VANCOUVER, British Columbia, March 05, 2019 (GLOBE NEWSWIRE) -- Mountain Boy Minerals Ltd (“Mountain Boy” or the “Company”) (TSX.V: MTB; Frankfurt: M9U) is pleased to announce that it has secured an option to acquire a 100-per-cent interest in the Dorothy property, located in the Stewart camp of British Columbia´s Golden Triangle. The 878-hectare (8.78-square-kilometre) property is located 25 kilometres north of Stewart and is contiguous with the Company´s MB Silver property.
The MB Silver property hosts the historic Mountain Boy mine, a high-grade silver producer which was mined until 1939. After road access was established, the project was drilled by Mountain Boy in 2006 in a program consisting of 878 metres in 19 holes. Results from the High Grade Vein include: DDH-MB-2006-10 yielded 5.1m of 5,258 g/t silver and DDH-MB-2006-19 yielded 6.1m of 2,260 g/t silver along with credits of lead, zinc and copper. Four other holes returned more than a kilo/tonne of silver over more than 2 metres.
Another drill program in 2011 tested the Mann Vein with 2,381 metres in 36 holes. Results include 396 g/t silver over 4.57m in DDH-MB-2011-1. There are several other old mines and occurrences on the current MB Silver property.
The Dorothy property adjoins the MB Silver property on the north and includes a number of silver-bearing veins that are interpreted to be a continuation of the geological system on the MB Silver property. There is no record of drilling on the Dorothy property.
Mountain Boy considers the Dorothy to be underexplored, especially given the presence of the nearby past-producers, the prospective geology enhanced by more modern interpretations and the encouraging results reported by Pretium Resource Inc. along the American Creek corridor on their adjacent property to the north.
This is an arm´s-length transaction and, in order to exercise the option, Mountain Boy must deliver to the vendor $5,000 and 100,000 shares upon regulatory approval, 100,000 shares and $15,000 on the first anniversary, 150,000 shares and $25,000 on the second anniversary, 200,000 shares and $25,000 on the third anniversary and 250,000 shares and $50,000 before the fourth anniversary. In addition, Mountain Boy has agreed to complete $500,000 of work during the option period. The vendor retains a 2.5-per-cent net smelter return royalty, of which one-half percent can be purchased for $1-million until 90 days after the start of commercial production. Mountain Boy is required to keep the property in good standing and carry out $500,000 of work over 4 years with $50,000 to be expended in the first year. The transaction is subject to the acceptance of the TSX Venture Exchange.
The Mountain Boy geological team is planning to integrate Dorothy into its exploration program on the MB Silver property. Currently, the team is finalizing its data compilation and preparing for the 2019 field season, which includes permitting for diamond drilling. Mountain Boy is looking forward to conducting both self- and joint venture-financed work on its projects.
The technical disclosure in this release has been read and approved by Dr. Paul Metcalfe, PhD, PGeo, a qualified person as defined in National Instrument 43-101.
About Mountain Boy Resources Ltd.
Mountain Boy is exploring a large and highly prospective property portfolio in the Stewart camp, at the southern end of the Golden Triangle in British Columbia. Mountain Boy has 200 square kilometres of mineral rights, located on or near roads and within 45 kilometres of the deepwater port of Stewart. Mountain Boy has a highly experienced geological team with extensive knowledge in the Golden Triangle and the Company is dedicated to maximizing exploration success by deploying a systematic and comprehensive exploration approach.
On behalf of the Board of Directors:
President & CEO
For further information, contact:
VP Corporate Development
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.