Val-d’Or, Québec – Hinterland Metals Inc. (HMI:TSX-Venture) (“Hinterland” or the “Company”) is pleased to announce that it hassigned an agreement (the “Agreement”) with Seahawk Ventures Ltd. (SHV:CSE) (“Seahawk”) whereby Seahawk has been granted an option to earn a 100% interest Hinterland’s 215-claim (12,116-hectare) Skyfall property (“Skyfall”) located in the Urban-Barry Greenstone Belt approximately 150 kilometres east of Quevillon and 75 kilometres south of Chapais in the Abitibi region of Quebec. http://bit.ly/2J5Xini
“Skyfall is the largest un-explored claim block in the Urban-Barry area and we are glad to have found in Seahawk a party that is genuinely interested in advancing the property,” commented Mark Fekete, President and CEO of Hinterland.
Under the terms of the Agreement, Seahawk will pay Hinterland $100,000 in cash, issue 800,000 shares and complete $800,000 of work over a three-year period. Upon completion of the above terms and exercise of the option, Seahawk will have earned a 100% interest in Skyfall subject only to a 2% Net Smelter Returns royalty (“Royalty”) on all metal production from the property payable to Hinterland. Seahawk will have a right of first refusal in the event that Hinterland sells the Royalty in whole or in part. The Agreement is subject to regulatory approval.
The Skyfall property covers the eastern extremity of the Urban-Barry Greenstone Belt and is underlain by a series of northeast-trending, southeast-dipping, tholeiitic volcanic rocks. The volcanic stratigraphy is intersected by numerous faults, either sub-parallel to the stratigraphy or northeast-trending at a high angle to the stratigraphy. The volcanic rocks are in places intruded by syn-volcanic to late intrusions. This geology is analogous to the area 40 kilometres to the west where Osisko Mining Inc.’s Windfall, Bonterra Resources Inc.’s Gladiator and Metanor Resources Inc.’s Barry gold deposits are located.
The Skyfall claims have seen limited previous exploration work with only one documented drill hole. This is primarily due to an earlier lack of access into this part of the Urban-Barry Greenstone Belt. In the last five years however, the network of logging roads from Chapais have been extended south providing excellent access onto the Skyfall claims. The property initially requires an airborne magnetic and electromagnetic survey to generate targets for prospecting and sampling.
Mark Fekete, P.Geo is the designated “qualified person” as defined in Section 1.2 in and for the purposes of National Instrument 43-101 that reviewed and approved the technical content of this release.
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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 release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Company’s periodic reports including the annual report or in the filings made by the Company from time to time with securities regulators. The Company undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of an unanticipated event.