39.64g Au/t (1.16oz/ton) over 2.0 m and 43.97g Au/t (1.25oz/t) over 1.0 m
Premier-Roxmark Results at Kailey Zone Show Significant Increase in Gold Grades and Widths
Toronto, Ontario, May 27, 2008. Roxmark Mines Limited (TSXV�RMK) today announced new Kailey Zone drilling results from the ongoing exploration program conducted by Premier Gold Mines Limited (TSX�G) as operator of the Geraldton Project on the Kailey Zone.
Drilling has now identified two broad parallel horizons existing within the Kailey Zone and converging as drilling traces the horizons to the east. Importantly, in this area, gold grades are up to 50% higher and widths have increased by 100% over the �best� previous reported results.
Higher-grade gold mineralization and increased widths to the east are recent developments within the Kailey Zone (bulk tonnage zone). Recent results include 39.64g Au/t (1.16 oz/ton) across 2.0 metres contained within a wider zone of mineralization which returned 5.87g/t Au across 16.0 metres, and 42.97g Au/t (1.25 oz/ton) across 1.0 metre, contained within a wider zone of mineralization which returned 2.01g Au/t across 101.0 metres.
Kailey Zone
As drilling continues to delineate the Kailey Zone horizon, higher-grade vein style mineralization has been intersected within the wider stringer zone. This setting of higher-grade vein mineralization within a broad stringer zone is consistent with the Main Zone mined at the historic Little Long Lac Gold Mine from which more than 600,000 ounces of gold was produced during the period 1934-53 at an average grade of 11.66g Au/t. The Kailey zone is located approximately 50 metres to the north of, and parallel to, the Main Zone. These intersections are consistent with the Company�s belief that higher grade �shoots� could exist within the near-surface, open pit style gold mineralization that marks this new discovery.
Of particular significance, drilling has now identified that parallel horizons exist within the Kailey Zone (K1 � North & K2 � South) which have implications for increased tonnage potential within this horizon. These horizons have now been traced over a strike length of 450 metres, to depths of up to 200 metres, and remain open in all directions. The following table provides a complete summary of recent assay results received from drilling the Kailey Zone:
Table 1 Significant Results at Stringer Zone - Little Long Lac Target Area
Hole-ID |
Section |
From |
To |
Length (m) |
Zone |
AU (g/t) |
AU (opt) |
PLL08023 |
1100E � 4+25N |
93.0 |
113.0 |
20.0 (66 ft) |
K1 (North) |
1.31 |
0.038 |
PLL08025 |
1150E � 4+10N |
74.0 |
102.0 |
28.0 (92 ft) |
K1 (North) |
1.36 |
0.040 |
PLL08026 |
1100E � 3+75N |
157,0 |
173.0 |
16.0 (52 ft) |
K1 (North) |
5.87 |
0.171 |
|
Incl. |
170.0 |
172.0 |
2.0 (6.6 ft) |
K1 (North) |
39.64 |
1.156 |
PLL08027 |
1100E � 3+75N |
53.0 |
81.0 |
28.0 (92 ft) |
K2 (South) |
1.25 |
0.036 |
|
|
219.0 |
233.0 |
14.0 (46 ft) |
K1 (North) |
1.02 |
0.030 |
PLL08029 |
1350E � 3+50N |
9.0 |
110.0 |
101.0 (331 ft) |
K1-K2 |
2.01 |
0.059 |
|
Incl. |
9.0 |
82.0 |
73.0 (240 ft) |
K1-K2 |
2.45 |
0.071 |
|
Incl. |
32.0 |
33.0 |
1.0 (3.3 ft) |
K1-K2 |
42.97 |
1.253 |
PLL08030 |
1350E � 3+25N |
43.0 |
146.0 |
103.0 (338 ft) |
K1-K2 |
1.43 |
0.042 |
|
Incl. |
47.0 |
48.0 |
1.0 (3.3 ft) |
K1-K2 |
10.47 |
0.305 |
PLL08032 |
1350E � 3+25N |
52.0 |
163.0 |
111 (364 ft) |
K1-K2 |
1.18 |
0.034 |
NOTE: True widths estimated at approximately 70% of intersection width
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 minimum $2.5 Million exploration program aimed at confirming Premier�s belief that previously untested sub-parallel mineralized faults occur proximal to the historic Little Long Lac Gold Mine. A systematic drill program is being carried out at Little Long Lac in an effort to build gold resources in the Kailey, and also in the No.9, No.10, and No.11 Vein zones.
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 approximately 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 news release 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.
The Northern Empire Gold Mine
At the Northern Empire Mine in its neighbouring Beardmore Camp, Roxmark has completed a surface drilling program aimed at expanding the gold mineralization of the Contact Zone. Seventy-seven drill holes were completed for a total of 8,385 metres. The program was increased, to follow the mineralization, by 35% from the projected target of 6,200 metres. Preliminary results were announced in a news release dated May 21, 2008. Gold intersections were obtained from the Contact and Power Zones as well as the Iron Formation and Foot Wall Zones. The drilling program is being supervised by Peter Bevan, P.Eng., a Qualified Person. Additional results will be announced when available. Also, a complete assessment and the extent of the final results will be available in the near future.
The Northern Empire Mine was operated by Newmont Mines from 1934 to 1941 and was serviced by a shaft to a depth of 2,460 feet, producing 149,000 ounces of gold from 426,000 tons of ore at a recovered grade of 0.35 oz/t Au. The onsite 200TPD mill (expandable to 500TPD) was built in 1982 and upgraded and permitted by Roxmark.
About Roxmark Mines
Roxmark Mines Limited is the leader in gold and molybdenum exploration and development in the historically significant Geraldton-Beardmore area of Northwest Ontario. In the last two years, Roxmark has generated cash flow from bulk-sampled gold and molybdenum processed at its fully-permitted mill and has the advantage of infrastructure from six formerly highly productive gold mines located on its properties. These mines previously produced nearly two million ounces of gold from high grade ore but were closed primarily due to dramatically lower gold prices at the time and to boundary issues, since eliminated.
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.