Vancouver, BC – Mountain Boy Minerals Ltd (“Mountain Boy” or the “Company”) (TSX.V: MTB; Frankfurt: M9U) announces it has received an update on drilling at the Red Cliff property from Decade Resources Ltd., its joint venture partner and operator on the project. Mountain Boy Minerals holds a 35-per-cent interest in Red Cliff.
Key points, as reported by Decade:
- The drilling program has been extended at Red Cliff based on visual results in the 2018 drill core.
- Drilling has completed 53 holes to date on the Waterpump and Montrose zones.
- The area of the Waterpump and Montrose zones are located along 400 metres of length in a structure that has been identified over a 2.3 km length.
- Drilling is using existing drill pads with present holes testing deeper than previous ones.
- The drill has been moved and further drilling is being conducted 50 metres south of the initial 2018 Montrose drilling.
The property consists of 8 Crown Granted claims along Lydden Creek, just north of the town of Stewart, B.C. It is accessible by road approximately 1.5 kilometres from paved highway 37A and is underlain by lithologies of the middle Jurassic Hazelton Group. These rocks host significant precious and base metal deposits in the Stewart Camp including the Silbak Premier, Silver Coin, Sulphurets, Red Mountain, Scottie Gold and Eskay Creek deposits.
In addition, Mountain Boy announces that it has closed the first tranche of its private placement announced August 17, 2018 of flow-through common shares. A total of 1,812,500 flow-through shares, were issued at an offering price of $0.08 per FT Share for gross proceeds to the Company of $145,000. The proceeds of the private placement will be used for property exploration. The flow-through shares issued under this placement are subject to a four-month hold period until January 5th, 2019.
Ed Kruchkowski, P. Geo., a qualified person under National Instrument 43-101, is in charge of the exploration programs on behalf of the Company and is responsible for the contents of this release.
About Mountain Boy Resources Ltd.
Mountain Boy Resources is a Canadian-based mineral exploration company with a property portfolio of gold and silver projects within the Stewart region in the very prolific Golden Triangle region of British Columbia. In addition to the Red Cliff interest, Mountain Boy Resources own 100 per cent of the high-grade MB silver project, and 100 per cent of the BA and Surprise Creek volcanic massive sulphide (VMS) copper-lead-zinc-silver projects. The Company is in the process of exchanging a 20 per cent interest in the Silver Coin project for 3,746,874 shares of Ascot Resources Ltd. For a complete listing of the Company assets and developments, visit the Company website at www.mountainboyminerals.ca.
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.