Roxmark news
posted on
Jun 16, 2009 07:26AM
Focused on becoming a near-term Gold Producer
10:05 EDT Tuesday, June 16, 2009
TORONTO, June 16 /CNW Telbec/ - Roxmark Mines Limited (TSXV-RMK) today announced that it has started an aggressive 2009 exploration program on its Beardmore properties, with the prime objective of exploring several new parallel structures outlined on the Northern Empire Gold Mine property by the 2008 High-Resolution Aeromagnetic (HRAM) airborne geophysical survey.
Work is currently underway to explore two structures at the Northern Empire which contain several anomalies. In this year's program, prospecting, geological mapping and mechanical stripping will be carried out prior to 5,000 metres of diamond drilling.
The main structure to be evaluated is 300 metres south of the Power Zone and can be traced with geophysics for over 1.50 kilometres. To date, the team has exposed 150 metres of highly mineralized vein structure. The exposed section is comprised of three distinct veins within a 10 m wide shear zone. This section is about 440 metres east of a sample taken in 2008 (east of the Spooner shaft) that returned 3.3g/t of gold. The second target lies a further 250 m south of the main one. Systematic channel sampling will be conducted when stripping is complete.
Another vein system has also been identified which confirms historical work on the MacKenzie-Jarvela Vein system. A grab samples from the vein located about two kilometres east of the mine shaft, returned values ranging from 0.42 to 6.10 oz/t gold (reported by A. Hopkins in 1975).
The 2009 program will also include exploration work on the Leitch Mine property, now 100 percent owned by Roxmark and once Canada's richest mine and on gold veins on the Company's Nortoba-Tyson property.
The program is being supervised by Peter Bevan, P. Eng., who is the Qualified Person for the information contained in this news release and within the meaning of NI 43-101.
On November 14, 2008, the Company filed on SEDAR the Technical Qualifying Report for the Northern Empire Gold Mine, in accordance with NI 43-101 regulations. The updated report was prepared by Bevan. The report established 86,652 tonnes grading 10.70g.Au/t containing 29,807 ounces of Indicated Gold Resources as well as 64,748 tonnes grading 9.95g.Au/t containing 20,719 ounces of Inferred Gold Resources, at shallow depths over a limited drilled strike length of the Contact and Power Zones. Roxmark's news release of October 2, 2008 describes both resources and potential in detail. The mine has historical resources calculated in 1988 by Dr. S. E. Malouf, then consulting geologist, at 562,274 tons grading 0.22 oz Au/t. The Company is not treating the historical estimate as current NI 43-101-defined resources and the historical estimate should not be relied upon.
The Northern Empire Mine located in the Town of Beardmore, approximately 200 km northeast of Thunder Bay and serviced by the Trans-Canada Highway, 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 Au/t. The on-site 200TPD mill (expandable to 500TPD) was built in 1982 and upgraded and permitted by Roxmark.
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.