Mr. Harold Smith of Currie Rose (TSX VENTURE: CUI) reports that
Trueclaim has announced they will begin drilling on the Company's
Scadding property in Sudbury, Ontario.
In order to acquire a 51-per-cent interest in the Scadding gold
property, Trueclaim Exploration is required to maintain the
property in good standing, spend a total of $2-million over a
period of three years and issue a total of 450,000 common shares in
the capital of Trueclaim to Currie Rose in equal installments of
150,000 shares per year over a period of three years and has paid
to Currie Rose an amount of $110,000 paid on closing. Trueclaim
will be the operator of the project during the period of the
option.
Trueclaim can increase its interest in the Scadding gold
property from 51 per cent to 100 per cent upon commencement of a
mine production plan by paying a total of $2-million to Currie Rose
and a 3-per-cent net smelter return royalty.
St. Thomas, Ontario - Trueclaim Exploration Inc. (TSX-VENTURE:
TRM) (the "Company") is pleased to announce that Mallette Drilling
Inc. has been contracted and will immediately commence a drill
program consisting of 2,000 metres on the East Wanapitei Property
to test showings peripheral to and on the Scadding mine site. A
diamond drill is scheduled to arrive today. An additional diamond
drilling program of approximately 8,000 metres is being planned for
the Scadding mine site area.
Drill Program - East Wanapitei Property
Drilling on the peripheral showings is scheduled to start this
week to test targets identified during the Company's successful
summer exploration program. The summer program included an airborne
radiometric, triaxial gradient magnetometer and triaxial VLF survey
followed by prospecting some of the many identified targets. Three
selected sites were sampled, mapped, stripped, washed and channel
sampled. The sites had local grids cut, followed by induced
polarization and magnetometer surveys which are currently being
completed. The Company holds two of these sites under option from
prospector Terry Loney and has the right to earn a 100% working
interest and the third site is 100% owned subject to a 1% NSR.
The initial drill target will be the East Red Rock Occurrence
where noncompliant-NI43-101 records report drill results of 0.17
opt (5.829 g/t) gold over 3.05 metres and a bulk sample of 2,500
tonnes reported to yield 0.27 opt (9.257 g/t) gold and up to 7%
copper. In addition a new showing containing massive pyrite with
cobaltite with one sample assaying 2.65 g/t gold and another with
1.8 g/t gold with 0.2% cobalt. The recent IP data just received
shows another large chargeable and resistive anomaly that may be
continuous with the known zone of chalcopyrite bearing breccia bulk
sampled.
The second target will test the platinum potential of the East
Jerome Showing where anomalous nickel, copper and PGM values have
been recorded in a zone of magmatic segregation within a gabbro.
Surface channel cut samples of disseminated sulphides collected by
Trueclaim have run as high as 3.66 g/t palladium, 0.567 g/t,
platinum, 0.308 g/t gold, 0.7% copper and 0.29% nickel. A previous
surface sample assay collected by Flag Resources at this site
yielded 4.35 g/t platinum palladium combined and 1.28% nickel.
The third target will be the Inclined Copper Shaft where
abundant malachite and azurite were apparent in a large quartz vein
recorded by the Ministry of Northern Development and Mines as a
copper-gold occurrence.
The drill will then be moved to the Scadding Mine Site. The
Scadding site produced 914 kg of gold from 127,000 tonnes of ore
grading 7.2 g/t Au (grams per tonne gold) (or 29,400 ounces of gold
from 139,742 short tons of ore grading 0.21 ounces/ton) during the
period from 1984 to 1990. (Information supplied by historical
sources the Company believes reliable). The Company completed its
phase one drill program in February 2010. The company felt it was
very successful in that it confirmed the presence of significant
gold values including visible gold in 5 holes, confirmed past
drilling results, outlined potential new targets, and enabled us to
build a detailed 3D model to provide a better understanding of the
mineralization on the Scadding site. Some of the highlights of the
past program are listed in the table below.
To view the table accompanying this press release please visit
the following link:
http://www.marketwire.com/library/20101019-TRUETAB.gif
Our geological team has taken the data from phase one and is
building a series of targets for our proposed 8,000 metre program.
Some of the objectives of this program will be to test continuity
between known gold-bearing zones and to drill under existing
underground workings where previous noncompliant-NI43-101 drill
results indicated high grade gold values. One of the areas to be
drilled will be under the East-West Zone where some of the highest
gold values to on the property were obtained.
The Company holds the Scadding property under option from Currie
Rose Resources (TSX VENTURE: CUI) and has the right earn a 100%
working interest in the property.
Richmond Basin Silver, Arizona
The claims are located in and around an area known as the
Richmond Basin in the Apache Mountains of Gila County, located
approximately 100 miles east of Phoenix, Arizona.
Activity on the Richmond Basin Silver Property is continuing
with detailed field work being undertaken by Trueclaim's geological
consultant, Nick Barr. Mapping to date has improved the
interpretation of the existing 1935 mapping with more accurate
location of the lithological contacts and interpretation of the
structure of the area. This work is offering new insights on the
silver mineralization in the area.
