Glemmark Amends Scotia Agreement
Vancouver, BC / TheNewswire / May 14, 2015 - Glenmark Capital Corp. (TSX.V: GLM, US OTC: GLRKF and Frankfurt: 17G) ("Glenmark" or the "Company") is pleased to announce that it has amended its agreement, originally dated November 11, 2014 with GeoNovus Media Corp. (the Optionor") whereby the Company can earn a 100% interest in the Scotia Zinc-Silver Project, which covers an area of ~4,040 hectares in the Skeena Mining Division, located ~40km southeast of Prince Rupert in west central British Columbia, Canada.
Under the new terms, Glenmark can earn a 100% interest in the Scotia Project by issuing 1,000,000 common shares to the Optionor upon TSX Venture Exchange approval. The Company made a cash payment of $75,000 to the Optionor in January of 2015. The 100% interest is subject to an underlying 2%NSR, payable to Doublestar Resources Ltd. of which 1% can be purchased by Glenmark for CAD$1,000,000. This transaction is subject to TSX Venture Exchange approval
Scotia Zinc-Silver Project Summary
The Scotia Project hosts a metamorphosed massive sulfide deposit located within the Ecstall Belt of metavolcanic rocks that extends through west-central British Columbia. Resource modeling of the Albere Zone in 2009 established a vertical range of sub-economic to economic grades of mineralization of 95 meters, and a horizontal range of 205 meters. The high grade "core" area widened to about 30 meters about 190 meters north of the outcropping main showing. The thickest drill intercept in the Albere Zone was 26.7 meters grading 9.0% zinc, 1.2% lead, 21.5 g/t silver and 0.3 g/t gold. A Resource Estimate was calculated for the Albere Zone by Giroux Consultants Ltd., based on forty-two drill holes totaling 4,343 meters. The results from a 1997 drilling program comprised most of the data used in the modeling, with much of the core re-assayed in 2008 to confirm earlier results. Ordinary kriging was used to interpolate blocks based on mineralization content.
Based on a 1% Zn cut-off, the Measured plus Indicated Resource within the 3-D mineralized shell totals 802,000 tonnes grading 4.9% Zn, 13.9 g/t Ag, and 0.2 g/t Au with an additional 702,000 tonnes grading 4.5% Zn, 13.7 g/t Ag and 0.2 g/t Au classed as Inferred. Economic parameters have not been defined by the current resource estimate as to an appropriate cut-off for various types of mining. Geological information and resource estimates for the Scotia Property have been drawn exclusively from the Scotia Property Technical Report (2011) by Arne Birkeland, P.Eng. and Gary Giroux, P.Eng. As part of this transaction, Glenmark contemplates filing its own technical report on the Scotia Property.
To expand known mineralization, an airborne AeroTEM Mag/EM survey was conducted by Aeroquest in 2008. The survey identified a distinctive anomaly associated with the drilled portion of the Albere Zone, as well as similar additional anomalies on strike, and adjacent to, the Albere Zone. In 2010 a geochemical survey was completed to follow up on the airborne anomalies and virtually all zones returned geochemically anomalous values. While no "ore grade" showings were found, values of over 1,000 ppm Zn were encountered from "in place" rock chip sampling.
The technical contents of this news release have been prepared under the supervision of Mr. Peter Born, P. Geo. Mr. Born is a Qualified Person as defined in NI 43-101, and has approved this news release.
In addition, the Company has also accepted the resignation from the Board of Directors, Mr. Richard Grayston. The Company thanks Mr. Grayston for his dedication and diligence and wishes him success in his future endeavors.
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.
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