CALGARY, ALBERTA — (The Newswire – December 12, 2016)
Margaux Resources Ltd. (TSX VENTURE:MRL, OTCQB:MARFF) (“Margaux” or the “Company”) is pleased to announce that it has identified significant high-grade zinc during its initial surface prospecting program on its newly acquired Jackpot/Oxide property in British Columbia (please see Press Release dated October 24, 2016).
“Since acquiring the Jackpot/Oxide property, Margaux has identified three extremely encouraging high-grade zinc horizons that indicate strong potential for the project’s future,” said Tyler Rice, CEO, President & Director of Margaux. “Our efforts to become a regional consolidator in the Kootenay Arc are greatly boosted by our ability to find quality targets such as the Jackpot/Oxide, and we look forward to deploying a spring work program to exploit the area of interest identified by these grab samples.”
The Company collected grab samples from a number of historic trenches on the property and identified samples that contained zinc grades of 30.8% and 16.4%. Margaux is encouraged by these initial results on its latest optioned property and looks forward to continued exploration to expand the potential of the Jackpot/Oxide property. Key results from the grab sample program are presented below (see table and map).
In Figure 1 (below), the grab sample locations can be seen with the associated zinc grade results. The purple zones indicate areas of zinc mineralization on surface and subsurface as indicated by drill holes and surface showings. The blue zones indicate areas of Reeves Member (Laib Formation), which consist of limestone, dolomite, marble and skarn.
Figure 1 Zinc (%) grade of grab samples at the Jackpot property
Source: Map from Stea Surficial Geology Services (2007)
Note: The reader is cautioned that these assays represent prospecting samples and may not be representative of the grade or width of the mineralization. There is presently insufficient data with respect to the size and extent of the mineralization to determine its significance.
The mineralization seen at Jackpot is similar to the Jersey-Emerald lead-zinc deposits, hosted by Laib formation dolomite-limestone (marble). On the Jackpot property in one of the historical trenches, banded zinc mineralization within dolomite was observed. Samples were taken from the Lerwick Zone, Main Zone and West Zone.
Margaux retained the services of Dr. Victor Zhao, P.Geo and Continental Geology & Mining Consulting Inc. (“CGMC”) to conduct the field work on the Jackpot/Oxide property in November 2016, in conjunction with Margaux’s Vice President of Exploration.
Following the grab sample field work, CGMC has commenced historical data compilation on the Jackpot/Oxide property, allowing the historical data to be utilized by modern exploration software.
Richard Kilpatrick P.Geo, the Company’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 is a publicly traded mineral exploration company focused on the exploration and development of previously producing properties in the Kootenay Arc, located in southeastern British Columbia, including the Jersey-Emerald and Jackpot/Oxide properties, on which Margaux has options. The Company is directed by a group of highly successful Canadian businessmen with proven track records. Margaux trades on the TSX Venture Exchange under the symbol MRL and on the OTCQB under the symbol MARFF.
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. 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