Doubleview Capital
Corp. ("Doubleview") is pleased to announce that it has entered
into an option agreement to earn a 90% interest in the Red Spring
Copper-Silver-Gold Property from Farshad Shirvani (President and
CEO) (45%), Peter Burjoski (45%) and Erik Ostensoe, P.Geo.(10%),
("Vendors"). The optioned property enhances Doubleview's portfolio
of copper properties in British Columbia where the Hat Copper-Gold
property remains the main focus of exploration. Doubleview is
currently arranging financing to continue exploring the Hat
property by geophysical surveys and diamond drilling.
The Red Spring
Copper-Silver-Gold Property comprises 1,349 hectares and is located 120 km north of Smithers, in
the Omineca Mining District of British Columbia.
Subject to TSX Venture Exchange (the "Exchange") approval, option
agreement terms and commitments are:
-
1.50,000 shares of Doubleview on Exchange approval, cash payment
of $7,000 to Vendors and conduct $100,000 work program on the
property before the first anniversary of the agreement,
-
2.100,000 shares of Doubleview on the first anniversary of
signing, and $15,000 in cash payment to Vendors and conduct an
additional $100,000 work program on the property before the second
anniversary of the agreement,
-
3.150,000 shares of Doubleview on the second anniversary of
signing, and $25,000 in cash payment to Vendors and conduct an
additional $100,000 work program on the property before the third
anniversary of the agreement,
-
4.200,000 shares of Doubleview on the third anniversary of
signing, and $35,000 in cash payment to Vendors and conduct an
additional $100,000 work program on the property before the fourth
anniversary of the agreement ,
-
5.300,000 shares of Doubleview on the fourth anniversary of
signing, and $45,000 in cash payment to Vendors and conduct an
additional $250,000 work program on the property before the fifth
anniversary of the agreement.
Vendors will retain a
2.5% NSR ("Net Smelter Royalty") on the Red Spring
Copper-Silver-Gold property of which Doubleview can purchase 50%
for $1,500,000.
The option agreement
and the transaction contemplated therein are subject to the
approval of the TSX Venture Exchange.
About the Red Spring Copper-Silver-Gold
Property
The Red Spring Copper-Silver-Gold
property, located 120 km north of Smithers, B.C., was discovered in
1972. Copper mineralization occurs within interbedded volcanic,
volcaniclastic and sedimentary rocks of the Jurassic age Hazelton
Group close to the eastern edge of the Bowser sedimentary basin.
Previous exploration was directed to a dolomitic limestone
formation that carries finely disseminated silver-rich
chalcopyrite. Drilling programs in 1973 outlined a historic "drill
indicated reserve" of 5,000,000 tons grading 0.5% copper and 11.9
grams/ton silver (4,500,000 tonnes of 0.5% copper and 0.38 troy
oz/tonne silver). (Assessment Report #20364,p. 1, 1990, G. Ryznar,
P. Eng., quoting from a 1973 internal company report for Canadian
Superior Exploration Ltd.).
The
historical "drill indicated reserve" cited above is mentioned for
historical purposes only and uses terminology not compliant with
current reporting standards. The
reliability of these historical estimates is unknown but considered
relevant by Doubleview as it represents a significant target for
future exploration. The qualified person has not reviewed all pertinent original
documents nor done sufficient work to classify the historical estimate as a current mineral
resource and Doubleview is not treating this historical estimate as
a current mineral resource. Historical "drill indicated reserves" are not
equivalent to mineral reserves or resources as they are not
supported by at least a preliminary feasibility study.
In order to verify this as a
current estimate, Doubleview will need to conduct additional
exploration work in the form of diamond drilling to verify the
historic data. Details of such work have not been
determined.
