October 18, 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 agreement to acquire 100% of the Williams Gold Property (“Williams Property”) which is 5,159 hectares in size and is located 40 km north of the Toodoggone mining camp, British Columbia.
The prolific Kemess District, located 70 km south of Williams, includes the Kemess South Mine where Northgate Minerals produced 3 million ounces of gold and 784 million pounds of copper over a 12-year period to 2010 and where the current owner, AuRico Metals recently secured a BC Environmental Assessment Certificate for its Kemess Underground Project and also announced a 628 m intercept grading 0.53 g/t Au and 0.41% Cu at its Kemess East Project.
The Williams gold property hosts two large exploration targets, the T-Bill Prospect which is prospective for mesothermal style gold mineralization, and the GIC Porphyry Prospect which is prospective for porphyry copper-gold-molybdenum style mineralization. The T-Bill Prospect contains widespread alteration along with a large 1,200 x 2,300 metre gold in soil anomaly defined by gold greater than 100 ppb. The zone contains gold-rich quartz veins locally with visible gold. Historical drilling within a small portion of the anomaly (300 m x300 m) intercepted 11 separate 2 metre intervals containing more than 12 g/t gold. The best historical drill intersections include 2 metres @ 24.8 g/tonne gold and 2 metres @ 35.0 g/tonne gold. The mineralized veins occur as multiple subparallel vein swarms and could have bulk minable potential in addition to the high-grade underground vein targets.
The GIC porphyry prospect is north of the T-Bill prospect and occurs as a 500 x 1,400 metre copper and gold-in-soil geochemical anomaly that partially overlaps a 600 x 1,800 metre zone of high chargeability and moderate to high resistivity. Several Au-bearing rock samples have been taken from within the copper-gold soil geochemical anomaly on the northern edge of the IP anomaly; five samples contained 1280 to 4740 ppb gold, with 84 to 1045 ppm copper. A chip sample from one of the rare outcrops on the southern flank of the IP anomaly returned 2200 ppm copper and 220 ppb gold across 3.73 metres.
The T-Bill Prospect is underlain by Devonian to-Permian metavolcanic rocks which have been altered to carbonate-muscovite-quartz schist associated with gold mineralization. This alteration is confined to the core of a north-easterly-trending structural dome and is controlled both by foliation and by steep cross-cutting structures. Gold-rich quartz-arsenopyrite veins, locally with visible gold, are broadly co-spatial with the carbonate-muscovite alteration.
Pursuant to the terms of the purchase agreement, International Samuel will be required to issue four million common shares to the Vendor. In the event of a NI43-101 complaint measured 500,000 ounces of gold resources a bonus payment of one million shares will be made to the Vendor. If the compliant resources increase to 1,000,000 ounces of gold an additional bonus of seven hundred and fifty thousand shares will be issued to the Vendor. The Vendor will maintain a 0.50% net smelter royalty (as well as a 0.75% net smelter royalty held by the Vendor parent company). In addition, the Property contains an underlying 1.25% net smelter return royalty payable to prospector Loren Warren, including an advance royalty payment of five thousand dollars per year. International Samuel will retain the right to buy back 30% of this underlying royalty for $500,000 or 60% for $1,000,000. This transaction is subject to TSXV approval.
Conrad Swanson, Chairman, of International Samuel Exploration Corp, stated “The T-Bill Prospect represents an excellent potential to deliver a high-grade gold vein and/or possible bulk tonnage system. The GIC Prospect is similar age to the Golden Triangle magmatism with untested Cu-in soils at the edge of an IP anomaly.”
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 operators of the Williams Gold/Porphyry Property
On Behalf of the Board of Directors,
For further information, please contact:
International Samuel Exploration Corp.
Company website: 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 as described in the above news release. 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. 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.