TORONTO, Dec. 1 /CNW Telbec/ - Roxmark Mines Limited (TSXV-RMK) today announced that deep drilling carried out in the Hardrock Project's North Zone by Premier Gold Mines Limited (TSX-PG) as operator has intersected multiple high-grade gold zones below the bottom level of the historically mined North Zone. Highlights include an intercept of 39.20 grams per tonne gold (g/t Au) across 4.8 metres (m) or 1.14 oz/ton across 15.7 feet (ft). This hole has confirmed that the North Zone deposit is wide open at depth, with intersections as deep as 40 metres below historic workings.
In addition, Premier has announced that final work is being done in advance of releasing an initial NI 43-101 resource calculation on open pit style deposits in the Hardrock Project - a Joint Venture between Roxmark and Premier, near Geraldton in the Geraldton-Beardmore Greenstone Belt of Northwestern Ontario in which Roxmark holds a 30% carried interest.
North Zone Deeps
The first hole drilled to test the down-dip potential of the mine, MM050,
has intersected multiple zones of high-grade gold mineralization immediately
below the mined portion of the North Zone.
Significant intercepts include:
- 39.20 g/t across 4.8 m (1.14 oz/ton across 15.7 ft) from 662.7 m to
- 3.65 g/t Au across 3.0 m (0.11 oz/ton across 9.8 ft) from 681.0 m to
- 4.03 g/t Au across 6.9 m (0.12 oz/ton across 22.6 ft) from 703.9m to
- Includes 7.90 g/t Au across 2.6 m (0.23 oz/ton across 8.5 ft) from
703.9m to 706.5m.
Additional drilling to test the extension of the North Zone continues to
intersect multiple mineralized zones including a broad mineral-rich
section down dip from hole MM050.
The North Zone was previously mined to a depth of 2,000 feet (610 m) with production of 2.97 million tons at a recovered grade of 0.22 oz/ton (7.54g/t Au). Mining in the West Zone, a part of the North Zone horizon, resulted in the extraction of 532,254 tons with a recovered grade of 0.23 oz/ton (7.85 g/t Au). Premier has completed a second deep hole, MM079, from which several wedge holes are planned to further define the depth potential of the North Zone.
Ongoing work at Hardrock is testing both open pit and underground type targets. Several potential open pit zones have been delineated to be included into a NI 43-101 compliant resource calculation which is expected to be completed in Q4 2009 (initial open pit resource). The focus of drilling has now shifted towards defining underground-style zones that will be included in an updated resource that is expected in Q3 2010.
Significant potential exists for developing resources in several areas including:
- Open pit-style mineralization in the main areas, the Tenacity, EP
(includes NN) and Kailey Zones. Significant results to date include:
15.97g/t Au across 32.1 m and 4.13 g/t Au across 18.9 m in the Tenacity
Zone; 5.2 g/t Au across 37.0 m and 19.0 g/t Au across 11.3 m in the EP
Zone; 6.4g/t Au across 22.4 m and 52.9 g/t Au across 7.9 m in the NN
Zone; and 1.47 g/t Au across 162.0 m and 2.16 g/t Au across 92.2 m in
the Kailey Zone.
- Underground-style mineralization in the SP Zone where drilling has
returned numerous significant intercepts including 6.6 g/t Au across
32.6 m and 9.7 g/t Au across 11.8 m.
- New high-grade vein targets, including the HGN discovery where recent
drilling has intersected significant visible gold with intercepts that
include 1,141.5 g/t Au (33.3 oz/ton) across 2.0 m and 49.8g/t Au across
- Historical resource blocks that remain within the mine workings and the
main mined zones which remain open below the 13th level (610 m below
surface) as tested by hole MM050.
The Hardrock Project, located near Geraldton, Ontario, is operated under a joint venture with Roxmark and Premier (Roxmark holds 30% carried interest and Premier is earning 70% interest). The Hardrock Project is host to several past-producing mines which collectively produced nearly 3.0 million ounces of gold primarily from relatively shallow depths (600 metres) from 1938 to 1968. The Hardrock Project benefits from development advantages with the Trans-Canada Highway, Trans-Canada Pipeline, and major power lines running through the centre of the property.
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. Assay results are from core samples sent to Activation Laboratories, an accredited mineral analysis laboratory in Ancaster, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods.
About Roxmark Mines
Roxmark Mines Limited is the leader in gold and molybdenum exploration and development in the historically significant Geraldton-Beardmore area of Northwest Ontario. In addition to the Hardrock Project in the Geraldton Camp, Roxmark is pursuing a number of initiatives in the Beardmore Camp, including re-opening the Northern Empire Mine and its onsite mill and expanding the resource base at the Leitch-Sand River Mine, once Canada's richest producing gold mine. In recent years, Roxmark has generated cash flow from bulk-sampled gold and molybdenum processed at its fully-permitted mill and has the advantage of infrastructure from nine formerly highly productive gold mines located on its properties. These mines previously produced nearly four million ounces of gold from high-grade ore but were closed primarily due to boundary issues and dramatically lower gold prices at the time.
On December 18, 2009, shareholders of Roxmark and Ontex Resources will vote on the merger proposal announced October 13, 2009. The merger of the two companies will create an organization with significantly greater gold resources and land holdings in the Geraldton-Beardmore area-as well as important operational synergies. The merger values each Roxmark share at 0.8 of an Ontex share.
Further information is available on the Company's website at www.roxmark.com and on SEDAR under the Company's profile at www.sedar.com.
This news release includes certain "forward-looking statements". Such forward-looking statements involve risks and uncertainties. The results or events predicted in these forward-looking statements may differ materially from actual results or events. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
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.
SOURCE ROXMARK MINES LIMITED
For further information: For further information: Monir Younan, President, Roxmark Mines Limited, (416) 860-1636, Fax: (416) 360-7355, email@example.com; www.roxmark.com