CALGARY, Aug. 8, 2012 /CNW/ - Boxxer Gold Corp. (TSXV: BXX) (OTC Other-BXXRF) ("Boxxer or the Company") is pleased to announce analytical results for two diamond drill holes from the East Breccia project located in Ontario. The objective of the confirmation drilling was to verify the reported copper-molybdenum-silver grades in a number of the historical drill holes. The historical drill holes from the East Breccia zone were broken down into three copper grade classes based on the reported copper content in the drill holes. Six historical holes from the three copper grade classes were selected for verification purposes. The six drill holes completed in 2012 were located either at the collar of or as near as possible to the historical drill hole selected for verification.
|a)||Diamond drill hole (DDH) EB-02-2012 intersected 2.32% copper, 0.01% molybdenum and 31.2g/t silver and 0.25g/t rhenium (2.91% copper equivalent) over a core interval of 8.89m within a longer interval that averaged 0.49% copper, 0.01% molybdenum, 6.86g/t silver and 0.17g/t rhenium over a core interval of 67.81m starting at a core length of 89.90m, and|
|b)||DDH EB-05-2012 located 70m east of DDH EB-02-2012, intersected 0.20% copper, 0.014% molybdenum and 2.39g/t silver and 0.34g/t rhenium (0.37% copper equivalent) over an interval of 109.37m starting at a core length of 0.63m.|
Boxxer's President and CEO, Elmer B. Stewart, explained; "The results reported in the first two holes of the 2012 drill hole verification program confirms the mineralization reported in the two corresponding historical hole from the East Breccia zone. The visual mineralization intersected in the 2012 drill holes combined with the current analytical results supports the validity of the mineralization reported in the 55 historical drill holes reported from the East Breccia zone. These results suggest the presence of a large polymetallic copper deposit that could be extracted by open pit mining methods".
Analytical results for the selected mineralized intervals in the two drill holes are presented below.
|DDH ID||Dip||Azimuth||From (m)||To (m)||Interval (m)||copper (%)||molybdenum (%)||silver (g/t)||rhenium (g/t)||CuEq %|
The core intervals stated above are not true widths.
Diamond Drilling Analytical Results:
The weighted average grades for mineralized intervals in DDH EB-02-2012 and EB-05-2012 were estimated using a zero cut-off grade for copper. Top cuts were not applied to the metals included in the above table.
Diamond Drill Results:
A brief description of the last four drill holes from the 2012 drilling program intersected variable concentrations of chalcopyrite+/-molybdenite mineralization throughout the core intervals. Pyrite is the dominant sulfide in each drill hole. The mineralization occurs in a sequence of altered gabbro and volcanic rocks.
DDH EB-01-2012 located at the collar of DDH EB-1 (historical drill hole) is situated 50m south of DDH EB-05-2012 and intersected two intervals of disseminated and veinlet controlled chalcopyrite+/-molybdenite mineralization starting at a core interval of 3.8m to 125.0m and from 168.0m to 187.0m. Below these mineralized intervals, chalcopyrite was observed in the core from 187m to 234m and molybdenite was observed to occur from 234m to the end of the hole at 251m.
DDH EB-03-2012 located at the collar of DDH EB-11 (historical drill hole) is situated 40m northwest of DDH EB-01-2012 and intersected chalcopyrite +/- molybdenite mineralization from 6.7m to 167.1m and chalcopyrite mineralization from 185.1 to 211.9m. From 230.7 to 239.8 chalcopyrite +/- molybdenite mineralization was observed as disseminations and veinlets.
DDH EB-04-2012 located at the collar of DDH EB-12 (historical drill hole) is situated 70m northeast of DDH EB-05-2012 and intersected eight intervals of chalcopyrite +/- molybdenite mineralization that range in thickness from 6.0m to 50.0m. The chalcopyrite +/- molybdenite mineralization was observed as disseminations and veinlets.
DDH EB-06-2012 located at the collar of DDH EB-21 (historical drill hole) is situated 25m southeast of DDH EB-01-2012 intersected disseminated and veinlet controlled chalcopyrite+/-molybdenite mineralization over a core interval of 215.2m from 15.2 m to 220.4m. Fracture controlled molybdenite mineralization was observed over a core interval of 20.5m from 230.9 to the end of the hole at 251.4m.
The reader is cautioned that visible copper and molybdenite mineralization does not necessarily equate to significant concentrations of either copper or molybdenum and there is no assurance that the assay results of the samples from these drill holes will yield significant copper or molybdenum grades.
Contingent on receipt of the balance of the analytical results from the East Breccia zone, Boxxer planned to complete another drilling program on the East Breccia zone. Preliminary results of the Titan-24 DCIP &MT survey on the DOK copper-gold-molybdenum project located in northern British Columbia are expected around mid-August.
Sample Preparation and Analysis:
All drill core samples were prepared at the ALS Minerals in Sudbury Ontario. The samples were prepared using prep code 31A and the ME-ICP61 package for base metals. ALS quality control system complies with the requirements for the International Standards ISO9001:2000 and ISO 17025:1999. Analytical accuracy and precision are monitored by the use of international standards. Additional quality control measures included insertion of blanks and standards in all drill core sample batches submitted.
Copper equivalent calculations are based the assumption of recovering 100% of all metals using the following metal prices are copper $US2.00/pound, molybdenum $17.50/pound, silver $US20.00/ounce and $5.00/ounce rhenium.
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 DOK copper-gold porphyry property in Northwest B.C., the East Breccia copper-silver-molybdenum property in Ontario. Boxxer also has the Crescent Peak gold-silver project in Nevada and the Gordon Lake gold project located 110 kilometres north of Yellowknife NWT, Canada.
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.
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 the remainder of the diamond drill holes from the 2012 drilling program will contain significant grades of either copper or molybdenum or silver. 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.
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