Mary March historyThis was before Candor and Nustar merged to form ROX
Candor Ventures Corp. - Exploration Update - Conductors Identified on Mary March Property
4/6/04
TORONTO, Apr 06, 2004 (CNW Telbec via COMTEX) --
Candor Ventures Corp. (Candor) (TSX-V: CND) is very pleased to announce that a recently completed ground electromagnetic (EM) survey has identified conductors on the Reid Lot 247 portion of its Mary March property.
The Mary March property is located at Buchans Junction, Newfoundland about 20 km northeast of, and within the same geological group that hosted, the past producing, high grade Buchans mine. The Buchans mine produced 16.2 Million tonnes averaging 14.50% Zn, 7.56% Pb, 1.33% Cu, 126 g/t Ag and 1.37 g/t Au over its 56 year mine life (1928-1984).
Two parallel, moderate conductivity features were identified at a depth of 150-200 metres within prospective Buchans Group felsic volcanics characterized by a low magnetic signature. The conductors occur along strike of the high grade Mary March and Nancy April volcanogenic massive sulphide (VMS) horizons.
Diamond drilling by Phelps Dodge Corporation of Canada, Limited (PDCC) in 2000 intersected massive sulphides averaging 10.33% Zn, 1.62% Pb, 0.66% Cu, 118.1 g/t Ag and 4.11 g/t Au across 9.23 m (DDH MM-294-7) and a 4.65 m semi- massive to massive interval including 16.8% Zn, 5.44% Pb, 0.18% Cu, 660.0 g/t Ag and 12.2 g/t Au across 0.91 m (DDH MM-294-11) on the Mary March VMS horizon. Footwall-style mineralization averaging 3.02% Zn, 1.08% Pb, 0.13% Cu and 172.4 g/t Ag across 20.6 m (DDH MM-294-3) was intersected on the Nancy April VMS horizon.
Given the zinc-rich nature of the base metal mineralization intersected on the Mary March property to date, the conductivity of the targets identified in the recent survey is appropriate. The EM decay rates indicate that the source of the conductors is probably sulphide related and the low magnetic signature of the area is typical of VMS style alteration elsewhere.
PDCC has the right to earn a 50% interest in the Reid Lot 247 from Noranda Inc. In turn Candor may earn 100% of PDC's interest in the property by completing PDCC's expenditure requirements and fulfilling certain other requirements. Candor's interest in the property would be subject to a 1% NSR royalty payable to PDCC upon commencement of commercial production.
Candor plans to drill test both conductors as soon as conditions permit.
Elsewhere, line cutting on Candor's McFauld Lake property adjoining the Spider/KWG property in Northern Ontario is complete. A geophysical crew has mobilized to the property to complete EM and ground magnetic surveys before spring break up.
A geophysical crew has recently completed Induced Polarization and ground magnetic surveys on Candor's Miminiska Lake property and is currently demobilizing. Preliminary results are expected soon. The surveys are intended to define drill targets proximal to a pronounced As-Au-Se soil anomaly over the plunge projection of a folded iron formation where high grade gold has been intersected.
For information concerning Candor's properties, please refer to Candor's Annual Information Form dated June1, 2003.
Information contained in this press release has been reviewed by Garth B. Burton, B.Sc., P.Geo, a qualified person within the meaning of National Instrument 43-101.
Candor also announces that in March, 2004 it granted an aggregate of 700,000 options to officers and directors exercisable at $0.30 per share for a period of five years.
Candor has 15,547,097 common shares issued and outstanding.
The TSX Venture Exchange has not reviewed and does not accept
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responsibility for the adequacy or accuracy of this release.
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