Manson Creek Resources Ltd. Announces New President and Enters Into a Letter of Intent on the Tell Property, Yukon
March 20 2014 - 8:00AM
Marketwired
Manson Creek Resources Ltd. Announces New President and Enters Into
a Letter of Intent on the Tell Property, Yukon
CALGARY, ALBERTA--(Marketwired - Mar 20, 2014) - Manson Creek
Resources Ltd. (TSX-VENTURE:MCK) ("Manson") is pleased to announce
that it has appointed Jean-Pierre Jutras, P.Geol., as President of
the Corporation. Mr. Jutras is a Professional Geologist who
graduated with honors in Geology from the University of Alberta in
1991. He has been actively employed in many facets of the
exploration industry for the last 23 years in over 15 countries.
Mr. Jutras also served as a director and officer of a number of
publicly listed companies and has served as Vice-President of
Manson since 2000.
Manson has also entered into a Letter of Intent (the "LOI") with
Guatavita Gold Corporation, a privately held Alberta Corporation
("Guatavita"), to jointly explore the Tell property located in the
Yukon. This is a non-arm's length transaction as Manson and
Guatavita have two common directors/officers and a common officer.
Under the "LOI", Guatavita can earn up to a 50% interest in the
Tell project by funding 65% of the Exploration Expenditures on the
property.
In order to vest its 50% interest in the Tell property Guatavita
will be required to fund 65% of a total 2014 budgeted property
expenditures of $1,000,000 with Manson funding the remaining 35%.
It is anticipated that the Program will be completed by October
2014. Manson currently owes Guatavita approximately $75,000 in
outstanding payables which will be forgiven in exchange for the
right to enter into this agreement. Upon Guatavita earning its 50%
interest a joint venture will be formed with Manson.
A Phase 1 program of airborne geophysical surveying, followed by
ground prospecting as well as detailed surface mapping and extended
sampling coverage of the main Tell target is planned for June 2014.
This will be followed by a Phase 2 drill program with a minimum of
800 meters of drilling at Tell during the summer of 2014. Manson
will be the Operator during the Phase 1 and Phase 2 programs.
Should either party not be able to fund its share of
expenditures, then the other party may elect to increase its
spending, and increase its interest pro-rata accordingly, to a
maximum respective interest of 80% in favor of Guatavita should it
have funded the entire Phase 1 and 2 programs, with MCK retaining a
20% interest.
This transaction is subject to Exchange approval and Manson
raising the necessary funds to complete its portion of the
program.
The Tell property, currently 100% owned by Manson, consists of
103 claims covering slightly in excess of 2,100 hectares south of
the Nadaleen Range, Mayo Mining District, Yukon Territories,
Canada.
The Tell Property hosts 7 main metal bearing Gossan zones and
active spring vents located around a large zone of stunted
vegetation, or kill zone, that measures approximately 1 kilometer
by 0.5 kilometer along its widest axis. Soil sampling within this
area has outlined a coherent multi-element metal anomaly consisting
dominantly of zinc (to 4.9% in soils) and nickel (to 0.25%), with
associated cobalt, barium and locally elevated silver values.
An induced polarization ground geophysical survey conducted in
2012 covering parts of the gossanous areas, related kill zones, and
geochemically anomalous soil samples revealed a large electrical
conductivity and coincident electrical chargeability anomaly
underlying the target area. Drilling of the anomaly is warranted to
determine if buried sulphide mineralization is responsible for the
conductivity and chargeability anomaly. Surface geochemical
sampling has also outlined numerous additional targets on the
property.
The President of Manson Creek Resources Ltd., Jean-Pierre
Jutras, P.Geol., is the Qualified Person responsible for the
preparation of this news release.
On Behalf of the Board of Directors,
Jean-Pierre Jutras, President/Director
The TSX Venture Exchange has neither approved nor disapproved of
the contents of this press release.
Except for the historical and present factual information
contained herein, the matters set forth in this news release,
including words such as "expects", "projects", "plans",
"anticipates" and similar expressions, are forward-looking
information that represents management of Manson Creek's internal
projections, expectations or beliefs concerning, among other
things, future operating results and various components thereof or
the economic performance of Manson Creek. The projections,
estimates and beliefs contained in such forward-looking statements
necessarily involve known and unknown risks and uncertainties,
which may cause Manson Creek's actual performance and financial
results in future periods to differ materially from any projections
of future performance or results expressed or implied by such
forward-looking statements. These risks and uncertainties include,
among other things, those described in Manson Creek's filings with
the Canadian securities authorities. Accordingly, holders of Manson
Creek shares and potential investors are cautioned that events or
circumstances could cause results to differ materially from those
predicted. Manson Creek disclaims any responsibility to update
these forward-looking statements.
Manson Creek Resources Ltd.Jean-Pierre
Jutras1.403.233.0464www.manson.ca
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