NEWS 2012-02-29 11:17 ET - News Release
Mr. John Ulmer reports
ENCORE RENAISSANCE ACQUIRES THE BONAPARTE NORTH-EAST MINERAL CLAIM
Encore Renaissance Resources Corp. has added 243 hectares of highly prospective ground to the Bonaparte gold property. EZ has acquired from BCT Mining Corp. ("BCT") a 100% interest in the Bona NE (Bonaparte North-East) mineral claim No. 606387. The new claim directly adjoins EZ's claim block and is less than 2000 meters from the Bonaparte Gold discovery zone and the current Bonaparte Gold Bulk Sample Project. Under the terms of the Assignment Agreement, BCT has agreed to assign the claims to EZ for total consideration of $456,640. BCT will also retain a 2% NSR, of which EZ retains the right to buyback 50% for $1,000,000 should the property go into commercial production.
Bona NE, as part of EZ's northeast claim block, hosts the RAVE Minfile # 092 INE 178, and is located in an area of the Thuya Batholith historically known to host high molybdenum values in Climax-type porphyry with quartz-diorite intrusions. The Minfile is also known as the JS Molybdenite showing.
Recent ground VLF-EM surveys covering the Bonaparte Gold Zone and extending onto the Bona NE claim show that known mineralized veins can be associated with electro-magnetic features, confirming the use of this method as a prospecting tool on the property. The Company plans to explore these targets by means of trenching, drilling and underground bulk sampling.
The Bonaparte Gold Property's 160 meters of underground development has proven the consistent orientation and repeating nature of quartz-diorite-hosted high-grade gold veins. More than 14 known major gold veins are being developed both from surface and underground, and the mineralized vein system remains open in all directions and at depth.
Past diamond drilling has presented solid evidence that grades and widths of vein mineralization could be developed by further underground development. The basement rocks of the Thuya Batholith remain unexplored, offering significant mineralization potential.
Recent and past airborne and surface geophysical works have indicated possible mineralized structures and zones buried under the thin lava cap that covers most of the Bonaparte Plateau. Airborne surveys have also revealed the location of large intrusive plugs emanating from the 30 kilometre-wide Thuya Batholith. The Bonaparte Gold Discovery zone is part of such an intrusion, and is associated with high-grade gold mineralization in the quartz veins.
As EZ's knowledge base for the Bonaparte Mineral Belt grows, the Company continues to be encouraged regarding the porphyry potential of the property. The basement rocks of the Thuya Batholith formation remain unexplored, offering tremendous discovery potential.
EZ plans a fresh and aggressive exploration season on the Bonaparte Gold Property, following up on many new targets, including those on the Bona NE claim. Delineating the richest underground gold zones are the Company's priorities for the upcoming field season.
"Bona NE is the next important step in our rebuilding program," says Encore Renaissance CEO Matt Wayrynen. "This acquisition offers an excellent opportunity to expand the resource potential of the Bonaparte Gold Zone."