White Knight - Acquisition of Crooked Coyote Project.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Nov. 26, 1996--White Knight Resourc(VSE See DOS/VSE. VSE - Virtual Storage Extended WKR WKR Wrecker WKR Watchkeeping Receiver (maritime) .) White Knight White Knight falls off his horse every time it stops. [Br. Lit.: Lewis Carroll Through the Looking-Glass] See : Awkwardness White Knight invents clever objects that never work. [Br. Lit. is pleased to announce the acquisition of the Crooked Coyote project located in the Independence gold trend of north-central Nevada. The Company can earn a 100 percent interest in 103 mining claims by making advanced royalty payments on an annual basis and by paying a 3 percent net smelter royalty on production. The claims are located about 50km northwest of the town of Elko, Nevada. The property covers a large epithermal hot spring gold system hosted in volcanic rocks. The system includes a large siliceous sinter containing up to 232ppb gold associated with an abundant amount of stibnite stibnite (stĭb`nīt), antimony sulfide, Sb2S3, a mineral, silvery gray in color, with a metallic luster. It crystallizes in the orthorhombic system. . The sinter sinter Mineral deposit with a porous or vesicular texture (having small cavities). Siliceous sinter is a deposit of opaline or amorphous silica that occurs as an incrustation around hot springs and geysers and sometimes forms conical mounds (geyser cones) or terraces. is highly anomalous in the pathfinder elements antimony antimony (ăn`tĭmō'nē) [Lat. antimoneum], semimetallic chemical element; symbol Sb [Lat. stibium,=a mark]; at. no. 51; at. wt. 121.75; m.p. 630.74°C;; b.p. 1,750°C;; sp. gr. (metallic form) 6. , arsenic and mercury and is located along a well-developed northeast striking fault that trends into the Independence window 10km. to the northeast. The Independence window contains in excess of 10 million ounces of gold in several deposits hosted in lower plate limestones along northeast and eastwest striking faults. Two types of gold deposit are being targeted on the Coyote Creek property. The first is a volcanic hosted hot spring type gold deposit and the second is a sediment hosted Carlin car·line or car·lin n. Scots A woman, especially an old one. [Middle English kerling, from Old Norse, from karl, man.] type deposit at some depth beneath the volcanic cover. Exploration plans for the project include detailed geological mapping, rock sampling, and geophysical surveys. Drill targets will be selected on the basis of this work. The Crooked Coyote project is the tenth and most recent property acquisition and is a continuation of a focused exploration effort in Nevada. White Knight will continue to acquire gold projects in Nevada with emphasis on sediment hosted gold systems in north-central Nevada. The Company plans to select a few of its more advanced projects for drilling and will be seeking joint venture and option agreements with major mining companies for the other projects. The recently announced equity financing of White Knight has been withdrawn under mutual agreement of the Company and its agents due to market conditions. The Company has sufficient funds to finance its plan of operations through to 1998. On behalf of the Board of Directors: James M. McDonald, P.Geo. Director -0- This news release was prepared by management and they accept responsibility for its accuracy. The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has neither approved nor disapproved the information contained herein. CONTACT: White Knight Resources Ltd. James M. McDonald, P.Geo., 604/ 681-4462 |
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