Mountain Boy to drill 33,500 m at Stewart properties

2008-04-24 11:51 ET - News Release

Mr. Ed Kruchkowski reports

MOUNTAIN BOY MINERALS LTD - TOTAL OF 33,500 METERS OF DRILLING IN PROPOSED 2008 EXPLORATION PROGRAM

Pending government approval, Mountain Boy Minerals Ltd. plans to explore the Red Cliff, George Copper, MB, FR and BA properties, all of which are in the Stewart area and 100 per cent owned. The company which owns extensive mineral holdings in the Stewart area plans aggressive exploration programs on properties in which it has a 100-per-cent interest. There are 12 different properties in the company's portfolio (nine of which are 100 per cent owned), with some properties having outlined mineral resources.

Mountain Boy awaits approvals for 33,500 metres of drilling as follows: 2,500 metres of drilling on the FR, 10,000 metres of drilling on the BA, 5,000 metres of drilling on the MB, 10,000 metres of drilling on the Red Cliff and 3,000 metres of drilling on the George Copper properties. The company owns four diamond drills which will be used to complete the above drilling at a cost well below what is presently being charged. In addition, the company has farmed out the Dunwell and Ben Ali properties with the farm-in agreement calling for a program that includes 3,000 metres of drilling. As well exploration work will be conducted on the Mackenzie property (20 per cent by Mountain Boy) by a farm-in partner. A brief summary of the company's main properties are as follows.

Silver Coin project

The resource on this property totals 1,370,803 ounces of gold in 25,655,126 tonnes grading 1.662 grams per tonne gold, 7.492 g/t silver, 0.022 per cent copper copper and 0.285 per cent zinc along a 1.5- to two-kilometre-long breccia zone. This resource is based on a National Instrument 43-101-compliant technical report on the Silver Coin property (which encompasses the Kansas claim) prepared by Minefill Services Inc. of Seattle, Wash., in April, 2007, This resource is along 500 metres of strike length within the Kansas claim (29.4 per cent by Mountain Boy) and 200 metres within the Big Missouri claim (49 per cent by Mountain Boy). The company directly owns approximately 424,000 ounces gold plus silver and zinc credits in 700 metres of this breccia strike length with the structure open along strike to the north and south (49-per-cent Mountain Boy interest). At least one kilometre of mineralized structure remains to be tested to the north with mineralization also open an unknown distance to the south.

Exploration for 2008 on this property was dependent on a November, 2007, joint venture meeting in order to review the 2007 drill results and plan a 2008 program. To date, Mountain Boy has not received notice for any joint venture meeting or work proposal approval by its joint venture partner for the Silver Coin project.

MB Silver project

This project contains numerous silver-zinc-barite veins with an indicated 43-101-compliant resource totalling 105,555 tonnes grading 208.9 g/t Ag, 2.01 per cent Zn, 0.68 per cent Pb, 0.064 per cent Cu and 13.59 per cent BaSO4, outlined in short portions of three different veins. Drilling in 2008 will be above the Cameron adit in which two underground chip lines several metres apart gave 3.4 metres of 398.8 g/t Ag, 2.16 per cent Zn and 0.15 per cent Cu followed by three metres of 45.5 g/t Ag, 3.62 per cent Zn and 0.024 per cent Cu. A trench over part of the vein system 30 metres above this adit yielded 3,200 g/t Ag over 1.5 metres. Drilling will include 5,000 metres to test above and below this trench as well as along strike in the immediate area. Road access is presently possible to the Cameron portal and drill set-ups will be off the existing road.

George Copper project

Historical resources have been reported to total (indicated and inferred) 180,000 tonnes grading 2 per cent copper, 17.1 g/t Ag and 2.1 g/t Au. Unclassified resources were reported to be 453,550 tonnes grading 2 per cent copper, 17.1 g/t Ag and two g/t Au. These resources are not 43-101 compliant and are being used for reference purposes only. These historical resources were based on work by Consolidated Mining and Smelting (now Teck Cominco) for surface work in 1929. Excellent potential exists for upgrading resource to present-day classifications and expanding the total resource. Exploration potential on the property is considered to be excellent with four different types of targets including stratabound copper-silver, vein-type copper-gold, vein-type Pb-Zn-Cu-Ag as well as potential Kuroko-type Zn-Pb-Ag extending from the BA discovery area.

The company plans to test, with 3,000 metres of drilling, the down-dip extent of the vein-type copper-gold particularly below trenches (1917 era) that yielded copper mineralization having values of 4 per cent Cu over widths of three metres in these cuts.

