Kirkland Lake, Ontario--(Newsfile Corp. - September 6, 2018) - RJK Explorations Ltd. (TSXV: RJX.A) ("RJK" or the "Company") is pleased to announce that it has optioned the drill ready Rolling Pond Property within the Moosehead Gold Belt, Newfoundland. The Rolling Pond Property consists of 142 contiguous claims covering 3550 hectares of highly prospective ground containing a well documented, gold bearing epithermal system.
The Rolling Pond Property contains a large epithermal system within a structural corridor that extends for a distance of 8 kilometers. Historical exploration work performed by Altius Minerals Corporation in 1998 included, prospecting, mapping, ground induced polarization/resistivity and high-resolution airborne magnetometer surveying. The results of this work successfully delineated a high level "Sinter Zone" over a strike length of 1100 meters with an approximate width of 50-60 meters along a small portion of the structural corridor. A follow-up, 5 - hole program not only confirmed the presence of the epithermal system at depth but also successfully identified the presence of the "boiling zone" as defined by the presence of bladed calcite and lattice textures. It was also noted that gold and base metal values increased at depth in the system and additional deeper drilling was recommended. Boiling zones are of significant importance in epithermal systems as they indicate the proximal locality for precipitation of gold bearing fluids. Only cursory work has been performed outside of this area and the remainder of the Property has received very little exploration work.
RJK has applied for exploration and drilling permits, with the intention of using the historical high-resolution airborne magnetics and induced polarization/resistivity surveys along with the drilling data from historical drilling to test the system below the boiling zone. A 3D analysis of the historical drill data is currently in progress and field crews have been mobilized to site to begin preparatory work.
RJK can earn a 100% interest in the Rolling Pond Property by paying $50,000 cash and 350,000 shares on signing, and $50,000 and 350,000 shares on the 1st, 2nd and 3rd anniversaries of the agreement. There is a work commitment of $500,000 over the 4-year period with a minimum of $150,000 in the 1st year. The property is subject to a 2% NSR with the ability to buy back 1% for $1 million at any time.
Dean Fraser, P.Geo, a qualified person as defined by National Instrument 43-101, is the independent qualified person responsible for reviewing and approving the technical contents of this press 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 release.
Forward Looking Information
This news release includes certain forward-looking statements, which may include, but are not limited to, statements concerning future mineral exploration and property option payments. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "will", "anticipate", "believe", "plan", "estimate", "expect", "intend", "propose" and similar expressions. Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed or implied in this news release. Factors that could cause actual results to differ materially from those anticipated in this news release include, but are not limited to, the financial resources of the Corporation being inadequate to carry out its stated plans. RJK assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements except as required by applicable law.
Glenn Kasner, President
Telephone: (705) 568-7956
Mobile: (705) 568-7567