Vancouver, BC -- Rapier Gold Inc. (TSX-V: RPR)
(the "Rapier" or the "Company") is pleased to announce that Rio Tinto has granted Rapier an extension from March 31, 2015 to September 30, 2015 to complete the remaining exploration expenditure requirement on the Pen Gold North property, which forms part of the Pen Gold Project. Approximately $185,000 of the original exploration expenditure commitment of $1,500,000 remains to be incurred by September 30, 2015.
Pen Gold Project Summary
- The Company's activities are exclusively focused on exploring for gold on the Pen Gold Project, comprising 16,448 hectares (approximately 160 sq km) located 75 km southwest of Timmins, Ontario.
- The Pen Gold Project sits on the western extension of the Porcupine-Destor Fault Zone (PDFZ), one of the most productive gold structures in the world. This fault zone extends east into Quebec and hosts many of the largest and most famous gold mines in Canada.
- On December 18, 2014 the Province of Ontario's Ministry of Northern Development and Mines (MNDM) published the Ontario Geological Survey's Summary of Field Work and Other Activities 2014 ("OGS Summary"), which includes a detailed report describing observations made on Rapier's Pen Gold Project:
A copy of the report is available on the Company's website:
OGS Report 2014
- Observations made in the OGS Summary confirm the presence of significant occurrences of Timiskaming-style conglomerates on the Pen Gold Project which indicate the proximity of a major fault, which is interpreted to be the western extension of the PDFZ.
- As outlined in the OGS Summary, at least 72.5 million ounces of gold have been produced from this area, and greater than 98% of this mineralization has come from north of the PDFZ, within a panel of synorogenic clastic rocks locally known as the Timiskaming Group or assemblage, mineralization straddling the unconformity at the base of this clastic package, or from mineralization hosted by deformed greenstones and porphyry intrusions below this unconformity---but all within approximately 0.1 to 3 km of the PDFZ.
- A number of companies are conducting active exploration programs or have option agreements in the area:
- Lakeshore Gold is actively exploring the 144 Exploration Area of its Timmins West Mine, approximately 50 km east of Pen Gold Project,
- Probe Mine is conducting an extensive drill program at the Borden Gold Project, approximately 85 km south west of Pen Gold Project,
- Teck Resources recently entered into an option agreement with Explor Resources on the Timmins Porcupine West Property, adjoining Lakeshore Gold's Timmins West Mine, to the east towards Timmins.
- Attached as Appendix 1 is a geological map from the OGS Summary, which overlays the land position of the Company's Pen Gold Project in relation to Lakeshore Gold, Probe Mines and Explor Resources.
Current market conditions and financial constraints have resulted in the Company evaluating various options to advance the next stage of work including, joint ventures and strategic alliances with senior mining companies.
ON BEHALF OF THE BOARD OF DIRECTORS
Roger Walsh, President & CEO
Contact: Roger Walsh
Phone: (604) 617-1627
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release constitutes forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to procure personnel, equipment and supplies required for its exploration activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that the private placement will not be completed, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.