TORONTO, May 8 /CNW/ - Roxmark Mines Limited (TSXV:RMK) announces that Phase 1 of a surface diamond drilling program is to begin within a few days on its Northern Empire Mine property near Beardmore, Ontario. The program-based on the results of extensive digitization of historic data and 3-D modelling of Roxmark properties carried out in 2006-will primarily involve infill holes in the Power and Contact Zones, both in the eastern extension of the Main Vein located 2,300 to 3,000 feet east of the shaft.
Planned are 25 holes totalling 2,320 metres (7,612 feet), of which 22 are intended to confirm historical resources of 65,969 tons (grading 0.47 oz/t for a total of 30,780 ounces of gold) estimated above the diabase sill in 1999 by Peter Bevan, Consulting Geologist. The estimate is not compliant with NI 43-101. The other three holes will test the Temiskaming Contact Zone about 400 feet to the north.
Historically, the Northern Empire Mine produced 149,000 ounces of gold from 426,000 tons of ore. The mine was serviced by a 2,640-foot shaft which would be utilized by Roxmark to develop extensions or parallel occurrences. In addition, the Company has upgraded the onsite 200 ton-per-day fully-permitted Northern Empire Mill to efficiently process both gold and molybdenum ores.
The second phase of the program, planned for later this year, will include diamond drilling to explore several promising gold veins on the Nortoba-Tyson molybdenum property. Historical bulk sample results show that 135 tons extracted at Nortoba in 1964 produced 139 ounces of gold, an average of 1.03 ounces of gold per ton. (Geological Report 122 of the Ministry of Northern Development and Mines, 1975, Mackasey). Several grab samples taken by Roxmark in 2006 from the bottom of the previous bulk sample area assayed at values ranging from 0.17 to 7.64 oz/t.
In 2007, Roxmark will also be working to establish the commercial viability of molybdenum production at Nortoba-Tyson before moving underground. This will involve additional work at surface to further delineate the nature, size and accessibility of the molybdenite vein as well as an investigation of production techniques that could minimize dilution of ore delivered to the mill.
"We continue to be optimistic about prospects for early production of gold and molybdenum from our properties," said Monir Younan, President. "We will be assessing next steps on both fronts on completion of the current field program."
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 the last two years, Roxmark has generated cash flow from bulk-sampled gold and molybdenum processed at its mill and has the advantage of infrastructure from six formerly highly productive gold mines located on its properties. These mines previously produced nearly two 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. Roxmark's 12 properties total nearly 400 claims and leases covering 14,700 acres and include Nortoba-Tyson, an important new high grade gold/molybdenum project. The Nortoba-Tyson property has historical reserves of 72,000 tons grading 1.73% MoS2 (molybdenite) estimated in 1958 to a depth of 375 feet; however diamond drilling in 2005 extended the strike length and encountered moly at a depth of more than 1,000 feet.
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". All statements regarding the exploration and development of the Company's properties, the Company's beliefs and expectations regarding its properties, assets and exploration plans and any future plans are forward-looking statements that involve risks and uncertainties including, but not limited to, political risk, title risk, commodity price and currency exchange risk, operating and environmental hazards encountered in the mining business, general industry and economic conditions, changes in regulatory requirements, future capital expenditures and the availability of financing. 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. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be placed on such statements due to the inherent uncertainty therein.
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