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Torch River Resources has a 25% interest in an advanced molybdenum property, Red Bird. Reserves have been classified by Giroux Consultants Ltd as 88.21 million tonnes indicated and 63.39 million tonnes inferred.
Message: Signs LOI to Option 75% of Crown Grants & Nahmint Property
| January 19, 2009 | |
| Torch Signs LOI to Option 75% of Crown Grants & Nahmint Property | |
|
CALGARY, ALBERTA--(Marketwire - Jan. 19, 2009) - Torch River Resources Ltd. ("Torch" or the "Corporation") (TSX VENTURE:TCR) (FRANKFURT:WNF) (PINK SHEETS:TORVF) is pleased to announce that it has signed a letter of intent (the "Letter of Intent") under which Torch may earn a 75% interest in the 14 Crown grants and 18 cell mineral claims known as the Nahmint property (the "Nahmint Property"), located in the Alberni Mining District on Vancouver Island, B.C. Torch intends to enter into a definitive agreement for the Nahmint Property (the "Nahmint Option Agreement"), subject to obtaining the approval of the TSX Venture Exchange. Terms of the Letter of Intent Under the terms of the Letter of Intent, Torch shall earn a 75% interest in the Nahmint Property by paying the vendors $351,000 over 5 years, spending $1,350,000 on work programs on the Nahmint Property over 5 years and issuing 10 million shares to the vendors over 5 years. Under the terms of the Letter of Intent, the Nahmint Property is subject to a 2% NSR of which 1% can be purchased by Torch for $1,000,000. Torch shall be the operator for the projects conducted on the Nahmint Property. The Nahmint Property The two groups of: (i) 14 Crown granted mineral claims comprised of the Three Jays group of eight crown grants and the Monitor group of six crown grants; and (ii) the surrounding 18 cell staked claims are collectively known as the Nahmint Property. The Nahmint Property is at tidewater on the Alberni Canal approximately 25 km. south-south-west of Port Alberni on Vancouver Island British Columbia. The Nahmint Property geology consists of a flat-lying sequence of layered rocks of Triassic to Jurassic age, including Karmutsen volcanics, Quatsino limestone, Parsons Bay formation and Lemare Lake volcanics. These layered rocks have been intruded from the southeast by a large batholith of the island intrusive suite of granodiroite. Steeply dipping, northwest-trending faults have deformed and offset the layered and intrusive rocks both vertically and horizontally. This represents an ideal setting on Vancouver Island for porphyry copper-gold-molybdenum and related copper, iron and gold skarn deposits. The property hosted three past producers. The Monitor Mine operated from 1900 - 1902 and from 1916 - 1918 and produced 1,288 tons averaging 9.09% copper, .05 g/t gold and 28.8 g/t silver. The Sunshine Mine shipped 5 tonnes in 1916 averaging 17.4% copper and 43.6 g/t silver. The Three Jays Mine operated from 1898 -1902 and produced 1,981 tonnes of direct shipping ore averaging 7.5% copper, .97 g/t gold and 38 g/t silver with several stockpiles of mineralized material remaining on surface. The Three Jays Mine was developed over a vertical distance of 750 feet and a horizontal distance of 1500 feet on three separate levels. Past production was undertaken when sophisticated exploration tools were not available. The Nahmint Property has not been drill tested. Geological Evaluation Prior to entering into the Letter of Intent, Torch completed its geological evaluation of Three Jays (BC Minfile 092F 140) copper-silver-gold bearing mineralization. The following assay (for Cu) and geochemical analysis (for Ag and Au) results are listed in the following table: ----------------------------------------------------------------------------
Sample # alteration minerals comments width
(m)
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TJ08AR2 skarn, cpy.,py sub-crop near 0.15
epidote, bornite shaft
garnet,
actinolite
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TJ08AR3 skarn, cpy.,py shaft dump float
epidote, bornite grab
garnet,
actinolite
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TJ08AR4 skarn, cpy.,py 345 degree 1.0
epidote, magnetite adit
garnet, (hangingwall)
actinolite
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Sample # elevation lithology % g/t g/t
(m) Cu(2) Ag(1) Au(1)
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TJ08AR2 576 marble 7.20 17.4 0.02
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TJ08AR3 600 marble 2.03 22.0 0.25
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TJ08AR4 544 marble 3.12 36.0 0.19
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(2) Assay
(1) Geochemical Analysis by Pioneer Labs, Richmond, BC (lab report 2082062)
Andris Kikauka, P.Geo for the purposes of NI 43-101, fulfills the requirements of "qualified person". |
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