Maestro Signs Lease Agreement on the Big Fault Project, Central Nevada; Soil Survey Underway
13 May 2008 - 3:53AM
Marketwired
VANCOUVER, BRITISH COLUMBIA ("Maestro" or the "Company") today
announced that the Company has signed a lease agreement with JR
Exploration LLC to acquire 100% of the Big Fault project, located
in Nye County, Nevada.
"The Big Fault project is the type of high-caliber project that
we continue to look for to build our portfolio at Maestro,"
comments Hans Rasmussen, Director. "We have been working with a
number of high-quality geologists that have great track records for
gold discovery in the Great Basin - the Big Fault project is the
product of working with these top-tier geologists; it is a project
with all the right characteristics for a classic sediment-hosted
gold system. Maestro is focused on acquisition of high-quality
prospects in the Great Basin whether they are options to joint
venture or lease arrangements. We are currently focused on central
and eastern Nevada, and western Utah."
The project was originally identified by JR Exploration because
of the extensive jasperoid development and silica stockwork along a
strong north-south fault zone, hosted in lower plate Devonian
limestones. Preliminary mapping indicates the presence of Baystate
Dolomite, Guilmette Limestone and Devils Gate Limestone, thus
presenting several Devonian-age gold host rock opportunities
throughout the project area. The jasperoids appear to be untested
by prior exploration companies except for the assays provided by JR
Exploration. There is no evidence of drilling and very little
evidence of prior rock chip sampling. JR Exploration rock chip
sampling results have anomalous arsenic, antimony, mercury and
tellurium, which are all indicative of a strong gold-mineralizing
hydrothermal system.
A soil survey is currently underway to evaluate gold-mineralized
faults around the outcropping jasperoid mentioned above. Along with
the soil sampling, a detailed geologic interpretation will be made
to identify areas of focused gold mineralization for future drill
targeting.
The Lease Agreement
The Big Fault lease covers 40 claims and has a 20 year term, or
100% of the mineral title can be purchased from JR Exploration by
payment of US$2 million. At signing Maestro agreed to a one-time
cash payment of $8,200 and shall reimburse claim maintenance and/or
filing fees for the 2008 assessment year. Annual lease payments
include $15,000 on the first anniversary of this agreement, $20,000
on the second anniversary, and there after payments shall increase
by 10% annually. A 3% Net Smelter Royalty (NSR) remains after the
purchase of the project and Maestro has the option to purchase 2%
of the NSR for US$2 million, which will reduce the NSR to 1%.
About Maestro Ventures
Maestro Ventures Ltd. is an exploration company focused on the
discovery of high-value precious and base metal deposits in the
eastern Great Basin. The Company currently controls mineral title
to nine projects in the Great Basin. While the company is focused
on expanding the gold resource at its Kings Canyon, Utah project,
the new Board of Directors and exploration staff are focused on
evaluating and adding high-quality projects to the portfolio.
Project generation is focused on two major metal-rich trends that
cross the eastern Great Basin.
On behalf of the Board of Directors,
Kris Kottmeier, CEO, Maestro Ventures Ltd.
The TSX Venture Exchange has not reviewed and is not responsible
for the information contained in this release.
Contacts: Maestro Ventures Ltd. Benjamin H. Curry Head of
Investor Relations 1-877-689-2881 Website:
www.maestroventures.com
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