B.C. GEOLOGICAL SURVEY REPORTS NEW LODE GOLD DISCOVERY IN ATLIN DISTRICT; AFRICAN QUEEN SEES THE REPORT AS VALIDATING ITS PROPERTY ACQUISITION AND EXPLORATION PROGRAMS
Vancouver, British Columbia — AFRICAN QUEEN MINES LTD. (the “Company”)is pleased to announce that the British Columbia Geology Survey, Ministry of Energy and Mines (“BCGS”), has just published a report (the “Report”) documenting the recent discovery of bonanza grade gold in quartz veins in bedrock beneath the Slonski operation placer pit on Otter Creek, approximately 15 km E of the town of Atlin, B.C. (Mihalynuk, M.G., Zagorevski, A., Devine, F.A.M., and Humphrey, E., 2017. A new lode discovery at Otter Creek: Another source for the Atlin placers. In: Geological Fieldwork 2016, BCGS Paper 2017-1, pp. 179-193). The Otter Creek discovery is on a third-party owned tenure near the Company’s own tenures at upper Otter Creek.
The report establishes a revised geologic model for the Atlin region and strongly suggests prospectivity of the Atlin region for hard-rock gold deposits. The rich placer gold deposits which have been mined in the region for over 100 years have been created through erosion of hard-rock deposits which originated in the fault structures throughout the region. Most of these are associated with creeks such as Pine, Spruce, Otter, etc. The Surprise Lake Batholith is viewed as the prime engine creating the geologic event which caused intrusion of gold into the region. The Report may be accessed on the following link:
Link to British Columbia Geology Survey Report
The Company’s extensive hard-rock and placer tenures, which now include 54 mineral claims, 3 placer claims and one placer lease, cover an aggregate of 291.54 km2 of strategic ground in the historically significant placer mining areas associated with most of the major placer producing creeks and their underlying faults, including Pine Creek, Spruce Creek, McKee Creek, Wright Creek and upper Otter Creek. These tenures essentially surround Otter Creek on three sides. The preponderance of African Queen’s tenures is comprised of mineral claims covering structural trends with favorable lithology for hosting hard rock gold deposits. These tenures were specifically selected due to their fault structures and rock types amenable to host and retain hard-rock gold.
In addition to having a ground position correlative with that described in the government report as hosting bedrock gold on Otter Creek, the company also owns the Yellowjacket Gold Mine on Pine Creek. Yellowjacket Mine, currently under care and maintenance, is also located along a major fault structure and exhibits coarse gold mineralization in bedrock (see News Release dated September 28, 2016).
Management of the Company believes the Ministry of Mines Report effectively validates the Company’s property acquisition strategy and planned exploration program. More than a dozen discreet hard-rock targets on the Company’s mineral tenures have structures and lithologies favourable to potentially hosting gold mineralization.
According to Irwin Olian, CEO of the Company, “We believe African Queen now has the predominant exploratory land package in the Atlin camp and offers shareholders an opportunity to be part of an exploration program with strong potential for discovery in a very active gold mining camp with a long history.”
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 291.54 km2. 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.
We seek Safe Harbor.
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.