TLC Explorations Inc. (TLCX) completes Helicopter-Borne Mag/Em Geophysical Survey; completing NI 43-101 Technical Report and Issues Flow-Thru Offering - Monday, December 15 2008
Management of TLC Explorations Inc. (TLCX) is pleased to announce that the company has completed an airborne survey on the approximately 2,500 acre TLCX/Advandtel Minerals (Canada) Inc. property situated in the Beardmore-Geraldton Gold Camp, east of Thunder Bay, Ontario. TLCX has a 25% carried interest in the above named property and a 100% interest in the adjoining "Vega Property" of which the Vega property produced over 115 samples averaging .31 opt Au, with some samples over 2.00 opt Au.
The Helicopter-Borne Mag/Em Geophysical Survey was completed on TLC's behalf by Prospectair Geosurveys Inc. of Gatineau, Quebec. The resulting magnetic and electromagnetic data, which included 221 km of coverage, revealed four primary target trends that are prospective for iron formation and/or shear vein hosted gold.
These results support further work to be performed on the properties, including stripping, geologic mapping and surface sampling in preparation for a drilling program to be initiated during the 2009 season.
In addition, management has contracted Prospectair to perform an addition low-level mag-only survey to delineate additional targets; to be completed shortly.
Management has also contracted Ronnie Therriault of Contract Geologist to provide services relating to the preparation of a NI 43-101 Technical Report for the company. Contract Geologist is presently in discussions with APEX Geoscience Ltd. of Edmonton, Alberta to complete the final phase of the report.
Directly adjacent to the west of the property Kodiak has acquired the Maki claims, known as the Maki Midas. In a recent report (December 3rd, 2008) Kodiak states that the company "has identified a zone at least 1000 metres long that is currently being drilled. This mineralized zone is part of an extensive gold bearing structure that extends for at least five kilometres on Kodiak property and remains open within a regional structure that is over 100 kilometres long. It has produced grab and channel samples that grade up to 17 gpt gold. Drilling is ongoing and logging of the core confirms intercepts of the same style and type of gold mineralization seen on the surface. Assays are pending. The Maki Midas system remains open both on strike and at depth, and further exploration is planned on it for 2009."
Management of TLCX has reason to believe, based on the recent mag-geo survey and historical information on its properties that the gold bearing structure outlined by Kodiak on the Maki Midas may continue to the east and as a result further work including drilling is warranted on the property.
Management is pleased to announce that based on the mag-geo survey results and other information obtained from the NI 43-101 Technical Report, on the TLCX/Advandtel Minerals property, a flow-thru offering is warranted at this time.
The offering will consist of 1,000,000 units ("Units") of the Company at $1.00 per FT Unit.
Each FT Unit consists of one common share, to be issued as a flow-through share (as defined in Subsection 66(15) of the Income Tax Act (a "FT Common Share") and one common share purchase warrant (a"Purchase Warrant"). Each Purchase Warrant entitles the holder to purchase one Common Share at an exercise price of C$1.50 for 6 months from closing.
The proceeds from the Offering shall be used to conduct exploration activities on the Company's property interests in Ontario. Proceeds from warrants exercised will be used for working capital and may be invested in other mineral properties or companies, private and/or public, including investments in oil and gas prospects.
For further Information contact:
Charles J. Elbourne, President
TLC Explorations Inc. E-mail: info@tlcexplorations.com Phone: 416-849-1223
