VANCOUVER, Feb. 28, 2013 /CNW/ - Blue River Resources Ltd. ( TSX.V: BXR
) ("Blue River" or "the Company") announces that it has acquired an
option to earn a 100% interest in the Mazama Copper deposit, located in
Okanogan County, Washington, USA.
The Mazama Copper deposit has been explored for porphyry copper
mineralization since 1963. Inspiration Development acquired the
property in 1970 and conducted IP and soil surveys and drilled 15
diamond drill holes.
In 1973 Quintana Minerals Corp. began the most extensive evaluation of
the Mazama deposit to date, drilling 47 percussion holes and 5 diamond
drill holes. Quintana calculated an historical resource of 149 million
tons grading 0.36% copper and 0.01% molybdenum.
A qualified person has not done sufficient work to classify the
historical estimate as current mineral resources. Blue River is not
treating the historical estimate as current mineral resources.
Griffin Jones, president of Blue River Resources, states, "We are very
excited about the acquisition of a near-surface copper deposit in
nearby Washington State. The Mazama deposit positions the Company with
a development- stage asset that is relatively close to Vancouver BC.
The Mazama Project is located approximately 43 kilometres (27 miles)
south of Osoyoos BC".
Under the terms of the agreement, Blue River has agreed to pay to the
vendor, upon approval by the TSX Venture Exchange, $85,000 in year one
and $50,000 in each of year two and three for a total of $185,000. The
Company has also agreed to pay 500,000 shares every 3 months to a
maximum total of 5,000,000 shares. Blue River has also agreed to grant
the vendor a 3% net smelter royalty, of which 2% can be purchased by
Blue River for $3.0 million. There is a minimum exploration and
development commitment of $125,000 in year one, $150,000 in year 2 and
$175,000 in year 3.The vendor is at arm's length to the Company. The
closing of the acquisition is subject to certain conditions, including
approval from the TSX Venture Exchange.
Highland North Project
The Company's Phase I diamond drill program on the Highland North
Project, conducted in September 2012, totalled 1,182,56 metres of NQ
drillcore over 5 holes (from 5 drill sites) and resulted in a total of
479 samples collected and submitted for assays.
Diamond drill hole BXR-12-2 intersected 39.65 meters (130 feet) grading
0.1% copper, from 30.85 meters (101.2 feet) to 70.05 meters (229.8
feet). Drill hole BXR-12-2 was the only hole to have reportable
mineralization. No further exploration is planned for the Highland
Castle Copper Project
Blue River Resources Ltd. also holds a 100% interest in the 18,000 acre
Castle Copper Project, located 25 km north of Copper Mountain Mining.
The Castle project is directly north of Sego Resources' Miner Mountain
property and directly south of Westar's Axe Copper Project, currently
under joint venture with Xstrata Copper. The Company drilled 3 short
reconnaissance diamond drill holes in September 2012 totaling 123
metres (407 feet) and no significant mineralization was encountered.
The Company's current exploration plans for the Castle Copper project
include an extensive ground IP and mag survey over the 7 km of the
Nicola fault that trends through the Castle property.
The technical information contained in this news release was reviewed
and approved by Paul D. Gray, P. Geo, Company Director, and a qualified
person as defined under National Instrument 43-101.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
ON BEHALF OF THE BOARD
BLUE RIVER RESOURCES LTD.
/s/ Griffin Jones
SOURCE: Blue River Resources Ltd.
For further information:
Tel: (604) 682-7339