CALGARY, ALBERTA — (The Newswire – September 07, 2017)
Margaux Resources Ltd. (TSX VENTURE: MRL, OTCQB: MARFF) (“Margaux” or the “Company”) is pleased to provide an update on the Company’s Bayonne and Jackpot properties, part of Margaux’s Kootenay Arc project in southern British Columbia.
- Margaux extends past producing Bayonne Main gold vein 50 m beyond limits of historic mining;
- 6 g/t Au grab sample and 24.6 g/t chip sample over 1m from Bayonne Main vein;
- Historic mining at Bayonne Main vein did not exceed 150 m in depth from surface;
- Permit granted for drilling at Bayonne and rig mobilized to commence 1,500m drill program to test at-depth extension of Bayonne Main/A vein;
- Drilling at Jackpot completed (9 holes totaling 1,400 metres) with results expected mid-late September; and
- 35% Zn over 3.4 m chip sample from historic trench at Jackpot Main zone.
“The current 4,500m drill program across three of the Company’s properties, teamed with continued high-grade discoveries on surface, marks a progression of knowledge and success that Margaux envisioned when it originally consolidated the Kootenay Arc Zinc-Gold asset package” commented Tyler Rice, President and CEO of Margaux. “We look forward to the resumption of our Phase II drill program with confidence in the Project’s ability to deliver on its potential.”
Historic production from the Bayonne property includes 81,782 tonnes at an average grade of 16.0 g/t Au and 45.9 g/t Ag from the steeply dipping, high-grade, Bayonne Main vein and A vein splay (1). The majority of historic mining was at depths of less than 150 m from surface.
Margaux’s recent surface exploration has confirmed a 50-metre strike extension to the Main vein, to the east beyond the limits of historic mining. The Bayonne Main/A vein system now has a known strike length of 1 km. Sample results from the Company’s recent sampling include 24.6 g/t Au over a true width of 1 m returned from sample 8784, collected on surface at eastern limit of historic mining. Sample 8785, from outcrop 25 m on strike to the west of this, returned 43.6 g/t Au from the 0.5 to 0.75 m wide vein. See Table 1 below for detailed results received from rock samples collected on the Bayonne property.
High gold values (9.3 g/t Au, sample 8008) were also confirmed from the narrow Bayonne West vein, located 1 km southwest from the western end of the Bayonne Main vein.
|Sample #||Target||Type||Sample Length (m)||Au
|8008||Bayonne West||in-situ grab||9.3||13.7||214||383|
|8780||Main Vein||dump grab||4.1||60.1||3570||1510|
|8782||Main vein Extension||in-situ chip||0.15||26.9||20.7||3650||572|
|8783||Main vein Extension||in-situ grab||13.9||34.9||1270||585|
|8784||Main vein Extension||in-situ chip||1.00||24.6||36.9||4020||156|
|8785||Main vein Extension||in-situ grab||43.6||43.6||3220||532|
Permit approval has been granted by the Ministry of Energy and Mines of British Columbia for drilling on the Company’s Bayonne property. The drill rig has been mobilized and the 1,500m drill program at Bayonne is expected to commence shortly. The drill program will test the at-depth continuation of the Bayonne Main and A veins, below the limit of historic mining. Drilling is also planned to test the Maggie Aikens vein, located 2.5 km east of the eastern end of the Bayonne Main zone.
Results have not yet been received from Margaux’s surface rock sampling at the Maggie Aikens vein. Historically reported results from this area, by previous operators, include 0.6 oz/t Au over 3.4 m (chip sample), and grabs to 2.92 oz/t Au(2), 8.2 oz/t Au, 0.862 oz/t Au, 0.555 oz/t Au and 0.455 oz/t Au(3).
A 5-year area-based permit has been granted by the Ministry of Energy and Mines of British Columbia for drilling, trenching and access on the Company’s Bayonne property. The drill rig has been mobilized and the 1,500m drill program at Bayonne is expected to commence shortly. The drill program will test the at-depth continuation of the Bayonne Main and A veins, below the limit of historic mining. Drilling is also planned to test the Maggie Aikens vein, located 2.5 km east of the eastern end of the Bayonne Main zone.
The drill program on the Company’s Jackpot property has been completed, with 9 holes totaling 1,400.1 m drilled. Drilling tested zinc-lead mineralization within a 750 x 1,000 m area, at the Jackpot Main, Lerwick and Jackpot East zones (see Figure 1 below). The Company expects to continue with its Phase 2 drill program with the mobilization of the drill rig to the Bayonne property within the next week.
Core logging and sampling have been completed for the first 5 Jackpot drill holes and samples from those holes have been shipped to the lab for analysis. The remaining samples will be shipped as logging and sampling is completed. Results are expected in mid-late September 2017.
Results from further rock samples collected from the Jackpot property during the course of geological mapping have also been received (see Table 2 below). At the Jackpot Main zone, representative chip sampling from mineralization exposed in a historic trench returned 13.35% Zn over 3.4 m. Grab samples from a separate zone of mineralization nearby returned up to 12.5% Pb, with 43.2 ppm Ag.
|Sample #||Type||Sample length
|6802-6804||continuous chip samples||3.4 m||13.35|
|6808||grab||> 5,000||15.60||> 5,000||0.78||16||3.6|
Figure 1: Jackpot property drill location map
Linda Caron, M.Sc., P.Eng, Margaux’s Vice President of Exploration, is the Company’s Qualified Person as defined by NI 43-101 who has reviewed and approved the technical information contained within this press release.
(1) Dunn, D., 2008: Technical Report on the Sheep Creek, Bayonne, Ymir and Rossland Mining Camps,
Yellowstone Resources Ltd., Private company report.
(2) Cukavac, W., 1995. Exploration Report of the North 40 and North 42 Claims, Nelson MD, for Bluebird Resources Ltd., June 10, 1995. Assessment Report 23957.
(3) Endersby, S., 1996. Report on the Summit Bell Property, Nelson MD, for Goldrich Resources Inc., May 15, 1996. Assessment Report 24449.
Samples reported in this release include grab samples collected from outcrop or from the dumps of historic workings, as well as representative chip samples from outcrop. Sample weight averaged approximately 2 kg. Grab samples are designed to show the presence or absence of mineralization, and results are not necessarily indicative of average grade. QA/QC procedures were implemented in the sampling program and included company-inserted blanks and standards of known gold and lead-zinc grade.
Samples reported in this release were shipped to ActLabs’ Kamloops, B.C. laboratory (ISO 9001:2008, ISO 17025, CAN-P-1579 certification) for preparation and analysis. Samples were crushed at the lab to 80% passing a 10 mesh (2 mm) screen, then a 250 g split of the crushed sample was pulverized to 95% passing 105 microns. All samples were analysed for gold by FA/AA finish on a 30 g sample of pulverized material, and for a multi-element suite by ICP-MS following aqua regia digestion. Samples returning > 10 ppm Au by FA/AA finish, were analysed for gold by gravimetric methods. Lead and zinc assays were done for all samples returning > 5000 ppm Pb or Zn.