Roxmark
posted on
Apr 15, 2009 01:35PM
Focused on becoming a near-term Gold Producer
TORONTO, April 15 /CNW Telbec/ - Roxmark Mines Limited (TSXV-RMK) today reported that the drilling program being carried out on the Hardrock Project joint venture in Geraldton, Northwestern Ontario by Premier Gold Mines Limited as operator continues to return high-grade gold mineralization in the Tenacity Zone, as well as high-grade narrow vein mineralization in a deeper target (KL Zone). Results suggest that the Tenacity Zone may improve with depth as confirmed by an intersection of 16.86 grams per tonne gold (g/t Au) across 5.5 metres (m) in the furthest down-plunge section drilled to date. Additionally, drilling has confirmed high-grade gold in a deeper target beneath Tenacity with intersections of 40.1g/t Au across 1.0m and 17.45g/t Au across 1.9m. << Highlights of recent Tenacity drilling include: - Drilling suggests the potential to develop both open pit and underground resources with apparent improvement in grade and continuity down-plunge. - Exploration drilling (three holes) confirmed high-grade gold mineralization within a narrow vein target with intersections in excess of 17.14 g/t Au ((greater than)0.50 oz/ton). Follow-up drilling at Tenacity, as well as the testing of other target areas, is ongoing. TENACITY ZONE ------------- Drilling at the Tenacity Zone has confirmed the potential for both open pit and underground-style gold mineralization. Drilling has defined open pit-style mineralization over a strike length of approximately 400 metres and is now testing for higher-grade mineralization that could be amenable to mining from a ramp below the potential pit workings. Mineralization remains open at depth with the strongest intersection being seen in hole TN025, the first hole with assays from the western-most (down-plunge) section drilled to date. Tenacity intersections of more than 20 metres have been visually confirmed down-dip from hole TN025, which returned 16.86g/t Au across 5.5m. Follow-up drilling continues to intersect strong vein zones including several occurrences of visible gold. Highlights from recent drilling are presented in Table 1 (Note that holes TN013, 016, 017, 019, 021 and 023 were drilled east of the main area under the ice with no significant intercepts): Table 1 Recent Tenacity Zone Intercepts ------------------------------------------------------------------------- Grid Inter- Coordi- Dip/ section Inter- Inter- Hole nates Azimuth From-To val val Au Au No. (m) (degrees) (m) (m) (ft) (g/ton) (oz/t) Zone ------------------------------------------------------------------------- TN018 505449 mE Tena- 5502553 mN -50/360 181.3-198.7 17.4 57.1 1.93 0.06 city ------------------------------------------------------------------------- TN020 505449 mE Tena- 5502456 mN -50/360 322.3-323.7 1.4 4.6 3.97 0.12 city ------------------------------------------------------------------------- TN022 505449 mE 98.8-111.2 12.4 40.7 2.36 0.07 5502532 mN -60/360 Tena- 231.1-252.7 21.6 70.8 1.16 0.03 city ------------------------------------------------------------------------- TN025 505400 mE Tena- 55502556 mN -50/360 192.0-197.5 5.50 18.00 16.86 0.49 city ------------------------------------------------------------------------- (*) True widths estimated at approximately 70% of intersection widths KL ZONE ------- Three holes have successfully tested a high-grade narrow vein target (KL Zone) below the main Tenacity Zone. This drilling confirms the potential to define high-grade underground gold mineralization and the zone remains open, both up and down-plunge. Follow-up drilling to test for extensions of the KL Zone has started. Highlights from this drilling are profiled in Table 2. Table 2 Recent KL Zone Intercepts ------------------------------------------------------------------------- Grid Inter- Coordi- Dip/ section Hole nates Azimuth From-To Int. Int. Au Au No. (m) (degrees) (m) (m) (ft) (g/t) (oz/ton) Zone ------------------------------------------------------------------------- TN012 505749N -50/360 1.9 6.2 17.45 0.51 KL Zone 5502617E ------------------------------------------------------------------------- TN014 505749N -70/360 Assays VG KL Zone 5502617E Pending ------------------------------------------------------------------------- TN015 505648N -45/360 1.0 3.3 40.20 1.17 KL Zone 5502605E ------------------------------------------------------------------------- (*) True widths estimated at approximately 70% of intersection widths These results in both the Tenacity and the KL Zones demonstrate continuity and grade, supporting the Operator's belief that historic and new results will be utilized in a NI 43-101 compliant resource calculation, which is expected to be completed in Q4 2009. The current program at Hardrock Project is expected to consist of more than 50,000 metres of definition and exploration drilling. Importantly, the Hardrock Project has the potential for defining several styles of mineralization capable of hosting resources, with grades and widths similar to many of Ontario's major gold mines including: 1) Open pit-style mineralization with grades exceeding 1.5 g/t Au (Timmins, Hemlo) 2) Broad zones of mineralization with grades averaging 5.0+ g/t Au (Musselwhite) 3) Narrow vein zones with higher gold grades often exceeding 7.0g/t (Red Lake, Pickle Lake). >> The Project is operated by Premier Gold Mines Limited (TSX-PG) under a joint venture in which Premier is earning a 70% interest and Roxmark has a 30% carried interest The Hardrock Project is host to several past-producing mines which collectively produced more than 2.0 million ounces of gold from the same deposits to shallow depths of some 2000 feet (600 metres) from 1938-1968. The mined zones remained open at depth at the time mining ceased and developed historical resources were left in place within the existing mine workings. (A qualified person has not done sufficient work to verify the historical resource, the Company is not treating the historical resource as a current resource and the historical resource should not be relied upon). Initial drilling is focusing on delineating both open pit and underground resources with the goal of defining a multi-million ounce gold resource that can be moved quickly towards development (see references to historical resources above.). The Project offers development advantages with the Trans-Canada Highway, TransCanada Pipeline, and major power lines running through or located proximal to the property. Significant potential exists for developing resources in several areas including: open pit-style mineralization at the site of the original discovery where a resource containing several hundred thousand ounces of gold was partially drilled off by previous operators; several newer high-grade discoveries that have been made throughout this large property package that have received little to no follow-up; resource blocks reported to remain within the mine workings; and the main mined zones which remain open below the 600 m level. Stephen McGibbon, P. Geo., is the Qualified Person for the information contained in this news release and is a Qualified Person within the meaning of National Instrument 43-101. The assay results presented are from core samples sent to Activation Laboratories, an accredited mineral analysis laboratory in Thunder Bay, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods. The Hardrock 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