THEMAC Initiates Exploration On Potential Gold Deposit Near Copper Flat Project
07 December 2012 - 12:57AM
Marketwired Canada
THEMAC Resources Group Limited ("THEMAC" or "the Company") (TSX VENTURE:MAC)
today announced assay results from gold mineralization discovered within the old
Andrews mining district, approximately one mile northeast of the Company's 150
million tonne Copper Flat deposit in New Mexico, USA.
Exploration Highlights:
-- Gold/silver mineralization at Andrews with at least four persistent
structures within the zone
-- Samples contain strongly anomalous gold values with values as great as
90.6 g/t and 76.3 g/t
-- 18 of 21 samples contain significant gold mineralization with only one
sample below the limit of detection
-- Located one mile northeast of the Copper Flat deposit and within the
Company's claim block
-- Geophysical work has been initiated
"We are very excited by this new development at Copper Flat," said Andre
Douchane, CEO. "Historically, the district has produced over 500,000 ounces of
gold from vein deposits and alluvial workings, but the focus of our work has
been on the copper porphyry. The new Andrews prospect, one of several gold
targets, offers the possibility of a significant new source of gold
mineralization."
Encouraging assay results from 21 select rock and grab samples collected during
reconnaissance in the Andrews area have been received and summarized in the
following table.
---------------------------------------------------------------------------
Sample # Au ppb Au g/t Ag g/t Cu ppm Pb ppm Zn ppm As ppm Bi ppm Te ppm
---------------------------------------------------------------------------
CFRI-01 greater
than
289 0.289 9.9 824 1390 1620 1000.0 10.9 0.9
---------------------------------------------------------------------------
CFRI-02 136 0.136 2.2 121 867 170 151.0 6.7 0.5
---------------------------------------------------------------------------
CFRI-03 greater greater greater
than than than
3000 90.6 150.0 9140 1060 1280 445.0 1000.0 5.9
---------------------------------------------------------------------------
CFRI-04 greater greater
than than
3000 20.8 8.2 986 3610 1650 1000.0 209.0 5.6
---------------------------------------------------------------------------
CFRI-05 greater greater
than than
3000 9.7 6.0 470 760 284 1000.0 452.0 6.8
---------------------------------------------------------------------------
CFRI-06 341 0.341 1.5 17 263 319 61.3 16.1 0.7
---------------------------------------------------------------------------
CFRI-07 greater
than
3000 4.7 6.4 936 378 348 54.1 15.6 1.1
---------------------------------------------------------------------------
CFRI-08 greater greater
than than
3000 11 15.9 1660 2680 492 1000.0 772.0 0.9
---------------------------------------------------------------------------
CFRI-09 714 0.714 0.7 156 46.4 264 56.4 19.4 0.8
---------------------------------------------------------------------------
CFRI-10 2950 2.9 7.9 831 199 190 81.2 44.3 0.4
---------------------------------------------------------------------------
CFRI-11 greater greater greater greater
than than than than
3000 76.3 150 1.24% 4210 845 1000.0 1000.0 21.1
---------------------------------------------------------------------------
CFRI-12 greater greater
than than
3000 16.8 23.0 1520 1090 633 1000.0 509.0 12.8
---------------------------------------------------------------------------
CFRI-13 greater
than
3000 3.12 3.9 367 302 146 494.0 105.0 19.4
---------------------------------------------------------------------------
CFRI-14 greater greater
than than
3000 5.18 23.3 844 756 421 958.0 1000.0 16.9
---------------------------------------------------------------------------
CFRI-15 954 0.954 2.7 148 45 200 679.0 29.8 3.7
---------------------------------------------------------------------------
CFRI-16 greater
than
3000 16.8 12.1 842 179 121 99.3 998.0 1.8
---------------------------------------------------------------------------
CFRI-17 less
than
57 0.057 0.1 146 30.7 63 52.2 18.6 0.2
---------------------------------------------------------------------------
CFRI-18 less
than
67 0.067 0.1 107 38.1 119 379.0 10.5 0.6
---------------------------------------------------------------------------
CFRI-19 greater
than
3000 6.27 2.4 312 135 283 181.0 215.0 40.3
---------------------------------------------------------------------------
CFRI-20 2625 2.625 1.7 159 92 53 346.0 71.8 3.7
---------------------------------------------------------------------------
CFRI-21 less less less
than than than
5 .005 0.1 41 28 49 108.0 4.0 0.1
---------------------------------------------------------------------------
Table 1: Andrews Area Assay Results
The above geochemical samples were analyzed by Skyline Laboratory located in
Tucson, Arizona.
All of the samples were initially analyzed by a multi-element ICP, while the
initial gold and silver values were determined by fire assay with an atomic
absorption (AA) finish on a 30 g charge.
Gold values exceeding 3000 ppb were checked and confirmed using a fire assay
with gravimetric finish on a 30 g charge.
The area of interest, which is very different mineralization from the Copper
Flat deposit, is underlain by a sequence of andesitic volcanics resting on lower
Paleozoic limestones and is cut by a broad (100 m-150 m wide) zone comprised of
several narrow N50E- N60E trending steeply dipping mineralized structures. Due
to surface exposures, the actual number of structures is not known, but based on
reconnaissance mapping there appears to be at least four persistent structures
within this zone. Individual structures tend to be 2.0'- 4.0' (0.61 m- 1.22 m)
wide and for the most part dip 75-80 degrees to the northwest. There are,
however, a few segments of individual structures in which the dip is 75- 80
degrees to the southeast. The structures typically consist of bleached gouge and
andesitic breccia fragments and fine quartz stockworks or sheeted quartz
veining. At the surface, the vein material is typically limonite stained and
locally quite gossanous and the vein material contains numerous pyrite molds.
