TSXV - EPM
BEDFORD, NS, Jan. 11 /CNW/ - Empire Capital Corp (TSXV-EPM) (the
"Corporation" or "Empire") is pleased to provide an update on the Wings
Point Gold Project acquisition announced December 14, 2010.
An initial field visit, a review of historic data and recent rock grab
sample assays suggest this project has the potential to be a
Carlin-style gold system. Sampling through December 2010 was carried
out on the 396 claim project, with the focus in and around an operating
gravel pit. Within the pit area, called the Gold Pit Target, two
parallel zones called the Western and Eastern zones composed of
mineralized silicified marine sediments were identified and sampled.
Mineralization in both cases is characterized by dominantly
disseminated arsenopyrite and pyrite within silicified calcareous
shales, siltstones and sandstones. Sampling has traced these zones over
a strike length of 380 and 680 metres for the Western and Eastern
Zones, respectively and each zone is open along strike. The best assays
were returned from the Western Zone, a calcareous silicified shale and
siltstone sequence, which assayed 2.46, 2.83 and 6.92 g/t gold.
Potential Carlin-style mineralization in marine sediments.
Widely distributed gold mineralization.
Newly discovered carbonaceous silicified shale assayed 2.46, 2.83 and
6.92 g/t gold.
Two mineralized zones, traced for 380 and 680 metres on surface, and
Terry Christopher, President and CEO stated "This acquisition is an
opportunity for the Company to explore for bulk tonnage Carlin-style
gold mineralization. The widespread distribution of gold and arsenic in
the Gold Pit Target area, the presence of gold, arsenic and antimony
nearby, in combination with the geological characteristics, including
mineralized marine sediments in the area all point to a Carlin-style
system. Past exploration in the area focused mostly on mineralized
quartz and gabbro systems, although several companies have previously
sampled this area for sediment hosted gold, without additional
follow-up. Our sampling program, as well as some of the historic
sampling is suggesting gold values increase with fresh rock exposure
which may mean increases in gold grade with depth. Empire's overall
exploration program will be focusing on the sediment sequence and the
potential within that sequence to host bulk tonnage gold deposits. Our
immediate target will be in the Gold Pit Target area, focusing on the
recently discovered silicified sediments which have assayed high gold
Empire acquired these claims after an initial field visit and reviewing
historic data for the area, which lies in the Botwood Basin in Central
Newfoundland. This Basin is host to several geological 'trends' that
were the focus of Carlin-style gold exploration by a number of
companies between 2000 and 2005, including Barrick Gold. Previous
workers noted that the Mustang Trend, wherein the Corporations claims
lie, is geologically very similar to the Carlin Trend. The Mustang
Trend, like the Carlin Trend, is a structural corridor wherein Late
Silurian to Early Devonian age calcareous sedimentary rocks consisting
of shales, siltstones, limestones were over- thrusted by Ordovician
marine clastic sediments. The Mustang Trend is over 100 km long, versus
the Carlin Trend which is generally considered to be about 60 km long.
Gold bearing rocks in the Carlin Trend are typically hosted is thinly
bedded silty carbonaceous rocks or shales, and mineralized as arsenic
bearing pyrite and quartz with alteration patterns typically including
decalcification, silicification and argillization. To date, Empire has
observed a similar style of mineralization in that, it occurs as
disseminated arsenopyrite and pyrite in thinly bedded, silicified
shales, siltstones, sandstones and calcareous shales. Most of the
intensive exploration for Carlin-style mineralization within this trend
occurred south of Empire's claims, as the project is at the northern
most portion of the Mustang Trend.
