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Message: Geological Report on "Murvey" Moly Prospect in the Republic of Ireland
| December 2, 2008 |
| Highbank Receives NI 43-101 Geological Report on "Murvey" Moly Prospect in the Republic of Ireland and Amends Property Agreement |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 2, 2008) - Highbank Resources Ltd. ("HBK"), (the "Company") (TSX VENTURE:HBK)(FRANKFURT:V7O) is pleased to announce that they have signed an amendment to the Mace/Murvey Property Agreement previously news released on May 9, 2008, and accepted for filing by the TSX Venture Exchange July 30, 2008. The Company has agreed to purchase the property 100% as opposed to an earn-in option. The revised terms are a final payment of $100,000 cash. The amendment results in a saving for the Company as follows: 1) The Company will no longer be required to issue 1,000,000 common shares on December 31, 2008; and 2) The Company will not be required to complete $500,000 exploration expenditures over the next two years; and 3) The Company will be able to continue exploration without time restrictions and in the amount that they can finance. Murvey License: The Company is also pleased to announce it has received a NI 43-101 Geological Report on the Murvey molybdenum ("moly") Prospecting Licenses located in the County of Galway, Republic of Ireland. William R. Bergey, P.Eng., Consulting Geologist of Aldergrove, B.C. was commissioned by the Company to prepare the report. The Murvey Prospect, located within Prospecting License 930 (29.55 square km), is located approximately 10 kilometers to the southeast of the Mace Prospect (see news release August 15, 2008) The moly mineralization at Murvey was deposited within the northwestern contact zone of the Galway Granite. Published geological reports indicate that all visible surface mineralization is confined to the granite, with no dispersion into the adjacent metamorphic rocks. Molybdenite is stated to be common in a zone within the granite about 530m long and parallel to the granite margin. Scattered occurrences are reported to be present up to an additional 500m along the strike of the prospect in each direction. Moly was discovered within the Galway Granite at Murvey during the 19th Century. However, serious exploration was confined to the periods 1954-55 and 1964-70. Two diamond drilling programs were carried out on the Murvey Prospect: 1) 1953-54 by Geological Survey of Ireland -1428 meters in 24 holes - An exploration program directed by the Geological Survey of Ireland ("GSI") included 24 diamond drill holes totaling 4683 feet (1,428 meters). A resource of 240,000 tons at 0.13% Mo was estimated. Examination of the assay data suggests that 18 of the 24 holes intersected significant moly mineralization. Drill intersections of 0.094% Mo across 17 meters and 0.12% Mo across 6 meters were reported. 2) 1969-70 by Anglo United Trust - 695 meters in 14 holes. - Geologists reported that the drilling showed some loss of molybdenite due to the grinding of the core. Results of this drilling an not in the open files from the GSI, but an Anglo United report (Burns, 1970) states that the drilling indicated that molybdenite was distributed sporadically in a zone along the granite/schist contact. 3) Other historical programs: - 1964-67. Geological and geochemical investigations were completed as a result of cooperation between Tara Exploration and Development Company Ltd. and the Geochemical Prospecting Research Center, Royal School of Mines (Schultz, 1964). These studies highlighted the possibilities of the occurrence of economic molybdenite concentrations in the form of late-magmatic segregation deposits. - 1968-1969. Anglo United Trust completed a more comprehensive geochemical survey for moly and also for copper. An extensive zone anomalous in moly was located. Five discrete areas of anomalous moly occur within an area of about one square kilometer. These can be described as moderately strong (30 to 120 ppm contours). Wm. Bergey concludes "that the previous work has identified a molybdenum prospect that represents an attractive exploration target with a high potential for the enhancement of both size and grade. A program of surface exploration and diamond drilling is warranted. The mineralized results above predates and therefore does not conform to the more stringent reporting requirements of NI 43-101 and should not be relied upon according to those standards. HBK has not yet done exploration work to verify or clarify the historical estimates. HBK believes that the historical information provides a favourable indication of the potential of this prospect and looks forward to further developing this license as soon as possible. Mr. Bergey recommends that a drilling program be undertaken for the south-eastern anomaly area that was partially tested by previous drilling. Three drill holes, each 100 meters in length, are recommended to test portions of the known mineralized zone, and two further drill holes, each 150 meters in length, are recommended to test the extensions of the zone. Within the previous drilling area the main emphasis should be placed on the attitude of the molybdenite-bearing structures in order to ensure the optimum orientation of the diamond drill holes. Trenching will be required to achieve this objective. In addition a program of detailed geological mapping and prospecting should be carried out over the Murvey prospect area. The Geological Report summarizing the above information will be available on the Highbank website (www.HighbankResources.com) and through SEDAR (www.sedar.com) titled 'Geological Report on the Murvey Molybdenum Prospect' by William Richard Bergey, P.Eng.,Consulting Geologist, dated September 5, 2008. The technical information in the news release has been reviewed and approved by Mr. William R. Bergey, the qualified person under NI 43-101. ON BEHALF OF THE BOARD OF DIRECTORS Jake Bottay, President/Director |
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