RJK Explorations (RJX.A-V) Aug 18, '16 wishes to update the Company's progress in the evaluation of the 100% owned Maude Lake Gold Property, comprised of 66 unpatented mining claims, 16 patented mining claims, 3 mining leases and certain related patented and leased surface rights located just north of Kirkland Lake, Ontario on the Pipestone Break off the Destor-Porcupine Fault Zone.
The Maude Lake Gold Property was the subject of a considerable amount of prior work, through the 1980s, 1990s and early 2000s, consisting of approximately $11 million of expenditures from over 49,000 meters of drilling, stripping for an open pit, both portal and ramp development along with underground drilling. The property has essentially been dormant since 2004/2005, when gold was trading between $400 - $500 an ounce, meaning this property missed any interest all through the previous gold cycle.
Cautionary Note on Historic Estimates: The following description is based on information provided by GMX which, although thought to be accurate, has not been independently verified by RJK. Included in the description are references to mineralization classified as a "reserve" or a "resource" which were prepared prior to implementation of National Instrument 43-101 ("NI 43-101"). RJK has not independently verified these results and considers them to be "Historical Estimates" under NI 43-101 since a qualified person has not done sufficient work to classify the historical estimates as a current mineral resource and RJK is not treating them as current mineral reserves.
As noted in the RJK news release of May 31, 2016, Robert A. Bennett was engaged in January, 1994 to perform a property compilation and ore reserve. Mr. Bennett calculated a historic proven, probable, possible and drill indicated reserve of 510,116 tons grading 0.248 oz Au/ton (8.50 gm/tonne) (See Cautionary Note on Historic Estimates) just to the 220 m level.
RJK has continued to analyze the massive amount of data and it has now become apparent that there is considerable potential to extend the high grade mineralization at depth below the 220 level. In that same property compilation done by Robert A. Bennett in 1994, he had reported that below the 220m level he had calculated an historic estimate from the deeper drill intersections, plotted on cross and longitudinal sections, of 283,358 tons grading 0.22 oz Au/ton (7.54 gm/tonne) (See Cautionary Note on Historic Estimates). This would be in addition to the historic reserve above the 220m level.
For instance, previous deep drilling has shown that the 5 Zone continues to depth. Some of the historic intersections were:
over 3.7 meters grading .31 oz Au/ton (10.63 gm/tonne) at the 320 meter level
over 20.9 meters grading .23 oz Au/ton (7.89 gm/tonne) at the 366 meter level which included over 8.1 meters grading .523 oz Au/ton (17.93 gm/tonne
over 2.1 meters grading .30 oz Au/ton (10.29 gm/tonne) at the 381 meter level
over 2.1 meters grading .39 oz Au/ton (13.37 gm/tonne) at the 488 meter level
RJK intends to complete its data compilation in order to make an interpretive determination for a drill program later this year.
Fred Sharpley, P.Geo., the qualified person for RJK Explorations Ltd., has reviewed and approved the technical information contained in this release.
For further information, please contact:
Glenn Kasner, President
Telephone: (705) 567-5351
Mobile: (705) 568-7567
kasner1@ntl.aibn.com |
