TORONTO, Jan. 25 /CNW Telbec/ - Roxmark Mines Limited (TSXV - RMK) today
announced that drilling by Premier Gold Mines Limited (TSX:PG) at Roxmark's
Magnet Gold Mine property in the Geraldton Camp, a property subject to an
earn-in option by Premier, has intersected the primary target horizon, the
Main "Tombill-Bankfield Break". Two distinct zones were intersected,
confirming the presence of significant veining and mineralization in the
target horizon (including visible gold).
Historically, in 1988, from the 11th level station of the Magnet Gold
Mine, a flat hole intersected the Tombill-Bankfield fault horizon, host to the
largest mine in the district, approximately 500 meters south of the main
shaft. This hole intersected 45.26g/t Au (1.32 oz/ton) over 1.34 meters in the
host horizon and was not followed-up. This host horizon was intersected at a
depth of approximately 500 meters and is now the focus of current drilling
with two drills. This zone will probably surface on the Company-controlled
McLellan Joint Venture property. In addition to the target horizon, an
additional mineralized zone was intersected further up-hole. The current
drilling is part of a major $2.5 Million dollar ongoing exploration program
carried out by Premier.
In addition to the main target, recent drilling performed in the
"Benedict Zone", a secondary target located proximal to the Magnet Mine,
intersected gold mineralization including 10.22 grams per tonne gold (g/t Au;
0.30 opt) over 2.5m and 8.14g/t Au (0.23 opt) over 2.0m. The Geraldton Project
is being operated by Premier under an option agreement with Roxmark.
The Magnet Mine produced 152,000 ounces of gold from 360,000 tons for an
average grade of 0.42 oz. in gold per ton. The mine is serviced with a shaft
and winze to 2,640 feet depth. The property is equipped with headframe,
production hoist, compressors, certain mining equipment, generator, hydro
substation, shop, dry, office, etc. The mine was inactive since 1988.
The Geraldton Project is located in the heart of the Beardmore-Geraldton
Greenstone Belt, a highly prospective high-grade gold district that has seen
relatively little exploration over the past several decades. The Project area
covers approximately 10 kilometres of some of the most strategic ground in the
region and is host to past-producing mines and numerous exploration targets in
a district that has more than 4.1 Million ounces of historic gold production.
Stephen McGibbon, P. Geo., Executive Vice-President of Premier, is the
Qualified Person for the information contained in this press release and is a
Qualified Person within the meaning of National Instrument 43-101.
Premier Gold Mines Limited is a fully-financed Canadian-based mineral
exploration and development company with diverse property holdings that
include several projects and deposits in Northwestern Ontario and a joint
venture in Mexico. In the Red Lake gold mining camp, two of these projects are
operated in joint venture with Goldcorp Inc.
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 the last two 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 six formerly highly productive gold mines
located on its properties. These mines previously produced nearly two million
ounces of gold from high grade ore but were closed primarily due to
dramatically lower gold prices at the time and to boundary issues, since
eliminated. Three of our mines in the Beardmore camp processed a total of
1.5 million tons of ore that produced in excess of one million ounces of gold,
with an average recovered grade of 0.70 oz. Au/ton.
Further information is available on Roxmark's website at www.roxmark.com
and on SEDAR under the Roxmark'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, Roxmark disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information, future
events or results or otherwise.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
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;
Renmark Financial Communications Inc.: Christine Stewart:
firstname.lastname@example.org; Barbara Komorowski:
email@example.com, (514) 939-3989, Fax: (514) 939-3717,