The property includes the former McMorris and Silver Seven
mines, as well as several other smaller mines. The area is readily
accessible by year-round roads and has extensive nearby local
mining infrastructure. Acquisition of the claims followed an
extensive review of the property, including a physical inspection
by the Trueclaim geological team in early May, 2010. As noted by
John Carter the President of Trueclaim "the site is rich in both
potential and development history and is viewed by the Company as
an outstanding opportunity.
The initial review of the property has included numerous
historical reports on the mineral potential of the Richmond Basin
area. It will be the intent of the Company to assess the accuracy
of these reports and the estimates of the potential through
additional exploration and drilling.
The site was first discovered in the late 1800's and widely
surface mined by local prospectors. In the years that followed
several shafts were sunk in the area of the claims with at least
one of these going down to the 700 foot level. These workings
produced silver along numerous and lengthy fractures from veins in
various quantities and grades. At least one area within a Jumbo
vein was reported to have values of several hundred to several
thousand ounces per ton of native and horn silver. (It should be
noted that early mining relied on hand grubbing techniques, and
grab samples identified by these techniques are selective by nature
and would not represent average grades across the property) The
site was subsequently prospected with limited production by a
number of small operators between 1900 and 1980, but no
comprehensive drill program was ever undertaken to create a
complete picture of the potential resource.
The Company believes this site holds outstanding potential given
that several major mines are clearly visible from the hills where
the Black Diamond property exists. Aside from many past producers,
five major operating mining porphyry copper operations occur within
a 20 mile radius include:
i) Freeport McMoran Copper & Gold- Miami, Arizona -
operating a large open pit mine and smelter operation ramping up
production to 100 million pounds of copper by 2011.
ii) BHP, Pinto Valley, Arizona - an open pit operation producing
approximately 18.1 million pounds of copper per year.
iii) Quadra Mining Ltd., Carlotta Mine, Globe, Arizona - open
pit producing approximately 65.7 million pounds copper per
year.
iv) Resolution Copper, Superior, Arizona - an underground
operation cited as potentially one of the largest, richest and
deepest (7,000 feet deep) copper and molybdenum ore bodies in North
America.
v) Grupo Mexico, Ray Pit and Hayden Smelter, Mission, Arizona -
this company's Arizona operations are producing approximately 232
million pounds of copper per year, as well as more than 600,000
ounces of silver.
As this activity indicates, the area has an extensive mining
support infrastructure that the Company will be able to draw upon
in its planned exploration and drilling of the McMorris and Buckeye
sites.
The Company expects to have drill permits and targets selected
for its initial drill program being scheduled for early 2011.
Appointment of Investor Relations Consultant
The Company has engaged Destiny Focus Consulting Inc.(the
"Consultant") to provide investor relations services to the Company
for a period of one year commencing October 1, 2010. The Consultant
is based in Victoria, British Columbia and is owned by Jim Elbert,
an investor relations professional. Mr. Elbert will be responsible
for developing a comprehensive public relations and awareness
campaign, preparing and disseminating corporate data packages and
assisting the Company with broker presentations and broker
communications. As compensation for its services to the Company,
the Consultant will receive $5,000 per month and has been granted
stock options entitling it to acquire 300,000 shares of the Company
at an exercise price of $0.165 per share until September 30, 2015,
subject to the approval of the TSX Venture Exchange. Mr. Elbert can
be contacted toll free at 1-877-881-0306 or email
jelbert@trueclaim.ca.
Resource World Article
We are also pleased that the Company has been featured in an
article in the October 2010 issue of Resource World Magazine. The
article can be viewed on the Media page of www.Trueclaim.ca or
through www.resourceworld.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Harold Smith, President
Technical information in this news release has been reviewed by
Mr. Bob Komarechka, P. Geo., acting as a consulting Project
Geologist for the Company, and prepared in accordance with Canadian
regulatory requirements as set out in National Instrument 43-101.
Company Management, which takes full responsibility for content,
prepared this news release. Some of the statements contained in
this release are forward-looking statements, such as estimates and
statements that describe the Company's future exploration and
financing plans, objectives or goals, including words to the effect
that the Company or management expects a stated condition or result
to occur. Since forward-looking statements address future events
and conditions, by their very nature, they involve inherent risks
and uncertainties. Actual results in each case could differ
materially from those currently anticipated in these statements.
Such risks include expectations that may be raised by discussing
potential mine types and by comparing the Company's projects to
other projects. Also, in order to proceed with the Company's
exploration and acquisition plans, additional funding is necessary
and, depending on market conditions, this funding may not be
forthcoming on a schedule or on terms that facilitate the Company's
plans.
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 news release.
Contacts: Currie Rose Resources Inc. Harold Smith President
905-688-9115 info@currierose.com www.currierose.com
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