Strike Graphite to Acquire 1.3 Million+ Acre Diamond Exploration Position Adjacent to Pikoo Diamond Discovery, Settles Majori...
23 Mai 2014 - 1:58AM
Marketwired
Strike Graphite to Acquire 1.3 Million+ Acre Diamond Exploration
Position Adjacent to Pikoo Diamond Discovery, Settles Majority of
Debt for Equity
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 22, 2014) -
Strike Graphite Corp. ("the Company" or "Strike") (TSX-VENTURE:SRK)
is pleased to announce that it has entered into an agreement to
acquire an 80% undivided interest in approximately 1.25 million
acres (505,000 hectares) of mineral claims located within
east-central Saskatchewan (the "Sask Craton Property"). In
addition, it has concurrently entered into a separate agreement to
acquire 80% of a contiguous property (the "Sask Craton North
Property") totaling approximately 92,450 acres (37,400 ha). The
Sask Craton Property and the Sask Craton North Property comprise
the largest mineral tenure position in the emerging diamond
district established by the recent discovery of diamondiferous
kimberlite within the Pikoo Property by North Arrow Minerals Inc.
("North Arrow") and Stornoway Diamond Corp ("Stornoway").
"This major land package located within the central parts of the
Sask Craton provides the shareholders of Strike with an exceptional
opportunity to explore for and discover kimberlites within what is
considered an underexplored region, which is highly prospective for
diamonds. By structuring deals without any minimum exploration
requirements or upfront cash, Strike has provided itself with
significant flexibility to advance these projects," stated Geoff
Balderson, President & CEO of Strike.
A map of the Sask Craton Property and Sask Craton North Property
may be viewed on the Company's website at:
http://www.strikegraphite.com/images/srk_sask_craton_properties.pdf
About the Sask Craton
Properties
The area is underlain at depth by the Sask Craton, which is
interpreted to exceed 100,000 square kilometers and extends for 200
kilometers along strike; while it is transected by the regional
Tabbenor Fault System. This long lived, regional feature extends
for over 1500 km along an approximate north-south orientation. The
Company believes this tectonic environment to be ideal for the
emplacement of kimberlite, within an area underlain by a favorable
basement terrane. Other notable kimberlite fields within the Sask
Craton include those at Candle Lake and Fort a la Corne.
During 2013, North Arrow conducted a limited drill program to
test two distinct kimberlite indicator mineral trains on their
adjoining Pikoo Property. North Arrow's November 5, 2013 press
release characterized the PK 150 kimberlite which returned 745
diamonds larger than 0.106 from 209.7 kg of drill core. The
estimated grade for diamonds greater than 0.85 mm was 1.34 carats
per tonne. Based on three holes, the kimberlite has approximate
dimensions of 75 m along strike by 10 to 15 meters wide, and is
open along strike and at depth.
Terms of the Sask Craton Property Agreement are as follows:
- 1,000,000 common shares to one of the vendors;
- 1,000,000 share purchase warrants, each warrant exercisable
into one common shares of the Company at an exercise price of $0.25
per share for a period of 3 years for the date of issue;
- Cash payments beginning November 1, 2014 and extending through
February 1, 2016, totalling $553,028.30;
- The Vendors shall retain a 20% carried interest up to, but not
including, mine construction, as well as a 3% gross royalty.
Terms of the North Sask Property Agreement are as follows:
- 449,145 common shares to the vendors;
- The Vendors shall retain a 20% carried interest up to, but not
including, mine construction, and a 3% gross royalty.
Both the Sask Craton Property and the Sask Craton North Property
acquisitions are subject to acceptance of the TSX Venture
Exchange.
Mineralization on the Pikoo Property is not necessarily
indicative of mineralization on the Sask Craton and Sask Craton
North properties.
Shares for Debt
Settlements
Strike is very pleased to announce that it has entered into
shares for debt settlement agreements to convert the majority of
outstanding debt owed by the Company. Settlement agreements have
been reached with holders representing approximately $562,115.42 of
existing debt owed by the Company, which shall be converted into
common shares at a deemed price of $0.05 per share, for a total
share amount proposed to be issued of approximately 11,242,308
common shares.
"We are pleased to have reached share for debt agreements on the
balance of our outstanding obligations. This proposed settlement
will substantively improve our balance sheet and enable the Company
to move forward while adding value for our shareholders," stated
Geoff Balderson, President & CEO of Strike.
The debt settlement transaction is subject to the acceptance of
the TSX Venture Exchange.
Darren Smith, P.Geo., is a Qualified Person pursuant to National
Instrument 43-101, and has reviewed and approved the technical
disclosure in this news release.
On behalf of the Board of Directors,
Geoff Balderson, President.
Certain information set out in this news release may constitute
forward-looking statements or forward-looking information within
the meaning of applicable securities laws (collectively,
"Forward-Looking Statements"). All statements, other than
statements of historical fact, that address activities, events or
developments that the Company believes, expects or anticipates will
or may occur in the future are Forward-Looking Statements.
Forward-Looking Statements are often, but not always, identified by
the use of words such as "seek," "anticipate," "believe," "plan,"
"estimate," "expect," and "intend" and statements that an event or
result "may," "will," "can," "should," "could," or "might" occur or
be achieved and other similar expressions. Forward-Looking
Statements are based upon the opinions and expectations of the
Company based on information currently available to the Company.
Forward-Looking Statements are subject to a number of factors,
risks and uncertainties that may cause the actual results of the
Company to differ materially from those discussed in the
Forward-Looking Statements including, among other things, the
Company has yet to generate a profit from its activities; there can
be no guarantee that the estimates of quantities or qualities of
minerals disclosed in the Company's public record will be
economically recoverable; uncertainties relating to the
availability and costs of financing needed in the future;
competition with other companies within the mining industry; the
success of the Company is largely dependent upon the performance of
its directors and officers and the Company's ability to attract and
train key personnel; changes in world metal markets and equity
markets beyond the Company's control; mineral reserves are, in the
large part, estimates and no assurance can be given that the
anticipated tonnages and grades will be achieved or that the
indicated level of recovery will be realized; production rates and
capital and other costs may vary significantly from estimates;
unexpected geological conditions; delays in obtaining or failure to
obtain necessary permits and approvals from government authorities;
all phases of a mining business present environmental and safety
risks and hazards and are subject to environmental and safety
regulation, and rehabilitation and restitution costs; the Company
does not maintain insurance against environmental risks; and
management of the Company have experience in mineral exploration
but may lack all or some of the necessary technical training and
experience to successfully develop and operate a mine. Although the
Company believes that the expectations reflected in the
Forward-Looking Statements, and the assumptions on which such
Forward-Looking Statements are made, are reasonable, there can be
no assurance that such expectations will prove to be correct.
Readers are cautioned not to place undue reliance on
Forward-Looking Statements, as there can be no assurance that the
plans, intentions or expectations upon which the Forward-Looking
Statements are based will occur. Forward-Looking Statements herein
are made as at the date hereof, and unless otherwise required by
law, the Company does not intend, or assume any obligation, to
update these Forward-Looking Statements.
Neither 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.
We seek safe harbor.
Strike Graphite
Corp.604.602.0001604.488.0886info@strikegraphite.comwww.strikegraphite.com
Strike Diamond Corp. (TSXV:SRK)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Strike Diamond Corp. (TSXV:SRK)
Historical Stock Chart
Von Jun 2023 bis Jun 2024