ROXY...MOre gold...
posted on
Jun 24, 2009 02:05PM
Creating shareholder wealth by advancing gold projects through the exploration and mine development cycle.
TORONTO, June 24 /CNW Telbec/ - Roxmark Mines Limited (TSXV-RMK) today
announced that a trenching program on one of two newly delineated structures
on the Northern Empire Gold Mine property has discovered gold content of up to
36.40 g/t in channel samples assayed to date.
The new structures, parallel to the Power and Contact Zones, were
outlined in a 2008 High-Resolution Aeromagnetic (HRAM) airborne geophysical
survey.
So far, the zone of the main structure has been stripped for 500 metres
of the 1.50 kilometres of indicated strike length. Trenches are being mapped
and channel sampled for assaying. The exposed zone, comprised of three
distinct veins, is up to 10 metres wide and contains highly mineralized,
disseminated arsenopyrite, pyrite and chalcopyrite. It lies 240 metres south
of and parallel to the NI 43-101 resource outlined in a report dated 2007 and
updated in November 2008. Roxmark has filed on SEDAR the Technical Qualifying
Report for the Northern Empire Gold Mine, in accordance with NI 43-101
regulations.
A diamond drilling program of up to 5,000 metres will be undertaken
beginning in August, following completion of the trenching and sampling of the
two structures.
Selected highlights of the current sampling program are detailed below:
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Channel No. Sample No. Grade (g/t) Width (m)
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NE09 - C2 2355-2359 14.70 1.85
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Including(*) 2357-2359 32.60 0.40
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(*)Rechecked 2886 36.40 0.30
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NE09 - C1 2353-2354 7.15 0.75
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NE09 - C3 2360 5.56 0.5
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NE09 - C4 2361 4.94 0.55
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NE09 - C5 2362 5.72 0.60
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NE09 - C13 2378-2379 4.85 0.70
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NE09 - C19 2388-2389 10.34 0.70
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including 2388 17.60 0.40
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Peter Bevan, P. Eng., consulting geologist, is the Qualified Person for
the information contained in this news release and is a Qualified Person
within the meaning of National Instrument 43-101. Assay results are from
samples sent to Activation Laboratories, an accredited mineral analysis
laboratory in Thunder Bay, Ontario, for preparation and analysis utilizing
both fire assay and screen metallic methods.
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 and 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 (expandable to 500TPD) was built in 1982 and upgraded
and permitted by Roxmark.
"These are early results, but we are pleased with both the quality and
location of this new gold bearing structure," said Monir Younan, Roxmark
President. "Proximity to established resources could be a distinct advantage
in our development planning for the Northern Empire Mine."
"We will be very interested to see results from the other new structure,
which lies a further 200 metres to the south," Younan added.
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. 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.