CANON CITY, CO, Feb. 23 /CNW/ - Buckingham Exploration Inc.
("Buckingham") (OTCBB: BUKX) announced today that it has received an
updated report and 2011 work proposal for its Lady Ermalina claims from
its geological consultants.
The Lady Ermalina "iron formation" has been re-interpreted as a possible
exhalative feature derived from massive sulphide mineralization at
depth, as is common in the New Brunswick camp. The thickness of the
zone in the Lady C area (up to 46 metres across) suggests economically
significant dimensions. Lady C is 1.5 kilometres NW along strike of the
Randy North Zone discovered by Laramide Resources Ltd. and five
kilometres NW of the Coronation zone.
These deposits, and the Mt. Sicker Mine which is 13 kilometres SE, are
all in the Paleozoic Sicker formation, of equivalent age to the Myra
Falls formation which hosts the Breakwater deposits including the large
VMS high grade ore body now operated by Breakwater Resources Ltd.
The Lady Ermalina showings are easily accessed by existing logging
Conclusions and Recommendations:
The Lady Ermalina Project represents a prospective exploration target
for the discovery of Volcanogenic Massive Sulphides ("VMS")-style
Copper-Lead-Zinc deposits analogous to the nearby Myra Fall and Mt.
Sicker VMS Mines.
In order to adequately test the mineralization potential of the
Property, a detailed compilation program to bring together the entirety
of the historic exploration work to date is required. Specifically, a
detailed series of physical surveys (drill collars, property
boundaries, sample locations, and current access conditions) is
required followed by a Property wide geological mapping and
verification-sampling program. This ground-truthing work may be
accomplished from June-October and will help focus all subsequent
work. An office based historical compilation study, consisting of
digitization of all historic geological, geophysical and survey related
work, should be completed before any ground-based exploration work
begins. This GIS based compilation will form a database from which
will allow the Property wide re-interpretation program. The 2011 work
recommendations include the preceding, followed by a 25 line km (10 x
250m) Quantec Titan 24 system deep penetrating induced polarization
("I.P.") geophysical survey. This program is budgeted at $350,000 and
could be conducted from Mid-July through late October. The focus of
the geophysical survey would be to test the continuity of the iron
formation between the Lady A and Lady C showings as well as to define
deep VMS-style mineralization targets.
Anomalies defined from the Titan 24 program should be prioritized and
tested by a subsequent diamond drilling program.
Paul D. Gray, P.Geo is the qualified person with respect to the
Company's Canadian properties and has reviewed and accepted these
Buckingham continues to maintain its office and coordinate its
operations from its head office in Canon City, Colorado and intends to
acquire further properties. Please visit Buckingham's website at www.buckinghamexploration.com to view updated information with regards to the company's activities
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About Buckingham Exploration Inc.:
Buckingham Exploration is an exploration stage company whose principal
business is the acquisition and exploration of mineral resources.
This press release contains statements, which may constitute
"forward-looking statements" regarding our intent, belief or current
expectations. Statements in this press release which are not purely
historical are forward-looking statements and include any statements
regarding beliefs, plans, expectations or intentions regarding the
future. All statements other than statements of historical fact,
included in this release, including, without limitation, statements
regarding potential mineralization and reserves, exploration results,
and future plans and objectives of Buckingham, are forward-looking
statements that involve various risks and uncertainties. These
forward-looking statements are made as of the date of this news release
and Buckingham assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ
from those projected in the forward-looking statements. Although
Buckingham believes that the beliefs, plans, expectations and
intentions contained in this press release are reasonable, there can be
no assurance those beliefs, plans, expectations, or intentions will
prove to be accurate. Investors should consider all of the information
set forth herein and should also refer to the risk factors disclosed in
Buckingham's reports filed from time to time with the Securities and
Exchange Commission and available at www.sec.gov.
SOURCE Buckingham Exploration Inc.
For further information:
Mr. Simon Eley, at +61 439 993 146 or Mr Robin Relph at +1 604-737-0203