Argonaut Resources Commences 2008 Exploration Program at Terrace BC



    CALGARY, Aug. 5 /CNW/ - CNR Capital Corporation (TSX-V: PY, "the
Company") is pleased to announce, through its wholly owned subsidiary,
Argonaut Resources Inc. ("Argonaut"), the commencement of the 2008 summer
field program on its 100% owned, 177 square kilometre or 17,738 hectare,
Terrace Properties (the "Property") which includes the Bornite Range and
Fiddler Creek properties in northwestern British Columbia. The field work will
include approximately 1500 metres of diamond drilling, 125 line-kilometres of
airborne electromagnetic and magnetic geophysical surveys, 15 line-kilometres
of induced polarization (IP) geophysics and local geological mapping.
    Diamond drilling during 2008 will target the high priority M&K, Zona May,
Pass and Golconda copper, silver (+/-gold-lead-zinc) showings.
    Exploration by Argonaut during 2007 defined a 150 x 150 metre, greater
than 200 parts per million (ppm) copper in soil anomaly at the M&K Showing
where a series of historic trenches expose polymetallic massive sulphide
mineralization. Historical high-graded production from 1914 to 1921 at the M&K
included 233 tons of ore which returned 4,663 ounces of silver, 92,740 pounds
of copper and 75,275 pounds of lead.
    The Zona May Showing consists of a 0.5 to 1.1 metre wide, quartz vein
complex exposed over a 915 metre strike length. The vein is flanked by an
envelope of altered and brecciated wallrock between 0.5 and 10 metres in
width. A 0.90 metre chip sample across the vein collected by Argonaut in 2004
returned assays of 61 grams per ton (g/t) gold (1.80 ounces per ton gold),
485 g/t silver, 0.26% copper, 4.98% lead and 3.14% zinc. At the Pass Showing,
quartz-carbonate altered volcanic gossan is exposed over a 200 x 50 metre
area. Chip sampling during 1989 by Mr. Ray Cook, President and CEO of
Argonaut, returned 87 g/t silver, 4.2% copper and 4.3% lead over a 2 metre
interval. At the Golconda Showing a 0.40 metre wide volcanic hosted shear zone
is exposed over a 70 metre strike length. A 0.40 metre wide aplite dyke
exposed in the footwall of the shear zone contains semi-massive bornite
mineralization. A 2006 grab sample from the dyke returned assays of 8.67 g/t
gold, 477 g/t silver and 13.9% copper.
    The Terrace Properties host approximately 37 documented precious and base
metal showings that include or adjoin 5 small past producing mines. Historical
work in the Terrace area began in the late 1800's with the development of
silver and copper bearing quartz veins. Silver and copper +/- gold
mineralization is widespread on the Property and typically occurs as quartz
vein, shear hosted, stratabound, disseminated and replacement styles within
intrusive rocks and associated volcanics. The principle focus of exploration
within the Terrace Property is to discover silver and copper +/- gold bearing
quartz vein, copper-gold Porphyry, Volcanic-Hosted Massive Sulphide, and
Epithermal deposits.
    The regional geology of the Terrace area includes island-arc assemblages
and associated intrusions of the Mesozoic Stikine Terrane to the east and
intrusions and metamorphic rocks of the Cenozoic Coast Plutonic Complex to the
west. The Bornite Range Property is underlain by the Lower Jurassic Kleanza
Pluton. The pluton intrudes, and is co-magmatic with, the Telkwa Formation, an
andesite-dacite submarine to subaerial volcanic succession. A number of felsic
accumulations occur within the Property and indicate proximity to eruptive
centres. The upper levels of the pluton and Telkwa volcanics are extensively
exposed on the Property and present a favorable environment for
mineralization. The spatial distribution of mineral occurrences within the
Property strongly suggests the Kleanza Pluton plays a key role in their
formation.
    The 2008 exploration program will be serviced from the cities of Terrace
and Smithers located in northwestern British Columbia. Terrace is a modern
community of 20,000 residents and is the major transportation centre for
highway, rail and air traffic throughout northwestern British Columbia. The
Company's Bornite Range and Fiddler Creek properties are located twenty
kilometres and 30 kilometres respectively northeast of Terrace each with good
logistics. The main Bornite Range property is bordered to the west by the
Yellowhead highway, CN railroad and major power lines with forest service plus
logging roads accessing all of the property valleys.
    CNR Capital Corporation has 16,744,575 shares issued and outstanding, is
well funded, has experienced management and is pleased to commence exploration
on the Terrace Properties.
    Kris Raffle, P. Geol., APEX Geoscience Ltd. is a qualified person as
defined by National Instrument 43-101 and is responsible for the preparation
and approval of the technical information disclosed in the News Release.

    On behalf of the Board of Directors,

    Ray Cook,
    President and CEO

    This news release has neither been approved nor disapproved by the TSX
Venture Exchange. The TSX Venture Exchange does not accept responsibility for
the accuracy or adequacy of the contents of this news release. This news
release may contain statements that are forward looking and subject to risk
and uncertainty more fully described in the company's prospectus and public
filings located on SEDAR.





For further information:

For further information: please visit: www.argonautresources.ca or
contact: Ray Cook, BSc., MSc., Geology, President and CEO, Tel: (403)
454-1302, email: ray@argoexp.com; Charles Chebry, BSc., CMA, CFO and Director,
Tel: (403) 454-1297, email: charles@argoexp.com

Organization Profile

CNR CAPITAL CORPORATION

More on this organization

ARGONAUT RESOURCES INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890