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| | Fri Jul 16, 2004
Dasher Enters into Option Agreement for La Juliana Gold Property, Sonora State, Mexico
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| | Dasher Exploration Ltd. (the "Company") is pleased to announce that it has entered into a definitive option agreement (the "Option Agreement") with Chesapeake Gold Corp. ("Chesapeake") (TSX-V: CKG) for the acquisition of a 60% interest in the La Juliana Property, a high-sulfidation gold prospect located in eastern Sonora State, Mexico. The property is subject to a 1% NSR in favour of the original vendor which may be repurchased for U.S. $1.0 million.
The La Juliana Property covers 700 hectares and is accessible by an all-weather road. La Juliana is a volcanic-hosted, bulk tonnage, epithermal gold prospect that exhibits similar geological characteristics to El Sauzal (3.2 million ounces) and Mulatos (3 million ounces), the only two other high-sulfidation gold deposits known in Mexico. The prospect area is situated at the north end of a three-kilometer-long silicified ridge, which appears to represent a large epithermal "silica cap."
The gold mineralizing system at La Juliana appears to be both structurally and lithologically controlled. Zones of high-grade gold mineralization extend for more than 500 meters along a major north-northwest trending fault. Several historical rock chip samples taken from pits excavated along the fault, two to three meters deep returned gold grades ranging between 13.0 g/t and 77.2 g/t. The mineralization is hosted in a series of gently north-east dipping dacites and rhyodacites and is commonly associated with quartz, clays, hematite and alunite. Significant gold grades also occur in secondary structures such as crosscutting fractures and breccia zones as well as in sub-parallel fault structures up to 300 meters away.
In order to earn its interest under the Option Agreement, the Company must pay $100,000 and issue 250,000 shares to Chesapeake upon receipt of regulatory approval, pay $135,000 and issue 250,000 shares to Chesapeake when the Company commences drilling on the property, and pay in October 2005, on behalf of Chesapeake, US$450,000 to the original vendor of the property. In addition, the Company must incur an aggregate US$2,000,000 in expenditures over a period of three years, US$500,000 of which the Company must expend during the first year.
Once the Company has acquired its interest, Chesapeake may elect to buy back a 20% interest from Dasher in the property such that Chesapeake and Dasher hold 60% and 40% respectively, by paying $1,000,000 to the Company and incurring all expenditures necessary to obtain a feasibility report on the property.
A condition of the Option Agreement is that the Company must demonstrate its ability to finance initial expenditures by having subscriptions for a new equity financing of no less than $500,000 in hand at the time of execution of the Option Agreement. Subject to regulatory approval, the Company will undertake a non-brokered private placement of 1,429,000 units at a price of $0.35 per unit to raise proceeds of $500,000. Each unit is comprised of one common share and one half of a share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.57 per share for a period of one year. No finder's fee or commission will be paid in respect of the private placement.
Upon the closing of this transaction the Company will immediately begin a program that will include trenching, geochemical sampling and geophysics to further delineate and expand drill targets previously defined by Chesapeake.
A technical report on the La Juliana Property is currently being prepared in accordance with the requirements of National Instrument 43-101 by Jim Chapman, P.Geo (BC), a "qualified person" as defined by National Instrument 43-101.
The Option Agreement is subject to regulatory approval.
ON BEHALF OF THE BOARD OF DIRECTORS
John Lando
President
For information with respect to the Company or the contents of this news release, please contact the Company at (604) 669-2701 or toll free at 1-800-663-0510 or visit the web site at http://www.dasherexploration.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. |
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| | You can view the Next News Releases item: Tue Oct 26, 2004, Dasher Commences Work at La Juliana
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