NewsNEWS RELEASE - READY MIX PROPERTY
Newmac Resources Inc. has received results from its soil-sampling, ground-magnetometer and VLF-EM surveys recently completed on the company's Ready Mix property located approximately 35 kilometres northeast of Clearwater, British Columbia.
A 2.2-square-kilometre area was surveyed over a prospective area for intrusion-related gold mineralization on the Ready Mix property. A 300-by-600-metre soil anomaly was defined, covering an area of possibly north-south structures intersecting a northwest-trending fine-grained granite dike. The soil anomaly consists of gold, arsenic and silver anomalous samples in an area of low relief at the head of Martin Creek. The fine-grained granite dike intrudes Shuswap metamorphic complex quartzites in the vicinity of the soil anomaly. The granite dike is possibly of Cretaceous age, and the quartzites may correlate with the Cambrian Eagle Bay formation to the south. The highest gold sample was 948.9 parts per billion (ppb) Au, and it occurred on the southern edge of the soil anomaly.
The company plans to follow up the soil anomaly and several structures identified with the ground magnetometer and VLF-EM surveys with a trenching program in the next month.
A stream sediment of 87 ppb gold was obtained from Martin Creek by the property vendor during his initial prospecting of the property. He also, in 1999, uncovered a highly oxidized bounder of intrusive breccias which assayed 29.3 grams per tonne gold and 202 grams per tonne silver.
The company views the Ready Mix project as an excellent target for intrusion-related gold mineralization because of several tungsten skarns in the area, anomalous gold-, tungsten-, molybdenum-, and arsenic-in-stream sediments, and Shuswap metamorphic terrain intruded by Cretaceous granites, which have been recognized as causing the mineralization.
The company has the right to earn a 100-per-cent interest in the Ready Mix claims by making an initial payment of $5,000 and issuing 150,000 common shares. Within two years the company will need to pay an additional $25,000 and issue 500,000 common shares in two stages. The property will also be subject to a 2-per-cent net smelter royalty, where the full 2 per cent may be purchased for $1-million at any time.
The technical content of this news has been reviewed by David J. Bridge, PGeo, a qualified person within the definitions of National Instrument 43-101.
Year of the Profit, Oilseeker