NOT FOR DISSEMINATION IN THE UNITED STATES
CALGARY, ALBERTA -- (October 22, 2018)
Margaux Resources Ltd. (TSX VENTURE:MRL, OTCQB:MARFF) ("Margaux" or the "Company") is pleased to announce that results have been received for the 12 hole (2,628 m) drill program recently completed on the Bayonne gold property, part of the Company’s Sheep Creek Gold District in southern B.C. Based on these results, a drill has been mobilized to the property for follow-up drilling.
- All of the 2018 drill holes intersected veining;
- Vein intercepts from drilling include:
- o 1.40 m @ 39.43 g/t gold, 131.2 g/t silver
- 0.88 m @ 16.88 g/t gold, 60.2 g/t silver
- 1.14 m @ 10.85 g/t gold, 23.7 g/t silver
- Low-grade, bulk tonnage potential indicated, with drill results including:
- 12.22 m @ 2.89 g/t gold, 20.5 g/t silver
- 9.17 m @ 1.01 g/t gold
- 12.92 m @ 0.55 g/t gold
- 1 km known strike extent to vein system
- Follow-up drilling to commence shortly
“Our 2018 drill program showed that the Bayonne property can host lower grade, bulk tonnage style mineralization in addition to discrete high-grade gold veins. We are encouraged with the results to date. The combination of these two styles of mineralization makes this a very strong target,” stated Margaux’s President and CEO, Tyler Rice.
The Bayonne property hosts several high-grade, steeply dipping gold-bearing orogenic quartz veins. Historic production from the property (primarily from the period 1936 to 1946) was approximately 82,000 tonnes grading 16.0 g/t Au (gold) and 45.9 g/t Ag (silver), or a total of 42,169 ounces of gold. All historic mining was from the Main and A veins which were the subject of the 2018 drill program. The Main-A vein system has been traced on surface, in underground workings and by drilling, for a strike length of 1,000 m and remains open on strike to the west.
The Company’s 2017 drill program confirmed that the Main and A veins, and high-grade gold values, continue at depth below the historic Bayonne mine workings, with results including 1.85 m at 15.31 g/t Au and 1.0 m at 12.7 g/t Au (see Margaux news release November 28, 2017). As shown in the figure below, the 2018 drill program included step-out drilling to follow-up on these areas, as well as exploration drilling in the eastern portion of the vein system, which was untested by any previous drilling. Detailed results from the recent drill program are tabulated below.
Drilling shows that the Bayonne vein system changes in character from west to east. In the western portion of the vein system, mineralization occurs as discrete, shear-hosted, gold-bearing veins; drill holes BA18-06 to BA18-12 tested this portion of the vein system. The Bayonne veins also appear to change in character with depth, with strong gold values and increasing copper values at depth.
Of note are results from holes BA18-09, -10, -11 and -12 (grading 10.85 g/t Au over 1.14 m; 39.43 g/t Au over 1.40 m; 16.88 g/t Au over 0.88 m and 5.63 g/t Au over 0.98 m respectively). These four holes were 30 to 50 m step-outs from BA17-12 intercept (1 m @ 12.7 g/t Au), targeting the A vein below the level of historic mining. The mineralized shoot intersected by these holes remains open, to the east, west, and to depth.
“In orogenic vein systems, gold mineralization is concentrated in shoots within the vein system. Our 2018 drill program has identified one such shoot in the Bayonne system. We are excited to remobilize the drill rig to the property, to explore this shoot with further drilling and particularly to attempt to trace the mineralization to depth, where gold grades appear to be increasing,” stated Linda Caron, VP Exploration for Margaux Resources.
Drill holes BA18-01 to BA18-05 were drilled in the eastern portion of the vein system, which was untested by any previous drilling; here the vein splays and horsetails into a series of narrow veinlets, within a broad zone of strong alteration, with elevated gold values across the zone of alteration.
Figure 1 Bayonne 2017 and 2018 drill program
Hole BA18-03 intersected a wide zone of strong carbonate-sericite altered granodiorite with multiple narrow, mineralized quartz veins. A 12.22 m interval through the zone of alteration and veining graded 2.89 g/t Au, 20.5 g/t Ag, 1.04% Pb and 0.55% Zn, as shown in the table below. This represents the first time that low-grade, bulk-tonnage style gold mineralization has been intersected on the property and represents a quality target for follow-up testing
Table 1 2018 Bayonne Drilling Results
All results greater than 3 g/t Au, or greater than 1 g/t Au over 1 m, or greater than 0.5 g/t Au over more than 10 m are included in the above table. Intervals reported are core intercepts. Additional drilling is needed to understand the relationship between core intercept and true width of the mineralization.
Results reported in this release are drill core samples. After logging, intervals marked for sampling were sawn along the core length, with half of the core placed in bags for sampling and the remaining half core piece returned to the box for reference. Samples were shipped to MS Analytical Laboratory in Langley, B.C. (ISO 17025:2005 certification) for preparation and analysis. At the lab, samples were crushed to 70% passing a 10 mesh (2 mm) screen, then a 500 g split of the crushed sample was pulverized to 85% passing 75 microns. All samples were analysed for gold and a multi-element suite by method IMS-132 (ICP-MS analysis following aqua regia digestion of a 40 g sample of pulverized material). For samples returning > 0.2 g/t Au by IMS-132, the sample was re-analysed by method FAS-111 (fire assay/AAS finish of a 30 g sample). For samples returning > 10 g/t Au by FAS-111, subsequent gold assay was done by method FAS-415 (fire assay/gravimetric finish of a 30 g sample). For samples returning overlimit Ag (> 100 g/t Ag), Pb (> 10,000 ppm Pb), Zn (> 10,000 ppm Zn) or Cu (>10,000 ppm Cu) by IMS-132, samples were assayed for that element by method ICF-6xx (ore grade assay by ICP-ES, following 4 acid digest).
Margaux Resources follows a rigorous QA/QC procedure for all drill core samples, including the insertion of analytical blanks and standards at regular intervals, as well as systematic duplicate sampling. Core size was NQ2. Intervals reported in this news release are core intervals. Additional drilling is required to fully understand the difference between core intercept and true width.
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 gold and zinc exploration in the Kootenay Arc, in the southeastern region of British Columbia, and directed by a group of highly successful Canadian business executives.
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, the timing of reporting exploration results, 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