Goldcore acquires Stallion Property Contiguous to Benchmark Metals "Lawyers" Au/Ag and Announces Private Placement
VANCOUVER, October 27th, 2020 - Goldcore Resources Ltd. (TSXV:GEM) (FSE:BK2P) (WKN:A2QENP) ("Goldcore" or the "Company") is pleased to announce that it has entered into a definitive agreement to acquire mineral claims highly prospective for gold and silver.. The "Stallion Project," in British Columbia's famous Golden Horseshoe region, is contiguous to Benchmark Metals Inc.'s Lawyers gold and silver project. The Lawyers project has reported core length intervals from drill intercepts of 2,360 grams per tonne (g/t) silver and 11.30 g/t gold over one metre, 1.16 g/t gold and 22.24 g/t silver or 1.44 g/t gold equivalent across 102.00 metres , as well as 30.63 metres of 2.05 g/t gold and 107.07 g/t silver or 3.39 g/t gold equivalent (see news releases, 2020-02-11, 2020-01-31 and 2020-10-06). Goldcore's Stallion property is contiguous with Benchmarks southernmost claim border (see map below). Stallion Property
Goldcore's Stallion property is accessible by an existing short extension of the all-season Omineca Road to Resources which services the Kemess mine and supports parallel hydro-electric power. Stallion covers over 30 km2 and is on regional trend with several past producing mines such as Baker, Shasta and the world class Kemess Mine. Management cautions that mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's properties.
The Stallion property is located in the northeastern region of the prolifically metal-endowed Stikinia geological terrane. Magmatic events in Stikinia during the Late Triassic and Early Jurassic were the driving source for the development of mineralizing porphyry and epithermal systems. The Stallion project is in a proven and profitable mining jurisdiction called the Golden Horseshoe, and is only 28 km northwest of the past producing world class Kemess gold-copper mine. The Golden Horseshoe provides a visual context for the mines, discoveries and common geology of the Golden Triangle and Toodoggone regions of northern BC, which forms an enriched metalliferous arch that includes the Stikinia and Quesnellia terranes.
Benchmark recently completed an oversubscribed financing raising over $50-million (see Benchmark news release of September 30th, 2020). Proceeds from that financing will be used to extend and expand the 2020 drill program to 100,000 metres and a planned 2021 200,000 metre drill program as well as prepare for a resource estimate and preliminary economic assessment early in 2021.
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Acquisition Terms
The Company has entered into an arm's length definitive agreement with a private company and its shareholders (collectively the "Vendor") pursuant to which the Company has agreed to acquire all of the issued and outstanding shares of the Vendor by the issuance of 4,000,000 common shares of the Company in consideration for the acquisition. The agreement is subject to normal course due diligence and applicable regulatory approval.
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Private Placement
The Company announces a non-brokered private placement to raise up to $1,500,000 consisting of 15,000,000 units at $0.10 per unit. Each unit will consist of one common share and one share purchase warrant, with each warrant exercisable into one common share at $0.20 for a two-year term. The term of the warrants to be issued may be accelerated by the Company in the event that the Company's shares trade at or above $0.25 cents for a period of 10 consecutive days. In such case of accelerated warrants, the Company may give notice, in writing or by way of news release, to the holders that the warrants will expire 30 days from the date of providing such notice. The Company may pay a finder's fee in association with the placement and paid in accordance with applicable laws. Proceeds of the private placement will be used for working capital and continued exploration on the Company's properties. The issuance of the securities is subject to the final approval of the TSX Venture Exchange.
David Kelsch P.Geo., is a Qualified Person under the definition of Canadian National Instrument 43-101, and has approved the technical information in this news release.
About the Company: Goldcore Resources is managed by a team with over 200 years collectively with a proven track record of not just finding numerous mines but building and operating them too. The Goldcore management team's most recent success is the discovery of the Lac Gueret South a Graphite resource in Northern Quebec. Goldcore owns this asset 100 percent and the Company's shareholders will benefit from this asset when the demand for Graphite projects improves.
On Behalf of the Board of Directors
'Thomas Yingling'
President, CEO & Director
FOR MORE INFORMATION, PLEASE CONTACT:
Investor Relations:
or 1-604-343-7740
info@goldcoreresources.com
www.goldcoreresources.com
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements, which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect.
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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