FOR IMMEDIATE RELEASE
Date: Feb. 6, 2012
MILLSTREAM DISCOVERS MAGNETIC ANOMALIES SOUTH OF POTTER
Toronto, Ontario – Millstream Mines Ltd. (TSX- V: MLM, Frankfurt: NJD) wishes to report the Company carried out a preliminary investigation of its Potter Property's southernmost claims. A ground magnetometer survey was done over 2 lines each of 1200 metres, spaced at 100 metres apart, bearing an azimuth of True North.. The survey results indicate 3 east-west striking magnetically anomalous zones of higher susceptibility coincident with a large ovoid surface depression which has been overlain by muskeg.
As a follow up the Company will continue the investigation of these southern claims by conducting a combined ground Magnetometer / VLF-Electromagnetic survey over 28 lines spaced at 75 metres bearing the same azimuth of True North, corresponding to the previous property’s existing grid. This work is expected to be completed prior to executing the Helicopter-Borne Z-TEM / VTEM electromagnetic survey over the entire Potter Property.
Management is of the opinion that the Company needs more information concerning this area and its specific claims.
This press release has been reviewed and edited where necessary by Mr.. Ronald Blais, P. Eng., and Philip A. R. Brown, P. Geo., designated qualified persons for the Potter Property in accordance with NI 43-101 rules and regulations.
Potter Property NI 43-101 Resource Outline
Indicated Resource |
Tonnes |
Copper (%) |
Zinc (%) |
Cobalt (ppm) |
Silver (ppm) |
Gold (ppb) |
3,028,767 |
1.45 |
1.19 |
389.7 |
11.1 |
127.5 |
|
|
|
.039 % |
11.1 g/t |
.128 g/t |
|
Inferred Resource |
2,071,101 |
1.08 |
1.05 |
301.4 |
8.7 |
81.7 |
|
|
|
.0301 % |
8.7 g/t |
.082 g/t |
The Potter Mine Property is a past producing mine and host to copper-zinc-cobalt “stacked” mineralized zones.. Only seven (7) zones out of a total of eleven were used to calculate the resources at Potter. These seven zones occur within the mine area along a strike length of 250 meters, lie within a horizontal across strike (stratigraphic) thickness of 225 meters, and occur within a vertical distance of 725 meters from +50 meters above sea level down to -675 meters below sea level. The Property is located in the Abitibi Greenstone Belt, and more specifically in the Kidd-Munro Assemblage which are highly prolific in gold, silver, and base metal mineralization. The property may be accessed by a mining road off of highway 101, near the town of Matheson in north eastern Ontario and a 390 meter deep shaft resides on the property in tight proximity to the above NI 43-101 defined resource.
About Millstream Mines Ltd..:
Millstream Mines Ltd. is a Canadian-based mineral exploration company whose principle objective is to enhance and develop known mineral properties to production potential. The Company has projects in the Province of Ontario, Canada and in the State of Montana, USA. The Potter Mine Property found in Ontario is outlined above. The Tamarack Gold Property, a former high grade gold producer in the Tobacco Root Mountains of south western Montana, is in an advanced stage of underground exploration and development operating under the Small Mines Exclusion Act of the State of Montana. Exploration properties in the company’s portfolio also include the Uncle Sam gold project property in Montana and the Airport property (Sudbury basin precious metals project) in Ontario.
Further information about these properties and the company is available on our website: millstreammines.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Millstream seeks safe harbour with regard to forward looking statements.
Rob Chase, CFA. President & CFO, Millstream Mines Ltd.
44 Victoria St., Suite 1101, Toronto, ON M5C 1Y2. ph: 416-368-9595