The purchase has been completed with the acquisition of all the issued and outstanding shares of 1218530
The qualities of Hercules are consistent with Bald Eagle's strategy of increasing shareholder value through acquiring prospective precious metal properties with significant historical data, which can be reinterpreted using modern techniques of geophysics, geochemistry, and ore body genesis modeling. The Company also focuses on mining friendly jurisdictions such as
The Hercules Property represents:
- A significant brownfield land package of nine square kilometers within the underexplored Cuddy Mountain Mining province in West Central Idaho.
- A silver rich terrane which has been prospected for silver occurrences since the late 19th century, with six historically identified silver-mineralized zones.
- Historic drill intercepts including hole 80-13 with 10.7 meters of 825 grams/tonne ("g/t") silver, hole PH 42 with 29.3 meters of 259 g/t silver and hole PH 33 with 14.6 meters of 562 g/t.1,2 3 (See Table 1)
Hole | From (m) | To (m) | Interval (m) | Ag (g/t) |
PH 27 | 24.4 | 31.7 | 7.3 | 203 |
PH 6 | 4.9 | 29.3 | 24.4 | 331 |
PH 42 | 7.3 | 36.6 | 29.3 | 259 |
PH 33 | 7.3 | 21.9 | 14.6 | 562 |
80-1 | 82.3 | 89.9 | 7.6 | 809 |
80-8 | 80.8 | 88.4 | 7.6 | 174 |
84-28 | 73.2 | 79.2 | 6.1 | 453 |
77-1 | 94.5 | 106.7 | 12.2 | 541 |
80-3 | 83.8 | 94.5 | 10.7 | 278 |
80-13 | 115.8 | 126.5 | 10.7 | 825 |
80-4 | 85.3 | 99.1 | 13.7 | 369 |
Table 1 – Selected Historically Reported Intercepts (Muraro, 2012)1,2; Available at First Idaho Resources Inc.'s SEDAR profile - www.sedar.com
Neither the company nor the Qualified Person disclosed below has independently verified the historical drilling results and true widths and further have not verified sampling and analytical test results. Summaries of past quality control measures and data verification procedures are not available, other than reviewing the results from the NI 43-101 herein referenced. Core recoveries have not been verified.1,2,3,4,5
Management Commentary
Mr.
About the Hercules Property 1,2,3,4,5
The 866-hectare Hercules Silver Property, on the northwestern shoulder of
The rhyolite, where not exposed, lies below the
Mineralization has been identified over 4,800 metres of exposed Hercules Rhyolite, with targets from south to north including the
Historical work completed between 1965 and 1988, included results from 307 drill holes and 320 metres of underground development. Of the 307 drill holes, 28 were diamond drill holes, 43 underground percussion, and 236 reverse circulation. As a result of the drill campaigns two target types were identified, being high grade silver accompanied by 1-2 % lead and zinc and lower grade disseminated silver suggesting bulk tonnage potential.
Limited mineralogical work indicates that silver-bearing minerals are included in a polymetallic assemblage of sulfosalts including tetrahedrite-tennantite and polybasite with accessory pyrite, sphalerite and galena.1,2,4,5
Mineralization occurs in brecciated pipe-like zones as well as broad, tabular zones, each being surrounded by halos of lower grade material. Historic drilling shows the pipes to increase in grade and thickness and remain open at depth. The two largest silver-in-soil anomalies on the Property occur at the
Transaction Terms
Pursuant to the Purchase Agreement, the Company has acquired all issued and outstanding shares of 1218530 for
Qualified Person
The scientific and technical information in this news release has been reviewed and approved for disclosure by
About
References:
1. | The technical information disclosed in this news release, including historical drilling results on the Hercules Property is obtained directly from the historical report "NI 43-101 Technical Report on the Hercules Silver Property, Washington County, Idaho for First Idaho Resources Inc. and Anglo-Bomarc Mines Ltd ., June 2012 , by T.W. Muraro , |
2. | |
3. | A qualified person has not done sufficient work to classify any historical estimates of resources as current mineral resources or mineral reserves and the issuer is not treating any historical estimates as current mineral resources or mineral reserves and has not verified the historical drilling results or any information disclosed in this press release, including sampling, and analytical test results. Summaries of past quality control measures and data verification procedures are not available, other than reviewing the results from the NI 43-101 herein referenced. |
4. | Livingston, D.C., A Geologic Reconnaissance of the Mineral and |
5. | Don. H Adair, Geological Report on the Hercules Silver Property, |
ON BEHALF OF THE BOARD OF DIRECTORS
President, CEO & Director
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in
Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information in this press release may include, without limitation, the future operating or financial performance of Bald Eagle, the estimates of potential quantity, grade, and metal and mineral content at the Property, Bald Eagle's assessment of the reliability of the current exploration results, Bald Eagles' assessment of the reliability and relevance of the historical drill results; the ability of the joint venture to operate the exploration and development programs for the Property, and the anticipated timing of the next phase of exploration work.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Bald Eagle, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although Bald Eagle has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Bald Eagle does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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