September 20, 2017: Vancouver, BC Canada – International Samuel Exploration Corp. (TSX.V ISS) (FSE: RCF1) (USA: ISSFF) (“International Samuel” or the “Company”) is pleased to announce it has entered into an option agreement to acquire 100% of the Grizzly Porphyry Property (“Grizzly Property”) which is 2,652 hectares located in the northwestern part of British Columbia’s Golden Triangle.
The Grizzly Porphyry Property is among the same geological trend as Evrim Resources’ Ball Creek property, 88 Capital’s Hank Property, Colorado Resources’ North Rok properties, Skeena Resources GJ property, GT Gold’s Tatogga property, and Imperial Metals’ Red Chris mine.
According to the British Columbia Ministry of Mines database, the Grizzly mineralization is traceable for 250 metres over a width of about 15 metres, consisting of 2-5% disseminated chalcopyrite with 1 to 3% disseminated and fracture fill pyrite. Grab samples assayed up to 5.9% copper and 13.1 g/t gold. In addition, several boulders in the glacial moraine 4 kilometres north gave elevated gold, silver, and copper, including one with 4.5 g/t gold, 74.6 ppm silver and 0.9% copper. The mineralization is associated with a 050° structure on the northwest side of Grizzly Creek, and its associated alteration zone has been traced for 390 metres along strike. Historical trenching averaged 0.87% copper and 1.51 g/t gold across 20 metres. A historical IP survey showed a distinct chargeability anomaly up to 50 metres wide and 300 meters in length.
International Samuel Exploration acquires the Grizzly Porphyry Project bringing its total land package to 27,340 hectares all within the Golden Triangle, BC
Since 2005, infrastructure throughout the Golden Triangle has steadily improved and several of the known porphyry copper gold prospects, including Red Chris, Galore Creek and the KSM project (Seabridge Gold), have either made production decisions or reported positive feasibility studies. The recent production decision for the Brucejack gold deposit (Pretium Resources), combined with the commencement of production at Red Chris (Imperial Metals), the recent discovery announced by GT Gold of significant gold mineralization associated with gold-in-soil anomalies at the Saddle zone and a resurgence of exploration activity, has re-established the Golden Triangle as one of British Columbia’s most important mining districts.
With this acquisition, International Samuel Exploration Corp. has established a contiguous land package of 27,340 ha in the heart of the Golden Triangle, northwest of Aben Resources and south of the Hank & Antofagasta properties and surrounding GT Gold’s property.
Pursuant to the terms of the option agreement, in order to exercise the option, International Samuel will be required to issue three million common shares to the vendors (two million common shares on TSX Venture Exchange approval and an additional one million common shares by Oct. 31, 2018). In addition, on exercise, International Samuel will grant a 1% smelter return royalty. This transaction is subject to TSXV approval.
Technical disclosure in this news release has been reviewed and approved by Derrick Strickland, P. Geo., a qualified person as defined by National Instrument 43-101.
The Company has not verified the historical exploration results reported for the former Grizzly Porphyry Property as documented by the British Columbia Ministry of Mines.
On Behalf of the Board of Directors,
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International Samuel Exploration Corp.
Company website launching soon at www.internationalsamuelexploration.com
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 release.
Certain statements in this news release constitute “forward-looking” statements. These statements relate to future events or the Company’s future performance and include the potential acquisition of the Property, future work to be carried out on the Property, receipt of regulatory approval to the property option agreement. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. In addition to other risks, any of the proposed transactions set out in this news release may prove to be unsuccessful and the Company may be unable to complete such transactions. Further, the Company may not attract capital in the future to finance the transaction costs or obligations under the option agreement, which could affect whether the Company proceeds with the exercise of the option and acquisition of the Property. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.