American Creek Announces Extension of Warrants
May 12, 2020 at 17:06 PM EDT
Cardston, Alberta--(Newsfile Corp. - May 12, 2020) - American Creek Resources Ltd. (TSXV: AMK) (the "Company" or "American Creek") announces that it intends to extend the exercise period of a total of 12,500,000 outstanding share purchase warrants. Each of the warrants is exercisable for one common share of the Company at a price of $0.08 per share. The exercise price will remain unchanged with the proposed extension. The warrants were originally issued pursuant to a private placement completed on June 1, 2017 and currently expire on June 1, 2020. The new expiration date for all of the warrants will be December 1, 2020, subject to acceleration if the closing price of the Company's common shares exceeds $0.12 for 20 consecutive trading days then the Company may, any time thereafter, at its option, accelerate the expiry date to the date that is 15 business days following the date the Company issues notice to all warrant holders of the new expiry date and disseminates a news release announcing the new expiry date. The proposed extension of the term of these warrants is subject to the acceptance of the TSX Venture Exchange.
About American Creek
American Creek is a Canadian junior mineral exploration company with a strong portfolio of gold and silver properties in British Columbia.
Three of those properties are located in the prolific "Golden Triangle"; the Treaty Creek and Electrum joint venture projects with Tudor Gold/Walter Storm as well as the 100% owned past producing Dunwell Mine.
A major drill program was conducted in 2019 at Treaty Creek by JV partner and operator Tudor Gold. The focus of the program was on the Goldstorm zone where drilling has produced very wide intercepts of gold including a 780 meter intercept of 0.683 g/t gold including a higher grade upper portion of 1.095 g/t over 370.5 meters.
The Treaty Creek Project is a Joint Venture with Tudor Gold owning 60% and acting as operator. American Creek and Teuton Resources each have 20% interests in the project. American Creek and Teuton are both fully carried until such time as a Production Notice is issued, at which time they are required to contribute their respective 20% share of development costs. Until such time, Tudor is required to fund all exploration and development costs while both American Creek and Teuton have "free rides".
A drill program was also recently concluded on the 100% owned Dunwell Mine property located near Stewart. Assay results are pending.
The Corporation also holds the Gold Hill, Austruck-Bonanza, Ample Goldmax, Silver Side, and Glitter King properties located in other prospective areas of the province.
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.
This news release contains forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Actual results could differ materially because of factors discussed in the Company's management discussion and analysis filed with applicable Canadian securities regulators, which can be found under the Company's profile on www.sedar.com. The Company does not assume any obligation to update any forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55765