CALGARY, ALBERTA -- (The Newswire – July 6, 2017)
Margaux Resources Ltd. (TSX VENTURE: MRL, OTCQB: MARFF) (“Margaux” or the “Company”) is pleased to announce that Bob Lane, M.Sc., P.Geo has been commissioned to prepare a NI 43-101 compliant technical report on the Company’s Sheep Creek gold property, which is part of the Company’s larger Kootenay Arc project in southern British Columbia.
Bob Lane is a well-known and respected member of B.C.’s exploration industry, from his work both as an exploration geologist and consultant, and from his 18 year-term with the B.C. government, primarily as Regional Geologist for the province's North Central and Northeast regions.
The Sheep Creek Camp has historic production of 736,000 oz Au at an average grade of 14.7 g/t Au, from 34 discrete veins. Cut-off grade for historical mining at Sheep Creek was approximately 8 g/t Au (1). Historically, ownership of the Sheep Creek Camp was fractured with multiple owners, but now just Margaux controls the majority of the camp, including 26 past-producing mines that account for approximately 85% of the historic gold production, allowing for greater control and oversight of operatons.
A recent Geoscience B.C. study has shown that mineralization at Sheep Creek is analogous to the orogenic gold veins in the Barkerville area, where significant exploration and development work is underway (2). By comparison, mining ceased at the Sheep Creek camp in 1951 and there has been relatively little modern work done in the area since.
Margaux has completed a limited surface and underground sampling program on the Sheep Creek property (refer to Company news release dated February 8, 2017). Results included 71.5 g/t Au returned from one dump pile and 17.75 g/t Au returned from an in-situ underground vein in one of the historic adits.
Margaux is also pleased to announce that the data digitization project contracted to Orix Geoscience (“Orix”) is nearing completion. Historical geochemical data of over 2,000 rock samples and over 17,000 soil samples, from Margaux’s Kootenay Arc project, is being complied and digitized. In addition, geological and assay information from 79 historic drill holes has been extracted from original paper drill logs and added to Margaux’s extensive drill hole database for the project.
A significant portion of the Orix digitization project pertains to the Sheep Creek property, and represents the first time that this data has been available in a digital format.
Tyler Rice, Margaux’s President and CEO stated, “Having access to this historic data in digital format gives our geological team a significant technological advantage over previous explorers. GIS compilation and 3D modelling is underway to fully utilize this information, to better plan the 2017 exploration program and to generate targets for our upcoming drill program.”
Geology of the Sheep Creek Camp, BC Department of Mines Bulletin 31, W.H. Matthews, 1953.
Geoscience BC: BC Orogenic Gold Study – Summary of Field Activities, Sheep Creek Gold Camp, October 2016. Murray Allan, October 2016.
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 supervised the 2017 drill and sampling program and 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 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 timing and completion of the NI 43-101 technical report, 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