VANCOUVER, B.C., July 10, 2018 (GLOBE NEWSWIRE) -- Glacier Lake Resources Inc. (TSXV:GLI) – (“Glacier” or the “Company”) announces the start of a reconnaissance exploration program on its wholly owned “Hackett Property” located in the Sheslay area of northwestern B.C. The Hackett property covers 682 hectares, and strategically adjoins the eastern border of the Hat property, owned by Doubleview Capital Corp. (“Doubleview”). The Hat Property was recently (Doubleview PR, June 19, 2018) optioned to Hudbay Minerals Inc. (“Hudbay”), whereby Hudbay can earn a 65 % interest through expenditures of $40 million by June 2025 and completing a feasibility study by June 2028.
The Hackett property is located approximately 38 kilometres northwest of the village of Telegraph Creek, and approximately 95 kilometres west-southwest of Dease Lake. Association for Mineral Exploration British Columbia (AMEBC) notes that, "The Sheslay area, located in northwestern British Columbia, is one of the most promising grassroots mineral exploration areas in Canada, and this highly prospective area has been explored for many years by a number of companies." Located in the northern portion of the “Golden Triangle”, through the agreement with Hudbay, the Hat property promises to be one of the most active exploration areas in B.C.
The Hackett property adjoins the eastern border of the Hat property and is interpreted to be underlain by volcanic-sedimentary assemblages and intrusive rocks of the Stuhini group. Doubleview's website reports, "The known Lisle zone (currently 500 metres by 1,000 m) occurs near the southeastern edge of the Hat complex and suggests a potential to host several similar size mineralized porphyry bodies in anomaly E, A, C, D, and the least explored Hoey zone, all of which remain to be investigated." Glacier Lake cautions readers the presence of copper mineralization on the Hat property is not necessarily indicative of similar mineralization on the Hackett property.
The western border of the Hackett property is less than a kilometre away from Doubleview's Lisle zone, and the Hoey Minfile prospect is located near Big Creek on the boundary with the Hat property. Exploration crews from Exploration Facilitation Unlimited Inc., will be visiting the Hackett property shortly to investigate mineral showings discovered in 2014. The initial discovery mineral showing (sample No. 16846 and No. 16847) returned 24 and 594 parts per billion gold, and 598 and 2,970 parts per million copper, respectively. Approximately 150 m upstream on Big Creek from the discovery showing, another strongly oxidized showing returned 128 ppb gold and 935 ppm copper. Glacier Lake cautions investors it has yet to verify the Hackett property exploration data.
The technical content of this news release has been reviewed and approved by R. Tim Henneberry, PGeo, a member of the Glacier Lake advisory board and a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.
For additional information please feel free to contact:
Glacier Lake Resources Inc.
Please visit our Website at: www.glacierlake.ca
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.