BURLINGTON, ONTARIO -- (Marketwired) -- 05/23/13 -- Green Swan Capital Corp. (TSX VENTURE: GSW) ("Green Swan") announces the commencement of its spring / summer work program on its tenures in the Golden Triangle, British Columbia.
Green Swan has engaged a fully integrated service provider to immediately carry out exploration activities on each of RylieJack, Peggy, AshleyGold, Tops, Snip and SK West. These activities will include a geological sampling program on each Property, with a target of acquiring and assaying a total of 50 samples. The assay results will be released as they become available.
"Our goal is to deliver real value to the shareholders while conserving the company's capital," said Peter M. Clausi, Green Swan's Chief Executive Officer. "We have been able to plan a low-cost, multi-property program on Properties where our neighbors have recently released strong positive news. This will be a continuation of work begun on RylieJack last fall, adjourned due to inclement weather."
GREEN SWAN'S TENURES AND NEIGHBORS
Green Swan's properties in north British Columbia are exceptionally well-situated to benefit from the activity of its neighbors.
These neighbors include Pretium Resources Inc. and Pretium's award-winning Brucejack Property. RylieJack is entirely contained within Pretium's tenures, close to a regional access road. On May 8, 2013, Pretium announced it plans to complete 15,000 metres of underground drilling as part of a 10,000 tonne bulk sample program.
Peggy is neighbored by the Granduc Copper Project of Castle Resources Inc. to the southwest. On February 28, 2013 Castle announced a Preliminary Economic Assessment for Granduc, showing a pre-tax net present value (NPV 8%) of $388 million and a 20.9% internal rate of return (IRR), and a post-tax NPV 8% of $253 million and a 17.8% IRR.
To the east, Peggy is neighbored by the Tennyson Property, currently under option from Teuton Resources Corp. to Brigade Holdings (Canada) Inc., a Hunter Dickinson company. During 2012, Brigade carried out geological mapping, geochemical sampling, magnetic surveys, IP surveys, petrographic work and re-logging of all historical drill holes, at a cost of approximately $1 million. On December 11, 2012 Teuton announced that it had been advised by Brigade that, "Further exploration during the 2012 field program has indicated that pervasive hydrothermal alteration extends into an area of exposed rock west of the (Tennyson Deposit Area)."
AshleyGold and Tops are to the north of Peggy, roughly 8 kilometres southwest of the bulk sample program at Brucejack. AshleyGold's south border rests on Brigade. To its north is Teuton Resources' High property. On October 15, 2012 Teuton announced the results of one drill hole and grab samples from the High property, adding, "...we were fortunate enough to hit extensive gold mineralization, proving that the prolific system of gold-bearing deposits evident in the properties of Pretium Resources and Seabridge Gold extends southward into our ground. The nearest zone to the north is Pretium's Bridge deposit from which 21 holes drilled in 2010 averaged 237m of 0.87 g/t gold, the same grade and almost same length as our hole."
Green Swan's Snip Property (so named by a prior owner due to its proximity to the former producer Snip Mine, which produced slightly over 1 million ounces of gold from 1991 to 1999) and Green Swan's SK West Property are located roughly halfway between the Snip Mine and the former producer Eskay Creek Mine, roughly 9 kilometres from each. They are also northwest of Seabridge Gold Inc.'s KSM Project, which according to Seabridge on May 22, 2013, "...contains one of the largest undeveloped gold and copper reserves in the world. Its composite intrusive complex hosts four large gold-copper porphyry deposits with direct genetic links to epithermal vein deposits including the neighboring Brucejack/Valley of the Kings occurrences...".
Green Swan is a Canadian company engaged in the business of acquiring, exploring and dealing in mineral properties in Canada. With fewer than 20,000,000 shares outstanding, Green Swan is well-poised to deliver real value through exploration and through corporate M&A activities.
Further information about Green Swan can be found at www.greenswancapital.com and at www.sedar.com.
This news release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Green Swan cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what Green Swan currently foresees. Discussion of the various factors that may affect future results is contained in Green Swan's recent filings, available on SEDAR. Green Swan assumes no liability for repeating or referring to any facts, statements, releases, data or reports disseminated by any other issuer. Any reference to any other issuer should be cross-checked for accuracy and context by the reader.
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 release.
Green Swan Capital Corp.
Peter M. Clausi
Chief Executive Officer
Most Popular Stories
- Updates on Everglades' Stranded Pilot Whales
- NSA Tracks 5 Billion Cellphone Records a Day
- Hezbollah Chief's Assassination Claimed by Sunni Group
- Stolen Cobalt-60 Recovered in Mexico
- Ford Mustang Still Packs Power
- Wind Power and Wildlife Can Coexist
- Allstate Seeks to Invest in Minority Firms
- Sarmiento to Handle Greeley Latin Ops
- First-time Jobless Claims Drop Below 300,000
- White House Pushes to Extend Unemployment Benefits