VANCOUVER, Jan. 27, 2015 /CNW/ - Theia Resources Ltd. (TSX.V:THH) ("Theia") is pleased to announce an update of exploration work completed during 2014 on the Fox and 2 X Fred properties located in the Nechako Plateau of Central British Columbia, Canada.
2 X Fred
A machine trenching program conducted during 2014 has confirmed the discovery of a new low sulphidation vein system in Central B.C.
Numerous veins have been found in low lying glacial covered terrain over a 2.5 by 1.75 kilometer area. Individual veins can be traced along strike in excess of 500 meters with widths ranging from less than one meter to over 40 meters. At least 12 individual veins trending variously north-south to northeast have been discovered. Some of the veins were blind to surface and exposed by trenching into clay altered zones. The veins are steep dipping overall.
Petrographic work and macroscopic textures indicate the system is exposed in its upper levels above the level of the high grade 'bonanza' zone common in low sulphidation epithermal vein systems. Petrographic work concluded that the textures observed are indicative of a level of exposure within 150 meters of the original paleosurface likely at temperatures less than 200 C and therefore above the interval where high grade 'bonanza' mineralization would be expected.
Given the very anomalous nature of all the veins exposed at such a high level in the system means the potential for high grades remains preserved at depth.
A total of 563 rock samples have been assayed to date and averaged 0.4 gpt Au and 7.1 gpt Ag. Of the 244 channel and composite rock samples taken from 16 trenches an average of all the samples assayed 0.49 gpt Au and 8.7 gpt Ag. . The highest assay value from sampling reported 5.5 gpt Au and 100 gpt Ag. The longest continuous exposure of vein material totaling 24 meters averaged 0.53 gpt Au and 6.9 gpt Ag and the highest grade was 1.52 gpt Au and 24.2 gpt Ag over 3.65 meters.
Follow up exploration will consist of a preliminary drill program testing the principle quartz veins with broadly spaced sections testing to depth for evidence of increasing grades for the existence of an low sulphidation high grade zone at depth. The next phase of work will entail additional trenching and drilling of the principal veins to test for high grades at depth.
The 2 X Fred property is located a 30 minute drive south of Vanderhoof, B.C.
A total of 12 trenches were hand cleared and channel sampled in 2014. The discovery zone trench was opened up for a strike length of 16 meters and 17 channel samples over an average width of 0.9 meters reported an average assay grade of 6.5 gpt Au and 1194 gpt Ag. The zone remains open along strike. A total of 6 different zones of mineralization over an area of 400 by 100 meters were trenched and sampled with zones up to 5 meters of length.
To view full results of the trench sampling program for the Fox property visit: Fox Trenching
Multiple zones of mineralization are exposed over a 1 square kilometer recently logged topographic high. High grades up to 45 gpt Au and 7300 gpt Ag occur in open space quartz veins, stockworks and breccias controlled by NNE and NW interconnected conjugate fracture sets of upto 5 meters wide occurring throughout the 1 square kilometer area. The mineralized zones are hosted within moderate to strong argillic/sericitic and silicic alteration within felsic pyroclastics and hybabyssal intrusives of the Oosta Lake Group.
Petrographic work shows micro veinlet's of quartz within a matrix of K-spar with phenocrysts of plagioclase with potassic feldspar rims. Argillic and sericitic alteration is confirmed along with minor amounts of chlorite and tourmaline. Sulfides are primarily fine grained pyrite with gold as electrum and silver as electrum and argentite after galena. Minor amounts of sphalerite are also observed.
Potential exists for high grade structurally controlled mineralization as evidence by the Discovery or C zone and for bulk mineable disseminated style mineralization if the conjugate fractures occur with sufficient density.
Follow up exploration will test these two thesis's and will consist of a broad based soil geochemical program followed by mechanized trenching. A test program of soil sampling shows mineralization is reflected in low level gold anomalous soil. An overall thin veneer of glacial drift and soils in the order of less than one meter makes soil sampling and trenching an effective exploration tool.
The project is located about one hour drive to the southwest of Fraser Lake, B.C.
Samples were assayed using a high-grade multi-acid digestion ICP analysis conducted and prepped by ALS Chemex of North Vancouver, B.C., Canada. Further Quality Assurance and Control procedures and details on assays procedures and laboratories used are disclosed on the Kootenay Silver Inc. website.
The foregoing geological disclosure has been reviewed and verified by Mr. James McDonald, P.Geo (a qualified person for the purpose of National Instrument 43-101, standards of disclosure for mineral projects). Mr. McDonald is CEO of Kootenay Silver Inc. ("Kootenay") who is the optionor of the Fox and 2 X Fred properties to the Theia.
Terms of agreement
The Fox and 2 X Fred properties are under option agreement from Kootenay. To earn a 60 percent interest Theia must spend an aggregate total of $2.5 million on exploration over a five year period and issue up to an aggregate total of 750,000 shares to Kootenay. For more information review Theia's news release dated January 12, 2015.
Theia Resources Ltd. is an exploration company focused on precious metals deposits located in politically stable jurisdictions. The company intends to leverage management's network and experience within the exploration and finance sector to maximize shareholder value.
Kootenay Silver Inc. is actively developing mineral projects in the Sierra Madre Region of Mexico and in British Columbia, Canada. Its flagship property is the former producing Promontorio Silver mine in Sonora State, Mexico. Kootenay's objective is to develop near term discoveries and long-term sustainable growth. Its management and technical team are proven professionals with extensive international experience in all aspects of mineral exploration, operations and venture capital markets. Multiple, ongoing J/V partnerships in Mexico and Canada maximize potential for additional, new discoveries while maintaining minimal share dilution.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
Forward-Looking Statements: The information in this news release has been prepared as at January 26, 2014. Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as "expected", "may", "will" or similar terms.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Theia as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as otherwise required by law, Theia expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Theia's expectations or any change in events, conditions or circumstances on which any such statement is based.
Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Theia Resources Ltd.
For further information: Investor Relations, 604-601-5654; 1-888-601-5650, www.theia.ca