VANCOUVER, BRITISH COLUMBIA–(Marketwired – Aug. 23, 2016) – Alianza Minerals Ltd. (TSX VENTURE:ANZ) (“Alianza” or the “Company”) announces that partner, 50 King Capital (“50 King”) has informed the Company that it will not pursue its option to earn an additional 20 percent interest (for a total of 70 percent) in the Yanac Copper Property, located in the Ica Department of southern Peru. Under the terms of the Yanac agreement, 50 King will relinquish its 50% interest in the property in return for a 0.5% Net Smelter Royalty.
Jason Weber, President and CEO of Alianza stated, “With full control of the Yanac Property, we are now able to partner with a group to take the next step at Yanac which is to test it with drilling.”
The Yanac Project is located approximately 60 km inland from the Pacific coast and 50 km from the town of Chincha Alta, in the department of Ica. It was acquired as a result of a regional exploration alliance with Cliffs Natural Resources. Prior to divesting its interest to 50 King, Cliffs brought Yanac to the drill-ready stage, identifying a 1.1 x 1.25 km area of porphyry style alteration and mineralization (pyrite-chalcopyrite-copper oxide-molybdenite) surrounded by a halo of quartz-pyrite veining. Results of an Induced Polarization geophysical survey indicates a potentially larger mineralized body at depth. A drill program had been planned by Cliffs, but was not completed due to a change in management at Cliffs in 2014, and a subsequent strategic shift away from mineral exploration.
The Board of Directors has accepted the resignation of Mr. Adrian Fleming as a Director of the Company. Management and the Board sincerely thank Adrian for his contributions to Alianza and is predecessor Tarsis Resources.
“Adrian is a highly regarded member of the mineral exploration community and we are grateful for his input and contributions to Alianza over the past 6 years,” stated Mark T. Brown, Chairman of Alianza. “We wish Adrian well in his future endeavours.”
Mr. Fleming’s resignation is effective August 23, 2016. The Company does not have any plans to add another board member at this time as it recently appointed Mr. Geoff Chater as a Director. The Board now consists of Mark T. Brown (Chairman), Marc Blythe, Geoff Chater, Craig Lindsay, John Wilson and Jason Weber.
About Alianza Minerals Ltd.
Alianza increases the chances of success in mineral exploration by using the “Prospect Generator” business model, focussing on gold and copper exploration in Latin America and Nevada.
The Company has 25.8 million shares issued and outstanding, and is listed on the TSX Venture Exchange (TSX VENTURE:ANZ). Mr. Jason Weber, BSc, P.Geo., Alianza’s President and CEO is a Qualified Person as defined by National Instrument 43-101.Mr. Weber supervised the preparation of the technical information contained in this release.
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 RELEASE. STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY’S FUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.