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VANCOUVER, Oct. 26, 2011 /CNW/ - G4G Resources Ltd. (TSX-V: GXG) ("G4G") today announced soil and rock assay results from the Rex target (MINFILE # 092F221), which is one of the showings within the Macktush Porphyry project.
The soil geochemical survey revealed a molybdenum in-soil anomaly covering an area of one square kilometre grading from 8 to 70.6 ppm molybdenum, open to the north and south. On the periphery of the molybdenum anomaly, several copper anomalies covering areas of 160 square metres were identified, grading from 100 to 533ppm copper. These soil anomalies potentially indicate the presence of a Cu-Mo porphyry system.
"The molybdenum soil sample results and the extent of the occurrence provide us with excellent data in order to further assess the potential of the Rex target. There is now a clear indication that the geochemical results correspond to the geophysical response. Based on these results, the commencement of a magnetic inversion model using the airborne magnetic data is the next step." said Basil Botha, President & CEO.
Geological mapping in the area identified porphyry style mineralization (pyrite and chalcopyrite) hosted in Triassic basalts of the Karmutsen Formation associated to lower to middle Jurassic granitic intrusions. Abundant low sulphidation epithermal veins are also found within the property. Chalcopyrite-rich base metal veins were also observed cross-cutting porphyry style mineralization forming a system that was observed covering an area of several square kilometres.
Grab samples of altered and mineralized rocks taken during March and July returned anomalously high values of molybdenum and copper in porphyry type mineralization over extensive areas near the REX showing, as well as a system of higher grade copper base metal veins crosscutting the porphyry mineralization, forming a system stretching for several kilometers across the Macktush Property.
"The large aerial extents of the geophysical response, the alteration signature, and the sulphide mineralization along with the combination of elevated multiple geochemical indicators could represent the footprint of a copper-molybdenum porphyry target. The geochemical setting is similar to that of the past producing Island Copper Mine on Vancouver Island and many others on the west coast of British Columbia, and these kind of large systems commonly form deposit clusters" said Raul Sanabria, VP Exploration for G4G Resources Ltd.
Highlights of the rock grab sample program from March and July are
summarized in the table below.
|
Sample Number |
UTM E | UTM N | Sample Description |
Cu ppm |
Mo ppm |
Ag ppm |
| J047357 | 360142 | 5445858 | Stockwork Veining | 51.2 | 74.6 | 0.21 |
| J047358 | 361195 | 5446429 | Base Metal Vein | 105,000 | 32.3 | 23.8 |
| J047361 | 361097 | 5446443 | Epithermal Vein | 3,460.0 | 3.53 | 0.84 |
| J047364 | 360642 | 5445966 | Stockwork Veining | 306.0 | 70.4 | 0.31 |
| D055181 | 361677 | 5445770 | Basalt with Malachite | 6,040.0 | 0.2 | 0.20 |
| D055182 | 361743 | 5445855 | Basalt with Malachite | 6,810.0 | 0.49 | 1.11 |
| K750187 | 366705 | 5452686 | Base Metal Vein | 46,200 | 0.085 | 14.15 |
| K750188 | 366698 | 5452670 | Base Metal Vein | 40,200 | 0.143 | 12.1 |
| K750189 | 366688 | 5452704 | Base Metal Vein | 67,600 | 0.337 | 18.9 |
| K750190 | 366755 | 5452204 | Base Metal Vein | 2,200 | 0.017 | 0.85 |
| K750191 | 366755 | 5452199 | Base Metal Vein | 7,800 | 0.023 | 3.52 |
| K750192 | 366808 | 5452578 | Stockwork Veining | 1,500 | 0.008 | 0.46 |
| K750193 | 366541 | 5453362 | Stockwork Veining | 9,700 | 0.012 | 1.21 |
Highlights of the soil sample program from January, February and July
are summarized in the table below.
