Kirkland Lake, Ontario – (July 11, 2017) – RJK Explorations Ltd. (TSX VENTURE: RJX.A) wishes to update the progress on the drilling of Deep Hole 1 at the Maude Lake Gold Property. Drilling was proceeding ahead until reaching 627 meters on the way to a target drill length of 1050 meters. At approximately 620 meters, drilling encountered a zone of ultramafic volcanics at which point the drill rods began binding and drilling had to be suspended. After attempting to correct the problem over a four day period, it was determined that proceeding further was not possible and the hole has now been abandoned.
RJK confirms that there are several ultramafic volcanic units within the stratigraphy, the hole collared in one and ended in a second ultramafic volcanic unit. Various zones of mafic volcanics, felsic volcanics, pillowed mafic volcanics, a diabase dyke and altered mafic volcanics were encountered in the drilling up to the depth the hole was abandoned. Unfortunately, drilling was halted far short of the target drill length of 1050 meters and no significant mineralization was encountered to that point.
RJK is now considering its options, one of which could be to drill a new hole from a different location. The geological and geophysical data relevant to this drill target location as well as the drilling data from the abandoned hole is now being analysed and a determination on the next step will be made shortly.
RJK has closed on the sale of the Blackwater Properties to New Gold Inc. and the $1 million payment has been received. RJK now has approximately $1.1 million in working capital with approximately 18.7 million shares outstanding.
William MacRae, M. Sc. P.Geo, is a Qualified Person as defined under National Instrument 43-101 standards and has reviewed the preparation and approved the technical disclosure in the news release.
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.
Disclosure Regarding Forward-Looking Statements: This press release contains certain “Forward-Looking Statements” within the meaning of applicable securities legislation. We use words such as “might”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “estimate”, “forecast” and similar terminology to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. While RJK believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward looking statements and forward-looking information.
For further information, please contact:
Glenn Kasner, President
Telephone: (705) 567-5351
Mobile: (705) 568-7567