ArcPacific Resources Completes LIDAR Survey and Increases Rickard Land Holding by 275%
Vancouver, British Columbia--(Newsfile Corp. - December 15, 2020) - ArcPacific Resources Corp. (TSXV: ACP) ("ACP" or the "Company") is pleased to announce it has completed a detailed light detection and ranging ("LIDAR") survey over the historic Rickard Gold Mine which is now fully contained within the Company's 100% owned Rickard Gold Mine Property (the "Property") located within the Timmins Gold Camp, Ontario, Canada. The Company is also pleased to announce that it has further expanded the Property's land package size by 275%, bringing its total land mass to 56.65 square kilometres or 5,656 hectares (see Staking Map below). The additional ground subject of this release was staked on behalf of the Company as a result of detailed regional research, data compilation work, and the recognition of a high priority regional structure identified from airborne geophysics. The regional structure runs in a roughly east-west direction and may be associated with the high grade gold mineralization historically mined on the Property and other anomalous gold occurrences along its strike up to 8 kilometers away.
The LIDAR program successfully imaged through vegetative cover and identified several key features, including historic mine workings and trenches completed fifty to sixty years ago with incredible accuracy. As a result, the LIDAR survey data will enable the Company to leverage historic information gathered from government files, which commonly have inaccurate reference points. By using all of the available information, the Company can continue to operate with increased confidence and expand on the many veins and showings that exist on the Property. The LIDAR program has also identified additional linear features that could represent new previously unmapped vein structures within the Property area. The Company is now planning field work, in addition to the upcoming drilling campaign to ground-truth and sample these newly identified features.
Adrian Smith, CEO of ACP commented, "With the recent land acquisition, including the recent purchase of patented land, we now control a dominant land package in the region. I anticipate that once we receive results from the upcoming drilling campaign there will be new companies looking to be positioned around the project area. We will continue to push forward with this exciting gold project in the heart of the Abitibi Greenstone Belt and as we look to create opportunities to secure our spot as a major player in the region."
ACP is currently in the process of completing 3D modeling of the historic underground workings at the Property. The Company intends to utilize data compilation, 3D modeling, and LIDAR data to guide the upcoming fully permitted drilling program which is planned to commence in early 2021.
The planned phase one drilling program will focus on defining structural controls on the high grade mineralization associated with the historic Rickard Gold Mine. The project area has never been consolidated under one company, and almost no work has focused on identifying overriding structural controls of the "spectacular gold mineralization" as described in historic reports from the property. Historic operators focused on mining individual veins by following them underground, and it is possible that they missed the larger picture. It is possible that the well-developed mineralized quartz veins are part of a much larger system.
Figure 1. Rickard Gold Project Claim Map.
To view an enhanced version of Figure 1, please visit:
The Rickard Gold Project
The Property is host to the historic high-grade Rickard Gold Mine in the Abitibi greenstone belt in Ontario, Canada. The project is located approximately 70 kilometres from Timmins in the Timmins Gold Camp which has produced over 80 million ounces of gold over the last 100 years. The Property sits within 25 to 60 kilometres of six currently producing gold mines and eight previous producers.
Adrian Smith, P.Geo., is a Qualified Person ("QP") as defined by National Instrument 43-101 for the abovementioned project. The QP is a member in good standing of the Association of Professional Geoscientists Ontario (PGO) as a registered Professional Geoscientist (P.Geo.). Mr. Smith has reviewed and approved the technical information disclosed above.
About ArcPacific Resources Corp.
ArcPacific Resources Corp. (TSXV: ACP) is a Canadian based exploration company expanding the exploration initiative at multiple historic past producing gold and silver mines in the Timmins Gold Camp, Ontario, and in the Nicola Mining Division in Southern British Columbia. The Company is focused on creating shareholder value through new discoveries and strategic development of its mineral properties.
ON BEHALF OF THE BOARD OF DIRECTORS
/S "Adrian Smith"
CEO and Director
Certain information in this press release may constitute forward-looking information, including statements that address future production, reserve potential, exploration and development activities and events or developments that the Company expects. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company 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 unless and until required by securities laws applicable to the Company. There are a number of risk factors that could cause future results to differ materially from those described herein. Information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/70265