Noka Options Tully West Property
Vancouver, British Columbia, January 19, 2017 – Noka Resources Inc. (TSXV: NX) (9BR1: Frankfurt) (the “Company” or “Noka”) is pleased to announce that it has entered into an option agreement to acquire a 100% interest in the Tully West Property from the Creighton family (the “Property”). The Property lies immediately west of the Tully/Timmins North Gold Deposit in Ontario. Management of Noka plans to now focus on high grade gold and uranium projects in keeping with its in-house experience and expertise in accessible and pro-resource jurisdictions.
The Property hosts the western extension of the Tully Gold Deposit and is situated approximately 33 km northeast of Timmins, Ontario. Step out drilling in 2013 by SGX Resources Inc. encountered high grade gold mineralization in drill hole #13-38 which intersected 36.7 g/tonne (uncut) over 6.3 m 200 metres vertically below surface. This intercept occurred approximately 300 metres west of the previously established limits of the Tully Gold Deposit. Coarse visible gold was observed in the drill hole within a broad zone of mineralized quartz and carbonate veining within the host altered volcanic tuff, identical to the main Tully Deposit to the east.
The host volcanic tuff unit is readily detectible by geophysics and has been traced for over 2 km in both eastern and western directions away from the main deposit. The Tully Deposit is interpreted to be a series of auriferous shallow dipping (extensional or ladder) stacked vein sets within a sub vertical competent mafic tuff host that is bounded by ultramafic volcanic rocks to the south and sediments to the north. This host sequence of rocks all lie within a regional east-west fault corridor, a northern splay from the Porcupine-Destor Fault. The Tully deposit has been drilled over a 1,000 m strike length to date, and to depths of over 600 m, remaining open along strike and to depth.
Under the terms of the Option Agreement, in order to earn a 100% interest in the Property, Noka is required to pay a total of $215,000, issue an aggregate of 3,900,000 common shares and incur a total of $1,250,000 in exploration expenditures on the Property over a three year period. The Property is subject to a 2.5% NSR with a buyback of 1% for $1,000,000.
Additionally, the Company advises that it has disposed of its holdings in Nevada. The Company has terminated, without penalty, its option to acquire an interest in the Columbus Lithium Project and concurrently sold its interest in the Lincoln Lithium Project to an arm’s length vendor for $100,000.
This press release has been reviewed and approved by Peter Caldbick, P.Geo. Mr. Caldbick is the qualified person for the purposes of National Instrument 43-101.
For further information, contact Nav Dhaliwal, President and Chief Executive Officer, at [email protected] or 604-678-5308 or visit www.nokaresources.com.
ON BEHALF OF THE BOARD
Nav Dhaliwal, President and Chief Executive Officer
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