Golden Touch Resources Corp. – NEWS RELEASE
TSX-V Symbol: GOT
(TSX-V Symbol: GOT) is pleased to announce that it has signed a non
binding letter of intent (the “LOI”) to purchase 100% of the issued
capital of Jab Resources SH PK (“Jab Albania”). Jab Albania is the
wholly owned Albanian subsidiary of Jab Resources Limited of
(“Jab Australia”). In consideration of the acquisition of Jab Albania,
the Company will, subject to the acceptance of the TSX Venture
Exchange, issue 8,146,887 common shares in the capital of
has been advised that Jab Australia intends to dividend out the GT
Shares to its shareholders.
approximately 140 sq km, located in Northern Albania. Jab Albania has
already spent in excess of
permit areas, which has resulted in the outlining of significant gold,
platinum group elements (PGE) and chromite mineralization.
proposed acquisition including site visits, title confirmation and
corporate records review.
use their best efforts to negotiate a definitive purchase and sale
time as it is satisfied with its due diligence enquiries and the
parties have entered into a formal share purchase agreement, there is
no guarantee that the transaction will occur as stated or at all.
National Instrument 43-101 compliant technical report (the “Report”) on
the Albanian Exploration Projects held by Jab Albania, which Report
available for review on SEDAR under Jab Australia’s company profile.
The following commentary from Jab Albania provides a summary of the
information on the Albanian Exploration Projects. Readers are cautioned
not to rely entirely on this summary, but are encouraged to review the
Report in its entirety.
Exploration for gold has located near surface gold mineralization within
a major regional structural breccia zone that can be defined over a
strike length of 20 km. Along this strike interval geochemical surface
soil sampling has defined a number of gold in soil anomalies over
approximately ten kilometres of the strike. One anomaly coincides with
an area previously drill tested in the 1980′s for “sulphide bearing
silica”(silica). The silica was used as a flux material for a copper
smelter. The other nine kilometres remains untested.
The sulphide bearing silica (silica) occurs as pods within the breccias
which dips northwards at around 30 degrees. The silica located in each
hole was selectively sampled and assayed for a range of elements, of
which only gold was found to be present in significant quantities.
The results of 157 diamond holes, ranging in diameter 74-146 mm, have
been verified and compiled into a data base of historical information.
Most of the holes were drilled on a 40 m x 40 m grid (some areas 20m x
20m) over a length of 700 metres along the strike of the breccia, with
scattered holes out to a length of 1,300 metres.
From these holes 246 separate assays (average down hole interval one
metre), have been compiled by Jab Albania into a data base and
evaluated. The best gold bearing down hole intervals being:
|Hole||Intercept downhole (M)||Intercept thickness (m)||Grade ( g/t Au)|
|64||26.5 – 34.5||8.0||7.2|
|26a||41.5 – 43.5||2||21.8|
The gold mineralisation is open in both directions along strike, as well
as to depth. The prospective breccia zone dips at about 30 degrees to
the north beneath a thin layer of colluvium.
High grade gold mineralization occurs in at least four areas, each of
which could reflect a mineralized pipe, originally fed from depth, that
have been developed within major structural dilation zones within the
Surface sampling by Jab Albania has indicated that gold occurs not only
in the silica pods but elsewhere in the breccias. The geological logs
suggests that the breccias may average 10 metres in width.
property, which has defined mineralization in excess of 6 metres in
width with an average gold grade of 6.3 g/t Au.
breccia zone within any drill hole is incomplete and hence there is
potential for verification drilling to locate additional gold
mineralization even within the section drilled.
breccia zone in north eastern Albania. Within this zone previous
drilling has outlined mineralization.
21 diamond drill holes (diameter 91mm-127 mm) have been drilled over a
strike length of 250 metres, mostly on a 20m x 20 m grid. From these
holes Jab has been able to verify 135 assays results considered
significant (>0.1 g/t Pt, each of which typically represents a one
metre downhole intervals.
Significant drill holes include:
|Hole||Intercepted (m)||Intercept width (m)||Grade Pt (g/t)|
Recent trenching indicates the zone prospective for PGE’s are 5-14
metres wide averaging 1.5-2 g/t Pt.
