Glenmark Acquires Margurete Gold Project, SW British Columbia
Vancouver, BC / TheNewswire / March 5, 2015 / Glenmark Capital Corp. (TSX.V: GLM, US OTC: GLRKF and Frankfurt: 17G) ("Glenmark" or the "Company") is pleased to announce that it has entered into an agreement (the "Agreement") with an arm's length vendor to acquire a 100% interest in the Margurete Gold Project in the Phillips Arm gold camp of South Western British Columbia. The Margurete Gold Project covers an area of approximately 862 hectares, located on Phillips Arm, approximately 120km northwest of Vancouver. The property is easily accessible by water-taxi and logging roads that terminate at Picton Point on Cardero Channel.
An initial exploration program was completed on the Margurete property in 1986 by Falconbridge. This program consisted of ground geophysics and short-hole drilling, which was successful in identifying gold bearing veins, which are believed to be enriched by the same mineralizing events responsible for the Doratha Morton mine, which is 2.5km to the south. Some drill intersections exceeding 3.50g/t gold (0.10oz/ton) are summarized below:
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|HOLE No.| |GOLDgm/mt|REPORTEDLENGTH (m)|
| |INTERVAL (m)| | |
|--------------------------------------------------|
|86-1 |47.1-48.0 |3.63 |0.88 |
|--------------------------------------------------|
|86-3 |4.1-5.0 |8.19 |0.85 |
|--------------------------------------------------|
| |11.3-13.7 |9.5 |2.35 |
|--------------------------------------------------|
|86-10 |27.4-28.3 |6.21 |0.92 |
|--------------------------------------------------|
| |30.15-31.4 |7.1 |0.86 |
|--------------------------------------------------|
| |32.0-32.2 |8.19 |0.15 |
|--------------------------------------------------|
| |36.6-37.4 |9.32 |0.80 |
|--------------------------------------------------|
|86-11 |30.0-30.5 |58.35 |0.47 |
|--------------------------------------------------|
| |32.3-32.6 |4.05 |0.34 |
|--------------------------------------------------|
| |42.8-43.1 |6.31 |0.30 |
|--------------------------------------------------|
|86-12 |30.0-31.0 |5.59 |1.00 |
|--------------------------------------------------|
| |34.6-35.4 |11.69 |0.82 |
|--------------------------------------------------|
| |42.7-42.8 |30.41 |0.13 |
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The Doratha Morton and Alexandria mines, both located in the central part of the Phillips Arm gold camp, were the two largest gold producers in that camp. Production from the Doratha Morton mine from 1898 to 1899 was 4,434 ounces of gold and 10,222 ounces of silver from 9,707 tons of ore. The Alexandria mine produced about 773 ounces of gold and 1,340 ounces of silver from 1,915 tons of ore from 1898 until 1940. Gold prospects in the project area are alkalic intrusion-associated gold- and silver-bearing veins. They contain pyrite and a white-grey telluride, probably sylvanite, in quartz and occupy shear-induced dilatent zones in a panel of volcanic and intermediate intrusive rocks. Rocks variably enriched in molybdenum are exposed adjacent to the southwest margin of the shear zone hosting the Alexandria and Doratha Morton gold occurrences. (J. Ostler P.Geo, 2003)
Regarding the acquisition, President & CEO, Clive Massey commented, "The Margurete Gold Project, which lies in a historic gold camp, has excellent exploration potential. This relatively inexpensive transaction gives Glenmark precious metal exposure and is a great opportunity to help diversify and strengthen our property portfolio. While the Doratha Morton mine (to the south) has been extensively explored and produced both gold and silver, the Margurete target area is relatively unexplored, with first pass drilling encountering gold bearing veins. The Company is currently designing a work program to follow up on the historic underground and surface exploration."
Under the terms of the Agreement Glenmark can earn a 100% interest in the Margurete Gold Project by paying $50,000 and issuing 300,000 shares to the vendor and completing $500,000 in exploration over the next 5 years. A 1% gross overriding royalty has been reserved unto the vendor, which can be purchased by the Company at any time for $500,000.This transaction is subject to the approval of the TSX Venture Exchange.
The technical contents of this news release have been prepared under the supervision of Peter Born, P. Geo. Mr. Born is a Qualified Person as defined in NI 43-101, and has approved this news release. Mr. Born has not reviewed the drilling core, drill logs or other drilling data from the 1986 Falconbridge program. As such, while drilling data contained herein is derived from sources believed credible, it cannot be relied upon.
For further information, please contact:
Rob Gamley
Contact Financial Corp.
Phone: (604) 689-7422 begin_of_the_skype_highlighting
Email: rob@contactfinancial.com
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. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. We seek safe harbor.
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