2.5 km with grades up to 1.74% Ni, 1.28% CuAppalaches Resources Inc.: B20 Nickel-Copper Property Optioned for 1 M$
2/20/2007
RIMOUSKI, QUEBEC, Feb 20, 2007 (CCNMatthews via COMTEX News Network) --
Ressources Appalaches (TSX VENTURE:APP) announces that Ressources Appalaches and Marum Resources Inc., each holding respectively 75% and 25% of the B20 copper-nickel property, announce an agreement with Exploration Esbec, a private company. Esbec has the right to acquire a 50% interest in the property by paying to Ressources Appalaches $150,000 and performing $1,000,000 in exploration work. This agreement will allow exploration on theB20 property to continue without further cost to Ressources Appalaches or to Marum.
Esbec has the right to acquire a 50% interest in the property by paying to Ressources Appalaches $10,000 upon signing the agreement, $40,000 on the six month anniversary of the agreement, $50,000 on the first year anniversary of the agreement and $50,000 on the second year anniversary of the agreement. Esbec must also perform exploration work on the B20 property in the amount of $150,000 before the first year anniversary of the agreement, $250,000 before the second anniversary, $300,000 before the third anniversary and $300,000 before the fourth anniversary, for a total amount of $1,000,000. If Esbec fulfills all of the requirements of the agreement it will earn a 50% interest in the property. Ressources Appalaches will then hold a 37.5% interest and Marum will hold a 12.5% interest. The operatorship of the project will revert to Ressources Appalaches. All of the cash payments made by Esbec shall remain with Ressources Appalaches in compensation for maintaining the property in good standing since 2003.
The property is located near Port-Cartier, Quebec on the north shore of the St-Lawrance river. Over 16 Cu-Ni-Co showings were discovered on surface over a strike length of 2.5 km with grades up to 1.74% Ni, 1.28% Cu and 0.23% Co. Ressources Appalaches has completed 41 diamond drill holes for a total of 6,694 metres since 2000 and obtained similar grades to a vertical depth of 265 metres.
The mineralization is associated with an electromagnetic conductor that is 0.5 km wide and 3 km long that is oriented NE at a high angle to the lithologic contacts and the ede of the Riviere Pente-Cote anorthosite complex. The mineralized zone remains open in all directions and several attractive geophysical anomalies remain unexplored.
The contents of this press release were prepared by Alain Hupe, Geologist and NI-43-101 Qualified Person. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.