Granite Creek Options Additional Malian Gold Concession
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 20, 2014) - Granite Creek Gold Ltd. (TSX VENTURE:GCX) (the "Company") is pleased to announce the acquisition of a new gold concession, the 16 sq km Bourdala Sud Ouest Concession (the "Concession), located in Mali, West Africa. The Concession is located 45 Km SW of the Sadiola Gold mine, owned by AngloGold and Iamgold, and 46 km north of Rangold's Loulo mine. Granite Creek has been granted the option to acquire a 100% interest in the concession by making staged payments totalling approximately $120,000 over a five year period. There is also a 1% net smelter royalty on any production from the Concession.
Drilling on the Concession by previous operators intersected 10.0 meters of 3.92 g/t gold and 8.0 meters of 8.63 g/t gold in Drill Hole 6CL. Eight additional holes were drilled along a northwesterly trend and 5 intersected mineralization. (See historic drilling map available on the Company's website www.granitecreekgold.com/n/index.php/projects/BSW)
Interpretation of existing airborne magnetic data combined with information recently gathered by the Company's Malian geologist and board member, Mamadou Keita, has yielded possible insights into the trend of mineralization in the Concession.
Interpretation of the airborne magnetic map of the area indicates a major northeasterly lineament through the Concession with 3 northwesterly offshoots. Mapping of recent orpaillage (areas of pits hand-dug by local miners or orpailleurs in the search for gold) by Mr. Keita displays a northwest-southeast trend and covers an area of up to 300 metres wide by over 1,000 metres long. This area coincides with one of the northwest-southeast magnetic offshoots. The Company's initial work on the Concession will consist of sampling and mapping areas around the areas of orpaillage.
In other matters, the program of geological mapping, soil and rock sampling on the Darsalam Project announced on Apr. 17, 2014 is progressing well with crews active on the project. Field work will likely wrap up in the next two weeks and with collected samples submitted for assay.
The Company also wants to announce that as a part of its increased focus on gold projects in West Africa it is seeking joint venture partners for all its BC projects. More information can be found about these projects on the Company's website.
Dr. Mathias Westphal, P.Geo, a Qualified Person as defined in National Instrument 43-101 has reviewed and approved the technical information in this news release.
About Granite Creek Gold
Granite Creek is a Vancouver based exploration company in the business of acquiring and carrying out exploration on mineral properties, especially those with precious metals potential, with the goal of establishing a mineable mineral resource. Granite Creek's Malian projects consist of the 75 sq km Darsalam gold concession on which it has an option to acquire a 100% interest in; and the newly acquired 16 sq km Bourdala Sud Ouest gold concession on which it also has an option to acquire a 100% interest. The Company also has projects in British Columbia consisting of the gold/copper/molybdenum Taseko Property, 225 km north of Vancouver, BC, on which it has an option to acquire a 70% interest; the 100% owned 654 ha Railway Property, a copper project in the highly prospective Stikine arch area of northwestern BC; and the 5611 ha Troitsa Property, a copper/molybdenum/gold/silver property located in central BC, on which it has an option to acquire a 100% interest.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to regulatory approvals, exploration programs, and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include the Company's ability to obtain regulatory approval and to complete its exploration programs on schedule and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company 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 otherwise required by applicable securities legislation.
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