Vancouver, British Columbia--(Newsfile Corp. - May 1, 2017) - Eureka Resources Inc. (TSXV: EUK) ("Eureka" or the "Company") is pleased to announce that it has entered into a contract with Geotech Ltd. to conduct a helicopter-borne, VTEM time-domain system and magnetic geophysical survey over the Company's Luxor and TAK claims, located in the Yukon's Dawson Range Gold Belt.
The survey will consist of 1,152 line kilometres and will be flown at 100 metre line spacing. Data acquisition is expected to be completed by the last week of May 2017. The data resulting from the survey will be used to guide and design future ground-based exploration, which Eureka anticipates will be conducted later in the 2017 exploration season.
Michael Sweatman, CEO of Eureka, stated: "We are pleased to get an early start on our 2017 exploration program in the Yukon, for what is bound to be an exciting new phase in the Company's development."
Eureka is an mineral exploration company based in Vancouver, British Columbia, whose strategy is to acquire projects in prospective areas that have the potential to deliver important new discoveries to create value for its shareholders.
British Columbia, Canada
Eureka's 100% owned FG Gold property is an advanced-stage gold project located in the Cariboo Mining Division and currently under option to Canarc Resources Corp. Historical exploration has established a Measured and Indicated (376,000 ounces) gold resource at an average grade of 0.776 g/t gold, using a cut-off grade of 0.5 g/t, and an Inferred gold resource (634,900 ounces) at an average grade of 0.718 g/t gold, using a cut-off grade of 0.5 g/t. Details of the gold resource can be found in "NI 43-101 Technical Report, Frasergold Exploration Project, Cariboo Mining Division, dated July 27, 2015" available under the Company's profile on SEDAR or on the Company's website.
Eureka has the option to earn a 100% interest in the Gold Creek property located in the Cariboo Mining Division. Gold Creek is a grassroots gold project neighbouring, and with similar geology to the Spanish Mountain deposit owned by Spanish Mountain Gold Ltd..
Eureka has the option to earn a 100% interest in the CKN property located in the Cariboo Mining Division. The CKN property is adjacent to Taseko's Gibraltar mine and consists of two mineral claims covering 1,356 hectares.
Yukon Territory, Canada
Eureka's 100% owned Luxor property consists of three non-contiguous claim blocks totalling 360 mining claims. Luxor is located in the Dawson Range Gold Belt, a district of major porphyry, breccia and vein occurrences.
Eureka's 100% owned TAK property is also located in the Dawson Range Gold Belt and consists of 82 mining claims.
Neighbouring projects include Goldcorp's Coffee project and Kinross' Golden Saddle project.
Eureka owns a 50 percent interest in the Gemini lithium brine project located approximately 40 km (26 miles) south of North America's only producing lithium mine at Silver Peak, Nevada.
Further information on Eureka can be found on the Company's website at www.eurekaresourcesinc.com and at www.sedar.com, or by contacting Michael Sweatman, President and CEO, by email at email@example.com or by telephone at (604) 449-2273.
John Kerr P. Eng. is the Company's designated Qualified Person for this news release within the meaning of NI 43-101 and haves reviewed and approved the technical information described in this news release
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
Cautionary Statement Regarding Adjacent Properties and Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the exploration activities planned for 2017 and the business and operations of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board or regulatory approvals; delays experiences in carrying out planned exploration; those additional risks set out in the Company's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.