Roxmark/Premier expand Geraldton Project scope with acquired Lac Properties

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[{"type":"text","content":"\n\n\n\nTORONTO, Oct. 23 /CNW Telbec/ - Roxmark Mines Limited (TSX-V: RMK) today\nannounced that several properties being acquired by PREMIER GOLD MINES LIMITED\n(TSX:PG) from Lac Properties, a subsidiary of BARRICK GOLD CORPORATION (TSX,\nNYSE:ABX), will form part of the Geraldton Project, a joint venture between\nPremier and Roxmark.\n\n\nIn a news release yesterday, Premier announced that it had entered into a\ndefinitive purchase agreement with Lac to acquire Lac's interest in all of the\nmining claims commonly known as the Geraldton, Ozone Creek and Eva Summers\nproperties located in the Geraldton district in the Province of Ontario\n(collectively the "G-L Property"), together with certain equipment and other\nassets.\n\n\nPremier will transfer an interest in the G-L Property so that it will\nform part of the existing Geraldton Project which is operated under a joint\nventure between Premier (earning a 70% interest) and Roxmark which will have a\n30% carried interest in the Project.\n\n\nThe G-L Property is host to several past-producing mines which\n\n\ncollectively produced more than 2.0 Million ounces of gold from the same\n\n\ndeposits to relatively shallow depths of approximately 2,000 feet\n\n\n(600 metres) from 1938-1968. The mined zones remained wide open at depth\n\n\nat the time mining ceased.\n\n\nImmediately prior to the end of the mining on the G-L Property, new\ndevelopment workings were built on a substantial extension of the "F-Zone" of\nthe G-L Property, approximately 700 metres of the down-plunge from the area\nmined to a depth of 800 metres (2,621 foot level). Highlight results from\ndrilling into this area (approximately true widths) include:\n\n\n10.25g/t Au (0.30 oz/ton) over 17.1 m (56 feet)\n\n\n8.43g/t Au (0.25 oz/ton) over 17.1m (56 feet)\n\n\n6.03g/t Au (0.18 oz/ton) over 23.2m (76 feet)\n\n\nThe mined zones remain open at depth highlighted by intersections of\n13.75g/t Au over 6.4m down-dip beneath the mine workings in the "F-Zone" and\n18.41g/t Au over 5.1m down-dip beneath the mine workings in the "North Zone"\nof the G-L Property. In addition to the depth potential of the mined zones,\nsignificant potential exists for developing resources in several areas,\nincluding promising open pit-style mineralization at the site of the original\ndiscovery. As well,...

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