Vancouver, February 18, 2020 - Eclipse Gold Mining Corp.
(TSXV: EGLD) ("Eclipse" or "the Company") is pleased to announce that today the Company's shares begin trading on the TSX Venture Exchange ("TSXV") under the symbol "EGLD". In addition, Eclipse wishes to announce the hiring of Dr. Warwick Board as Vice President of Exploration for the Company.
Eclipse Gold Mining is a new Nevada-focused exploration company highlighted by:
- The district-scale Hercules Gold Property is located within Nevada's Walker Lane Trend;
- A senior management and technical team, headed by Michael G. Allen, and Dr. Warwick Board, who bring global precious metal exploration and corporate experience, particularly in Nevada. Mr. Allen was most recently CEO of Northern Empire Resources which was sold to Coeur Mining in October of 2018;
- A Board of Directors that have a record of excellence in the mining industry, including Marcel de Groot (Chairman), Douglas J. Hurst, Jeff Sundar, Hayley De Witt, and Darryl Cardey;
- A knowledgeable team of advisors including Nolan Watson, David De Witt, Adrian Fleming, Ray Threlkeld and David Awram;
- A strong treasury of approximately $5.4 million and a share structure with approximately 45% insider and close associates' ownership.
"We are extremely proud of the investment opportunity we have created and would like to thank the team of individuals who made this day possible." stated Eclipse's President and CEO, Michael G. Allen. "In addition, we are thrilled to welcome Dr. Warwick Board as Vice President of Exploration for the Company. Dr. Board has over 22 years of global mineral exploration experience and I look forward to working with him and the team on our Hercules Gold Property."
Dr. Board was most recently the Vice President Geology and Chief Geologist of Pretium Resources Inc. which, during his time with that company, transitioned from exploration to being a successful mid-tier producer with over 880,000 oz of gold having been produced since the start of mining in 2017. Dr. Board commented, "I am very excited to be working on the Hercules Project as it carries the potential to be a significant gold deposit in one of the best mining jurisdictions."
About the Hercules Property:
- Eclipse entered into a purchase and option agreement to acquire a 100% interest in 116 claims in August of 2019;
- A geological evaluation of the district lead the Company to expand the property via staking from six square kilometers to approximately 85 square kilometers;
- The Property is located within Nevada's Walker Lane gold trend, which hosts such notable mines as Round Mountain (Kinross), Castle Mountain (Equinox Gold), Sterling (Coeur) and Mesquite (Equinox);
- The Hercules Property hosts five low sulphidation epithermal gold targets within a district scale land package, all of which are permitted for drilling under a Plan of Operations;
- Historical Drill Results include highlights of 54.86 meters of 2.96 g/t Au starting at 59.44 meters (H1204), 75.29 meters of 1.00 g/t Au starting from surface (H835C), and surface channel samples of 16.80 meters of 1.78 g/t Au;
- Company sampling has highlighted a semi-continuous mineralizing system over an area of approximately 2.5 kilometers X 2.0 kilometers, including results ranging from below detection to 25.6 g/t Au and 839 g/t Ag ;
- Another target has been identified approximately 1.5 km to the south with surface samples ranging from below detection to 6.92 g/t Au, and historic drill hole BR0806 which returned 38.0 meters of 0.64 g/t Au;
- The Property is truck accessible and is located approximately one hour from Reno, Nevada.
The Company wishes to announce that it has granted an aggregate of 3,150,000 options to employees, directors and consultants to the Company. The options vest over a two-year time period and have a three-year term.
Michael G. Allen, P.Geo., President and CEO Eclipse Gold Mining Corp., and a qualified person ("QP") as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
Surface sampling on the project has been carried out by qualified geologists. Samples were transported in sealed bags by truck to ALS Minerals sample preparation facility in Reno, Nevada. Final assaying was done in ALS Minerals laboratory Facility in North Vancouver, BC for analysis. ALS Minerals operate according to the guidelines set out in ISO/IEC Guide 25. Gold was determined by fire-assay fusion of a 30 g sub-sample with atomic absorption spectroscopy (Method Au-AA23). Overlimit samples of Au were assayed by gravimetric means (Au-GRA21). Overlimit Ag were assayed four acid "ore grade" analysis (Ag-OG62). Multi-element data, including Hg was collected by ICP (ME-ICP61 and Hg-MS42).
For further information on the Eclipse Gold Mining Corp. please visit the Company's website www.eclipsegoldmining.com and refer to the technical report and prospectus filed on SEDAR.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael G. Allen
President, CEO and Director
Dylan Berg, Vice President of Investor Relations
Direct: +1 (778) 945-3949
Toll Free: +1 (844) 427-6453
Suite 1400 - 400 Burrard Street
Vancouver, BC V6C 3A6 Canada
Forward looking and other cautionary statements
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This press release includes "forward-looking information" that is subject to a few assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding listing of the Company's common shares on the TSXV are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions and general business conditions. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including those set out in the Company's final prospectus dated February 6, 2020 and filed under the Company's profile on SEDAR at www.sedar.com. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.