Red Cliff project

Historical resources have been reported to total 20,789 tons of sorted ore averaging 3.19 per cent Cu and two grams/tonne gold within a stope area of the former small mine. These resources are not 43-101 compliant and are being used for reference purposes only. To date, 2007 drilling has confirmed the presence of high-grade copper and high-grade copper-gold veins in the area of these historical resources. Exploration has only been carried out on a small portion of the most easterly edge of mineralization with zones open to surface (up to 1,000 metres of height), depth and to the west along strike.

In addition, the company explored the Montrose zone which had 65 tons mined averaging 2.45 ounces per ton Au, 2.95 ounces per ton Ag, 0.91 per cent Cu, 3.5 per cent Pb and 4.41 per cent Zn in 1939 to 1941. Work in the area of high grading during a 1979 surface sampling program yielded 19.31 g/t Au over 2.43 m and 1987 surface sampling gave 7.93 g/t Au over 3.81 m. Several holes drilled in 1988 to 1990 gave intercepts of 1.72 g/t Au over 14.48 m including 9.31 g/t Au over 1.7 m, and 1.17 g/t Au over 16.89 m including 4.82 g/t Au over 2.29 m. In 1988, the Waterpump zone which represents the south fault extension of the Montrose zone was discovered. It is located approximately 50 metres south of the 1939 to 1941 mining. A trench over the zone gave values consisting of 21.37 g/t Au over 4.2 m and 6.89 g/t Au over 3.3 m with two m of dike between the values. Across the entire zone including the dike, the sampling yielded an average of 12.07 g/t Au over 8.5 m. Drilling in 2007 gave values of 16.61 g/t Au over 1.61 metres and 9.22 g/t Au over 3.05 metres for the Montrose zone.

The company plans to continue to explore this property with 10,000 metres of drilling in 2008 in order to expand the area of known mineralization, both in the Montrose zone and copper-gold zones.

BA project

A total of 45 holes have been drilled in 2006 to 2007 on the main exposed high-grade silver, massive sulphide horizon with five of these holes testing for a southerly extension beneath a cover of overlying sediments. Zinc-silver and lead values within the high-grade silver, massive sulphide horizon on the BA claims have been intersected in drilling over at least 500 metres in strike length in a volcanic rock unit traced for over five kilometres. Wherever the zone is exposed along the five kilometres of strike length, sampling has yielded zinc-silver-lead values. In the immediate area of drilling, the mineralized zone is exposed for over one kilometre of strike length. The mineralized zone is located in the upper parts of Bear Glacier Valley within the same stratigraphic horizon as that which hosts the Eskay Creek deposit. The company believes that the zone represents the upper portion of a Kuroko-type volcanogenic massive sulphide (VMS) system composed of an exhalite horizon with related zinc-lead-silver mineralization. This mineralization consisting of finely bedded sphalerite and pyrite with minor galena and chalcopyrite occurs below the main exhalite (red jasper/green to grey chert) horizon and is located within mudstones, mudstone breccias and dacite breccias. A zone three kilometres south of the drilling with grab samples giving 12 per cent zinc and 698 g/t silver are within the same stratigraphic horizon as the results below. The horizon which is strongly folded to the north of the drilling has been traced for at least one kilometre in that direction.

Highlights of 2007 drilling includes: 57.93 metres of 140.44 g/t Ag, 1.66 per cent Pb and 2.51 per cent Zn in DDH-2007-BA-1; 6.1 meters of 276.65 g/t silver, 1.98 per cent lead and 3.77 per cent zinc in DDH-2007-BA-2; 12.2 metres of 145.3 g/t silver, 3.13 per cent lead and 2.3 per cent zinc, and 37.2 metres of 140.7 g/t silver, 2.63 per cent lead and 2.89 per cent zinc in DDH-2007-BA-5; 26.98 metres of 99.03 g/t silver, 1.16 per cent lead and 3.72 per cent zinc in DDH-2007-BA-9; and 15.24 metres of 52.91 g/t silver, 1.01 per cent lead and 5.73 per cent zinc in DDH-BA-2007-10.

Drilling in 2008 will include 10,000 metres of drilling in approximately 60 to 70 holes. It is the company's plan to have a 43-101 report prepared on this property at the end of the 2008 drilling. This project has the potential to host a large Kuroko-type VMS deposit that is silver rich.

FR property

The company plans to explore the Lilianne vein which is at least 600 metres long with strong gold-silver values. Best grab results included 236.6 g/t Au, 8,108 g/t Ag, 11.24 per cent Cu, 5.95 per cent Pb and 13.4 per cent Zn. This vein has the potential to host a high-grade epithermal gold-silver deposit. The company plans to conduct 2,500 metres of drilling to define this poorly exposed vein system.

E. Kruchkowski, PGeo, a qualified person under National Instrument 43-101, is in charge of the exploration programs on behalf of the company. Drill core and surface samples are assayed by Assayers Canada of Vancouver, B.C.