Roxmark acquires gold-bearing properties along strike from -
Northern Empire Gold Mine
Thursday July 12, 6:12 pm ET
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
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". --
-- a result of new information, future events or results
or otherwise.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of
this news release.
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:
roxmark.com
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Subject 56863
Subject 57091
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