Vancouver, British Columbia, May 02, 2017 — Tasca Resources Ltd. (“Tasca”, “TAC” or the “Company”) (TSX Venture: TAC) (Frankfurt: 3TA) is pleased to announce that it has entered into a non-binding Letter of Intent (“LOI”) with Central American Mining Corp. (“CAMC”) to acquire 100% of Central America Mining S.A. a private Nicaraguan company (“CAM.SA”) which is the beneficial owner of the Fuente De Oro Property, located in the Municipality of Santo Domingo, Department of Chontales, Nicaragua.
Subject to completing due diligence TAC and CAMS, within 45 days of signing of the LOI, and subsequently signing a formal option agreement (the “Acquisition Agreement“), TAC will have a 100% ownership off CAM.SA on the signing of the Acquisition Agreement, issuing 2 million common shares and paying the Vendor US$66,000.00. The transaction is subject to the Company obtaining all necessary approvals from the TSX Venture Exchange.
Fuente De Oro Property
The Fuente De Oro property encompasses 85.7 square kilometers (21,178 acres) of mineral rights which is considered highly prospective for gold and silver. Exploration conducted by the original property owners led to the identification of a felsic intrusive center, flanked by silicification and extensive siliceous sinter (paleo-hotspring) deposits. Reconnaissance traverses over the area identified a broad zone of sub-angular to rounded surficial vein material highly anomalous in gold and silver. In total, 30 samples were taken, with values ranging from background up to 35.6 g/t gold and 224 g/t silver. These exploration results have not yet been verified by Tasca Resources Ltd
Fuente De Oro is located on strike and is less than 10 km’s away from B2Gold Corp.’s 100% owned La Libertad open pit gold mine. The La Libertad mine produced 132,431ounces of gold with an operating cash cost of $659 per ounce in 2016. . B2Gold Corp.’s Jabali Central and Jabali Antenna projects which are within 5KM of Fuente De Oro, are scheduled to go into production Q3. (http://www.b2gold.com/projects/producing/la-libertad/). La Libertad and Jabali are low-sulphidation adularia-sericite gold silver systems. The data on the La Libertad and Jabali deposits has not been independently verified by Tasca Resources Ltd. Further, the presence of mineralization on these two B2Gold Corp. properties in not necessarily indicative on mineralization on the Fuente De Oro property
Tasca Resources Ltd. is a Canadian based mining company that is focused on acquiring properties through strategic joint ventures and property acquisitions. Tasca has signed a Property Option Agreement to acquire the Bleiberg zinc-lead-germanium-fluorite project, located in southern Austria, west of the city of Villach.
The scientific and technical information contained in this news release has been reviewed and approved by R. Tim Henneberry, P.Geo., an independent consulting geologist who is a “Qualified Person” as such term is defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
For additional information regarding the above noted property and other corporate information, please visit the Company’s website at www.tascaresourcses.com
ON BEHALF OF THE BOARD OF DIRECTORS
Clive H. Massey
President & CEO