Margaux Resources Ltd. (TSX VENTURE:MRL, OTCQB:MARFF) (“Margaux” or the “Company”) is pleased to provide an update on the Company’s initial fieldwork on its Ore Hill property, part of Margaux’s Kootenay Arc project in southern British Columbia.
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Key Highlights
-Numerous grab samples returned high-grade gold values, including 119 g/t (or 3.8 oz/ton) and 105 g/t Au (or 3.4 oz/ton).
-Addition of high-grade silver grab samples including 496 g/t Ag (or 15.9 oz/ton) and 195 g/t Ag (or 6.3 oz/ton), and high zinc grades including 22.8% Zn and 17.5% Zn.
-Demonstration of widespread mineralization on the property.
-5-year area-based permit granted for exploration, including diamond drilling, on the Ore Hill property.
Linda Caron, VP Exploration for Margaux commented that “We’re very pleased with the results from our first-pass sampling on the Ore Hill. The number of high grade gold samples, the magnitude of not only the gold values but also the high silver, lead and zinc, and the fact that these samples were collected over a distance of almost 1 km shows potential that the mineralizing system has significant size and strength to it. We’re eager to complete further exploration on the property to test the gold potential of this area.”
The rock grab samples were collected over a 950 m by 150 m area, as shown on the above map, and demonstrate the widespread distribution of mineralization on the property. The Ore Hill property adjoins the southern portion of Margaux’s Sheep Creek block of claims and the eastern portion of the Jersey-Emerald property, and covers the historically known Ore Hill, Sumit and Bonanza occurrences.
There are two known styles of mineralization on the Ore Hill property; narrow high-grade gold (plus silver, lead and zinc) bearing veins occur within limestone; and a gold-bearing wider crackle zone, up to 10 m wide, associated with a north-northeast-trending fault zone and geological contact. There is limited historical production from the Ore Hill property, as follows:
-Sumit: 1,205 tons @ 0.72 oz/t Au, 1.01 oz/t Ag, 1.25% Pb, 1.18% Zn (3)
-Ore Hill: 3,369 tons @ 0.77 oz/t Au, 1.47 oz/t Ag, 2.54% Pb, 2.27% Zn (3)
Margaux is also pleased to report that it has been granted a 5-year area-based permit by the Ministry of Energy and Mines of British Columbia for exploration, including diamond drilling, on the Ore Hill property.
“The Ore Hill forms part of Margaux’s consolidated plan around our Jersey-Emerald and Sheep Creek properties and is proving to be an exciting addition to our portfolio with these high-grade gold results” commented Tyler Rice, President and CEO of Margaux. “These results are consistent with our expectations of the Ore Hill and we are eager to continue our work on the property to identify potential untapped gold and polymetallic mining opportunities, now that our permits are in place.”
Notes
(1) Part of 0.37 m chip sample averaging 41.83 g/t Au (or 1.35 oz/ton).
(2) 0.5 m chip sample.
(3) 1988, Shensha Consultants Limited, Report for Baloil Lassier Petroleum, Assessment Report 19,113.
Samples reported in this release were primarily grab samples collected from outcrop or from the dumps of historic workings. Grab samples are designed show the presence or absence of mineralization and to characterize mineralization. They are not intended to provide a representative indication of average grade of mineralization. Samples were shipped to ActLabs’ Kamloops, B.C. laboratory (ISO 9001:2008, ISO 17025, CAN-P-1579 certification) for preparation and analysis. Samples were crushed at the lab to 80% passing a 10 mesh (2 mm) screen, then a 250 g split of the crushed sample was pulverized to 95% passing 105 microns. All samples were analysed for gold by FA/AA finish on a 30 g sample of pulverized material, and for a multi-element suite by ICP-MS following aqua regia digestion. For samples returning > 10 g/t Au by FA/AA methods, gold was assayed by FA/gravimetric methods on a 30 gm sample. Samples returning >5,000 ppm Pb or Zn, >200 ppm W or >10,000 ppm Cu were assayed using peroxide fusion/ICP-MS techniques.
Qualified Person
Linda Caron, M.Sc., P.Eng, Margaux’s Vice President of Exploration, is the Company’s Qualified Person as defined by NI 43-101 who has reviewed and approved the technical information contained within this press release.
About Margaux Resources Ltd.
Margaux Resources Ltd. (TSX.V: MRL, OTCQB: MARFF) is a mineral acquisition and exploration Company focused on the development of zinc, gold and tungsten deposits in the Kootenay Arc, in the southeastern region of British Columbia. The Company is directed by a group of highly successful Canadian business executives and has a fast-growing portfolio of previously producing properties that include the Jersey-Emerald mine, which at one point was the 2nd largest historic zinc-lead mine in B.C. and the 2nd largest tungsten mine in North America.
Forward Looking Statements
This press release may contain forward looking statements including those describing Margaux’s future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Margaux and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the following: Margaux’s exploration plans and work commitments, the potential of mineral resources and potential for recovery thereof, as well as other market conditions and economic factors, business and operations strategies. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.
Neither the 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.
CONTACT INFORMATION
Margaux Resources Ltd.
Tyler Rice
President, CEO and a Director
(403) 537-5590
Tyler@margauxresources.com