During December, Empire carried out a grab sample prospecting program in
the area including the Gold Pit Target area. Although selective in
nature and unlikely to represent the average grades on the property,
the grab sampling program was successful in identifying gold throughout
the pit area. Rock units within the pit are composed of sandstones,
siltstones and calcareous shales that dip near vertical. Field
observations in the pit show two parallel mineralized trends called the
Western and Eastern Zones, which are about 120 metres apart. Both zones
are well mineralized with arsenopyrite and pyrite, and mineralization
has been chased along strike intermittently for 380 and 680 metres,
respectively. Both zones are open along strike while widths are unknown
at this time due to cover. The width of the Western Zone in one
location is partially exposed intermittently and in that location it's
about 120 metres wide. The Western Zone is more intensely silicified,
at least at surface, and appears to be better mineralized with grab
samples generally range from 0.5 g/t to 6.92 g/t gold, with the best
grades coming from 'freshly' uncovered silicified shales and
siltstones. This area was recently uncovered in gravel pit operations
where the pit operator dug down to heavily silicified bedrock and could
not dig any deeper. Surface exposure of the Eastern Zone is poor with
considerable more cover and vegetation, thus the strike length is still
open and the width has not been determined. Gold values over the strike
length of this Eastern Zone ranged from 0.26 to 0.95 g/t, although
historic sampling through this zone returned higher grades. A map
illustrating the zones with additional information can be viewed at http://www.empirecapitalcorp.ca/projects/wings-point/
In addition, the optionors of the property, have noted over the years
that samples collected from freshly exposed rocks after and area has
been excavated, have routinely assayed higher in gold than samples
collected from the surface prior to excavation. The newly assayed
shales and siltstones in the Western Zone carrying 2.83, 2.46 and 6.92
g/t gold were only uncovered in recent gravel pit operations.
Historically, this same area was sampled by a previous company back in
2004, before it was excavated and the best assay was 1.3 g/t. The
optionors, just prior to Empire acquiring the project, also obtained a
recent sample from this zone with 87 g/t gold, and it was described as
well silicified, black sooty shale carrying arsenopyrite. Historic and
recent sampling of the deeper portions in the Eastern Zone has also
shown the potential for increasing gold grade with exposure of fresh
rock and thus potentially increasing at depth. When Empire sampled the
Eastern Zone recently, samples were collected from two areas also
sampled in 2004. In these two areas Empire obtained 0.26 and 0.27 g/t
gold, however, sampling in 2004 by another company returned 1.20 and
1.04 g/t, respectively. The difference in the sampling medium was the
previous company sampled after the excavator cleared the bedrock down
to the heavily silicified rocks to a point it could not dig any deeper,
exposing fresh silicified sediments, while Empire collected exposed
surface samples as the areas had been caved back in.
Public documents show that this mineralized sediment sequence was known
back as far as 1988 when Noranda Exploration took a sample in or near
the pit area which was characterized as sericitized sediments with less
than 1% needle arsenopyrite and assayed 0.86 g/t gold. Since that time
the area has been subject to several exploration and drilling programs
focusing on mineralized quartz and gabbro systems, with no concerted
effort for bulk tonnage potential that is displayed in the sediments
observed in the pit. With the widely distributed gold and arsenic
mineralization and the newly uncovered shale unit containing high gold,
Empire will explore this project with the goal of identifying bulk
tonnage gold prospects in the marine sediment sequence.
Empire has applied for a trenching and a geophysical survey permit for
the Gold Pit Target. Once those programs are completed the company will
arrange for a drill program on the main target area. Exploration and
evaluation will continue throughout the claims to generate other
targets of interest. The company has also recently staked an additional
293 claims and now controls 17800 contiguous hectares.
Empire Capital Corp. is a junior explorer focused on gold. Our model is
find targets that have the potential for multi-million ounce deposits
and to that end the company has been reviewing opportunities in Canada,
Africa and South America.
This news release contains forward-looking statements which include
statements regarding the Corporation's future plans, as well as
statements regarding financial and business prospects and the
Corporation's future plans, objectives or economic performance and
financial outlooks. The Corporation believes that the expectations
reflected in this news release are reasonable but actual results may be
affected by a variety of variables and may be materially different from
the results or events predicted in the forward-looking statements.
Readers are therefore cautioned not to place undue reliance on these
There can be no assurance that the exploration program will identify any
priority targets. The actual results and future events could differ
materially from those anticipated in this news release. The time frames
identified to work programs and other activities may vary significantly
from actual completion of the proposed work programs.
In evaluating forward-looking statements readers should consider the
risk factors which could cause actual results or events to differ
materially from those indicated by such forward-looking statements.
These forward-looking statements are made as of the date hereof, and
unless otherwise required by applicable securities laws, the
Corporation does not intend nor does it undertake any obligation to
update or revise any forward-looking statements.
This news release has been reviewed and approved by Bill Reed, P.Geol,
and a "qualified person" under National Instrument 43-101.
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 of accuracy of this release.
SOURCE Empire Capital Corp.
For further information:
CEO and President
408 - 1550 Bedford Highway,
Tel: (902) 405-3520