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CALGARY, ALBERTA--(Marketwired - Nov. 14, 2013) - Manson Creek Resources Ltd. ('Manson Creek') (TSX VENTURE:MCK) is pleased to announce receipt of the final results from exploration work completed on the Yukon projects in 2013. The work has produced positive results including 1.5 grams/tonne gold in a soil sample on the Grommet property. Manson Creek benefited from approximately $170,000 of exploration work on the grubstaked Yukon properties and the Up Town Gold Project in the Northwest Territories, currently optioned to North Sur Resources, at no net cost to Manson Creek. This was achieved through a combination of grants from the Yukon Government and option terms for the Up Town Gold project.
The cost sharing of the 2013 exploration work for the Grommet and Risby Creek properties was covered by the grubstake agreement with vendor, Panarc Resources Inc. Under the agreement, Manson Creek has the right to explore the properties and the Company has exclusive right to enter option agreement discussions 90 days following receipt of the final exploration report with the analytical results. Work on both projects was funded in part by the vendors own capital as well as funding from the Yukon Mining Incentive Program (YMIP).
The Grommet Gold property, located 200 kilometers from Whitehorse, Yukon, is a very recent discovery of porphyry style mineralization. The property, first discovered in 1981 was briefly explored with the historical exploration focusing on the molybdenum potential of the property and outlined a 3,600 meter by 600 meter molybdenum in soil anomaly with associated copper and silver mineralization. The historical work never examined the gold potential of the property.
The 2013 program successfully outlined a large porphyry system with molybdenum, copper, gold and local silver mineralization for the largely overburden covered property. The 2013 program collected 325 soil and 68 rock samples and saw geologists map and prospect in and around the area of the prospective mineralized granodiorite. Sampling outlined two significant mineralized soil anomalies covering the west flank and eastern portions of the intrusive. A large, and open, greater than 1,000 meter by 600 meter coincident molybdenum-copper-gold soil anomaly straddles the eastern contact of the intrusive with the surrounding meta-volcanics. A single 1.59 gram/tonne gold soil sample was collect near this anomaly and remains unexplained and is a target for subsequent follow up. The second 900 meter by 200 meter gold in soil anomaly is located to the east of the aforementioned anomaly and covers a portion of the intrusive.
The Grommet project is an excellent early stage exploration target with significant and sizable anomalous zones for follow-on geophysical surveys and trenching. The program expenditures in 2013 were $44,466.50 with $22,233.25 contributed by Manson Creek and reimbursed by the YMIP grant program.
The Risby Creek property is located 80 kilometers from Ross River, Yukon, and is directly accessible from the Campbell highway. Gold was discovered on the property in 2009 by Yukon prospector Pete Risby. The work in 2013 did not discover additional mineralization. The program expenditures were $25,871.44 with $11,129.09 contributed by Manson Creek and reimbursed by the YMIP program.
North Sur's field exploration program is now complete for the Up Town Gold project in the Northwest Territories. Manson Creek is awaiting the drilling and surface results. Approximately $100,000 of prospecting, channel sampling and winkie drill work on the project was fully funded by North Sur Resources Inc. as part of the earn in on the option to acquire the project.
Corporate Update
Manson Creek continues to strive to move the company forward in the current economic climate. The Company has progressed several of its key projects in 2013 without net cost to the company while reducing all corporate related expenses. Manson Creek continues to endeavor to monetize several of its key projects with other juniors.
Manson Creek is appreciative of the assistance of the Yukon Vendor, Panarc Resources Inc. and the YMIP program that has allowed Manson Creek to explore and evaluate the Yukon projects.
Regan Chernish, P. Geol., President and Director
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Manson Creek's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Manson Creek. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Manson Creek's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Manson Creek's filings with the Canadian securities authorities. Accordingly, holders of Manson Creek shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Manson Creek disclaims any responsibility to update these forward-looking statements. |