CALGARY, ALBERTA — (May 29, 2017)
Margaux Resources Ltd. (TSX VENTURE: MRL, OTCQB: MARFF) (“Margaux” or the “Company”) is pleased to announce that Phase 1 of the Company’s 2017 Kootenay Arc diamond drill program has been completed. Six holes on five sites have been drilled on the Jersey-Emerald property, totalling 1,121 metres of NQ2 drilling.
Two of the six drill holes (JE1701 and JE1702) were drilled to follow up the King Alfred Gold Zone, where results from previous drilling have included the following (see news releases November 6, 2014, January 15, 2015 and February 15, 2017):
The remaining four holes from the Phase 1 program were drilled 1,000 metres to 1,600 metres to the south of the King Alfred Gold Zone, as proof-of-concept drilling in areas with potential for gold and/or lead-zinc mineralization.
Geological logging and core sampling is currently underway, and samples from hole JE1701 have been shipped to Actlabs in Kamloops, for preparation and analysis. The remaining core samples are to be shipped once sampling has been completed, the results of which will be released when available.
Petrographic work has been completed on samples from the King Alfred Gold Zone, where gold is strongly associated with bismuth and with tellurium. Re-analysis of select 2016 core samples from this area has been performed by various methods at two different laboratories to investigate potential interference between tellurium and gold in fire-assay analyses. This testing has shown that, above a certain tellurium threshold, gold values by fire assay are poorly reproducible and may be understated (7% to 35% in samples tested) unless analytical procedures are modified. Margaux’s ongoing analytical protocol monitors tellurium content to ensure appropriate analytical methodology for gold when tellurium exceeds the identified threshold.
Concurrently, surface exploration has commenced on the Jersey-Emerald property, with geological mapping, rock sampling and stream sediment sampling being undertaken. In addition, select re-logging of historic drill core is also being performed, this is targeting previously un-sampled intervals of interest in the historic core.
Following the completion of Phase 1, Margaux will commence with Phase 2 once the relevant permits are in place. This drilling will take place on the Company’s Jackpot, Sheep Creek, Bayonne and Ore Hill properties, where approximately 4,400 metres is to be drilled.
Linda Caron, P.Eng, Margaux’s Vice President of Exploration, a Qualified Person as defined by National Instrument 43-101, 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 second 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 receipt of required regulatory and other approvals, 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.
Margaux Resources Ltd.
President, CEO and a Director