Vancouver, British Columbia–(Newsfile Corp. – July 28, 2017) – Blind Creek Resources (TSXV: BCK) has acquired the exclusive rights to purchase a 100% undivided interest in the AB Zinc Property. The 3,000-hectare AB Zinc Property is located 263 kilometres west of Norman Wells in the North West Territories.
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To acquire the property, Blind Creek must pay Eagle Plains 1 million shares upon approval by the TSX Venture Exchange and a further 1 million shares with 30 months. In the event the property is placed into commercial production, Eagle Plains shall retain a 2% NSR, subject to a buyback.
Historic work by Welcome North first identified carbonate hosted Zinc-Lead mineralization. More recently, work by Eagle Plains, including mapping, prospecting, geochemical survey and ground-based geophysics, resulted in the discovery of 14 new mineralized occurrences.
Blind Creek’s flagship property is the Blende Project in north-central Yukon, one of the largest undeveloped zinc-lead-silver deposits in Western Canada. More than $9.2 million has been spent on the property, including $5.2 million by Blind Creek, including approximately 24,000 metres of drilling in 125 drill holes. The project has an historic open pit resource estimate, produced by Billiton in 1991, of 19.6 million tonnes averaging 3.04% zinc, 2.80% lead and 56 grams per tonne silver.
More recently, Blind Creek acquired a 100% interest in the historic and fully-permitted Engineer Gold Mine, located 32 kilometres southwest of Atlin, BC.
The company is currently raising up to $1 million through the issuance of up to 5 million units priced at $0.20, with each unit consisting of one share and one-half a warrant, with each full warrant exercisable at $0.35 for 12 months.
The shares are currently trading at $0.195, and with 20.2 million shares outstanding, the company is capitalized at $3.9 million.
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