Shares Outstanding: 96.5 Million
Symbol & Exchange: BNT.V
MONTREAL, March 1 /CNW Telbec/ - Blue Note Mining Inc. (BNT:TSXV) has staked 38 claim units, adding 7.8 sq km to the Upsalquitch Project in northern New Brunswick. With the newly acquired claims, the Upsalquitch Project now covers 419 sq km surrounding the Williams Brook gold property where Blue Note has reported significant gold discoveries in 2008 and 2009 (see news releases dated January 12, 2010, February 23, 2009 and December 10, 2008).
The recent staking covers some impressive geochemical anomalies reported in historical work reports that have never been explained. A heavy mineral concentrate (HMC) sample from stream sediment on the recently acquired ground was reported to run 3700 parts per billion (ppb) gold, 530 parts per million (ppm) lead and 4000 ppm zinc. Strongly anomalous soil values in this area ranged up to 1025 ppm lead, 1654 ppm zinc, 6.7 ppm silver, 264 ppm arsenic, 133 ppm copper, and 25 ppb gold (limited gold assays were reported). Further north on the recently staked property, a historical HMC sample from stream sediment ran 772 ppb gold and a HMC sample from till returned 20,400 ppb gold. Limited historical trenching did not locate the bedrock source of the geochemical anomalies.
The company also reports results from a till survey carried out on the Upsalquitch Project in the fall of 2009 that returned strongly anomalous values ranging up to 356 ppb gold. A total of over 3,000 samples, typically taken from "C horizon" soil, were collected from 30 grids on the project. Samples were collected at 50-meter spacing along lines that ranged from 50 to 200 meters apart. Elevated to locally strongly anomalous gold values, ranging from 10 to 356 ppb gold, were returned from 20 of the 30 survey grids.
Significant multi-station gold anomalies were identified on three of the survey grids. Six anomalous samples were returned from a grid approximately 5 km south of the gold discoveries at Williams Brook, ranging from 14 ppb gold and including high values of 101 ppb and 356 ppb gold. Samples from a grid located 6 km north of the known gold at Williams Brook returned four anomalous values ranging from 13 to 170 ppb gold. A historical soil survey in this area returned anomalous gold values within and in close proximity to the 2009 sample grid with values up to 105 ppb; however, very limited follow up work was reported and the source of the anomalous gold was not was not found at that time. Another 2009 survey grid located 15 km north of the gold discoveries at Williams Brook returned 15 samples ranging from 10 to 33 ppb gold. Geophysical surveys are planned for these areas to identify targets for trenching and/or diamond drilling and soil/till sampling is also planned to further delineate and extend the geochemical anomalies.
Soil/till sampling is also planned to follow up elevated to anomalous gold values identified on other grids of the survey. This includes a value of 126 ppb gold identified on the margin of a grid located approximately 24 km north of the Williams Brook gold discoveries.
The Upsalquitch Project now consists of 1,926 claim units covering 419 sq km that surround the Williams Brook gold property and, based on preliminary evaluation, extends over 30 kilometers along the inferred trend of potential gold mineralization. In addition to follow up of known gold anomalies, further reconnaissance geochemical surveys are planned on the Upsalquitch Project to continue developing new targets on this extensive property.
Arthur Hamilton, P.Geo., Regional Manager, Blue Note Mining Inc., is a Qualified Person and has reviewed the technical information contained in this press release.
About Blue Note Mining
Blue Note Mining is a mineral exploration and mining company headquartered in Montreal with properties located in known gold regions of Mexico and Canada, including the prolific Sierra Madre Gold Belt, the Val-d'Or region of Quebec and northern New Brunswick. The company's shares trade on the TSX Venture Exchange under the symbol BNT.
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.
"Neither the 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 Blue Note Mining Inc.
For further information: For further information: Glenn Massad, Vice President, Investor Relations, Blue Note Mining, (800) 937-3095 x230, firstname.lastname@example.org; www.bluenotemining.ca