Golden Peaks Acquires the Foubert Lake Property
Trading Symbol: GP
GOLDEN PEAK MINERALS INC.
200 – 551 Howe Street Vancouver, BC V6C 2C2 Tel: 604 683-8610 Fax: 604 683-8605
Golden Peaks Acquires the Foubert Lake Property
Vancouver, BC, June 29, 2015 Golden Peak Minerals Inc. (the “Company”) is pleased to announce it has entered into a formal purchase agreement to acquire a 100% undivided interest in the Foubert Lake Property (“the Property”) located in the Carheil Township, approximately 230 km North-West of Vald’Or, Quebec.
The Foubert Lake Property consists of 11 claims for a total of 556 hectares and is located in Carheil Township approximately 230 km North-West of Val-d’Or and 24 km west of the SelBaie Mine, in the Abitibi area of Quebec. The Property is accessible by an all-weather road which runs north from LaSarre (120km) to Theo River via the Casa-Berardi Mine, then by a secondary logging road.
The Property is located in the Harricana-Turgeon Belt, within the prolific Abitibi greenstone belt. The Harricana-Turgeon belt is largely comprised of meta volcanic- sedimentary rocks with lesser granitic and gneissic masses. The belt hosts several polymetallic (mostly volcanogenic massive sulphide “VMS”) and gold deposits, including the past and present producing Mattagami Lake Mine (Xstrata Zinc), Eleonore Mine (Goldcorp), Phelps Dodge Mine, Selbie Mine (BHPB), Estrades Mine (Breakwater Resources Ltd.), and Casa-Berardi Mine (Horizon MinesProperty geology consists largely of pillowed and brecciated mafic volcanic rocks with minor interlayered cherty tuffs and felsic dykes. Several polymetallic sulphide occurrences have been identified in the central portion of the Property. Sulphide mineralization consists of pyrrhotite, pyrite and chalcopyrite. Malachite and limonite have also been noted on heavily oxidized surfaces.
The earliest recorded work on the Property goes back to 1960 by Davian Exploration Ltd followed by
Selco Mining Corp.(1975) Sullivan Mines (1981-1983) Minéraux Morrison (1989), Sphinx Exploration
Inc. (1992), F. Valiquette (1995), Mirandor Exploration (1997). Since 1960, a number of airborne and
ground geophysical surveys including EM and magnetic have been completed over portions of the
Property during the past fifty years. In addition to the geophysical surveys, property wide prospecting
and mapping and a total of nine drill holes have been completed on the Property, eight of these in 1995.
The outcome of these exploration campaigns resulted in the discovery of several polymetallic sulphide
occurrences associated with EM anomalies in the central part of the Property. Mineralization was
intersected in three of the historical drill holes that are located in the northeast corner of the property. The
best results were 0.07 g/t Au, 1.65 % Cu and 9.5 g/t Ag over 0.9 m as well as 0.18 g/t Au, 0.67 Cu and 3.5
g/t Ag over 1.00 m. in drill hole CA-95-02.
The Company can acquire 100% undivided interest in the Foubert Lake Property by the issuance of 1.2 million shares to 6214860 Canada Ltd. and a cash payment of $11,000 and 1,200,000 shares to GD Solutions Minieres Inc within 5 business days of receipt of TSX Venture Exchange (“Exchange”)
approval of the Transaction. The vendors have retained a 1-per-cent net smelter return royalty (NSR) which may be purchased at any time up for $500,000.00
The completion of the Transaction is subject to TSX Venture Exchange approval.
Finally, the Company announces the appointment of Dominic Verdejo to its board of directors. Mr. Verdejo Dominic Verdejo is the President and CEO of Bullion Gold Resources Corp. He has over six years of experience in the venture capital markets, specializing in the design and implementation of market strategies and corporate development. Mr. Verdejo has particular expertise in the mineral exploration and development sector and has been heavily involved in the financing of many successful public companies.
The Company also announces that Jerry A. Minni has resigned as a director and chief financial officer of Golden Peak Minerals Inc. The company's board of directors thanks Mr. Minni for his service to the company and wishes him success in his future endeavours.
Stephen B. Butrenchuk, PGeo, registered in the province of British Columbia, is thequalified person as defined by NI 43-101, who has reviewed and approved the technical information contained in this release.
GOLDEN PEAK MINERALS INC.
Per: “Robert Coltura”
Robert Coltura President Telephone: 604 683-8610
NEITHER 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.