/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /
CALGARY , April 14, 2014 /CNW/ - Boxxer Gold Corp. (BXX-TSXV/OTC-BXXRF) (the "Company", or "Boxxer") is pleased to announce that it has signed an option agreement with Continental Precious Metal (CZQ.TO) to earn up to a 75% interest in the DOK copper-gold porphyry property (the "Option Agreement"), located approximately 40 kilometres southwest of Telegraph Creek , in northwest British Columbia, Canada (the "DOK Property"). The DOK Property consists of approximately 26,365 acres.
Under the terms of the Option Agreement, Continental has the option to earn a 60% interest within 4 years by incurring total property expenditures of C$2.0M and making total cash payments of C$200,000 . The cash payment schedule is as follows: C$50,000 due within 5 days of signing and three payments of $50,000 each on or before the first, second and third anniversaries of the effective date of the Option Agreement. Upon Continental earning a 60% interest, the Company shall have the option to increase its interest in DOK Property by an additional 15% to 75% by spending an additional C$3.0M on the DOK Property within 3 years.
DOK Property Highlights;The DOK property exhibits widespread copper-gold-silver mineralization (with minor concentrations of molybdenite) in potassic altered andesite of the Stuhini Group and altered quartz monzonite, quartz diorite, and granodiorite intrusives. The mineralization in outcrop and the altered rocks coincide with two large, copper-gold-molybdenum-silver soil geochemical anomalies. Mapping and sampling has also located numerous other outcrops containing medium to high-grade copper-gold-silver mineralization along with significant (
Technical HighlightsThe exploration completed on the DOK property has provided some excellent results all consistent with an alkalic copper-gold porphyry environment. The data includes:
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Widespread copper-gold-silver mineralization (with significant concentrations of molybdenite) occur in potassic altered volcanic rocks of the Stuhini Group and altered quartz monzonite, quartz diorite, and granodiorite intrusives.
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The mineralization in outcrop coincide with two large, copper-gold-molybdenum-silver soil geochemical anomalies.
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The northwest soil geochemical anomaly measures 2,000 metres long by 1,400 metres wide. The southeast anomaly measures 1,500 metres long by 900 metres wide. Both soil geochemical anomalies are open along strike. The metal concentrations within these soil geochemical anomalies range from 200 to 9,820 parts per million ("ppm") for copper; from 0.03g/t to 2.2 g/t gold; molybdenum from 14 to 135ppm and from 0.6g/t to 84.5g/t silver.
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Numerous other mineralized outcrops containing medium to high-grade copper-gold-silver mineralization along with significant (
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Rock chip sampling completed within the northwest soil geochemical anomaly during the early 1970's returned;
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a) 0.66% copper over 38 metres,
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b) 0.73% copper over 16 metres,
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c) 0.32% copper over 25 metres.
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The gold-silver-molybdenum concentrations for these mineralized intervals were not reported.
Two of the magnetic signatures and associated soil geochemical anomalies are associated with a northwest trending, two kms wide by 10 kms long structural feature. The chip sampling results and the 81 copper occurrences located to date, occur within the structural feature. These features are cut by a prominent north-northwest trending structural feature that can be traced for a distance of 15kms.
Elmer B. Stewart , MSc. P. Geol., President of Boxxer, is the Corporation's nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed the technical information disclosed in this news release.
About Boxxer Gold Corp.
Boxxer is a Canadian junior resource company involved in the exploration for large polymetallic copper deposits in North America. Boxxer's active projects include the Boss and Buena Vista copper projects in the state of Nevada , the Empire copper-gold-silver property in Idaho , the DOK copper-gold porphyry property in Northwest B.C., and the East Breccia copper-silver-molybdenum property in Ontario. Boxxer also has the Gordon Lake gold project located 110 kilometres north of Yellowknife NWT, Canada .
For more information on Boxxer please visit our website at www.boxxergold.com or contact Boxxer Gold Corp.
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.
Forward-Looking Information: This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. In particular, this news release contains forward-looking information regarding: the Private Placement, the Qualifying Transaction, the Distribution , the Dissolution and the appointment of Sophia Leung to the Board of Directors of Boxxer. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Boxxer's current beliefs and is based on information currently available to Boxxer and on assumptions Boxxer believes are reasonable. Known risk factors include, among others: the proposed exploration program planned for the DOK project may be delayed or not completed at all; the proposed exploration program may not locate any mineralization or mineralization as favorable as suggested by the historical exploration; Boxxer may not be able to comply with its ongoing obligations regarding the DOK Property; fluctuations in copper prices and demand; currency exchange rates; conditions in the financial markets and the overall economy may continue to deteriorate; uncertainties relating to interpretation of the previous drill results and the geology, the need to obtain additional financing and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of Boxxer to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; capital market conditions and market prices for securities and junior market securities; the actual results of Boxxer's business operations including its exploration operations; natural resource company market conditions and the market conditions of the natural resource industry in general; competition; changes in legislation, including environmental legislation, affecting the Boxxer; timing and availability of external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. A description of additional assumptions used to develop such forward-looking information and a description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in Boxxer's disclosure documents on the SEDAR website at www.sedar.com. Although Boxxer has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Boxxer does not undertake to update any forward-looking information except in accordance with applicable securities laws.
SOURCE Boxxer Gold Corp.