Roxmark channel sampling, drilling continues to define new gold discovery at
Northern Empire Mine Property
The structure, containing high-grade gold mineralization, was outlined by an airborne High-Resolution Aeromagnetic Survey and first defined by a previously announced stripping and channel sampling program (news releases dated
Additional channel sampling to date has continued to provide encouraging results, showing continuous gold mineralization along the new zone. Currently, just over 35% of the strike length has been stripped.
Table 1 - Summary of additional channel sampling --------------------------------------------------------------- Channel No. Sample No. Au (g/t) Width (m) --------------------------------------------------------------- NE-09 - C211 3387 3.87 0.30 --------------------------------------------------------------- NE-09 - C220 3429 10.40 0.30 --------------------------------------------------------------- NE-09 - C222 3435-3437 3.68 1.10 --------------------------------------------------------------- NE-09 - C223 3444 18.10 0.40 --------------------------------------------------------------- NE-09 - C224 3447-3448 13.74 0.90 --------------------------------------------------------------- NE-09 - C225 3452 6.89 0.30 --------------------------------------------------------------- NE-09 - C233 3483 7.04 0.30 --------------------------------------------------------------- NE-09 - C234 3485-3486 6.22 0.60 --------------------------------------------------------------- NE-09 - C247 3540 10.50 0.40 --------------------------------------------------------------- NE-09 - C252 3560-3561 6.08 0.80 ---------------------------------------------------------------
The first phase of drilling was designed to test and confirm the mineralization as outlined by channel sampling. Several holes over the past month intersected the new mineralization with grades up to 21.10 g/t gold over 0.30 m. or 15.60 g/t gold over 0.60 m. The new zone lies about 240 metres south of the Power Zone and is a similar high-grade, narrow vein structure.
Widely-spaced holes have been drilled above the diabase sill over less than half of the strike length. A more comprehensive follow-up drilling program is planned once further field data can be compiled and analyzed. The intercepts are highly significant because they show the zone is open to expansion along strike.
Highlights from the first phase of drilling, based on assays received to date:
Table 2 - Summary of drilling on new gold discovery ------------------------------------------------------------------------- Hole-ID Dip From To Length (m) Au (g/t) ------------------------------------------------------------------------- NE-09-10 -60 30.70 31.30 0.60 15.60 including 30.70 31.00 0.30 21.10 ------------------------------------------------------------------------- NE-09-08 -60 24.60 25.10 0.50 3.18 68.00 69.00 1.00 3.33 ------------------------------------------------------------------------- NE-09-12 -60 50.50 51.10 0.60 5.62 ------------------------------------------------------------------------- NE-09-13 -45 40.30 40.70 0.40 6.76 ------------------------------------------------------------------------- NE-09-14 -60 50.70 51.00 0.30 7.98 ------------------------------------------------------------------------- NE-09-20 -60 18.00 18.30 0.30 6.28 ------------------------------------------------------------------------- NE-09-24 -60 73.30 72.60 0.30 6.44 ------------------------------------------------------------------------- NE-09-35 -45 12.50 15.50 3.00 5.67 including 12.50 13.40 0.90 12.35 ------------------------------------------------------------------------- NOTE: True widths estimated at approximately 70% of intersection width
"These are early days in our exploration of this structure, but we are very encouraged by what we are seeing," said Roxmark
The Northern Empire Mine is located in the Town of Beardmore, approximately 200 km northeast of Thunder Bay and serviced by the Trans-Canada Highway. It was operated successfully by Newmont Mines from 1934 to 1941. The mine was serviced by a shaft to a depth of 2,460 feet and produced 149,000 ounces of gold from 426,000 tons of ore at a recovered grade of 0.35 oz/t Au. The on-site 200TPD mill was built in 1982 and upgraded and permitted by Roxmark.
Roxmark's current plan is to develop the eastern strike length of the Northern Empire mine by a decline and mine the area to the second level. A preliminary study indicates that production can begin within six months of completing development work. This program will be followed up by dewatering the shaft and installing a headframe, hoist and ancillary equipment on surface and underground. A feasibility study has not been completed and accordingly, there is no certainty that the plan will be economically viable.
About Roxmark Mines
Roxmark Mines Limited is the leader in gold and molybdenum exploration and development in the historically significant Geraldton-Beardmore area of Northwest Ontario. In addition to the Hardrock Project in the Geraldton Camp, Roxmark is pursuing a number of initiatives in the Beardmore Camp, including re-opening the Northern Empire Mine and its onsite mill and expanding the resource base at the Leitch-Sand River Mine, once Canada's richest producing gold mine. In recent years, Roxmark has generated cash flow from bulk-sampled gold and molybdenum processed at its fully-permitted mill and has the advantage of infrastructure from nine formerly highly productive gold mines located on its properties. These mines previously produced nearly four million ounces of gold from high-grade ore but were closed primarily due to boundary issues and dramatically lower gold prices at the time.
Further information is available on the Company's website at www.roxmark.com and on SEDAR under the Company's profile at www.sedar.com.
Forward-Looking Statements
This news release includes certain "forward-looking statements". Such forward-looking statements involve risks and uncertainties. The results or events predicted in these forward-looking statements may differ materially from actual results or events. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
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.
For further information: Monir Younan, President, Roxmark Mines Limited, (416) 860-1636, Fax: (416) 360-7355, [email protected]; www.roxmark.com
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