Berkwood Resources Ltd. (“Berkwood”) (TSX-V: BKR) announces it has entered into an agreement to acquire 1084422 B.C. Ltd., a private B.C. Company, which sole asset is the Cobalt Ford Property. The Cobalt Fold Property (“the Property”) is located in the Côte-Nord area of Quebec. The Property is made of one block of 40 claims, totaling approximately 2,176.19 hectares or 21.76km2. The property is situated near extensive infrastructure. The Manic 5 hydro electrical dam is located approximately 15 km south of the Property and can provide lodging, food and other services as well as an airport.
Geological mapping in the area of the Property was performed in 1977, 1997, 2005 and 2006, and revealed the presence of multiple sulphide mineralization. Cobalt values of 904.3ppm and 1480ppm have been returned from rock sampling. A drilling campaign happened in 2006, which focused on the western half of the property. In 1996, 2004 and 2006, airborne magnetic and radiometric surveys were performed over the property.
The property contains three base metal showings. The Lac Paradis 1 showing is located on the western part of the property and was drilled by Quinto Technology. Best results returned 4.64% Ni, 2.37% Cu, 0.12% Co, 19ppb Pt, 110ppb Pd and 168ppb Au. In the center of the property is the anomaly EM C2 showings which returned up to 1554ppm Cu, 229ppm Ni and 5.6ppm Ag. On the eastern part of the property is the anomalies EM E2 showing, which returned up to 0.19% Cu, 0.09% Ni, 0.04% Co and 3.1ppm Ag.
In the vicinity of the Property there are numerous base metal showings. Approximately 6km south of the Property is the Anomalies EM H1-H2. Grab samples were collected and the best samples returned 0.16% Ni, 0.67% Cu and 0.02% Co. Located 10km east of the Cobalt Ford Property is the anomaly K15L2. Grab samples were collected on this anomaly and the best samples returned 0.50% Cu. Figure 1 shows the location of the showings and the claim package. The Company intends to explore the Property using till sampling and prospecting as part of its summer exploration program.
Figure 1: Pending Claims on the Property
The acquisition is an arm’s-length transaction in which the Company will issue 2,400,000 common shares by way of a share exchange agreement and a cash payment of $15,000. There are no royalties payable and the Company will own 100 % of the property. The issuance of the acquisition is subject to TSX Venture Exchange approval.
Rémi Charbonneau, Ph.D., P. Geo #290 (an Associate of Inlandsis Consultants s.e.n.c.) is an Independent Qualified Person under National Instrument 43-101, and has reviewed and approved the technical information provided in this news release.
ON BEHALF OF THE BOARD
President and Director
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements, which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect.
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