Eureka Resources Inc. (TSX-V “EUK”) was incorporated in 1981 and has focused on the exploration and evaluation of mineral properties in order to create wealth for its shareholders. The Company is governed by a seasoned Board of Directors and Management Team.
FG Gold Project, British Columbia
Eureka has held the FG property since 1982. To date over $15.0 million of exploratory work has been completed on the FG property by ASARCO, AMOCO and Hawthorne Gold Corp. The historical exploration has established a Measured and Indicated gold resource of 376,000 ounces at an average grade of 0.776 g/t gold, using a cut-off grade of 0.5 g/t gold, and an Inferred gold resource of 634,900 ounces at an average grade of 0.718 g/t gold, using a cut-off grade of 0.5 g/t gold. Mineralization has been outlined over a strike length of 3 kilometres, and has the potential for additional mineralization that could extend along an interpreted strike length of over 10 kilometres (for further information see “NI 43-101 Technical Report, Frasergold Exploration Project, Cariboo Mining Division, dated July 27, 2015” available at www.sedar.com or under the Projects heading on this website).
Eureka received encouraging assay results from its fall 2015 exploration program at the FG property. This exploration program consisted of geochemical sampling to extend existing grids an additional six kilometres to the northwest along trend of the known gold mineralization at the Main Zone.
The Company continues to evaluate historical exploration work to develop new drill targets at the FG property. Eureka is currently assessing financing alternatives for additional exploration at the FG property. The Company is actively seeking joint venture partners for the property.
Gemini Lithium Project, Nevada
Eureka recently entered into an interim agreement with Nevada Sunrise Gold Corporation (“Nevada Sunrise”) (TSXV: NEV), which gives it the right to acquire a 50% participating interest in the Gemini Lithium Project (“Gemini”) located in the western Lida Valley, Nevada. Gemini hosts two sub-basins that have the potential for lithium-bearing brines similar to the proven lithium brine deposits located in the Clayton Valley. Lithium occurs in economic quantities within brines in the Clayton Valley where the only producing lithium mine in North America is located. Gemini is situated in a similar geologic environment and is 40 kilometres southeast of the Clayton Valley.