Roxmark's - The Magnet Gold Mine -
The Magnet Gold Mine -
(shown in 1936) produced 152,000 oz. of gold -
from 360,000 tons of ore -
Acquired in 1980, Roxmark’s 100% interest in the Magnet Mine
property (formerly held by Magnet Consolidated Mines Limited)
consists of 27 mining claims under a 21-year renewable lease
covering 974 acres located in Errington Township.
Also included in the 27 mining leases are a total of 19 claims
covering 812 acres which includes surface rights to leases
on the property.
The Magnet Mine -
property is equipped with headframe, production hoist,
compressors, certain mining equipment, generator, hydro
substation, shop, dry, office, etc.
The mine was inactive since 1988.
The property produced 152,000 ounces of gold -
from 360,000 tons for an average grade of 0.42 oz. in gold
per ton.
The mine is serviced with a shaft and winze to 2,640 feet
depth.
Roxmark drilled an exploratory hole from the shaft station
at the 11th level south through the Bankfield Tombill Fault.
It encountered a high grade intersection averaging 1.32 oz.
in gold over 4.4 feet.
The intersection will be followed up by drilling from the mine
workings west on the 11th level and east of the shaft on
the 7th level.
This zone will probably surface on the Company-controlled
McLellan Joint Venture property.
This intersection is not included in the potential resources.
The mine was inactive since 1988.
Historical tonnage calculation by J. C. Fagan and associates
dated March 1, 1999 estimated 23,055 tons grading 0.49 oz.
of gold per ton.
[This estimate is not in complaint with -
the gov. bureaucracy of NI 43-101.]
Press Release- Source: Roxmark Mines Limited
Drilling on Roxmark's Magnet Mine Property -
by Premier Gold Intersects Primary Target -
Friday January 25, 1:02 pm ET
TORONTO, Jan. 25 /CNW Telbec/ -
Roxmark Mines Limited -
(TSXV - RMK) today announced that drilling by
Premier Gold Mines Limited -
(TSX:PG - News) at Roxmark's Magnet Gold Mine property -
in the Geraldton Camp, a property subject to an earn-in
option by Premier, has intersected the primary target
horizon, the Main "Tombill-Bankfield Break".
Two distinct zones were intersected, confirming the presence
of significant veining and mineralization in -
the target horizon (including visible gold).
Historically,
in 1988, from the 11th level station of
the Magnet Gold Mine,
a flat hole intersected the Tombill-Bankfield fault horizon,
host to the largest mine in the district, approximately 500
meters south of the main shaft.
This hole intersected 45.26g/t Au (1.32 oz/ton) over
1.34 meters in the host horizon and was not followed-up.
This host horizon was intersected at a depth of approximately
500 meters and is now the focus of current drilling with
two drills.
This zone will probably surface on the Company-controlled -
McLellan Joint Venture property.
In addition to the target horizon, an additional mineralized
zone was intersected further up-hole.
The current drilling is part of a major $2.5 Million dollar
ongoing exploration program carried out by Premier.
In addition to the main target, recent drilling performed
in the "Benedict Zone", a secondary target located proximal
to the Magnet Mine, intersected gold mineralization
including 10.22 grams per tonne gold (g/t Au; 0.30 opt)
over 2.5m and 8.14g/t Au (0.23 opt) over 2.0m.
The Geraldton Project is being operated by Premier under
an option agreement with Roxmark.
The Magnet Mine produced 152,000 ounces of gold from 360,000
tons for an average grade of 0.42 oz. in gold per ton.
The mine is serviced with a shaft and winze to 2,640 feet
depth.
The property is equipped with headframe, production hoist,
compressors, certain mining equipment, generator, hydro
substation, shop, dry, office, etc.
The mine was inactive since 1988.
The Geraldton 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.
The Project area covers approximately 10 kilometres of some
of the most strategic ground in the region and is host
to past-producing mines and numerous exploration targets
in a district that has more than 4.1 Million ounces -
of historic gold production.
Stephen McGibbon, P. Geo., Executive Vice-President
of Premier, is the Qualified Person for the information
contained in this press release and is a Qualified Person
within the meaning of National Instrument 43-101.
Premier Gold Mines Limited -
is a fully-financed Canadian-based mineral exploration
and development company with diverse property holdings
that include several projects and deposits in Northwestern
Ontario and a joint venture in Mexico.
In the Red Lake gold mining camp, two of these projects -
are operated in joint venture with Goldcorp Inc.
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 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, since eliminated.
Three of our mines in the Beardmore camp processed a total
of 1.5 million tons of ore that produced in excess of one
million ounces of gold, with an average recovered grade
of 0.70 oz. Au/ton.
Further information is available on Roxmark's website at
roxmark.com
and on SEDAR under the Roxmark's profile at
www.sedar.com.
Forward-Looking Statements
This news release includes certain "forward-looking
statements". Such forward-looking statements etc --
-- whether as 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,
(416) 860-1636,
Fax: (416) 360-7355,
roxmark@on.aibn.com,
roxmark.com
View Roxmark corporate video -
roxmark.com
Source: Roxmark Mines Limited
========
mick,
I don't know if its a cont. of
the 9/11 terror ? -
btw. fys....
RE:
The break in IT cables has caused disruption to POG Gold -
to net services -
in the Middle East and India -
news.bbc.co.uk
The cause is still not known.
Repairs will involve a team of about 50 people, including
navigation experts and cable engineers, said Flag Telecom.
The ship that will repair the first severed cable is already
in place, with repairs underway, while the second vessel
is expected to begin work on Tuesday.
Bespoke ships
"It will be a highly technical job and should take a week
to complete," a spokesperson for Flag Telecom told
the BBC News website.
The cause of the damage has not been officially confirmed
but there have been reports that the breaks were related
to a tanker dragging its anchor along the sea bed.
Disruption after web cables cut -
to biggest Gold buyers in the world -
Indian call centre workers -
The outsourcing industry has so far seen few problems
Firms across the Middle East, India and Bangladesh are
experiencing disruption after undersea broadband cables
were damaged between Egypt and Italy.
news.bbc.co.uk
The more manipulations to the POG -
the Higher POG will FLY -
I have no concern whatsoever with regards to the gold market.
I see this all as noise as gold heads to $1650.-- --
more info for you dd....
Would GOLD POG been $1000/oz without disruption
of India the largest Gold buyer ? -
tinyurl.com
the anti-gold terror-gangz ?
Sentiment : Strong Buy
siliconinvestor.com
God Bless America |
