Globetech Ventures Corp. Options the Goldbuck Property
November 04 2009 - 3:36PM
Marketwired
Globetech Ventures Corp. (OTCBB: GTVCF) has signed an option
agreement with No. 1 Naramata Bench Ltd. to earn a 100% interest,
subject to a 3% Net Smelter Return (NSR) Royalty, in the 500
hectare porphyry copper-gold Goldbuck property in the Quesnel
Trough of Central British Columbia. The road accessible property
lies 58 kilometres east of Williams Lake.
The Goldbuck property lies 5 kilometres northeast of the blind
Fjordland Exploration Inc. copper-gold-molybdenum Southeast Zone
recently discovered on their Woodjam property. The Goldbuck
property is underlain by Eocene calc-alkaline volcanic and sediment
and Miocene flood basalt cover rocks. The Triassic Jurassic
Takomkane batholith lies immediately to the southern boundary of
the property.
A property wide soil geochemistry program was completed on the
Goldbuck property by a previous company in 2006. This program was
successful in identifying two linear copper-in-soil anomalies: A -
150 to 550 metres wide and 1200 metres long and B - 250 to 550
metres wide by 950 metres long. Selective follow up excavator
trenching consistently intersected a hardpan layer at a depth of
2.5 metres. Composite soil samples from the base of the trenches
returned copper values from 19 to 40 ppm.
Globetech plans a program of Mobile Metal Ion (MMI) soil
geochemistry to penetrate through the hardpan layer and 35 line
kilometres of follow-up Induced Polarization (IP) surveying to test
the copper-in-soil anomalies in advance of diamond drilling.
Globetech is earning a 100% interest, subject to a 3% Net
Smelter Return (NSR) royalty by issuing 2.1 million shares and by
making cash payments totaling $350,000 over the next 32 months.
Globetech can purchase 1/2 of the NSR for $1,000,000 at any time up
to the 5th anniversary of the agreement.
R. Tim Henneberry, P.Geo., an independent consultant to
Globetech, is the Qualified Person as defined in National
Instrument 43-101, who has reviewed and approved the technical
content of this news release.
On behalf of the Board of Directors,
J. Casey Forward
President
Forward-Looking Statement
This news release contains discussion of items that may
constitute forward-looking statements within the meaning of
securities laws that involve risks and uncertainties. Although the
company believes the expectations reflected in such forward-looking
statements are based on reasonable assumptions, it can give no
assurances that its expectations will be achieved. Factors that
could cause actual results to differ materially from expectations
include the effects of general economic conditions, actions by
government authorities, uncertainties associated with contract
negotiations, additional financing requirements, market acceptance
of the Company's products and competitive pressures. These factors
and others are more fully discussed in Company filings with U.S.
securities regulatory authorities.
Contact: Casey Forward 604-669-9330
caseyforward@uniserve.com