Glenmark Starts Diamond Drilling on 100% Owned Margurete Gold Project, British Columbia
VANCOUVER, BC / ACCESSWIRE / May 7, 2015 / Glenmark Capital Corp. (TSX.V: GLM, US OTC: GLRKF and Frankfurt: 17G) ("Glenmark" or the "Company") is pleased to announce that it has commenced its 2015 exploration work program on the Margurete Gold Project in the Phillips Arm Gold Camp, southwestern British Columbia. Glenmark holds a 100% interest in the Margurete Gold Project which covers an area of approximately 862 hectares, 120 kilometres northwest of Vancouver.
This first phase of drilling will consist of short-hole diamond drilling near the location of the 1986 Falconbridge drilling (the "86-Zone") which encountered near surface gold mineralization within the targeted quartz vein. The 86-Zone is comprised of a series of quartz veins, interpreted to be a structurally related extension of the historic producer, the Doratha Morton Gold Mine, approximately 2.5 kilometers to the east, along strike of the Doratha Morton Gold Trend. Glenmark's field crew is employing a light-weight, man-portable, pack-sack-style, prospecting drill (AQ sized -core), with an effective penetration depth of approximately 12m, which is adequate for this phase of exploration, targeting near surface portions of the quartz vein. The Company expects to complete 10-12 short holes over the course of the four week program. Assay results are anticipated before July, 2015. The program is being supervised by Glenmark's Advisor to the Board, Paul D. Gray P.Geo.
Regarding the commencement of the program, Clive Massey President & CEO commented: "Given the historic gold production at the Doratha Morton Mine, which lies just over the ridge from our Margurete Property, coupled with Falconbridge's exploration success on the Margurete Property in the 1980's, the Company is justifiably excited about confirming and extending these historic mineralized intercepts with this program. During last month's site survey by Glenmark, the location of the 1986 Falconbridge drill-site was confirmed and nearby prospecting identified a sulphide mineralized quartz vein, similar to the descriptions of the Doratha Morton Mine productive quartz veins."
As part of the Margurete 2015 exploration program, the historic Falconbridge drill core on site (which was located by the Company during the April site inspection) will be catalogued, re-logged and analyzed if warranted, to further confirm and qualify the tenor and grade reported on the Margurete property by previous operators.
Background
The Margurete Property is accessible by floatplane, a 75 minute flight from Coal Harbor, Vancouver via Beaver, or by one of several water taxis that operate in the area. A new dock facility has been established at Brooks Bay, which is linked to the project area by a series of maintained forest service roads that can support both ATV and truck.
An initial exploration program was completed on the Margurete property in 1986 by Falconbridge. This program consisted of geochemical surveys, ground-based geophysics and diamond drilling program, which was successful in identifying gold bearing veins, which are believed to be genetically related to the same mineralizing events responsible for the nearby Doratha Morton and Alexandria Gold mines. A summary table of historic drill intersections exceeding 3.43g/t gold (0.10oz/ton Au) are presented below*:
HOLE No.
INTERVAL (m)
GOLD
gm/mt
REPORTED
LENGTH (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
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 reported by be 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. (*Source - J. Ostler P.Geo, 2003)
The technical contents of this news release have been prepared under the supervision of Peter Born, 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, the drilling data contained herein is derived from sources believed credible but cannot be relied upon.
For further information, please contact:
Rob Gamley
Contact Financial Corp.
Phone: (604) 689-7422
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.
SOURCE: Glenmark Capital Corp.