RE: NEWS!!!! English.Ressources Appalaches Acquires Two More Gold Properties in Nova Scotia
RIMOUSKI, QUEBEC--(CCNMatthews - July 31, 2007) - Ressources Appalaches
(TSX VENTURE:APP) announces the signing of two agreements with Meguma
Resource Enterprises Inc. and Mr. John Ross for the acquisition of 100% of
their gold properties in Nova Scotia. These properties will in future be
grouped under the name Miller Lake.
The properties are located on the east coast of Nova Scotia, about 150 km
from Halifax. They are contiguous and comprise 61 claims with a total area
of 11 km2. The Ecum Secum property (see announcement of June 7, 2007) is
located a few kilometres to the south.
More than six gold-bearing veins from a few centimetres to 30 cm thick have
previously been identified and partially mined, one of them 1,097 metres in
length. Three principal mineralized sites on the property were mined from
shafts and tunnels in the early 20th century: the shafts went no deeper
than 32 metres. The deposits consist of gold disseminated in quartz veins
on either side of an anticline. The production data compiled by the Nova
Scotia Ministry of Natural Resources state that 538.8 troy ounces were
extracted from this district between 1902 and 1951. Evaluation work carried
out at the three sites during this period mentions average grades of 17
g/t, 22 g/t, and 19 g/t Au from samples of 166 tonnes, 4.0 tonnes, and 2.2
tonnes respectively. These figures represent historical data listed in
various work reports distributed by the Ministry: they cannot be verified,
and are mentioned for information purposes only.
Beginning in 1974, exploration work including geophysical and geochemical
surveys, trenching, and drilling was carried out, mainly by two companies.
This work confirms the presence of auriferous zones on the edge of an
anticline.
Geological setting
The geological setting of the Miller Lake property closely resembles that
of the Ecum Secum property. The property, which forms part of the Meguma
Group, consists mainly of Cambrian to Devonian sedimentary rocks
(turbidites). The geologic formations are affected by major sub-horizontal
folding along east-west axes. Several late local and regional faults
strike north-west and are generally post-mineralization. Granitic
intrusions cut the sedimentary rocks. Several types of veins are observed,
but the gold deposits are mainly associated with stratiform veins and
anticlines. The gold is disseminated and sometimes visible in quartz veins,
frequently accompanied by disseminated sulphides such as galena,
sphalerite, arsenopyrite, and chalcopyrite. Alteration minerals such as
sericite and chlorite are also present in the veins and wall rocks.
The agreement
Ressources Appalaches has obtained an option from Meguma Resource
Enterprises Inc. and Mr. John Ross to acquire 100% of their properties in
return for $100,000 in work and $87,500 in cash, all to be distributed over
a period of three years. Upon production from the deposit, a royalty (NS)
of 2% will be paid on each property, but with optional buy-backs for
Ressources Appalaches in the respective amounts of $1,400,000 and $650,000.
Objective
Ressources Appalaches's objective is to define extensions of the deposit
around the existing shafts that can be put into production as quickly as
possible. With this in mind, work will begin with pitting and drilling over
a broad horizontal area.
The contents of this press release were prepared by geologist Alain Hupe, a
qualified person as defined in NI 43 101.