VANCOUVER, June 8, 2016 /CNW/ - Eureka Resources Inc.
("Eureka" or the "Company") (TSXV: EUK) is pleased to report
that the TSX Venture Exchange (the "TSXV") has accepted for filing
a letter agreement dated January 20,
2016 and an addendum to the letter agreement dated
May 4, 2016 between the Eureka and
Nevada Sunrise Gold Corporation ("Nevada Sunrise") (TSXV: NEV)
whereby the Eureka can acquire a 50% interest in the Gemini Lithium
Project ("Gemini") which comprises 247 placer mining claims
totalling 4,940 acres (2,000 hectares) in the western Lida Valley,
Nevada.
Gemini hosts two deep, sub-basins that have the potential for
lithium-bearing brines similar to the proven lithium brine deposits
located in the Clayton Valley. Lithium occurs in economic
quantities within brines in the Clayton Valley where the only
producing lithium mine in North
America is located. Gemini is situated in a similar geologic
environment and is 40 kilometres southeast of the Clayton
Valley.
The Company has paid CAD$ 96,794
being its 50% share of the acquisition costs, and geophysical and
geological costs incurred to date on Gemini. In addition, Eureka
has issued 300,000 common shares to Nevada Sunrise according to the
terms of the letter agreement, thereby acquiring its 50% interest
in Gemini.
Gemini Lithium Project
In March 2016, Eureka and Nevada
Sunrise commissioned SJ Geophysics Ltd. to perform a follow-up time
domain electromagnetic ("TDEM") survey to further define conductive
strata present within the two sub-basins at Gemini, first detected
in a TDEM survey carried out in February 2016. The processing
and modelling of the combined TDEM data has been completed and 10
drill site locations have been chosen for a late summer drilling
program to explore Gemini sub-basins for lithium-bearing brines. A
permit application for up to 10 drilling sites has been submitted
to the United States Bureau of Land Management.
Annual General Meeting
Eureka announced today that its shareholders voted in favour of
all items of business brought before them at the Company's Annual
General Meeting (the "AGM") held on June 3,
2016, in Vancouver, BC.
At the AGM, shareholders voted in favour of all nominations to
the Board of Directors (the "Board"), with Michael Sweatman, Warren
Stanyer, John Kerr and
Kristian Whitehead each re-elected
to the Board. Subsequent to the AGM, the Board re-appointed
Michael Sweatman as President and
Chief Executive Officer, Kristian
Whitehead as Vice President, Exploration, Brent Petterson,
CA, CGA, as Chief Financial Officer, and Christina Boddy as Corporate Secretary.
Shareholders also re-appointed Davidson and Co. LLP, Chartered Accountants,
as the auditor of the Company and approved the Company's stock
option plan. The Board also confirmed nominations for the Audit and
Compensation Committees, and has delegated Corporate Governance and
Nominations Committees duties to the Board as a whole.
John R. Kerr, P.Eng., is the
Company's designated Qualified Person for this news release within
the meaning of National Instrument 43-101 and has reviewed and
approved the technical information described in this news
release.
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 news release.
Cautionary Statement Regarding Forward-Looking
Information
This news release includes certain "forward-looking
statements" under applicable Canadian securities legislation that
are not historical facts. Forward-looking statements involve risks,
uncertainties, and other factors that could cause actual results,
performance, prospects, and opportunities to differ materially from
those expressed or implied by such forward-looking statements.
Forward-looking statements in this news release include, but are
not limited to, statements with respect to the Company's proposed
financings, objectives, goals or future exploration plans at the
Gemini Project, and the business and operations of the Company.
Forward-looking statements are necessarily based on a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties and other factors
which may cause actual results and future events to differ
materially from those expressed or implied by such forward-looking
statements. Such factors include, but are not limited to: general
business, economic and social uncertainties; litigation,
legislative, environmental and other judicial, regulatory,
political and competitive developments; delay or failure to receive
board, shareholder or regulatory approvals; those additional risks
set out in the Company's public documents filed on SEDAR at
www.sedar.com; and other matters discussed in this news release.
Although the Company believes that the assumptions and factors used
in preparing the forward-looking statements are reasonable, undue
reliance should not be placed on these statements, which only apply
as of the date of this news release, and no assurance can be given
that such events will occur in the disclosed time frames or at all.
Except where required by law, the Company disclaims any
intention or obligation to update or revise any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
SOURCE Eureka Resources, Inc.