ONE and GULL
properties in the Nahanni area are directly on trend with a series
of recent high grade structurally controlled gold discoveries in
Hyland Group conglomerate (3 ACE, SPROGGE, FER etc.). Northern
Tiger recently intersected 4.3 g/t Au over 30.3 m and 14.8 g/t Au
over 10.9 m in two holes 60 m apart on the 3ACE property. A high
grade grab sample of 4,800 g/t (140 opt) Au was reported from the
main 3ACE zone, and the best chip sample to date assayed 1,013 g/t
(29.56 opt) Au over 1.1 metres. The BIG ONE and GULL properties
each cover the hinge of a mapped regional anticline in similar host
rocks, and arsenic is present in both areas.
KLAZA AREA - ROCKHAVEN HIGH SULPHIDE EPITHERMAL VEIN MODEL
AccelRate's KZ option property is located in the Nansen Gold
Camp, 13 km northwest of the former high grade gold producer. It is
contiguous with Rockhaven's Klaza property, where four parallel
gold-mineralized zones have been discovered within a 1500 m wide
northwest-trending structural corridor, and drill holes have
intersected grades as high as 7.2 g/t Au and 260 g/t Ag over 15.3
m. The KZ property covers the inferred source of two strong gold
anomalies and is on trend with a series of anomalous gold samples
taken by Wolverine Minerals on its adjacent BBB property to the
north. The property is underlain by the same intrusive rocks as
those hosting the gold on Rockhaven's KLAZA property, and is only 3
km from active placer claims at the head of the Klaza River.
FINLAYSON LAKE AREA - KAMINAK COFFEE CREEK OROGENIC GOLD
MODEL
AccelRate's JIMMY option property cover Devono-Mississippian
orthogneiss and felsic metavolcanic rocks of the Yukon-Tanana
Terrane, similar to the host rocks on Kaminak's Coffee Creek
property. The claims cover the inferred source of several strong
and moderate regional gold silt anomalies with minor arsenic. A
major northwest-plunging anticline projects through the property,
and the metamorphic rocks are intruded by a small mid-Cretaceous
stock that could also be related to the gold mineralization. A
mineral showing consisting of pyrite, chalcopyrite, sphalerite and
galena in felsic metavolcanics has been documented on the property.
To date exploration in the area has focused on jade in ultramafic
rocks within the metamorphic sequence, and massive sulphide
deposits in the felsic metavolcanic unit. The recent Kinross and
Kaminak discoveries in Yukon-Tanana rocks in the Dawson Range Gold
Belt suggest that this area east of the Tintina Fault should also
have strong potential for similar gold deposits.
OPTION TERMS
The new options are the subjects of nine different arm's length
agreements entered into with a private staking syndicate. The
properties are not contiguous with properties which are the
subjects of previously announced options, and the staking syndicate
which has granted the new options is independent of the syndicate
from which the Company acquired the options announced on March 17,
2011. The Company has entered into thirteen separate agreements in
order that it may pursue each of them independently. The essential
terms of each option are as follows:
1. The Company may exercise each option by making cash payments, issuing
shares and incurring exploration expenses as follows, and may issue
shares in lieu of cash for the second, third, and fourth payments:
On or Before (Date) Cash Shares Exploration Expenses
------------------- ---- ------ --------------------
TSX Acceptance + 5 $90,000 450,000 N/A
Nov. 1, 2012 $100,000 500,000 $100,000
Nov. 1, 2013 $200,000 500,000 N/A
Nov. 1, 2014 $300,000 750,000 N/A
Nov. 1, 2015 $500,000 750,000 $2,500,000
Total: $1,190,000 2,950,000 $2,600,000
2. Each Option entitles AccelRate to acquire a 100% interest in the
subject property, subject to a 3% net smelter returns royalty and a 5
km Area of Interest. AccelRate will have the right to reduce the NSR
by 1% by paying $1,500,000 to the Syndicate at any time prior to the
ninth anniversary of the Option agreement. All shares issued to
exercise the options will be subject to a four month hold. AccelRate
must keep the claims in good standing, apply all work carried out
towards assessment and file such assessment reports within 6 months
of completing any exploration work. In addition, AccelRate will be
responsible for all reclamation required.
There has been no change to the status of the COB. The Company
completed its previously announced private placement of
subscription receipts on March 21, 2011, raising gross proceeds of
$6,000,000. All subscription proceeds will be held in escrow until
completion of the COB, at which time the subscription receipts will
be exchanged for shares of the Company. All shares issued pursuant
to such exchange will be subject to a four month hold period from
the date of issue of the subscription receipts and, accordingly,
may not be traded until July 22, 2011.
The Company is making required filings respecting the COB in
accordance with Exchange Policy. It anticipates those filings will
be reviewed in the ordinary course. However, the TSXV has in no way
passed upon the merits of the proposed COB and has neither approved
nor disapproved the contents of this press release. There can be no
assurance that that the COB or other transactions described herein
will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Filing
Statement or Management Information Circular to be prepared in
connection with the proposed COB, any information released or
received with respect to the COB may not be accurate or complete
and should not be relied upon. Trading in the securities of
AccelRate should be considered highly speculative.
The technical information in this news release has been reviewed
by Trevor J. Bremner, M.Sc., P.Geo., a qualified person for the
purposes of National Instrument 43-101.
ON BEHALF OF THE BOARD
Reimar Koch, President, AccelRate Power Systems Inc.
Neither 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 release.
Contacts: AccelRate Power Systems Inc. Reimar Koch President
(604) 688 8656 (604) 688 8654 (FAX) info@accelrate.com
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