|
Sample Number |
UTM E | UTM N |
Cu ppm |
Mo ppm |
| F~15 | 359500 | 5446603 | 311 | 0 |
| F~16 | 359502 | 5446499 | 363 | 0 |
| F~33 | 359596 | 5447394 | 308 | 1 |
| F~40 | 359686 | 5446690 | 1350 | 2 |
| F~45 | 359705 | 5446200 | 348 | 2 |
| F~53 | 359802 | 5446210 | 608 | 5 |
| A~10 | 357537 | 5444886 | 439 | 2 |
| A~11 | 357605 | 5444826 | 364 | 21 |
| B~16 | 365969 | 5447692 | 303 | 45 |
| D~1 | 361670 | 5448325 | 994 | 0 |
| D~29 | 362420 | 5450731 | 633 | 22 |
| 8~5 | 360203 | 5446402 | 514 | 2.98 |
| 11~3 | 360497 | 5446195 | 312 | 61.8 |
| 12~1 | 360604 | 5446003 | 387 | 46.6 |
| 12~2 | 360596 | 5446101 | 415 | 70.6 |
| 13~6 | 360711 | 5446504 | 249 | 10.85 |
| 18~11 | 361203 | 5447004 | 311 | 2.76 |
| 8~14 | 360197 | 5447299 | 479 | 4.06 |
| 8~17 | 360204 | 5447593 | 106.5 | 10.6 |
| 16~11 | 361006 | 5447000 | 444 | 1.1 |
| 13~10 | 360703 | 5446895 | 312 | 28.9 |
| 13~11 | 360711 | 5447000 | 43.5 | 10 |
| 13~12 | 360714 | 5447110 | 88 | 18.5 |
| 13~13 | 360703 | 5447200 | 199 | 15.45 |
| 13~14 | 360701 | 5447299 | 23.5 | 13.6 |
| 14~12 | 360801 | 5447093 | 235 | 17.35 |
| 12~17 | 360594 | 5447615 | 175.5 | 12.45 |
| 12~16 | 360600 | 5447497 | 391 | 17.9 |
| 12~13 | 360593 | 5447211 | 86.1 | 13.55 |
| 12~11 | 360594 | 5447006 | 53.8 | 20 |
| 11~15 | 360499 | 5447397 | 379 | 1.72 |
| 12~19 | 360595 | 5447802 | 397 | 2.48 |
| 11~19 | 360498 | 5447801 | 210 | 23.6 |
| 21~16 | 361507 | 5447500 | 417 | 3.64 |
| 21~20 | 361496 | 5447914 | 491 | 1.55 |
| 17~20 | 361096 | 5447913 | 533 | 0.91 |
| 15~21 | 360901 | 5447999 | 302 | 3.22 |
| 13~18 | 360695 | 5447703 | 199.5 | 11.75 |
| 12~00 | 360604 | 5445895 | 265 | 68.6 |
| 13~00 | 360704 | 5445888 | 400 | 12.45 |
Airborne magnetic and resistivity surveys were flown over the property including the REX showing in 2005 by Fugro for SYMC. Coincident resistivity and magnetic lows surrounded by a magnetic high were observed over the REX showing. The resistivity low which correlates so well with the molybdenum anomaly suggests that conductive materials such as sulphides may be concentrated in this area, possibly in porphyry style disseminated mineralization patterns. The magnetic low, surrounded by a magnetic high anomaly indicates demagnetization of primary magnetite in rocks consistent with alteration related to porphyry style mineralization.
Raul Sanabria, P. Geo., is the Qualified Person for the purposes of National Instrument 43-101 for the Macktush Exploration Project. Mr. Sanabria has verified and approved the contents of this news release.
About G4G Resources Ltd.
G4G Resources Ltd. is a Canadian-based mineral exploration and development company focused on a number of low cost iron ore projects and copper-gold projects on Vancouver Island.
Forward-Looking Statement
This document may contain or refer to forward-looking information based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances. For a detailed list of risks and uncertainties, as it relates to G4G Resources Ltd., please refer to the Company's 2010 year end audited financial statements filed with SEDAR on April 28, 2011.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Image with caption: "Soil Survey (Molybdenum) Assay Results and Airborne Resistivity (CNW Group/G4G Resources Ltd.)". Image available at: http://photos.newswire.ca/images/download/20111026_C7387_PHOTO_EN_5388.jpg