CALGARY, Aug. 21, 2012 /CNW/ - Boxxer Gold Corp. (TSXV-BXX), (OTC-BXXRF) ("Boxxer" or the "Company") is pleased to provide an update of activities on the DOK copper-gold-molybdenum-silver project located in northwest British Columbia. Exploration activities include interpretation of the airborne total field magnetic survey completed in 2011, the completion of the Titan-24 DCIP and MT survey, and the acquisition of additional mineral tenures contiguous to the east side of the property. To view the positive magnetic susceptibility/potassium anomalies for the DOK property visit Boxxer's website at www.boxxergold.com (DOK property maps).
|a)||A positive magnetic susceptibility and coincident potassium anomaly interpreted to represent a magnetite alteration halo typical around copper-gold porphyry deposits has been identified in Stuhini volcanics surrounding a granodiorite intrusive,|
|b)||the two large previously identified copper-gold-molybdenum-silver geochemical anomalies also exhibit a positive magnetic susceptibility/potassium signature associated with a monzonite intrusive,|
|c)||the Titan-24 DCIP and MT survey over the two large geochemical anomalies has been completed, and|
|d)||11 mineral tenures contiguous to the east side of the DOK project have been acquired to cover the eastern extent of the magnetic susceptibility/potassium anomaly mentioned in item a) above.|
Boxxer's President and CEO, Elmer B. Stewart, states; "The additional modelling of the 2011 magnetic data is yielding geophysical and geological features that were not previously known in this area. The correlation of the geology and geochemical anomalies with corresponding positive magnetic susceptibilities and potassium anomalies surrounding monzonite and granodiorite intrusives suggest features indicative of a porphyry environment. The acquisition of the additional mineral tenures covers the eastern extent of the large magnetic susceptibility/potassium anomaly and portions of several large gossans know to occur in this area."
Airborne Geophysical Interpretation:
Potassic and magnetite alterations are typical features associated with porphyry deposits. The large magnetic low identified in 2011 appears to correlate with the Strata Mountain granodiorite pluton which measures approximately 4.0 kms in diameter. The modelling has identified a magnetic susceptibility halo that coincides with a positive potassium signature occurring around the borders of the Strata Mountain intrusive. The modelling also shows that the magnetic susceptibility signature is irregular in shape and occurs several hundred metres below surface. The largest anomaly is located along the eastern portion of the property and underlies portions of several large gossans exposed on surface. The previously identified geochemical anomalies exhibit similar signatures associated with monzonite intrusives.
The previously announced Quantec Titan-24 DCIP and MT survey has been completed on five lines. The data is currently being compiled and interpreted. The results of the interpretation will be announced on receipt thereof.
Boxxer has purchased 11 mineral tenures totaling 2325.1 hectares (5745 acres) from Randy Marko and Paul Mott ("Marko/Mott") that are contiguous to the DOK project. Consideration paid by Boxxer was $20,000 cash and a 2% 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 $1.0 million such that the NSR is reduced from 2% to 1%.
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. 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.
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 magnetic susceptibility/potassium anomalies or that further exploration of the property would result in the discovery of additional mineralization or that the reported historical diamond drilling results can be verified or that the proposed transaction would be completed. 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 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.
SOURCE: Boxxer Gold Corp.
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Boxxer Gold Corp
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