Boxxer Updates Property Status
June 17, 2014 - CALGARY, AB
CALGARY, AB--(Marketwired - June 17, 2014) -
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Boxxer Gold Corp. (TSX VENTURE: BXX) (PINKSHEETS: BXXRF) ("Boxxer"): Boxxer is pleased to provide an update on certain recent corporate transactions involving the status of its properties.
Katalyst Data Management (formerly Kelman Technologies Inc.) has executed an Assignment Agreement whereby Katalyst has assigned its 10% working interest in the Gordon Lake project Mining Lease (ML) #3123 and 100% working interest in ML #3088 and ML#3116, to Boxxer. The Assignment Agreement eliminates Katalyst's 10% working interest and a 4% sliding royalty in the Gordon Lake project.
Gordon Lake Project:
The exploration target on the Gordon Lake property is shear zone hosted gold mineralization similar to the large gold deposits in the Yellowknife mining district that produced approximately 13.0 million ounces of gold at an average grade of 14 g/t over a 50 year mine life. The volcanic environment, alteration, gangue mineralogy and geochemical signature of gold mineralization at Gordon Lake is similar to that which characterizes the gold mineralization in the Yellowknife mining district.
The gold mineralization at Gordon Lake occurs in quartz veins, quartz stockwork and silicified argillite and mudstone within two north northeast trending, steeply dipping (70) shear zones that exhibit weak to strong sericite-quartz-carbonate alteration. The minimum dimensions of the mineralized zones explored to date at Gordon Lake are 140m long, from 1m to 11m in width and a minimum depth of 215m. A total of 17 zones of gold mineralization have been identified of which only three have been explored by diamond drilling. All zones of mineralization are open at depth and along strike.
A total of 59 mineralized diamond drill holes were completed in four zones on the property which intersected the following mineralized intervals; 19.40/t gold over 7.40m, 21.00 g/t gold over 7.20m, 34.10 g/t gold over 4.80m, 11.30 g/t gold over 6.45m
The Gordon Lake property hosts a Historical non-NI 43-101 compliant drill indicated inferred possible resource* in the Main zone of 12,500 tonnes grading 10.3 g/t gold and the South zone of 106,500 tonnes grading 11.3 g/t golf. A higher grade section within the South zone is estimated to contain 60,700 tonnes grading 17.8 g/t gold.
*The historical estimate was completed for Pacific Trans-Ocean Resources Ltd. by M. Balog consulting geologist in 1989 using a 4.0 GMT gold cutoff over a minimum true width of 1.5 meters, a specific gravity of 2.7 tonnes per cubic meter, longitudinal sections and a polygonal block method. Polygons included all material to the midpoint between adjacent holes. Polygons occurring on the edge of the longitudinal were extrapolated a maximum of 15 meters.
*The historical estimate reported for the Gordon Lake property is historical in nature and cannot be relied upon. Boxxer wishes to clarify that insufficient work has been completed to verify the reported historical data and that no mineral resource occurs within the Gordon Lake property. The reported historical mineralized intersections have not been verified and the historical data has not been adequately reviewed by an independent Qualified Person and cannot and should not be relied upon.
Boss Project: Boxxer has reached an agreement with one of the 50% private patented claim owners included in the Boss property in Nevada, to convert monthly lease payments into common shares of Boxxer, through the issuance of 900,000 common shares at a deemed price of $0.05/share. The agreement is in effect until December 31, 2015.
Buena Vista: Boxxer has negotiated a two year extension with the private property owners on the original Exploration License and Option to Purchase Agreement on the New Copper Kettle claim within the Buena Vista property. The extension is now effective until June 1, 2016.
Stock Option Grant Correction:
The previous news release dated May 6, 2014 stated that 24,300,000 options were issued pursuant to Boxxer's stock option plan. However, the correct number of options granted to officers, directors, and consultants was 21,750,000 options. The options are exercisable at a price of $0.05 per share and subject to vesting provisions.
Elmer B. Stewart, MSc. P. Geol., interim Chief Operating Officer of Boxxer, is the Company's nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed the technical information disclosed in this news release.
About Boxxer Gold Corp.
Boxxer is a Canadian junior resource company involved in the exploration for large polymetallic copper deposits in North America. Boxxer's active projects include the Boss and Buena Vista copper projects in the state of Nevada, the Empire copper-gold-silver property in Idaho, the DOK copper-gold porphyry property in Northwest B.C., and the East Breccia copper-silver-molybdenum property in Ontario. Boxxer also has the Gordon Lake gold project located 110 kilometres north of Yellowknife NWT, Canada.
For more information on Boxxer please visit our website at www.boxxergold.com or contact Boxxer Gold Corp.
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.
Forward-Looking Information: This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. In particular, this news release contains forward-looking information regarding: the technical information on the Gordon Lake gold project and the granting of stock option to officers, directors and consultants of the corporation. There can be no assurance that additional exploration on the Gordon Lake project will find additional gold mineralization and that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Boxxer's current beliefs and is based on information currently available to Boxxer and on assumptions Boxxer believes are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of Boxxer to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; capital market conditions and market prices for securities and junior market securities; the actual results of Boxxer's business operations including its exploration operations; the market conditions of the natural resource industry in general; competition; changes in legislation, including environmental legislation, affecting the Boxxer; timing and availability of external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. A description of additional assumptions used to develop such forward-looking information and a description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in Boxxer's disclosure documents on the SEDAR website at www.sedar.com. Although Boxxer has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Boxxer does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Boxxer Gold Corp.
President and Chief Executive Officer