Roxmark acquires gold-bearing properties along strike from Northern Empire Gold Mine
Historical grab samples reach 43.89 g/t
TORONTO, July 12 /CNW/ - Roxmark Mines Limited (TSXV - RMK) (CNQ - RMKL)
("Roxmark" or the "Company") today announced that it has entered into option
agreements to acquire the Amede Properties, comprising in aggregate 61 claims
covering approximately 1,580 hectares with approximately $250,000 of
assessment credits. The properties have numerous gold showings which have
yielded historical grab sample results as high as 43.89 g/t.
The properties are located in Summers Township, immediately west of the
town of Beardmore. The mineralization occurs along strike of the gold veins of
the Northern Empire Gold Mine, where Roxmark is carrying out a 26-hole surface
diamond drilling program on the Power and Contact zones. Further announcements
await completion of assays, which are expected shortly.
The option agreements have a term of four years and require annual
payments in cash or shares subject to TSX Venture Exchange approval. An
aggregate amount of $30,000 is payable immediately and an aggregate payment of
$60,000 will be required on the first anniversary of the agreements. An
aggregate of $180,000 will be payable for each of the three option agreements
during the second to the fourth anniversary. The property will be subject to
3% Net Smelter Return Royalty. Roxmark has the right to purchase up to 2% of
NSR under certain conditions.
Geology of the new property is a series of sheared, mineralized mafic
volcanic and banded iron formations. Previous work completed on the property
outlined 17 gold showings. As reported in the 1996 Annual Report of the
operator - Northern Mining Exploration, a limited shallow diamond drilling
program was carried out, yielding gold values of 37.0 g/t over 2.1 metres in
one hole.
While there are many targets of interest on the properties, the main
banded iron formation, a gold-bearing mineralized zone 400 metres long by
10 metres wide is the only one on which any significant work has been carried
out. Trenching and sampling between 1990 and 1994 uncovered new mineralized
horizons containing pyrite, pyrrhotite and arsenopyrite. Grab samples yielded
grades as high as 36.54 g/t at Buffalo Beardmore and 43.89 g/t at showing F.
"We are pleased to have acquired these properties because initial
evaluations indicate both extensions to gold-bearing structures we are
currently drilling on the Northern Empire Mine property and new prospective
zones, one of which is considerably wider than those we have encountered to
date," said Monir Younan, President of Roxmark.
"Geological mapping and channel sampling of the more promising
gold-bearing iron formations will begin immediately," he added.
Review of the historical exploration work is being carried out by the
Qualified Person, Peter Bevan, P.Eng. The planned program will commence
immediately under his supervision.
Historically, the Northern Empire Mine produced 149,053 ounces of gold
from 425,866 tons with a recovery of 0.35 oz. in gold per ton. The mine was
serviced by a shaft to 2,460 feet with development above and below a major
flat diabase sill. Existing infrastructure on the property, including an
upgraded and fully permitted 200 tpd mill (expandable to 500 tpd), as well as
the mine's non-remote location will reduce the cost of future development.
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. Roxmark has generated cash flow from bulk-sampled gold and
molybdenum processed at its fully-permitted 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, eliminated by Roxmark's
consolidation of key properties.
Further information is available on the Company's website at
roxmark.com and on SEDAR under the Company's profile at sedar.com
For further information: Monir Younan, President, Roxmark Mines Limited,
801-80 Richmond St. West, Toronto, Ontario, M5H 2A4, Tel.: (416) 860-1636,
Fax: (416) 360-7355, E-mail: roxmark@on.aibn.com, Website: www.roxmark.com |
