Anohter Niobium deal Looks worth watching next to TKO.TSX
OGB
Oxford to acquire B.C. Nb property, raise $320,000
2014-03-17 10:14 ET - News Release
Mr. Mitchell Adam reports
OXFORD ACQUIRES ALEY CREEK NIOBIUM PROPERTY, NORTHERN BC
Oxford Resources Inc. has entered into an acquisition agreement with a syndicate of five property vendors, pursuant to which the company will purchase a 100-per-cent interest in the Aley Creek niobium property, comprising eight mineral claims (totalling approximately 8,304 acres) located in the Omenica mining district of northeastern British Columbia within the Western Foreland belt of the Rocky Mountains, 140 kilometres north of the town of Mackenzie.
Oxford President, Mitchell Adam states "The Aley Creek Project represents a very strategic acquisition for Oxford. Exploration completed on the property in 2013 indicates multiple anomalous exploration targets as well as similar geology bordering one of the world's largest undeveloped Niobium resources. An extensive work program is now being planned to explore this highly prospective property."
Oxford's Aley Creek Property is contiguous to and encircles the Aley Carbonatitite deposit owned by Taseko Mines Ltd. ("Taseko" TKO - TSX), which is known to be one of the world's largest undeveloped Niobium ("Nb") resources. From 2011 - 2013, $25 million was spent on the neighboring Aley Carbonatite deposit on road construction, metallurgical work, minesite engineering and environmental studies. Results from the 2011 drilling returned mineralized drill intercepts that range to over 200 meters in length and showed highly continuous niobium mineralization close to surface. Mineralization is open in at least three directions and to depth (www.tasekomines.com/releases/ID540397). Taseko completed a resource estimate on the Aley Carbonatite Niobium Project estimating the deposit contained a measured and indicated resource of 286 Million tonnes grading 0.37 percent (%) Nb2O5 using a cut-off grade 0.2% Nb2O5. An additional 144 Million tonnes averaging 0.32 Nb2O5 is classed as inferred.
An assessment report prepared by Apex Geoscience Ltd. on Oxford's Aley Creek Property dated November 6, 2013; outlines that exploration work during 2013 consisted of 16 geochemical rock grab samples and 26 stream silt samples. The target areas were selected for favorable geology and geophysical anomalies. Stream silts returned anomalous values ranging from 0.54 to 0.89 ppm Niobium (Nb) and rock grab samples returned anomalous values ranging from 80.3 to 339.0 ppm Nb of which all the highest values were from carbonate Kechika group rocks.
Rare earth element ("REE") bearing lamprophyre and carbonatite dykes have intruded the Kechika formation. Based on the close spatial association of the Aley carbonatite there is the potential that REE bearing (including Nb) lamprophyre and carbonatite dykes may occur within Oxford's Aley Creek Property. Taseko's neighboring Aley Carbonatite is associated with prominent regional airborne magnetic high anomalies suggesting the potential for additional carbonatite-hosted REE mineralization to the northwest of the mapped exposures of the Aley Carbonatite within Oxford's Aley Creek Property.
A prominent magnetic high anomaly having the dimensions of approximately 2 x 2 km occurs within the Southern Aley Creek claim block. The anomaly lies on the west side of an east-verging thrust fault indicating the potential for a discovery of an additional blind carbonatite intrusion. The presence of Nb anomalies within the favorable geology found in Kechika group rocks and proximity of Taseko's Aley Carbonatite warrant further exploration. An exploration program is now being developed for the Aley Creek Property.
In consideration, the Company will issue an aggregate 5,000,000 common shares and the payment of $10,000 to the Vendors. The Agreement is subject to the approval of the TSX Venture Exchange.
Additionally, the Company has arranged a non-brokered private placement of 4 million units at $0.08 for gross proceeds of $320,000. Each unit will consist of one common share of the Company and one non-transferable warrant to purchase one additional share for $0.12 for a period of two years following the closing of the placement This placement is subject to the approval of the TSX Venture Exchange and finder's fees may be payable
Stephen Butrenchuk, P.Geo, a Qualified Person as defined under National Instrument 43-101, has reviewed the technical content of this release.