Rencore Commences Initial Drill Program on Its Mining Claims in the Ring of Fire Area
18.08.2011 | Marketwire
TORONTO, ONTARIO -- (Marketwire - Aug. 18, 2011) - Rencore Resources Ltd. (CNSX:RNC) ("Rencore" or the "Company") is pleased to announce the first diamond drilling program to commence on its wholly owned mining claims in the James Bay Lowlands of Northeastern Ontario (Ring of Fire Area) within the Webequie First Nation Traditional Lands. This initial program tests approximately one half of the high priority drill targets that Rencore has in the Ring of Fire area. The other half of the drill targets that Rencore has in the Ring of Fire area are found within Kasabonika Lake First Nation Traditional Lands ("KLFN"). That program, yet to be initiated in the KLFN, is pending conclusion of ongoing negotiations.Rencore and the Webequie First Nation previously signed an exploration agreement (See Rencore Press Release dated June 17th, 2011). The exploration agreement referred to above remains in effect during the initial program or until both parties endorse an Advanced Exploration Agreement.
The Rencore mining claims, subject of this initial drill program, are strategically located between 30 and 60 km northwest of the Webequie First Nation community along the postulated western extension of the main Ring of Fire structure. This structure hosts a number of Chromite Deposits as well as Nickel-Copper-PGE MMS and Copper-Zinc-Lead VMS deposits presently undergoing economic mining studies by their owners.
The 8 drill targets being tested by Rencore with approximately 1200 meters of drilling are the highest priority anomalies resulting from an electromagnetic and magnetometer VTEM airborne survey carried out over the mining claims and surrounding area during 2010 by GeoTech Ltd. of Aurora, Ontario.
The helicopter supported drilling program will be carried out under contract with Cyr Drilling Ontario Inc. with Webequie Logistics Ltd. providing crew accommodations and local labour requirements.
On behalf of the board of directors of Rencore Resources Ltd.
Richard E. Nemis
President and Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
Contact Information
Rencore Resources Ltd.
Richard E. Nemis
President and Chief Executive Officer
416 864 1456