TORONTO, April 15 /CNW Telbec/ - Roxmark Mines Limited (TSXV-RMK) today reported that the drilling program being carried out on the Hardrock Project joint venture in Geraldton, Northwestern Ontario by Premier Gold Mines Limited as operator continues to return high-grade gold mineralization in the Tenacity Zone, as well as high-grade narrow vein mineralization in a deeper target (KL Zone).
Results suggest that the Tenacity Zone may improve with depth as confirmed by an intersection of 16.86 grams per tonne gold (g/t Au) across 5.5 metres (m) in the furthest down-plunge section drilled to date. Additionally, drilling has confirmed high-grade gold in a deeper target beneath Tenacity with intersections of 40.1g/t Au across 1.0m and 17.45g/t Au across 1.9m.
Highlights of recent Tenacity drilling include:
- Drilling suggests the potential to develop both open pit and
underground resources with apparent improvement in grade and
continuity down-plunge.
- Exploration drilling (three holes) confirmed high-grade gold
mineralization within a narrow vein target with intersections in
excess of 17.14 g/t Au ((greater than)0.50 oz/ton).
Follow-up drilling at Tenacity, as well as the testing of other target
areas, is ongoing.
TENACITY ZONE
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Drilling at the Tenacity Zone has confirmed the potential for both open
pit and underground-style gold mineralization. Drilling has defined open
pit-style mineralization over a strike length of approximately 400 metres and
is now testing for higher-grade mineralization that could be amenable to
mining from a ramp below the potential pit workings. Mineralization remains
open at depth with the strongest intersection being seen in hole TN025, the
first hole with assays from the western-most (down-plunge) section drilled to
date. Tenacity intersections of more than 20 metres have been visually
confirmed down-dip from hole TN025, which returned 16.86g/t Au across 5.5m.
Follow-up drilling continues to intersect strong vein zones including
several occurrences of visible gold. Highlights from recent drilling are
presented in Table 1 (Note that holes TN013, 016, 017, 019, 021 and 023 were
drilled east of the main area under the ice with no significant intercepts):
Table 1 Recent Tenacity Zone Intercepts
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Grid Inter-
Coordi- Dip/ section Inter- Inter-
Hole nates Azimuth From-To val val Au Au
No. (m) (degrees) (m) (m) (ft) (g/ton) (oz/t) Zone
-------------------------------------------------------------------------
TN018 505449 mE Tena-
5502553 mN -50/360 181.3-198.7 17.4 57.1 1.93 0.06 city
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TN020 505449 mE Tena-
5502456 mN -50/360 322.3-323.7 1.4 4.6 3.97 0.12 city
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TN022 505449 mE 98.8-111.2 12.4 40.7 2.36 0.07
5502532 mN -60/360 Tena-
231.1-252.7 21.6 70.8 1.16 0.03 city
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TN025 505400 mE Tena-
55502556 mN -50/360 192.0-197.5 5.50 18.00 16.86 0.49 city
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(x) True widths estimated at approximately 70% of intersection widths
KL ZONE
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Three holes have successfully tested a high-grade narrow vein target (KL
Zone) below the main Tenacity Zone. This drilling confirms the potential to
define high-grade underground gold mineralization and the zone remains open,
both up and down-plunge.
Follow-up drilling to test for extensions of the KL Zone has started.
Highlights from this drilling are profiled in Table 2.
Table 2 Recent KL Zone Intercepts
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Grid Inter-
Coordi- Dip/ section
Hole nates Azimuth From-To Int. Int. Au Au
No. (m) (degrees) (m) (m) (ft) (g/t) (oz/ton) Zone
-------------------------------------------------------------------------
TN012 505749N -50/360 1.9 6.2 17.45 0.51 KL Zone
5502617E
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TN014 505749N -70/360 Assays VG KL Zone
5502617E Pending
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TN015 505648N -45/360 1.0 3.3 40.20 1.17 KL Zone
5502605E
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(x) True widths estimated at approximately 70% of intersection widths
These results in both the Tenacity and the KL Zones demonstrate continuity
and grade, supporting the Operator's belief that historic and new results will
be utilized in a NI 43-101 compliant resource calculation, which is expected
to be completed in Q4 2009. The current program at Hardrock Project is
expected to consist of more than 50,000 metres of definition and exploration
drilling.
Importantly, the Hardrock Project has the potential for defining several
styles of mineralization capable of hosting resources, with grades and widths
similar to many of Ontario's major gold mines including:
1) Open pit-style mineralization with grades exceeding 1.5 g/t Au
(Timmins, Hemlo)
2) Broad zones of mineralization with grades averaging 5.0+ g/t Au
(Musselwhite)
3) Narrow vein zones with higher gold grades often exceeding 7.0g/t
(Red Lake, Pickle Lake).
The Project is operated by Premier Gold Mines Limited (TSX-PG) under a joint venture in which Premier is earning a 70% interest and Roxmark has a 30% carried interest The Hardrock Project is host to several past-producing mines which collectively produced more than 2.0 million ounces of gold from the same deposits to shallow depths of some 2000 feet (600 metres) from 1938-1968. The mined zones remained open at depth at the time mining ceased and developed historical resources were left in place within the existing mine workings. (A qualified person has not done sufficient work to verify the historical resource, the Company is not treating the historical resource as a current resource and the historical resource should not be relied upon).
Initial drilling is focusing on delineating both open pit and underground resources with the goal of defining a multi-million ounce gold resource that can be moved quickly towards development (see references to historical resources above.). The Project offers development advantages with the Trans-Canada Highway, TransCanada Pipeline, and major power lines running through or located proximal to the property. Significant potential exists for developing resources in several areas including: open pit-style mineralization at the site of the original discovery where a resource containing several hundred thousand ounces of gold was partially drilled off by previous operators; several newer high-grade discoveries that have been made throughout this large property package that have received little to no follow-up; resource blocks reported to remain within the mine workings; and the main mined zones which remain open below the 600 m level.
Stephen McGibbon, P. Geo., is the Qualified Person for the information contained in this news release and is a Qualified Person within the meaning of National Instrument 43-101. The assay results presented are from core samples sent to Activation Laboratories, an accredited mineral analysis laboratory in Thunder Bay, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods.
The Hardrock Project is located in the heart of the Beardmore-Geraldton Greenstone Belt, a highly prospective high-grade gold district that has seen relatively little exploration over the past several decades.
About Roxmark Mines
Roxmark Mines Limited is the leader in gold and molybdenum exploration and development in the historically significant Geraldton-Beardmore area of Northwest Ontario. In addition to the Hardrock Project in the Geraldton Camp, Roxmark is aggressively pursuing a number of initiatives in the Beardmore Camp, including re-opening the Northern Empire Mine utilizing the upgraded onsite mill.
In recent years, Roxmark has generated cash flow from bulk-sampled gold and molybdenum processed at its fully-permitted mill and has the advantage of infrastructure from nine formerly highly productive gold mines located on its properties. These mines previously produced nearly four million ounces of gold from high-grade ore but were closed primarily due to dramatically lower gold prices at the time and to boundary issues, since eliminated.
Further information is available on the Company's website at www.roxmark.com and on SEDAR under the Company's profile at www.sedar.com.
Forward-Looking Statements
This news release includes certain "forward-looking statements". Such forward-looking statements involve risks and uncertainties. The results or events predicted in these forward-looking statements may differ materially from actual results or events. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
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