LONGUEIL, QC, Feb. 18, 2016 /PRNewswire/ - Earth Life Sciences Inc. (OTCQB: CLTS) ("Earth Life Sciences" or the "Company") is pleased to announce the total acquisition of 100% of Mining assets which the company has previously developed and explored. The Company is acquiring all of the assets of White Channel Project which is based in British Columbia, Canada and is comprised primarily of Silica-Gold. Earth Life Sciences, Inc. is also acquiring all of the assets of Gold Buck Project which is 35 miles east of Williams Lake, British Columbia, Canada, and is comprised primarily of Copper-Gold.
Earth Life Sciences Inc. has entered into an agreement with the principals of White Channel and Gold Buck projects for both assets. This agreement gives Earth Life Sciences Inc. full control and ownership of the two mining assets, subject to a Net Smelter Return (NSR) agreement.
White Channel (Silica-Gold)
Development of the White Channel (Silica-Gold) Project commenced by Earth Life Sciences Inc. in June of 2014. The Company is looking forward to large scale production in late summer of 2016.
Several reports are filed with The BC Ministry of Mines Branch detailing the quality of the silica,
sample test were analyzed by ALS Chemex on October 20, 2014. This material can be used for a host of product lines including landscape rock, cement additives, silicon feed, mica, artisanal clays concrete aggregates, agricultural fillers, paint, window and bottle glass, fiber optics, porcelain and ceramics. It can also be used for fracture sand in the oil and gas business and in the steel industry as a foundry mold sand and flux for steel manufacture.
Gold Buck (Copper-Gold)
The Gold Buck project has been extensively tested and shows strong mineralisation of Gold, Silver and Copper over an area of several square kilometres. The Gold Buck project is positioned to increase in value in the next commodity cycle and lies in an area of modern well developed infrastructure in the prolific Quesnel Trough in South Central British Columbia, Canada, a mining friendly, low cost development area. Induced polarization (IP) and resistivity survey depicts a large area of mineralization over 2,000 feet in strike length and open to the North and South.
The Management team of Earth Life Sciences Inc. believes the Horsefly Projects to be a strong play on Gold/Copper and Silica which was acquired at the bottom of the commodity cycle.
The Company will be announcing sampling details of Silica-Gold and commercialisation of Silica. Sampling results will be announced soon as per National policy NI 43-101 in due course.
The Company's CEO commented "These acquisitions strengthen our portfolio with two quality projects in highly desirable jurisdictions which have already showed us tremendous promise and value."
These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many risk factors that affect the industry the Company operates in and other risk factors listed from time to time in the Company's Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere. The forward-looking statements contained in this press release speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
SOURCE Earth Life Sciences Inc.