Entourage Acquires Odin Copper-Gold Property, Near North ROK Discovery and Red Chris Mine, Northwest B.C.
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/03/13 -- Entourage Metals Ltd. (TSX VENTURE:EMT) (the "Company") is pleased to announce it has acquired an option to earn a 100% interest in the Odin copper - gold Property, located north of Colorado Resource's North ROK discovery and Imperial Metals in construction Red Chris mine. The Property displays characteristics similar to recent porphyry copper gold discoveries in this part of western Canada and is accessible by road.
"Entourage is excited to commence exploring in this area of recent copper-gold discoveries in northern B.C.," said Jeff Sundar, President and CEO of Entourage. "Coupled with our portfolio of gold properties in the Canadian Shield, and our silver property in Yukon, the Odin Property is an excellent addition that complements our geologic team's collective technical strength."
The Property is located approximately 18 kilometers north of the town of Iskut, BC, and consists of five mining claims covering 6,499 hectares. Access is from Highway 37 on the eastern side of the claim group. Geologic highlights include:
-- Aeromagnetic data display prominent northeast oriented magnetic high across the western portion of the property. -- High-grade copper and gold occurrence located 3,500 meter northeast along the magnetic trend. -- Overburden cover has limited mapping and prospecting on the Property.
Entourage is planning an initial program consisting of soil sampling, geological mapping and geophysical surveying which is expected to begin shortly. This work will target the northeast trend of magnetic highs that appear to correlate with areas of known alteration and copper gold mineralization, located approximately 3.5 kilometers north of the Odin Property boundary. Historic explorers collected grab samples of altered dacite, adjacent to a quartz monzonite intrusion hosting up to 15% disseminated pyrite and chalcopyrite, that assayed 8% Cu and 1.4 g/t Au (Copeland and Neelands 1982) Entourage has not independently verified this historic occurrence and should not be relied upon.
The regional airborne magnetics suggest unrecognized significant northeast striking faults on the Property. Large faults zones are often represent the primary structural geologic control for mineralized porphyry systems.
The Odin Property is located approximately 22 kilometers north of Colorado Resources Ltd.'s North ROK property, and 35 kilometers from Imperial Metals Red Chris porphyry copper-gold-silver deposit currently under construction. Colorado recently announced diamond drill hole NR13-001, that assayed 242.0 meters of 0.63% Cu and 0.85 g/t Au in an altered monzonite. This porphyry copper style mineralization is associated with coincident magnetic and soil geochemical anomalies (See Colorado Resources NR 13-02 dated April 25, 2013).
Details of the Odin Property, as well as the rest of the Entourage Metals portfolio can be reviewed at the Company's website at www.entouragemetals.com.
The Agreement
Entourage Metals can earn a 100-per-cent interest in the property from an arm's-length third party Company by paying $95,000 in cash and issuing 650,000 shares over five years, subject to approval of the TSX Venture Exchange. Upon completion of an initial National Instrument 43-101-compliant mineral resource estimate, Entourage will issue an additional 1,000,000 shares. Pacific Empire will retain a 2% net smelter returns royalty on the Property, one-half of which (1%) may be purchased by Entourage at any time for $2,000,000.
Entourage's exploration activity in British Columbia is performed under the supervision of Jodie L. Gibson, P.Geo, Senior Geologist and consultant to the company. Mr. Gibson is a Qualified Person as defined by NI 43-101. Mr. Gibson prepared and approved the information contained in this release.
Certain disclosure in this release, including statements regarding the intended use of proceeds from the private placement, constitute forward-looking information or statements (collectively, "forward-looking statements") for the purpose of applicable securities laws. In making the forward-looking statements, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals required to complete the Company's planned exploration and development activities, that the Company is able to procure personnel, equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that the Company will be unable to obtain required regulatory approvals on a timely basis or at all, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.