CALGARY, ALBERTA — (The Newswire – October 4, 2017)
Margaux Resources Ltd. (TSX VENTURE:MRL, OTCQB:MARFF) (“Margaux” or the “Company”) is pleased to announce a large gold soil anomaly at Sheep Creek, as well as provide an update on its 2017 drill program on its Kootenay Arc properties in southeastern British Columbia.
- 48 soil samples taken within anomaly zone, results include a maximum of 5 g/t gold and an average of 2.95 g/t gold.
- Thirteen holes totalling 2,089 m drilled on the Bayonne property.
- Rig currently being mobilized to the Sheep Creek property.
A large, strong gold soil anomaly was defined in the northern portion of the Sheep Creek property by Margaux’s summer exploration program. The soil anomaly measures 450 m long by 50-100 m wide. 48 soil samples were taken from the anomalous area, returning an average value of 2.95 g/t gold, with 13 samples returning greater than 5 g/t gold, to a maximum of 13.5 g/t gold.
“The size and strength of this new soil anomaly within the Sheep Creek camp is remarkable. It occurs within a geologically prospective area that lacks outcrop and is unexplored by any historic drilling or underground work. This is an exciting target that will be tested as part of our upcoming drill program.” stated Linda Caron, VP Exploration for Margaux Resources.
The Sheep Creek camp represents the third largest orogenic gold vein camp in British Columbia (1), with total historic production of 736,000 ounces of gold (22.9 million grams of gold) at an average grade of 0.43 oz/t gold (14.7 g/t gold). Margaux’s property, which includes 85% of the historic gold production from the camp, covers an area of approximately 7 km by 2 km. Historic mining was primarily during the period 1900 – 1951. There is minimal modern exploration on the Company’s property.
The map below outlines the surface soil sampling program that took place at Sheep Creek:
Margaux is currently mobilizing the drill rig to the Sheep Creek property, to test a number of different vein-related targets. This follows completion of drilling at the Bayonne gold property, where 13 holes totaling 2,089 metres were drilled. Assay results are pending.
(1) Schroeter, T.G. and R.H. Pinsent, 2000. Gold Production and Resources in British Columbia; British Columbia Ministry of Energy and Mines Open File 2000-2
Soil samples were shipped to ActLabs’ Kamloops, B.C. laboratory (ISO 9001:2008, ISO 17025, CAN-P-1579 certification) for preparation and analysis. Samples were screened at the lab to -80 mesh, then analysed for a multi-element suite by ICP-MS following aqua regia digestion of a 0.5 g split of the screened material. Gold analysis by FA/Gravimetric method was done for samples returning >1000 ppb Au by ICP-MS.
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.
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 2nd 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 potential of mineral resources and potential for recovery thereof, as well as other market conditions and economic factors, 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