VANCOUVER, BC / April 11th,2019 / Academy Metals Inc. (the “Company“) (TSXV: UTY) is pleased to announce that the Company has acquired an additional 739 hectares of mineral claims in the Phillips Arm Gold Camp, where gold exploration and production began in the 1800’s. These additional claims are known as the Enid Project, and adjoin the Company’s Margurete Gold Project. The claims comprising the Enid Project have been intermittently explored since the 1890’s with at least 5 historic adits (Empress adit, Empress shaft, No.2 adit, parts of the Juliet adit/ shaft, and the All’s Up adit) on the claims. Since the 1980’s the claims have been intermittently explored with ground geophysics, soil sampling, outcrop mapping and sampling, as well as an airborne VTEM survey, the latter in 2008. With these additional claims, the Company now controls 1947 hectares of prospective gold claims in the project area and has added another 2km of the Dorotha Morton Mineralized Trend/ Shear Zone.
Of particular interest, 1985 sampling by Falconbridge (Assessment Report 14466) included both in and around the adits. A float boulder just down ravine from the adits assayed 96g/t Au and 410g/t Ag. Samples taken outside the Empress adit entrance assayed 157g/t Au and 528g/t Ag (Sample 38809) and 9.8g/t Au (Sample 38870). A 1984 boulder sample (#14603) taken down the ravine from the adits assayed 200g/t Au, 613g/t Ag, 0.63% Cu, 1.03% Pb, and 1.99% Zn. The majority of the adits are just over 1km along strike from the historic Doratha Morton Mine and less than 2km along strike from the historic Alexandria Mine.
The additional claims comprising the Enid Project were purchased from an arm’s length vendor for a one-time cash payment $300,000. In connection with the acquisition, the Vendor retained a 2.0% net smelter turns royalty, of which 1% can be purchased for cash payment of $1,000,000.
The technical content of this news release has been reviewed and approved by Peter Born, P.Geo., a qualified person for the purposes of National Instrument 43-101.
About the Company
Academy Metals Inc. is a Vancouver-based gold exploration company. The Company controls a 100% interest in the Margurete Gold Project, which covers 678ha of mineral claims, located in the Phillips Arm gold camp, approximately 200 kilometers northwest of Vancouver in southwest British Columbia, Vancouver Mining Division. The project is on trend with the historic Doratha Morton and Alexandria gold mines, which were active in the late 1800’s. The Margurete project was last explored in 2015 with property-wide prospecting, mapping and rock chip sampling run in parallel with a targeted diamond drilling program. The primary target at the Margurete Gold Project is the FB Zone, where Falconbridge drilled multiple gold bearing intervals at shallow depths. For more information, please visit www.academymetalsinc.com
On behalf of the Company,
Peter Born, President
Phone: (604) 681-0004
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