CALGARY, Dec. 2, 2013 /CNW/ - Boxxer Gold Corp. (TSXV: BXX) (OTC Other: BXXRF) ("Boxxer or the Company") is pleased to provide an update of corporate activities including additional land acquisition and management changes.
Boxxer Acquires Additional Mineral Claims near DOK Property
Boxxer has acquired one mineral tenure adjacent to its existing claim group totalling 330.16 hectares from two private landowners. Consideration paid by Boxxer was $6,000 cash (split $1,500 on signing and $4,500 due on November 6, 2014) and a 1% net smelter return (NSR) royalty on the mineral claims subject to a "Partial NSR Buyout Option". The Partial NSR Buyout Option allows Boxxer at any time to purchase half of the NSR for a cash payment of $0.5 million such that the NSR is reduced from 1% to 0.5%.
Rationale for the Mineral Tenure Acquisitions:
The mineral claim covers a portion of a large gossan located southeast of the DOK property. Two mineral showings are reported to occur (British Columbia Min file 104G 129) within this mineral tenure. The north showing is reported to contain copper staining in outcrop with no assays reported. The south showing is reported to consist of veinlets in green sandstone and dark grey siltstone of the Upper Triassic Stuhini Group at the head of Strata Creek. Approximately twenty discontinuous north-northeast striking, steeply-dipping veinlets from one to four centimetres in width occur across about five metres in outcrop. The veinlets are reported to contain blebby chalcopyrite, pyrite, and galena in a gangue of quartz and/or carbonate. Centimetre- scale rusty alteration selvages are present but alteration mineralogy was not noted. Two grab samples were taken from the veinlets, the best assay being 136,390 parts per billion gold (136.39g/t gold), 19.0 parts per million silver, and 0.29 per cent copper.
The DOK Property:
The DOK property, situated in NW BC, is a drill-ready stage project consisting of 10,674 hectares (26,365 acres) The combination of Titan-24 results, airborne magnetic data, geology, alteration and copper-molybdenum-gold-silver mineralization exposed in potassic altered volcanics and intrusive rocks bedrock has identified two large porphyry style targets.
Highlights of the historical exploration results (see news release dated May 26, 2011) for the DOK property are:
|a)||81 areas of copper mineralization have been located on the property; the majority of these occur within the two large polymetallic copper-molybdenum-gold-silver in soil geochemical anomalies,|
|b)||The copper-gold-molybdenum-silver in soil geochemical anomalies occur over a five kilometre strike length. The Northwest zone measures 2,000 metres long by up to 1,400 metres wide. The Southeast zone measures 1,500 metres long and up to 900 metres wide. Both anomalies are open along strike,|
|c)||Copper concentrations within both soil geochemical anomalies range from 200 to 9,820 parts per million ("ppm") as well as 0.03g/t to 2.2 g/t gold; 14 to 135ppm molybdenum; and 0.6g/t to 84.5g/t silver, and|
|d)||Chip samples of mineralized bedrock within the Northwest zone returned 0.66% copper over 38 metres, 0.73% copper over 16 metres, and 0.32% copper over 25 metres.|
The highlights of the Titan-24 surveys (see news release dated October 1, 2012) are:
|a)||The strong chargeability anomaly associated with the Northwest zone has a minimum strike length of 800m strike length and a width of up to 1200m that coincides with mineralized, potassic altered intrusive rock and Stuhini volcanic rocks from which historical continuous chip sampling of outcrop includes 0.66% copper over 38m,. The chargeability anomaly is open along strike in both directions, and|
|b)||The strong chargeability/conductivity anomaly associated with the Southeast zone has a minimum 600m strike length and a width of up to 900m. The chargeability anomaly is open along strike in both directions and shows a strong correlation with potassic altered intrusive rock and Stuhini volcanic rocks. Historical sample results include 5.16 g/t gold (grab sample), 6.7% copper, 65.4 g/t silver and 0.2 g/t gold over a 3 m chip sample and 12.5% copper over a 0.5 m long chip sample occur with the chargeability anomaly within the copper-gold-molybdenum-silver soil anomaly.|
Elmer B. Stewart, MSc. P. Geol., President of Boxxer Gold, is the Company's nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed the technical information disclosed in this news release.
Mr. John Maslanyk, Vice President and Chief Information Officer, has resigned as an officer of Boxxer effective November 21, 2013 in order to pursue other opportunities. Mr. Maslanyk has been involved with the Corporation since 2009, and the Company would like to take this opportunity to express their thanks to Mr. Maslanyk for his many contributions.
Mr. Elmer Stewart, President of Boxxer stated "We would like to thank John for his efforts on behalf of Boxxer over the past few years and wish him success in his future endeavors. Boxxer has purchased the additional mineral tenure to provide additional coverage of the interpreted extension of the DOK property mineral trend and its associated positive magnetic features".
About Boxxer Gold Corp.
Boxxer is a Canadian junior resource company involved in the exploration of the Boss and Buena Vista copper projects in the state of Nevada, the Empire copper-gold-silver project in Idaho, the DOK copper-molybdenum-gold-silver porphyry property in Northwest B.C. and the East Breccia copper-silver-molybdenum property in Ontario. Boxxer also has the Gordon Lake gold project located 110 kilometres north of Yellowknife NWT, Canada.
On behalf of the Board of Directors
Elmer B. Stewart P. Geol. MSc.
President and CEO
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.
Forward-Looking Statements: This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. There is no certainty that additional surface work on the DOK project would extend the dimensions of the known zones of copper-gold-silver mineralization or that additional mineralization would be found. For any forward-looking information given, Management has assumed that the results it has received and the interpretation thereof are reliable, and has applied geological and geophysical interpretation methodologies which are consistent with industry standards. Although Management has a reasonable basis for the conclusions drawn, actual results may differ materially from those currently anticipated in such statements. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Boxxer's disclosure documents on the SEDAR website at www.sedar.com. Boxxer does not undertake to update any forward-looking information except in accordance with applicable securities laws.
SOURCE: Boxxer Gold Corp.
please visit our website at www.boxxergold.com or contact Jason Riley at 403-264-4811.