Business
Boxxer Acquires Crystal Pass Project in Goodsprings Mining District
Boxxer Acquires Crystal Pass Project in Goodsprings Mining District
About this update from Copper Lake Resources Ltd.
[{"type":"text","content":"\n\n\n\nOct. 14, 2009 (Canada NewsWire Group) -- CALGARY, Oct. 14 /CNW/ -- Boxxer Gold Corp (TSXV - \"BXX\") is very pleased to announce that it has staked an additional 89 mineral claims (approximately 1,780 acres) in the Goodsprings Mining District in southern Nevada. These claims will be referred to as the Crystal Pass project and is located approximately five kilometres southeast of Boxxer's copper-gold Boss Project. The mining of high-grade vein style zinc, lead, gold and copper mineralization hosted within larger areas of lower-grade mineralization occurred in the Goodsprings District mainly between 1886 and 1917. Historical production is reported to be in the order of 186 million pounds of zinc, 93 million pounds of lead and 65,000 ounces of gold.Mr. Elmer Stewart, President and CEO of Boxxer stated, \"In keeping with our corporate strategy to concentrate on copper-gold projects in Nevada, the Crystal Pass project adds significantly to our land position in the Goodsprings District. The geology, structural setting and historical information related to this project exposes Boxxer to a high quality gold project. The exploration model is intrusive related gold mineralization and exploration of these claims is expected to commence after receipt of the preliminary results of the recently completed airborne geophysical.\"The Crystal Pass project covers a series of granite porphyry sills that occur in the hanging wall of the regional scale Keystone Thrust fault which is located along the eastern side of the project area. Hewett (1931) described the mineral deposits of the Goodsprings District and makes the following comments regarding the Crystal Pass area: \"A sill of granite porphyry underlies this lens and is in turn underlain by another similar lens. It is reported that these lenses were explored for their content of gold, but the quantity could not be determined.\"Equity Conversion from Lease AgreementSubject to regulatory approval, an agreement has been reached with one of the 50% owners of the Boss patented claims which is included in Boxxer's copper-gold Boss property in the Goodsprings Mining District to convert the monthly lease payments into common shares of Boxxer. Under terms of the agreement the landowner will receive 300,000 common shares of Boxxer in lieu of the US$1,500 monthly lease payments for the eighteen mon...