As shown above, the assay results indicate that the select samples of vein
material locally contain strongly anomalous gold values with values as great as
90.6 g/t in sample CFRI-03 and 76.3 g/t in sample CFRI- 11.
Additionally, it should be noted that the elevated gold values are associated
with anomalous pathfinder elements (i.e. As greater than 1,000 ppm; Bi greater
than 1,000 ppm, Te 40.3 ppm and Sb 50.9 ppm) that are commonly associated with
gold mineralization.
Preparations are being made to undertake an initial core drilling program on the
Andrews gold target during the summer of 2013. The company sees potential for a
number of different gold targets within the area and is carrying out a
geophysical program to better understand the prospect geology.
Technical information in this news release has been approved by Mr. Ray Irwin,
P. Geo., and a Qualified Person under National Instrument 43-101.
About the Copper Flat Project
Copper Flat is a former producing mine located in Sierra County, State of New
Mexico approximately 150 miles south of Albuquerque and 20 miles southwest of
the town of Truth or Consequences.
Copper Flat is a porphyry copper-molybdenum deposit containing economically
recoverable gold and silver mineralization hosted by a quartz monzonite stock
which intrudes an andesitic volcanic complex. The Cretaceous (75 million years
ago (Ma)) Copper Flat quartz monzonite hosts mineralization dominated by pyrite
and chalcopyrite with subsidiary molybdenite. The mineralization is focused
along intersecting northeast and northwest-trending faults, the intersection of
which is associated with the host intrusive.
The project has an estimated $54 million benefit and financial savings from the
civil infrastructure that is currently in place at Copper Flat including a
tailings dam, largely pre-stripped open pit, power lines, water well field and
pipeline, access roads, diversion channels and usable process building
foundations. The Copper Flat land package comprises in excess of 1,200 hectares,
and the deposit is located entirely on patented mining claims wholly-owned by
THEMAC Resources Group.
Permitting for the return of the project to production is at an advanced stage,
and a feasibility study is targeted for completion in March of 2013.
Preparations are being made to undertake an initial core drilling program on the
Andrews gold target during the summer of 2013.
About THEMAC Resources Group Limited
THEMAC is a mining development company with a strong management team and as of
May 18, 2011, acquired a 100% ownership interest in the Copper Flat
copper-molybdenum-gold-silver project in New Mexico, USA. We are committed to
bringing the closed copper mine, Copper Flat, in Sierra County, New Mexico back
into production with innovation and a sustainable approach to mining development
and production, local economic opportunities and the best reclamation practices
for our unique environment.
The Company is listed on the TSX Venture Exchange (ticker: MAC) and has issued
share capital of 74,117,622 common shares (fully diluted share capital
135,648,241).
For more information please visit www.themacresourcesgroup.com or review the
Company's filings on SEDAR (www.sedar.com).
Forward Looking Statements
Certain information contained or incorporated by reference in this MD&A,
including any information as to THEMAC's future financial or operating
performance, constitutes "forward-looking statements". All statements, other
than statements of historical fact, are forward-looking statements. The words
"believe", "expect", "anticipate", "contemplate", "target", "plan", "intends",
"continue", "budget", "estimate", "may", "will", "schedule" and similar
expressions identify forward-looking statements. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that, while
considered reasonable by the Company, are inherently subject to significant
business, economic and competitive uncertainties and contingencies. Known and
unknown factors could cause actual results to differ materially from those
projected in the forward-looking statements. Such factors include, but are not
limited to: fluctuations in the currency markets; fluctuations in the spot and
forward price of copper, molybdenum, gold, and silver; volatility in the price
of fuel and electricity; changes in national and local government legislation,
taxation, controls, regulations and political or economic developments in Canada
and the USA; business opportunities that may be pursued by the Company; the
anticipated impact of converting to International Financial Reporting Standards,
operating or technical difficulties in connection with mining or development
activities; employee relations; litigation; the speculative nature of
exploration and development, including the risks of obtaining necessary licenses
and permits; and contests over title to properties, particularly title to
undeveloped properties. In addition, there are risks and hazards associated with
the business of exploration, development and mining, including environmental
hazards, industrial accidents, unusual or unexpected formations, pressures,
cave-ins, flooding and the risk of inadequate insurance, or inability to obtain
insurance, to cover these risks. Many of these uncertainties and contingencies
can affect the Company`s actual results and could cause actual results to differ
materially from those expressed or implied in any forward-looking statements
made by, or on behalf of, THEMAC. These factors are discussed in greater detail
in the Company's most recent Form 20-F/Annual Information Form on file with the
U.S. Securities and Exchange Commission and Canadian provincial securities
regulatory authorities. Readers are cautioned that forward-looking statements
are not guarantees of future performance. All of the forward-looking statements
made in this MD&A are qualified by these cautionary statements.
The Company 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 to the extent required by applicable laws.
To view Figure 1, please click on the following link:
http://media3.marketwire.com/docs/MACmap1206.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
THEMAC Resources Group Limited
Andre J. Douchane
CEO
(+1) 416 671 8089 or (+1) 520 850 7529
www.themacresourcesgroup.com
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