Vega Acquires Sheslay Valley Property, Northwestern British Columbia
April 23 2014 - 9:00AM
Marketwired
Vega Acquires Sheslay Valley Property, Northwestern British
Columbia
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 23, 2014) - Vega
Mining Inc. (Vega) (TSX-VENTURE:VMI) is pleased to announce that it
has entered into an option agreement (the "Option Agreement"),
subject to regulatory approval, whereby Vega may earn a 100%
interest in the 2,567 hectare (6,343 acres) "Sheslay Property" (the
"Property").
The Property is located in the Sheslay Valley, Northwestern
British Columbia. The claims lie approximately 60 kilometres
northwest of Vega's 7,106 hectare Vega Star 1 & 2 properties
adjoining Red Chris Mines' copper/gold project. Vega has an option,
pending regulatory approval, to earn a 70% interest in the Vega
Star 1 & 2 properties.
About The Sheslay Valley Area
Approximately 2 kilometres south of Vega's Sheslay Property,
Prosper Gold announced drill results (see October 1, 2013 news)
of
DDH |
From |
to |
intersection |
Cu % |
Au g/t |
Ag g/t |
S024 |
4.88 metres |
317.04 metres EOH |
312.16 metres |
0.37 |
0.24 |
0.69 |
S025 |
7 metres |
276 metres |
269 metres |
0.42 |
0.198 |
0.61 |
S026 |
11 metres |
274 metres EOH |
263 metres |
0.35 |
0.15 |
0.63 |
In addition, Doubleview Capital recently announced (see January
20, 2014 news - from its Hat Property approximately 2 kilometres
southeast of Vega's Sheslay Property) drill hole H-11 starting from
surface returned 313.11 metres (1027.3 ft) with 0.32% CuEq,
including 61.08 metres with 0.52% CuEq (including 21.34 metres of
1.05% CuEq), and 51.82 metres with 0.62% CuEq. Furthermore, drill
holes H-8 and H-11 ended in Copper Mineralization and on the basis
of geological characteristics, mineralization and size potential,
Doubleview believes that its Hat property qualifies as a
"copper-gold alkali porphyry" type deposit.
Vega's Sheslay Property as well as its Vega Star 1 & 2
properties is located in the Stikine District that includes the
large Galore Creek, Schaft Creek, Red Chris and Kutcho copper
deposits that collectively have 7.65M tonnes copper, 14.9M oz gold
and 148.5M oz silver in measured and indicated resources. This
whole area is situated in the Stikine tectonic terrane of middle
Mesozoic volcaniclastic formations and related alkali intrusions
that parallels and is analogous to the Quesnellia terrane that
hosts the Princeton Highland Valley-Gibraltar-Kemess, et al. copper
deposits.
Technical information in this news release has been prepared
and/or revised by Mike Magrum, PEng, a qualified person as defined
in NI 43-101.
Terms of the Agreement
Under terms of the Option Agreement, subject to TSX Venture
Exchange (the "Exchange") approval, the Company has the option to
earn a 100% interest in the Property by making $37,000 in cash
payments to the Vendor and issuing 1,000,000 common shares as
follows:
Date |
Cash Payment |
Share Issuance |
On the Effective Date |
$ |
10,000 |
Nil |
On Exchange approval of the Option Agreement |
|
Nil |
250,000 common shares |
On or before the date which is One Year from Exchange Approval |
$ |
12,000 |
350,000 common shares |
On or before the date which is Two years from Exchange
Approval |
$ |
15,000 |
400,000 common shares |
Total: |
$ |
37,000 |
1,000,000 common shares |
The Vendor will retain a 2% Net Smelter Royalty (NSR) on the
property upon completion of the terms of the Option Agreement, of
which 1% of the NSR can be purchased for the sum of Seven Hundred
Fifty Thousand Dollars ($750,000) at any time up to when a
production decision is made. Finders' fees, as allowed pursuant to
the policies of the TSX Venture Exchange, may be payable in
connection with this acquisition.
Vega Mining Inc. (TSX-VENTURE:VMI) is a Canadian junior
exploration company focused on discovering gold and graphite
deposits in politically safe jurisdictions.
On behalf of the board of VEGA MINING INC.
Archie Boyce, President
"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 release."
Cautionary note:
This report contains
forward looking statements. Resource estimates, unless specifically
noted, are considered speculative. Any and all other resource or
reserve estimates are historical in nature, and should not be
relied upon. The production rate and mine-life projections have
been made without support of a feasibility study, there is no
certainty the proposed operations will be economically viable. By
their nature, forward looking statements involve risk and
uncertainties because they relate to events and depend on factors
that will or may occur in the future. Actual results may vary
depending upon exploration activities, industry production,
commodity demand and pricing, currency exchange rates, and, but not
limited to, general economic factors. Cautionary Note to US
investors: The U.S. Securities and Exchange Commission specifically
prohibits the use of certain terms, such as "reserves" unless such
figures are based upon actual production or formation tests and can
be shown to be economically and legally producible.
Vega Mining Inc.Archie Boyce(604) 683 5445(604) 687
9631info@vegamininginc.comwww.vegamininginc.com