Goldhills Holding Ltd Provides Update on Lennac Lake Property
Vancouver, July 8, 2024 - Goldhills Holding Ltd. (TSXV:GHL) (OTCQB: GODZF) (Frankfurt: GRYA) ("Goldhills" or the "Company") is pleased to announce that it has closed its previously announced Mineral Property Option Agreement (the "Option Agreement") with Donald MacIntyre and Victor Parsons (collectively, the "Optionors") (see press release dated May 2, 2024). This agreement grants Goldhills the option to acquire a 100% interest in the Lennac Lake Property, comprised of three contiguous blocks covering a total area of 970.897 ha located the Omineca Mining Division in British Columbia. On May 12, 2024, the Company staked 4 additional claims expanding the Lennac Lake Project by 1325.67 hectares. In order to exercise the option, the Company must make cash payments of $100,000 to the Optionors over a three-year period. The payments are scheduled as follows: $10,000 upon signing, $20,000 by the first anniversary, $30,000 by the second anniversary, and $40,000 by the third anniversary of the agreement. Goldhills is also obligated to incur exploration expenditures totaling at least $370,000 by specific milestones: $75,000 by the first anniversary, an additional $100,000 by the second anniversary, and an additional $200,000 by the third anniversary. Upon commencement of commercial production, Goldhills will pay the Optionors an annual payment in lieu of a net smelter return royalty, beginning at $40,000 CDN per annum.
The Lennac Lake Project is located in the Babine Copper - Moly Porphyry district in central British Columbia. The property has a history of exploration dating back to 1971 and is an early exploration project with substantial potential for discovery of further porphyry and related mineralization. The main target, and most developed prospect is the West Zone. Two drill holes in 2012 confirmed porphyry copper ± molybdenum mineralization hosted in potassic altered porphyritic intrusive rocks to depths greater than 300 metres and remains open. Previous diamond and RC drill programs have worked to constrain the lateral extent of mineralization and alteration. Airborne magnetic data, as well as ground IP provide adequate geophysical data to guide future drill programs by correlating potential mineralized zones to chargeability and magnetic parameters. A higher grade Cu±Mo core or feeder zone could be located at depth or within the volume of rock between the 2012 drill holes. For a comprehensive report on the Lennac Lake Project see the June 2024 43-101 Technical Report. (https://www.sedarplus.ca/csa-party/records/document.html?id=442e9c2e0c86bd4512f0cbe751b738080cfa7ec47c2e1d7ad29eec6b2f59dd8c)
Jeremy Hanson P.Geo is a Certified Professional Geologist and 'Qualified Person' for the purposes of Canada's National Instrument 43-101 Standards of Disclosure for Mineral Properties, has verified and approved the information contained in this news release.
Goldhills Holding Ltd.
Steven Sangha
Director
Phone: 7782286872
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.
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSX-V. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for the Company as described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which are available at www.sedar.com.
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