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Roxmark acquires gold-bearing properties along strike from Northern Empire Gold Mine
Roxmark acquires gold-bearing properties along strike from Northern Empire Gold Mine.
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[{"type":"text","content":"\n\n\n\nHistorical grab samples reach 43.89 g/t\n\n\nTORONTO, July 12 /CNW/ - Roxmark Mines Limited (TSXV - RMK) (CNQ - RMKL)\n("Roxmark" or the "Company") today announced that it has entered into option\nagreements to acquire the Amede Properties, comprising in aggregate 61 claims\ncovering approximately 1,580 hectares with approximately $250,000 of\nassessment credits. The properties have numerous gold showings which have\nyielded historical grab sample results as high as 43.89 g/t.\n\n\nThe properties are located in Summers Township, immediately west of the\ntown of Beardmore. The mineralization occurs along strike of the gold veins of\nthe Northern Empire Gold Mine, where Roxmark is carrying out a 26-hole surface\ndiamond drilling program on the Power and Contact zones. Further announcements\nawait completion of assays, which are expected shortly.\n\n\nThe option agreements have a term of four years and require annual\npayments in cash or shares subject to TSX Venture Exchange approval. An\naggregate amount of $30,000 is payable immediately and an aggregate payment of\n$60,000 will be required on the first anniversary of the agreements. An\naggregate of $180,000 will be payable for each of the three option agreements\nduring the second to the fourth anniversary. The property will be subject to\n3% Net Smelter Return Royalty. Roxmark has the right to purchase up to 2% of\nNSR under certain conditions.\n\n\nGeology of the new property is a series of sheared, mineralized mafic\nvolcanic and banded iron formations. Previous work completed on the property\noutlined 17 gold showings. As reported in the 1996 Annual Report of the\noperator - Northern Mining Exploration, a limited shallow diamond drilling\nprogram was carried out, yielding gold values of 37.0 g/t over 2.1 metres in\none hole.\n\n\nWhile there are many targets of interest on the properties, the main\nbanded iron formation, a gold-bearing mineralized zone 400 metres long by\n10 metres wide is the only one on which any significant work has been carried\nout. Trenching and sampling between 1990 and 1994 uncovered new mineralized\nhorizons containing pyrite, pyrrhotite and arsenopyrite. Grab samples yielded\ngrades as high as 36.54 g/t at Buffalo Beardmore and 43.89 g/t at showing F.\n\n\n"We are pleased to have acquired these properties because i...