Merle & all: Here's the release.
Funny, the trading got kind of quiet after the release instead of picking up.
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Maximum Resources Inc.
#400 - 905 West Pender Street
Vancouver, B.C., Canada ,V6C 1L6
Tel:681-4697 Fax:681-4637
NEWS RELEASE: FOR IMMEDIATE RELEASE
/
Vancouver, B.C. - March 3, 1997... Maximum Resources Inc. is pleased to
announce that, subject to regulatory acceptance, it has entered into an
option with Last Frontier Oil Company, Inc. to acquire an undivided
twenty
percent (20%) working interest in the Mina Claudia Project, Third Region
of
Atacama, Chile.
The option, subject to a payment of 100,000 common shares to Last
Frontier,
allows an one hundred and eighty (180) day period to complete a joint
venture
agreement. Maximum will then contribute to the joint venture 25% of all
monies
expended on the development of the property up to and including the
earlier
date of a full bankable feasibility study or commercial achievement as
defined in the underlining property agreement. After feasibility study
or
commercial achievement, Maximum's financial share of the exploration and
development costs will revert to the working interest percentage.
The Mina Claudia project, owned by Last Frontier through its wholly
owned
Chilean subsidiary Sierra la Plata S.A., is located 38 kilometers from
the
City of Copiap¢, Chile, and 25 kilometers southeast from the Candelaria
mine,
owned 80% by Phelps Dodge and 20% by Sumitomo Corporation. A 1996 report
by
Mr. P. Santos, P.Eng., of Castlegar, B.C., reported that the Mina
Claudia
project is part of a large copper/gold/silver manto system similar to
the
nearby Candelaria mine. The report also states that the indicated
potential
tonnage is "definitely greater than 200 million tonnes".
The project, currently comprising approximately 2,000 hectares, is in
intermittent production of up to 200 tonnes per day. This small scale
mining has had the
added benefit of enabling new ore zones to be opened at no cost. Recent
selected grab samples from these ore zones have ranged from 2.54% to
9.12%
copper, 0.7 to 52.8 grams silver, and 0.07 to 0.21 grams gold per metric
tonne.
A recent bulk sample consisting of 23.27 metric tonnes returned an
average grade
of 2.13% copper.
A recent report by Mr. Gordon House, P.Geo., dated February 15, 1997,
states
in part, "mineralization was observed to extend over 300 meters along
strike
and to be 100 meters thick on the Mina Claudia (claim) while the copper
mineralization observed on the Manto Milagroso (claim) has a strike
exposure
of about 500 meters and occurs over an elevation difference of 1,000
meters".
The distance between these two ore zone exposures is approximately two
(2)
kilometers. It has also been recently reported that since Mr. House's
property
visit, the local owners have carried out some bull-dozer trenching on
the Manto Milagroso and are reported to have extended the strike
exposure by over 300
meters.
In addition to the manto mineralization, Mr. House commented on the
dacite
dome complex by stating, "The results (eg. three samples assayed 0.25%,
0.94% and >1.00% copper) indicate the dacite dome complex carries values
in copper and precious metals and is more than a cap rock to the
underlying
andesite volcanics". Mr. House also stated that "The dactic horizons
overlying
the andesites appear to have protected the andesites and contained
copper
manto mineralization from erosion". Potential also exists for the
development
of substantial gold zones on the property.
Major work programs planned for the near future include surface
reconnaissance,
mapping, drilling and expanded production.
On Behalf of the Board,
Russell K. Godwin
President
For investor information please contact RGM Communications Inc. (604)
687-1414 or (U.S.A. & Canada) 1-800-774-5133 or through E-mail
(rgodwin@rgm.com) |
