CSE SYMBOL: SRS

Shamrock Enterprises Inc. Drilling Update

News Release

CSE: SRS

January 31, 2017

 

Shamrock Enterprises Inc.  (“Shamrock” or the “Company”) is pleased to announce results from its recent diamond drilling program at the Fireweed Property located approximately 60 km east of Smithers, B.C. in the Omineca Mining District.


The drill program, completed in December 2016, consisted of 5 NQ size diamond drill holes for a total of 946.9m. The Drill Program at Fireweed tested the ‘South Zone’ possible polymetallic target defined by a broad magnetic response. Additionally a geochemical base-metal anomaly in the South Zone area consisting of historical localized float sampling returned up to 479 g/t Ag, 2.6 g/t Au, 0.28% Cu, 2.6% Zn and 1.3% Pb. The drill program was designed to test across strike of the magnetic anomaly as well as the north edge targeting possible lithological contact zones which are historically known to be favourable host for exhalative style sulphide mineralization.

Detailed core logging shows the magnetic anomaly is underlain predominantly by mafic and lesser andesitic volcanics. The magnetic response is explained by weak/moderate but consistent disseminated magnetite ± locally well-developed hematite alteration zones. Also one hole (FW-16-04) intersected a contact zone between mafic volcanics and strongly developed graphitic argillite. However no significant sulphide mineralization was returned from the drill program.

A total of 41 samples were submitted to ALSGlobal for multi-element analysis. Due to the paucity of sulphide mineralization the 41 samples targeted localized alteration zones and/or any intercepts with up to 10% quartz-carbonate veining. The assay results did not return significant economic mineralization confirming visual observations from core logging.

The drill program was the first significant exploration to test the magnetic anomaly and while assay results were less than expected it does confirm the presence of laterally extensive altered volcanics previously unknown on the property. Coupled with the presence of known Ag-Zn-Pb economic mineralization 2km to the northwest (described below) hosted within clastic sediments the area warrants further work. Recommendations include; a phase 1 airborne geophysical EM survey, a phase 2 grid soil geochemical survey to cover possible geophysical anomalies outlined during phase 1 and diamond drilling of new targets. Drilling in the West Zone discovery has defined a mineralized area 300 meters long which is open along strike and to depth. Shamrock intends to carry out the 2017 minimum work expenditure of $200,000 upon completion of additional financings during 2017 which may include diamond drilling new targets and/or the West Zone discovery.  

The contents of this news release have been reviewed and approved by Plen Dickson, P.Eng., a Qualified Person as defined in National Policy 43-101.   

About Fireweed: The Fireweed Property includes 8 Mineral claims totaling 2,411 Hectares (24.11 square kilometers) and lies within a structurally complex area at the south margin of the Skeena sedimentary basin in an area known as the Skeena Arch, hosting a number of porphyritic igneous intrusions. The Babine Lake porphyry copper belt is host to a number of large porphyry copper deposits, including the Bell and Granisle Mines which were operated by Noranda Minerals Inc. between 1966 and 1992 producing a total of 1.14 billion pounds of copper, 3.47 million ounces of silver and 634,000 ounces of gold. Considerable geological work and subsequent interpretation has been done in the Babine Lake - Fulton Lake area by the B.C. Geological Survey Branch in the past 15 years to assist and encourage further mineral exploration in this prolific copper/porphyry district. The Fireweed deposit is a new polymetallic (Ag, Zn, Pb, Cu, Au) discovery of massive sulfide and disseminated sulfide replacement type mineralization. The main mineralized horizon covers more than 5.0km of strike length, 50 to 100+ meters of stratigraphy, and 100+ meters of dip extent. It is hosted within Cretaceous age Skeena Group sediments and volcanics and intruded by post-mineral Tertiary Quartz Latite dykes. Current interpretation suggests that mineralization occurs within and is associated with a stratovolcano environment exhibiting a Cu, Pb, Zn, Ag, Au, Mn, Cd, As, W, Sb geochemical signature.

About Shamrock: Shamrock Enterprises Inc. is a Canadian-based junior mining exploration company focused on the procurement, exploration and development of silver and other precious metal properties in North America. The Company’s common shares are listed and posted for trading on the Canadian Securities Exchange ("CSE") under the symbol "SRS".

On behalf of the Board,

“Bob Faris”

CEO

For further information, please contact:

Shamrock Enterprises Inc.

Bob Faris, Chief Executive Officer

Phone: (604) 880-2121

Neither the Canadian Securities Exchange nor its Regulation Services Provider

accepts responsibility for the adequacy or accuracy of this release.

Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as “forward-looking statements”. Forward looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements.  Any forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, except in accordance with the applicable laws.