Electra Stone Ltd. Enters Into Option Agreement on Polar Placer Jade Property
VANCOUVER, May 20th, 2015(TSXv: ELT) (FSE:A14NCM) (the “Company” or “Electra”) is pleased to announce that it has entered into an option agreement with D.Javorsky Prospecting Inc. (“Javorsky”) where Electra can acquire a 100% interest, subject to TSX Venture Exchange (“Exchange”) acceptance, in the Polar Jade Placer (Alluvial) Property (the “Property”), Located in the Liard Mining Division, British Columbia. The property consists of 12 placer claims and is 1490 Hectares in size.
The Polar Placer Jade Project is situated approximately 40 km east of the Town of Dease Lake, British Columbia, along the Boulder Creek Mining trail and approximately 1 km north of the Polar Jade™ Mine, one of Canada’s premier Jade mining operations. “The famous gem-grade discovery at the Polar Mine secured Canadian Jade’s fame as a world class gemstone producer.”(Industrial Minerals with emphasis on Western North America, 2004)
The region is underlain by upper Mississippian to Permian ultramafic rocks of the Cache Creek Complex. These rocks consist of peridotite, dunite and pyroxenite which are generally serpentinized. The rocks locally include pods of nephrite jade. (BC Government Minfile 104I 083)
Sales price and volume of B.C. Nephrite Jade has reportedly increased significantly over the past several years according to private producers. Increased interest in Nephrite Jade in South-East Asian countries, specifically China is the primary reason for the rise in demand.
John Costigan President of ELT stated that “The Polar Jade acquisition continues to enhance our Jade strategy by acquiring gem-quality opportunities within the jade space. In addition, we believe that the substantial deposits and the toughness and beauty of even non-gem grade BC Nephrite Jade is ideally suited as a new entry into the dimensional stone business”
Polar Jade Project Map
On behalf of the Board of Directors
President and Director
National Instrument 43-101 disclosure
John Gorham, B.Sc ., P. Geo., Electra Stone, a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
This press release contains forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “reportedly”, “proposed”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company’s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company’s profile on SEDAR at www.sedar.com.