AFRICAN QUEEN FURTHER EXPANDS LAND POSITION SOUTH OF YELLOWJACKET GOLD PROJECT
Vancouver, British Columbia — AFRICAN QUEEN MINES LTD. (the “Company”)
is pleased to announce that it has now acquired an additional 2565 hectares in five key mineral tenures adjacent to its Yellowjacket Gold Project near Atlin, BC (the “Project”). The Company now controls 46 mineral claims, placer claims and placer leases covering an aggregate of 25,369 hectares or approximately 253.69 sq. km of strategic ground in the historic Pine Creek, Spruce Creek and McKee Creek areas in the Atlin district. Management views this ground as highly prospective for its potential to host commercially viable hard-rock gold deposits.
The newly acquired tenures are underlain by a complex network of cross faults and favourable geologic units, including rock types typically associated with gold in the Atlin District, including altered ultramafics and Cache Creek Group mafic volcanic and sedimentary units. These rock types are associated with accreted terranes known to host the bulk of orogenic (mesothermal) gold deposits worldwide. Located to the S and SE of the Yellowjacket zone which has been the subject of mining operations since 1898, these claims cover the head of the placer channel for McKee Creek which is notable for its coarse placer gold nuggets. The tenures also cover tributaries to the historically richest placer gold section of Spruce Creek.
The company is planning to conduct preliminary exploration programs to assess the mineral potential of these newly acquired tenures as well as its other hard rock mineral claims. The Company’s long-term exploration and development program contemplates: (i) further exploration and development of the Yellowjacket Zone, Rock of Ages Zone and other ground associated with the historic mine site at the Project, with a view toward expanded resource delineation sufficient to justify restarting a commercial mining operation; and (ii) exploration and development of the Company’s large base of mineral tenures throughout the District with a view toward making one or more discoveries of new gold mineralized zones with potential to host commercially viable gold deposits.
On the Yellowjacket Zone, an initial four-hole diamond drilling program has just been completed utilizing a local drilling contractor and assays are pending from Bureau Veritas laboratories in Vancouver, BC. Results will be announced as soon as available to the Company. Further drill holes are being targeted at this time with drilling plans to be finalized after receipt of assays on the initial holes.
According to Irwin Olian, CEO of the Company, “Our exceptional team of highly experienced geologists is continuing to assess the regional potential for hard rock gold deposits in the Atlin District and to assist management in making strategic property acquisitions. We have now assembled and control what amounts to the largest body of highly prospective hard rock mineral tenures in the region, including those covering areas associated with many of the most prolific placer gold producing creeks in the region. We are very excited about our potential for making new discoveries and look forward to future exploration with great anticipation.”
Linda Dandy, P.Geo., a Qualified Person within the meaning of N.I. 43-101, is providing on site supervision and guidance at the Project and has reviewed and approved the contents of this press release. She previously oversaw exploration activities on the project for a predecessor operator. Overall project leadership at Yellowjacket is being provided by Dr. Reinhard Ramdohr.
The Company is an exploratory resource company engaged in exploration and development of mineral properties in Canada and Africa. It is presently focusing on development of its Yellowjacket Gold Project in Atlin, British Columbia, which covers an aggregate of approximately 253.69 sq. km. The Company has its executive offices in Vancouver, Canada. The Company was incorporated under the laws of the Province of British Columbia, Canada on April 30, 2008, and received certain southern African assets in a spin off transaction related to the acquisition of Pan African Mining Corp. by Asia Thai Mining Co., Ltd.
ON BEHALF OF THE BOARD OF DIRECTORS OF
AFRICAN QUEEN MINES, LTD.
Chairman & CEO
For more information, contact:
President and CEO
Phone: (604) 899-0100
Fax: (604) 899-0200
Dubai - +971 55 997 0427
London - +44 (0) 7780 602 788
Germany - +49 (0) 21141 740411
U.K. - +44 (0) 870 490 5443
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company's expectations.