Terraco Reports on Drilling at the Spring Valley Gold Project
VANCOUVER, British Columbia, Oct. 31, 2018 (GLOBE NEWSWIRE) -- (TSX Venture Exchange: TEN / US: TCEGF) Terraco Gold Corp. (“Terraco” or the “Company”) is pleased to announce that drilling is currently underway at the Spring Valley Gold Project (“Spring Valley”) located in Pershing County, Nevada.
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“We are excited to see that Waterton Global Resource Management (“Waterton”) is currently drilling at the multimillion-ounce Spring Valley Gold Project. We believe that Spring Valley is a key asset within Waterton’s asset portfolio and this drilling program clearly confirms their commitment and priority to advancing the project. The drill program being conducted is currently utilizing two drill rigs. We believe that Spring Valley is the only remaining multimillion-ounce Nevada-based gold asset that is currently not owned by a major gold production company. As a significant royalty holder of Spring Valley, we are extremely pleased to see forward momentum onsite at Spring Valley,” stated Todd Hilditch, President and CEO of Terraco.
Terraco holds the following Spring Valley core and district royalty assets (see maps below):
- up to a 3% NSR on a majority of the current resources of Spring Valley (claims boundary in red);
- a 1.5% NSR on a portion of Spring Valley on the north side of the resource (claim boundary in green);
- a 0.5% NSR within a one-half mile of the red claims and outlined in blue (not including the area in green);
- a 2% NSR on the 35sq km Moonlight Project adjoining Spring Valley to the north
Images accompanying this announcement are available at:
Map of Terraco’s Spring Valley Royalties
Map of Terraco’s Spring Valley and Moonlight Royalties
Recent photos of Spring Valley and the drill rigs onsite will be available on Terraco’s website.
Spring Valley was acquired by Waterton in 2015 and hosts a 2014 published National Instrument 43-101 compliant gold resource of 4,120,000 million ounces of gold measured + indicated and 990,000 ounces inferred. The technical report titled “NI 43-101 Technical Report on Resource, Spring Valley Project” was filed by Midway Gold Corp. on September 9, 2014 and is based on work completed in a joint venture between Midway Gold Corp. and Barrick Gold Corporation. The technical report is available at www.sedar.com under Midway Gold Corporation’s profile.
The Company also announces that, pursuant to its stock option plan and subject to regulatory acceptance, it has granted an aggregate total of 3,900,000 incentive stock options to certain directors, officers, employees and consultants of the Company, subject to certain vesting provisions. These options will be exercisable at a price of $0.07 per common share and will expire on October 30, 2023. On October 29, 2018, 2,925,000 stock options issued to certain directors, officers, employees and consultants expired.
This release has been reviewed and approved by Charles Sulfrian, CPG., Consultant, of Terraco and a ‘qualified person’, as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Terraco
Terraco is a gold royalty company with a royalty portfolio that is currently focused largely on or around the multi-million ounce Spring Valley Gold Project located in Pershing County, Nevada.
The Company is listed on the TSX Venture Exchange under the symbol "TEN". Please visit the Company's website at www.terracogold.com for additional information.
On Behalf of the Company:
Todd Hilditch
President and CEO
Tel: 1-604-443-3831
Toll free: 1-877-792-6688 Ext. 2
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. Although the Company believes that the expectations reflected in these forward‑looking statements are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Since forward‑looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Additional information on these and other factors that could affect the Company’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
Terraco Gold Corp.
Suite 2390, 1055 West Hastings Street
Vancouver, British Columbia
Canada V6E 2E9
Tel: (604) 443-3830
Toll free: 1 (877) 792-6688
Fax: (604) 682-3860
www.terracogold.com
NR 2018-01