Vancouver, British Columbia--(Newsfile Corp. - February 21, 2017) - Eureka Resources Inc. (TSXV: EUK) ("Eureka" or the "Company") is pleased to announce that exploration has commenced on its TAK property ("TAK"), Yukon Territory. The property is located in the heart of the very active Dawson Range Gold Belt, approximately 120 kilometres southeast of Dawson City, and consists of 82 mining claims (1,695 hectares).
Michael Sweatman, Eureka's President and CEO stated: "This initial program, which will be comprised of a ground magnetic survey and a VLF electromagnetic survey is the first step of exploration on the TAK property, one of our recently acquired Yukon properties."
The work will be performed and directed by Aurora Geosciences of Whitehorse. The data obtained from the surveys will provide Eureka with valuable information to assist in the development of a Phase 2 exploration plan for TAK. Since acquiring TAK, the Company's technical group has commenced a review of all the historical data acquired as part of the transaction. Eureka plans to integrate the historical data with the 2017 geophysical results in order to prioritize target areas on the property. The Company has begun the permitting process for a spring/summer exploration program on the TAK property.
ABOUT EUREKA
British Columbia, Canada
Eureka's FG property is an advanced-stage gold project located in the Cariboo and currently under option to Canarc Resources Corp. Historical exploration has established a Measured and Indicated (376,000 ounces) gold resource at an average grade of 0.776 g/t gold, using a cut-off grade of 0.5 g/t, and an Inferred gold resource (634,900 ounces) at an average grade of 0.718 g/t gold, using a cut-off grade of 0.5 g/t. Details of the gold resource can be found in "NI 43-101 Technical Report, Frasergold Exploration Project, Cariboo Mining Division, dated July 27, 2015" available on SEDAR or at the Company's website.
Eureka's Gold Creek property, also located in the Cariboo, is a grassroots gold project neighbouring, and with similar geology to the Spanish Mountain gold deposit owned by Spanish Mountain Gold Ltd.
Yukon Territory, Canada
Eureka's Luxor property consists of three non-contiguous claim blocks totalling 360 mining claims (approximately 7,000 hectares). Luxor is located in the Dawson Range Gold Belt, a district of major porphyry, breccia and vein occurrences. Neighbouring properties include the Coffee deposit recently acquired by Goldcorp and Western Copper's Casino deposit.
Eureka's TAK property is located in the Dawson Range Gold Belt and consists of 82 mining claims (1,695 hectares).
Nevada, USA
Eureka owns a 50 per-cent interest in the Gemini lithium brine property located approximately 40 km (26 miles) south of North America's only producing lithium mine at Silver Peak.
Kristian Whitehead, P.Geo., and John Kerr, P. Eng., are the Company's designated Qualified Persons for this news release within the meaning of NI 43-101 and have reviewed and approved the technical information described in this news release.