The trench intercepts are much wider than those of the drilling,
suggests that the full width of the prospective zone has not been fully
evaluated by the drilling.
Mineralogy suggests that Pt makes up around 80% of the PGE and most of
the rest is Pd. There is also around 28% Cr2O3 associated with the PGE
mineralization over an area of about 100 sq km of north eastern
Albania. The program included an evaluation of historic drill results
of work conducted by the Albanian government as well as trenching and
drilling conducted by Jab Albania. Jab Albania completed 57 reverse
circulation holes (diameter 114-127 mm for 3834 metres to test a small
part of the total prospective chromite bearing area within its permit
From the drill program a total of 3,204 samples were sent to the ALS
chromite mineralisation, providing the impetus to commence independent
studies of the mineralogy and metallurgy of the mineralization as well
as resource estimates, open pit optimization and environmental studies.
From these investigations Jab Albania prepared an internal pre
feasibility study into the development of an open pit and underground
chromite mine and downstream processing project and was able to
demonstrate that, subject to further drilling, a viable project could
In the 1980′s
ore. About one million tonnes of ore have been previously mined from
within Jab Albania’s tenements, all from the selective mining of direct
shipping chromite ore from narrow outcropping high grade pods.
mineralization occur around the high grade pods, with a view to
establish large tonnage lower grade open pit mines, supplemented by
more selective higher grade selective underground mines, target the
larger pods present. By including lower grade material Jab Albania
found that tonnage of mineralization could be substantially increased
over previous estimates.
chromite occur in four separate locations within the permits, totaling
25 kms of strike. The Company is also of the view that to date only a
small part of the potential chromite bearing area has been drill
evaluated and that further drilling could establish a substantial
resource ahead of the development of a significant mining and ore
The metallurgical test work has suggested that a chromite concentrate
with an attractive Cr:Fe ratio could be produced from a first stage
processing plant, that would be suitable for conversion to a high
carbon ferrochrome at a grade above 60% Cr, which could be developed as
a second stage plant.
The technical content of this news has been reviewed and prepared by
Metallurgy and also Australian Institute of Geoscientists, a qualified
person within the definitions of National Instrument 43-101. Mr.
owner of Jab Albania.
On Behalf of the Board of Directors
Golden Touch Resources Corp.
This news release includes “forward-looking information”, as such term
is defined in applicable securities laws. The forward-looking
information includes, without limitation, statements regarding the
extent and timing of its exploration programs, exploration program
budgets and exploration results. This forward-looking information is
given as of the date of this news release. Users of forward-looking
information are cautioned that actual results may vary from the
forward-looking information contained herein. While the Company has
based this forward-looking information on its expectations about future
events as at the date that such information was prepared, the
information is not a guarantee of the Company’s future performance and
is subject to risks, uncertainties, assumptions and other factors which
could cause actual results to differ materially from future results
expressed or implied by such forward-looking information. Such factors
and assumptions include, amongst others, the effects of general
economic conditions, the price of lithium, changing foreign exchange
rates and actions by government authorities, uncertainties associated
with legal proceedings and negotiations and misjudgments in the course
of preparing forward-looking information. In addition, there are also
known and unknown risk factors which could cause the Company’s actual
results, performance or achievements to differ materially from any
future results, performance or achievements expressed or implied by the
forward-looking information. Known risk factors include, among others,
risks relating to exploration and development; the ability of the
Company to obtain additional financing; the Company’s limited operating
history; the need to comply with environmental and governmental
regulations; political and economic instability and general civil
fluctuations in currency exchange rates; fluctuating prices of
commodities; operating hazards and risks; competition; and other risks
and uncertainties. Although the Company has attempted to identify
important factors that could cause actual actions, events or results to
differ materially from those described in forward-looking information,
there may be other factors that cause actions, events or results not to
be as anticipated, estimated or intended. There can be no assurance
that forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking information. The Company is under no
obligation to update or alter any forward-looking information except as
required under applicable securities laws.
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
SOURCE Golden Touch Resources Corp.