Vancouver, British Columbia (FSCwire) - Sunvest Minerals Corp. (TSX-V: SSS) ("Sunvest Minerals" or the “Company”) is pleased to announce it has signed a definitive agreement with an arm's-length vendor to acquire a 100% interest in the “Parrott Lake Property”, located contiguous to, and flanking the west and north areas, of the Silver Queen property, owned by New Nadina Explorations Ltd., (TSX-V: NNA) (“New Nadina”).
The property comprises 3,410 hectares in total, and includes one cell (Sole Survivor-19 ha) within the New Nadina Silver Queen property. The Parrott Lake property extends north from Parrott Lake for 5.2 kilometers and encloses a portion of the “IRK” Minfile showing. The IRK showing was first reported in 1969 with a soil geochemical survey completed by Orequest. Asarco Exploration Co. of Canada explored the IRK showing area 1977 to 1984, completing trenching and test pitting, soil geochemistry, geophysics and percussion drilling. Mineralization consists of disseminated galena, sphalerite and pyrite in a calcareous arkose with significant silver values.
The last program in 1984 (Assessment Report 12753) by Asarco, in sampling of float rock samples from shallow test pits returned 602.0 g/t Ag (17.6 oz/ton), 539.8 g/t Ag (15.7 oz/ton) and 117.3 g/t Ag (3.4 oz/ton). The IRK showing represents a high priority target that can be investigated with Induced Polarization geophysics followed by diamond drilling.
The northern flank of the Parrott Lake property is located 400 meters north of the “WINN” Minfile showing, and 1,100 meters north of the “NEW DISCOVERY” Minfile showings, both located on New Nadina’s property.
The western flank of the Parrott Lake property covers the drainage of Owen Creek, and 3.7 kilometer strike length, of the NW-SE regional fault structure that extends south-east to New Nadina’s historic Silver Queen Mine. The western flank also covers a 95th -percentile silver anomaly and a 90th -percentile lead anomaly from the B.C. government stream sediment geochemistry database.
Mike England, CEO of Sunvest stated, "The addition of the Parrott Lake property represents a strategic acquisition in this emerging area play, led by the activities of New Nadina on the contiguous Silver Queen property. Compilation of previous exploration results is in progress with the intention of commencing surface geophysics in the 1st quarter 2018."
Terms
To purchase a 100% interest in the Parrott Lake project the Company will issue a cumulative total of 4 million shares and pay $100,000 cash over a 6 month period.
Ed Kruchkowski, P.Geo, a qualified person under National Instrument 43-101, is the independent qualified person responsible for reviewing and approving the technical contents of this press release as they pertain to the Parrott Lake property. These samples were reported prior to the implementation of National Instrument 43-101. Neither the Company nor its qualified persons have done sufficient work to verify these historic results.
