TORONTO, ON, Aug. 10 /CNW Telbec/ - Roxmark Mines Limited (TSXV-RMK) today announced that it has selected a diamond drilling contractor to begin a minimum of 3,000 metres of drilling as the first phase of further exploration of the high grade gold discovery made earlier this year at its Northern Empire gold mine property. Drilling will start within the next few days in August as previously disclosed.
The program follows up on a recently completed, extensive stripping and channel sampling program. The main gold bearing structure being explored, identified in a 2008 High-Resolution Aeromagnetic (HRAM) airborne geophysical survey, has a strike length of 1.5 km and is well mineralized with various degrees of alteration containing disseminated arsenopyrite, pyrite and chalcopyrite stages. Encouraging results obtained to date show continuous mineralization of gold with varying assays reaching 36.40 g/t gold. Assays were previously disclosed in news releases dated June 24 and July 23, 2009.
"We are excited about the potential of this new high grade gold discovery to add to resources at the Northern Empire previously identified in a 43-101-compliant report", said Monir Younan, Roxmark President.
The new structures, parallel to the Power and Contact Zones, lie 240 metres south of and parallel to the NI 43-101 resource as reported in November 2008. Peter Bevan, P.Eng., consulting geologist, 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 Northern Empire Mine is located in the Town of Beardmore, approximately 200 km northeast of Thunder Bay and serviced by the Trans-Canada Highway. It was operated successfully by Newmont Mines from 1934 to 1941. The mine was serviced by a shaft to a depth of 2,460 feet and produced 149,000 ounces of gold from 426,000 tons of ore at a recovered grade of 0.35 oz/t Au. The on-site 200TPD mill (expandable to 500TPD) was built in 1982 and upgraded and permitted by Roxmark.
Roxmark's current plan is to develop the eastern strike length of the Northern Empire mine by a decline and mine the area to the second level. A preliminary study indicates that production can begin within six months of completing development work. This program will be followed up by dewatering the shaft and installing a headframe, hoist and ancillary equipment on surface and underground. A feasibility study has not been completed and accordingly, there is no certainty that the plan will be economically viable.
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 pursuing a number of initiatives in the Beardmore Camp, including re-opening the Northern Empire Mine and its onsite mill and expanding the resource base at the Leitch-Sand River Mine, once Canada's richest producing gold mine. 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 boundary issues and dramatically lower gold prices at the time.
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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