American Creek Options Three New Properties -- Glitter King, Silver Side and Red Tusk - Seite 2
Anomalous gold and silver values from the Silver Spider zone included a grab sample of rhyolite that assayed 0.466 oz/ton gold, 166.12 oz/ton silver, 20.06% zinc, 17.89% lead and 0.12% copper.
A 17 meter long trench excavated on the Cirque zone included assays up to 1.47% copper, 7.63% zinc, 1.74% lead, 2.25 oz/ton silver and 0.12 oz/ton gold.
All three properties acquisitions are structured as four year option agreements with terms/payments as follows:
Glitter King
Year one: |
$7,500 cash within 30 business days of TSX-V approval. |
100,000 American Creek common shares within 10 days of TSX-V approval. |
A minimum of $10,000 of exploration work conducted on the property prior to the one year anniversary of the agreement. |
Year two: |
$10,000 cash |
100,000 common shares |
$20,000 work commitment |
Year three: |
$20,000 cash |
150,000 common shares |
$25,000 work commitment |
Year four: |
$30,000 cash |
200,000 common shares |
$35,000 work commitment |
The vendor will retain a 3% NSR which can be fully bought out anytime for $500,000 per each 1%. |
Silver Side
Year one: |
$5,000 cash within 30 business days of TSX-V approval. |
50,000 American Creek common shares within 10 days of TSX-V approval. |
A minimum of $5,000 of exploration work conducted on the property prior to the one year anniversary of the agreement. |
Year two: |
$10,000 cash |
75,000 common shares |
$10,000 work commitment |
Year three: |
$20,000 cash |
100,000 common shares |
$30,000 work commitment |
Year four: |
$30,000 cash |
150,000 common shares |
$50,000 work commitment |
The vendor will retain a 3% NSR which can be fully bought out anytime for $500,000 per each 1%. |
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Red Tusk
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