CALGARY, AB--(Marketwired - August 18, 2014) - Boxxer Gold Corp. (TSX VENTURE: BXX) (PINKSHEETS: BXXRF) (the "Company", or "Boxxer") is pleased to provide an update on the diamond drilling program currently underway on the DOK copper-gold-molybdenum-silver project located in northwest BC. Continental Precious Minerals ("Continental") pursuant to an option agreement has the right to earn up to a 75% interest in the DOK Property if certain conditions are met (see Press Release on April 14, 2014). The diamond drilling program is currently underway. Highlight of the drilling program are set out below:
Highlights:
- Diamond drill hole (DDH) DOK-2014-01 with a core length of 410m intersected visible occurrences of chalcopyrite mineralization from a core length of 22m to 410m. Trace bornite is also reported to occur over a 23m section of the core.
- From a core length of 389m to 410m, chalcopyrite with trace molybdenite mineralization occurs to the end of the hole at 410m hosted in hydrothermal breccia. The reported mineralization remains open at depth.
- The mineralization observed in DDH DOK-2014-01 is hosted in alternating strongly potassic and phyllic altered volcanics of the Stuhini Group.
- DDH DOK-2014-02 is located approximately 400m along strike and 100m to the west of DOK 2014-01 is continuing to test the same target as DDH DOK-2014-01. This hole is expected to be drilled to a core length of a 500m. Final core length of the hole will be determined based on budget and weather conditions as well as the observation of the core from this hole.
Mr. Riley, President of Boxxer, stated that "The reported visible copper mineralization and strong potassic and phyllic alteration from this drill hole is encouraging. These combined with the large surface dimensions of the mineralization, alteration, geophysical signatures and historical exploration results are encouraging and suggest the presence of a porphyry copper system on the DOK project. The final assays for the samples from this drill hole will be required before any assessment of the significance of the reported mineralization in the drill hole can be completed".
The objectives of the current diamond drilling program are to test the large, strong and coincident multi-element geochemical anomaly, chargeability signature, and mineralized and altered volcanic host rocks that underlie the target area (see Press Release on April 14, 2014).
Diamond drill hole (DDH) DOK-2014-01 is a vertical, HQ diameter hole completed to a core length of 410m. This hole intersected variable concentrations of visible chalcopyrite (and malachite) with several occurrences of bornite and molybdenite from a core depth of 22m to the end of the drill hole at a core length of 410m. The chalcopyrite mineralization occurs as disseminations and in thin veinlets and in thin quartz veinlets in variably potassic and phyllic altered volcanic rocks. Abundant gypsum veining was also noted throughout the drill hole. Several late granodioritic/dioritic dykes have also been observed in the core. The reported molybdenite occurs in a hydrothermal breccia that occurs from a core length of 389m to the end of the hole at a core length of 410m.
The reader is cautioned that visible chalcopyrite and molybdenite mineralization does not necessarily equate to significant concentrations of either copper or molybdenum and there is no assurance that the assay results of the samples from this drill hole will yield significant copper or molybdenum grades.
Elmer B. Stewart, MSc. P. Geol., COO 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.
Advance Notice By-law:
Boxxer also wishes to announce today that the Board of Directors of Boxxer has approved the adoption of an advance notice by-law (the "Advance Notice By-law"), which requires advance notice to Boxxer in circumstances where nominations of persons for election to the Board are made by shareholders other than pursuant to a requisition of a meeting made pursuant to the provisions of the Business Corporations Act (Alberta) ("ABCA") or a shareholder proposal made pursuant to the provisions of the ABCA.
Among other things, the Advance Notice By-law fixes a deadline by which shareholders must submit a notice of director nominations to Boxxer prior to any annual or special meeting of shareholders where directors are to be elected and sets forth the information that a shareholder must include in the notice for it to be valid. In the case of an annual general meeting of shareholders, notice to the Chief Executive Officer of Boxxer must be made not less than 30 nor more than 65 days prior to the date of the annual general meeting of shareholders; provided, however, that in the event that the annual general meeting of shareholders is called for at a date that is less than 50 days after the date (the "Notice Date") on which the first public announcement of the date of the annual meeting was made, notice by the nominating shareholder must be given not later than the close of business on the tenth (10th) day following the Notice Date. In the case of a special meeting (which is not also an annual general meeting) of shareholders called for the purpose of electing directors (whether or not called for other purposes), notice to the Chief Executive Officer of Boxxer must be made not later than the close of business on the fifteenth (15th) day following the date on which the first public announcement of the date of the special meeting of shareholders was made.
The purpose of the Advance Notice By-law is to foster a variety of interests of the shareholders and Boxxer by ensuring that all shareholders, including those participating in a meeting by proxy rather than in person, receive adequate notice of the nominations to be considered at a meeting and can thereby exercise their voting rights in an informed manner. In addition, the Advance Notice By-law is intended to provide a reasonable framework for shareholders to nominate directors and should assist in facilitating an orderly and efficient meeting process.
At the next annual general and special meeting of shareholders of Boxxer to be held on August 29, 2014, the shareholders will be asked to confirm and ratify the Advance Notice By-law. A copy of the Advance Notice By-law has been filed under Boxxer's SEDAR profile at www.sedar.com.
About Boxxer Gold Corp.
Boxxer is a Canadian junior resource company involved in the exploration for large poly metallic 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 proposed diamond drilling program on the DOK project. 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 contained in this news release, Boxxer has made numerous assumptions, based upon practices and methodologies which are consistent with the mineral industry. While, Boxxer considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause Boxxer's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the possibility that the analytical results from the core sampling does not return significant grades of either copper or molybdenite mineralization; fluctuations in copper and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineralization; the need to obtain additional financing to continue exploration of the property and uncertainty as to the availability and terms of future financing; the possibility of delay in the exploration programs: uncertainty as to timely availability of permits and other governmental approvals the diamond drilling program may not intersect any mineralization or mineralization as favorable as suggested by the current and historical exploration; and Boxxer may not be able to comply with its ongoing obligations regarding the DOK Property.
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, 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.