Highlights of significant historic drill results are
tabulated in following table:
------------------------------------------------------------------
|Drill|From (feet)|To (feet)|Length (feet)|% Copper|Oz/ton Silver|
|Hole | | | | | |
|No. | | | | | |
|----------------------------------------------------------------|
|73-2 |10 |140 |130 |0.56 |0.32 |
|----------------------------------------------------------------|
|73-3 |6 |142 |136 |0.54 |0.61 |
|----------------------------------------------------------------|
|73-5 |5 |170 |165 |0.47 |0.16 |
|----------------------------------------------------------------|
|73-6 |3 |150 |147 |0.47 |0.28 |
|----------------------------------------------------------------|
|73-7 |3 |160 |157 |0.30 |0.14 |
|----------------------------------------------------------------|
|73-9 |11 |50 |39 |0.59 |0.39 |
------------------------------------------------------------------
Caution: Doubleview has
not confirmed the historic drilling data that supports the
above-cited historical resource estimate and has no reliable
information concerning details of the sampling and analysis of the
core samples in the above-cited tabulation. Available data,
although believed to be reliable, does not comply with CIM
requirements and the Company does not consider the drill core
analyses as wholly reliable and should not be relied upon in any
evaluation of the Red Spring property.
Programs of geochemical soil
sampling surveys, induced polarization (IP) geophysical surveys and
a total of 12 diamond drill holes with total length 1380 metres,
were completed in 1972 - 1976 by major exploration companies. In
addition to the drilled area of mineralized dolomitic limestone,
the IP surveys outlined several as yet unexplored anomalies in the
nearby area and, subsequently, prospectors located in outcrops a
short distance south of the drilled area a second occurrence of the
mineralized dolomitic limestone. Surface samples from this second
occurrence returned copper and silver values similar to those from
the discovery area.
The characteristics of the
copper-silver mineralization on the Red Spring property are similar
to those of stratabound sediment-hosted copper deposits. Such
deposits frequently have large areal extents with good potential
for large tonnages. Speculatively, the Red Spring property, located
on the eastern edge of the Bowser Basin, has some similarities to
the geological setting of the Eskay Creek Mine that lies on the
western edge of the Basin: comparable rock types, stratigraphy and
style of copper mineralization occur at both.
The Company is planning to explore
the Red Spring property by an initial program of geologic mapping,
prospecting and soil geochemical sampling, followed by ground-based
or airborne geophysical surveys and, possibly, diamond
drilling.
Erik A. Ostensoe, P. Geo., a
consulting geologist, is Doubleview's Qualified Person as defined
by National Instrument 43-101 - Standards of Disclosure for Mineral
Projects, with respect to the Red Spring property and has reviewed
and approved the technical disclosure of this news release. Mr.
Ostensoe is not independent of Doubleview as he is a shareholder
and co-optioner of the Hat and Red Spring properties.
On Behalf of the
Board of Directors
Farshad Shirvani, M.Sc. Geology
President and Chief
Executive Officer
For further information please contact:
Doubleview Capital Corp.
Suite 310, 675 West Hastings Street
Vancouver, BC V6B 1N2
Farshad Shirvani
T: (604) 678-9587
E: corporate@doubleview.ca
CAUTION: Some analytical results in this
news release have been taken from historic data and are yet to be
verified by Doubleview.
Forward-Looking Statements
Information set forth
in this news release contains forward-looking statements that are
based on assumptions as of the date of this news release. These
statements reflect management's current estimates, beliefs,
intentions and expectations. They are not guarantees of future
performance. Doubleview cautions that all forward looking
statements are inherently uncertain and that actual performance may
be affected by a number of material factors, many of which are
beyond Doubleview's control. Such factors include, among other
things: risks and uncertainties relating to Doubleview's ability to
exercise its option to acquire the Red Springs Property,
Doubleview's ability to complete an exploration program on the Red
Springs Property, Doubleview's limited operating history and the
need to comply with environmental and governmental regulations.
Accordingly, actual and future events, conditions and results may
differ materially form the estimates, beliefs, intentions and
expectations expressed or implied in the forward looking
information. Except as required under applicable securities
legislation, Doubleview undertakes no obligation to publicly update
or revise forward-looking information.
NEITHER 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.
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