PREMIER - ROXMARK KAILEY ZONE DRILLING RETURNS 1.47g/t Au ACROSS 162.0 METRES
Toronto, Ontario, June 26, 2008. Roxmark Mines Limited (TSXV � RMK) today announced that drilling by Premier Gold Mines (TSX:PG) as operator has returned the best results to date in the recently discovered Kailey Zone at the Geraldton Project in Northwestern Ontario. Drilling in the central part of the Kailey Zone has returned gold intersections well in excess of 100 metres where the two broad parallel stringer horizons converge to the east.
The Kailey Zone is a bulk tonnage target proximal and parallel to the historic Little Long Lac Gold Mine from which more than 600,000 ounces of gold were produced during the period 1934-53 at an average grade of 11.66g/t Au. Highlights from ongoing drilling include 1.32g/t Au across 191.2 metres, 2.16g/t Au across 92.2 metres, 1.47g/t Au across 162.0 metres and 1.15g/t Au across 140.2 metres.
Drilling in the Kailey Zone has identified parallel horizons (K1 � North & K2 � South) which converge in the central and eastern sections. The latest three intersections have true widths approaching 100 metres. Drilling has cut off the horizon to the east with mineralization remaining open primarily down-plunge where drilling is currently focused. The following table provides a summary of recent assay results received from drilling the Kailey Zone on Section 12+75E (dip angles: 50 (043), 60 (045), 70 (048) degrees):
|
Hole-ID |
Section |
From |
To |
Length (m) |
Zone |
AU (g/t) |
AU (opt) |
|
PLL08043 |
1275E � 3+30N |
6.8 |
147.0 |
140.2 (460 ft) |
K1-K2 |
1.15 |
0.034 |
|
|
Incl. |
6.8 |
68.0 |
62.2 (204 ft) |
K2 |
1.23 |
0.036 |
|
|
Incl. |
85.0 |
147.0 |
62.0 (203 ft) |
K1 |
1.33 |
0.039 |
|
PLL08045 |
1275E � 3+30N |
6.0 |
168.0 |
162.0 (531 ft) |
K1-K2 |
1.47 |
0.043 |
|
|
Incl. |
27.0 |
72.0 |
45.0 (148 ft) |
K2 |
1.61 |
0.047 |
|
|
Incl. |
91.5 |
168.0 |
76.5 (251 ft) |
K1 |
1.93 |
0.056 |
|
PLL08048 |
1275E � 3+30N |
5.8 |
197.0 |
191.2 (627 ft) |
K1-K2 |
1.32 |
0.038 |
|
|
Incl. |
5.8 |
98.0 |
92.2 (302 ft) |
K2 |
2.16 |
0.063 |
|
|
Incl. |
212.0 |
215.0 |
3.0 (9.84 ft) |
K1a |
7.06 |
0.206 |
It is Premier management�s belief that these horizons could also direct future exploration towards discovering and delineating higher-grade mineralization potentially amenable to underground mining methods. Higher grade intersections of 6.14g/t Au across 3.0 metres in hole PLL08045 and 7.06g/t Au across 3.0 metres in hole PLL08048 demonstrate this potential. In order to test this theory, drilling is currently being performed to test the K1 horizon at depth.
Premier holds the option to acquire up to a 70% interest in the Geraldton Project from Roxmark by making cash and share payments to Roxmark, and performing exploration on the Project. The current drilling is part of an ongoing program aimed at confirming Premier�s belief that previously untested sub-parallel mineralized faults occur proximal to the historic Little Long Lac Gold Mine. In addition to the Kailey Zone, drilling is currently testing �TAZ� and �Mine Repetition�, two of the program�s other primary targets believed to have high potential to host gold mineralization. Veining and mineralization has been identified in both target areas and assays are expected in the near future.
The �Geraldton Project� is located in the heart of the Beardmore-Geraldton Greenstone Belt, a highly prospective high-grade gold district that has seen relatively little exploration over the past several decades. The Project area covers appro ximately 10 kilometres of some of the most prospective geology in the region and is host to three past-producing mines and numerous exploration targets in a district that has seen historic production of more than 4.1 million ounces of gold.
Stephen McGibbon, P. Geo., is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101. Core from Geraldton is sent to Accurassay Laboratories, an accredited mineral analysis laboratory in Thunder Bay, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods.
Further information is available on the Company's website at www.roxmark.com and on SEDAR under the Company's profile at www.sedar.com.
Forward-Looking Statements
This news release includes certain �forward-looking statements�. Such forward-looking statements involve risks and uncertainties. The results or events predicted in these forward-looking statements may differ materially from actual results or events. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Monir Younan, President
Roxmark Mines Limited
801- 80 Richmond St. West
Toronto, Ontario M5H 2A4
Tel.: (416) 860-1636
Fax: (416) 360-7355
E-mail: roxmark@on.aibn.com Website: www.roxmark.com
Renmark Financial Communications Inc.
Christine Stewart: cstewart@renmarkfinancial.com
Barbara Komorowski: bkomorowski@renmarkfinancial.com
Tel.: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
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