Shamrock Enterprises Inc. (“Shamrock” or the “Company”), is pleased to announce it has signed an Option to Purchase Agreement (the Agreement) with an arm’s-length private vendor to acquire a 100% interest in the Buckley Project mineral claims, in British Columbia, approximately 57 kms southwest of Houston B.C. The Buckley Project consists of 24 mineral claims covering an area of 15,371.5 hectares, and is contiguous with Shamrock’s Stellar claims, which partially surround ML Gold’s exciting new Stars porphyry discovery.
Rationale for the Acquisition
Shamrock’s Buckley and Stellar properties lie along the northwestern margin of the Nechako Plateau in west-central British Columbia, bordering the east side of the Coast Mountains. The property borders the eastern, western and, perhaps most importantly, the northern part of ML Gold’s exciting new Stars porphyry copper-gold-silver-moly discovery. The Stars porphyry discovery represents a possible higher-grade porphyry discovery in an area of excellent access and infrastructure. Shamrock’s northern claims, including the newly-acquired tenures, cover a prominent NNE trending group of regional aeromagnetic highs that include one coincident with the Stars discovery and it’s intrusive host rocks (please see map at http://www.shamrockresources.com/images/Shamrock%20Stellar-Buckley%20Claims.png ). On February 28, 2018 ML Gold reported that drillhole #4 intersected 40.2 metres of 1.02% copper equivalent (CuEq) within a broader interval of 204 m of 0.50% CuEq close to surface. Drilling at Stars targeted an area approximately 100m southeast of an area of previous drilling, where in 2001 drillhole DDH CS-07 intersected 142m of 0.25% copper was intersected. The 2018 discovery hole targeted an area of elevated magnetic signature that was coincident with both IP chargeability and copper-in-soil geochemical highs.
Charles J. Grieg P.Geo., a Director of Shamrock, stated, “Speculatively, Shamrock’s northern tenures are believed to cover intrusive rocks, marked by airborne magnetic highs, which could host mineralization—these will be the main targets for this season’s exploration in the area.”
Shamrock’s most recently acquired tenures bring its landholdings in the northwestern Nechako area to 17,715.08 hectares. The Company is in the process of planning more detailed airborne magnetic surveys, as well as stream sediment and soil geochemical surveys over the newly-acquired ground. Should the airborne surveys provide encouragement, follow-up work will include more detailed geochemical and possible ground geophysical work, with the aim of outlining diamond drill targets.
Terms of the Agreement
Shamrock can acquire a 100% working interest in the Buckley Project from the Vendor under the following terms and conditions:
- $20,000 cash payment, subject to the company raising a minimum $200,000 non flow-through funds,
- Delivery of 1.5 million shares of Shamrock,
- A 2.0% Net Smelter Return (“NSR”) on the property. Shamrock has retained the right to purchase 1.0% of the NSR for a purchase price of $1.0 million.
The contents of this news release have been reviewed and approved by Plen Dickson, P.Eng., a Qualified Person as defined in National Policy 43-101.
About Shamrock: Shamrock Enterprises Inc. is a Canadian-based junior mining exploration company focused on the procurement, exploration and development of silver and other precious metal properties in North America. The Company’s common shares are listed and posted for trading on the Canadian Securities Exchange (“CSE”) under the symbol “SRS”.