Vancouver, B.C., November 6th, 2012 - Berkwood Resources Ltd. (TSX-V: BKR) (the “Company” or “Berkwood”) announces that the TSX Venture Exchange has accepted for filing the property option agreement dated Nov. 1, 2012, between Berkwood Resources Ltd. and two individuals (the “Vendors”) whereby Berkwood has been granted an option to acquire a 100-per-cent interest in an additional 53 claims (the “Property”) adjoining the Peter Lake Copper Property, located near Mont-Laurier, Quebec. Consideration is $160,000 and 750,000 units and 1.5 million common shares payable over eighteen months. Each unit comprises one common share and one common share purchase warrant that is exercisable into a common share at $0.10 per share for a 24 month period. Upon exercise of the option the Company shall pay the vendor a net smelter royalty or equivalent of 2 per cent on all metals produced from the property with the right to buy back 1 per cent at any time for $1-million subject to further exchange review and acceptance.
The Peter Lake Property:
The Peter Lake Property now consists of 107 contiguous claims, increasing the total size to 5086 Ha. The Peter Lake Property is located in the Mont-Laurier Terrane, in the Central Grenville Province, Quebec. The Property lies within a sequence of metasedimentary rocks, felsic intrusives and gabbros. Copper-Nickel mineralization in the area has been traced by prospecting for more than 2 km within late gabbroic dykes along northeast controlling structures. Recently six check grab samples were collected from the two main mineralized zones at Peter Lake and returned assays ranging from 0.42% to 22.83% Copper and 0.13% to 0.73% Nickel as well as elevated gold, silver and cobalt values.
A phase 1 exploration program is underway on the property consisting of channel sampling and preparation for Bulk Sampling. The planned Bulk Samples are to be taken from the mineralized zones (about 2,000 tonnes) for metallurgical testing, and to determine bulk copper and nickel grades for comparison with mean channel sampling grades to guide future work.
Berkwood recently commenced construction, upgrading and extending existing access roads on the Peter Lake Copper Property to allow for heavy vehicle access to the mineralized zones, necessary for planned Bulk Sampling to be conducted at the zones, along with ongoing advanced field work.
To view maps and photos of the Peter Lake Copper Property, please click here.
This news release has been reviewed and approved by Alain Moreau, P. Geo., who supervised the preparation of the technical information in this news release. Alain Moreau a Qualified Person as defined by National Instrument 43-101.
About Berkwood Resources:
In addition to Peter Lake, Berkwood holds a 100% interest in the Company’s flagship property, the Prospect Valley Gold Property near Merritt, BC. Several areas of gold mineralization have been identified on the 10,871 Ha property. The majority of historic drilling has taken place in the centre of the claim block along the Discovery Trend. To date this drilling has outlined an extensive low grade epithermal gold system with indications of potential for additional and higher grade mineralization. The zones remain open for expansion and other known zones of gold mineralization have yet to be drilled. (See Berkwood news release dated January 25, 2012 for details).
Berkwood also has the option to earn a 100% interest in the Lac Guéret East Graphite Property in Quebec. The 3,186 Ha property borders the eastern boundary of Mason Graphite’s advanced Lac Guéret Graphite Project. A 2009 technical report by Tekhne Research which covered 17% of Mason Graphite’s Lac Guéret Property estimated a resource of 8.9 million tonnes grading 20.8% Graphite. During prospecting the first Graphite bearing zone at the Lac Guéret East Graphite Property has been discovered. The Graphite bearing zone, which is traceable at surface extends a minimum of 55 metres, has a mean true width of 4-5 metres and is trending NE. Results of the assays from prospecting and other fieldwork will be released when received by the Company.
To view details, maps and photos of all of Berkwood’s properties please click here.
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On Behalf of Berkwood Resources
Brian Buchanan, President and Director
For additional information please contact:
Karim Sayani, Corporate Communications
Tom Steer, Media Relations Manager
Forward Looking Statements
This Berkwood News Release may contain certain "forward-looking" statements and information relating to Berkwood that are based on the beliefs of Berkwood's management as well as assumptions made by and information currently available to Berkwood's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitation, competitive factors, general economic conditions, relationships with strategic partners, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Except as required by law, Berkwood does not assume the obligation to update any forward-looking statement.
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 news release.