CALGARY, May 7, 2012 /CNW/ - Boxxer Gold Corp. (TSXV: BXX) (OTC Other: BXXRF) ("Boxxer" or the "Corporation") is pleased to announce that it has received an exploration permit from the Batchawana First Nation and that it plans to commence a minimum 2,000m diamond drilling program on its East Breccia copper-molybdenum(rhenium) -silver-tungsten property. The East Breccia property covers approximately 4,300 acres and hosts two large zones of copper-molybdenum (rhenium)-silver-tungsten mineralization located in the Sault Ste. Marie Mining Division in south-central Ontario. Boxxer can earn a 100% interest in the East Breccia property subject to a 3% Net Smelter Return ("NSR").
The Tribag Mine located adjacent to the East Breccia property is reported to have operated from 1955 to 1971 and processed 1.45 million tons that averaged 1.67% copper. Approximately 90% of the reported production was from the Breton breccia and 10% of the production from the West breccia. Four mineralized breccia zones (Breton, South, West and East) occur within an area that measures 3kms long by 1km wide. The southern portion of the West Breccia, all of the East Breccia and the southern extension of the South Breccia occur within the East Breccia property. To view the location of the mineralized breccia zones, visit Boxxer's website at www.boxxergold.com. Historical information from the property includes the following;
- A recent geochemical survey has identified a large, circular 400m by 300m coincident copper-molybdenum-silver-tungsten anomaly in an overburden covered area approximately 100m south of the East Breccia zone,
- Significant concentrations of scheelite and wolframite (both tungsten minerals) are reported to occur with the copper-molybdenum-silver mineralization in the East Breccia and West Breccia zones,
- Historical analytical results on core samples show significant concentrations of rhenium (0.2 to 0.7 g/t), and
- Based on a review of the drill logs, intervals of lower grade copper-molybdenum mineralization were not assayed.
Boxxer's President and CEO, Elmer B. Stewart, explained; "We are pleased to commence the drilling program on our East Breccia property. The polymetallic nature, style of mineralization and adjacent historic high-grade copper mining suggest the presence of a large IOCG (Iron Oxide Copper Gold) style mineralizing system on the property. The two large zones of copper-molybdenum-rhenium-silver-tungsten mineralization and the unexplored multi-element geochemical anomaly provide excellent exploration targets. Our exploration objective is to improve/confirm the continuity/extent of the reported historical mineralization in the East Breccia zone with this drill program thereby rapidly confirm a potential large polymetallic copper deposit".
The objective of the 2012 drilling program is to confirm 8 of the reported 55 historical mineralized drill holes from the East Breccia zone which includes the following historic mineralized intervals:
- 0.52% copper, 0.036% MoS2 and 24.5 g/t silver over a core interval of 113.0m*,
- 0.47% copper over a core interval of 115.0m, and
- 1.82% copper and 17.6 g/t silver over a core interval of 52m*,
Note: The above quoted mineralized intervals have not been verified by Boxxer. The analytical methods used to measure the copper-molybdenum-silver concentrations in the core is not know. Boxxer believes that the above quoted mineralized intervals are correct and significant, however until the mineralized intervals are verified by additional exploration, these mineralized intervals should be considered speculative.
Mobilization of the diamond drill for the East Breccia property is expected to commence immediately. If results of the initial drilling program on the East Breccia project are positive, an extension of the drilling program is planned.
Boxxer's business strategy is to locate and develop targets in new areas that have the potential to host large polymetallic copper deposits. Boxxer is currently focused on completing the initial drilling program on its East Breccia project and expects to commence in mid-June both geophysical and drilling programs on the DOK polymetallic copper-gold-molybdenum-silver project in northern British Columbia.
Additional work is planned for the third quarter of 2012 on the Boss copper-gold project in Nevada. Diamond drilling is planned to follow-up the down dip extensions of the mineralized skarn intersected during the recently completed drilling program. Numerous chargeability targets and three mineralized skarn not including the Boss extension skarn remain untested on the Boss project.
About Boxxer Gold Corp.
Boxxer is a Canadian junior resource Corporation focused on 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., and 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.
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, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such historical 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 historical mineralization reported in this news release exists and that the proposed drilling will intersect significant mineralization. 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 any conclusions drawn, actual results may differ materially from those currently anticipated in such forward-looking statements. Additional 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.
For further information:
For more information on Boxxer please visit our website at www.boxxergold.com or contact:
Boxxer Gold Corp
Boxxer Gold Corp
John L. Maslanyk
Vice President & Chief Information Officer
Toll Free: 1-888-479-3596
Macam Investor Relations