Sunvest Aquires the Roy Cobalt-Silver Property
Vancouver, British Columbia--(Newsfile Corp. - August 24, 2016) - Sunvest Minerals Corp. (TSXV: SSS) ("Sunvest" or the "Company") is pleased to announce the acquisition of the past producing "Roy Mine Cobalt-Silver property" ("Roy Mine Property"), located about 11 km northwest of Elk Lake. The Roy Mine Property is a former producer of silver, cobalt, and copper with mineralization contained in north trending calcite veins. It was discovered in 1912, and past development included three vertical shafts and underground and surface diamond drilling.
More recent works uncovered a vein about 210 m north of the shaft. Fifty-five samples taken along this vein averaged 0.7 oz/t Ag (24.0 g/t Ag), 1.64% Co, 3.22% Cu and 0.16% Ni. Best values obtained were 4.7 oz./t Ag (161.1 g/t Ag), 7.4% Co, 14.02% Cu and 0.55% Ni1.Also, a grab sample of the vein, collected near the shaft and to the south, assayed up to 6.80 oz/t Ag (233 g/t Ag), 1.96% Co, 13.6% Cu and 1510 ppm Ni2.
Sunvest President and Chief Executive Officer, Gordon Zelko commented, "The acquisition of a past producing cobalt/silver mine gives us a great head start as far as work programs go. We anticipate commencing a work program shortly."
The cumulative acquisition terms to acquire a 100% interest in the Roy Mine Property are the issuance of 1.5 million shares of the company to arm's-length parties over a one year period plus a work commitment of $50,000 in year one. A 2% NSR will be granted to the vendors with 1% purchasable by the company for 1 million dollars. The acquisition is subject to TSX Venture Exchange approval. A Finder's Fee will be payable in accordance with TSX Venture policies.
The technical contents of this release were approved by Isabelle Robillard, MSc, P.Geo a Qualified Person as defined by National Instrument 43-101. The property has not been the subject of a National Instrument 43-101 report.
References
1. Chartre, D. and Dufresne, R. 2003. Prospecting Programme — 2002, Farr Township, Claims 1214380, 1214381 and 1186933, (Former Roy Silver Mines Ltd., Farr Property). #41P16SW2001, 37 p.
2. Guindon, D.L., Grabowski, G.P.B., Meyer, G. and Picotte, M.C.M. 2007. Report of Activities 2006, Resident Geologist Program, Kirkland Lake Regional Resident Geologist Report: Kirkland Lake District; Ontario Geological Survey, Open Report 6204, 42p.
Sunvest Minerals Corp. is a junior mining exploration company focused on seeking and acquiring mineral properties of merit. Sunvest continues to evaluate suitable properties in Canada and the U.S.A.
ON BEHALF OF THE BOARD
"Gordon Zelko"
Gordon Zelko, President, CEO, Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Telephone: 1-604-683-3995
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.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).