Manson Creek Provides a Corporate and Technical Update
CALGARY, ALBERTA--(Marketwired - Apr 15, 2014) - Manson Creek
Resources Ltd. (TSX-VENTURE:MCK) ("Manson" or "the Company") is
pleased to provide a technical overview on its Tell Property,
Yukon, in conjunction with its current financing and 2014 planned
exploration program, including first pass drill testing of the Tell
target.
The Tell Property, located some 140 kilometers north east of
Mayo, Yukon, was initially staked by Manson as a high priority
target in 2002, following extensive field work in the region from
1998 to 2002. The property consists of 103 claims covering a
surface area of roughly 2,150 hectares, 100% owned by Manson.
Due to poor market conditions at the time and lack of activity
in the region, the property did not see significant work except for
a number of short field programs that occurred in 2005, 2011 and
2012. Surface prospecting and geochemical sampling in 2005 and 2011
outlined the presence of 7 significant zones of metal bearing
gossanous material at surface, occurring either as coatings on
exposed rocks and talus (Main Tell gossan), as zones of iron oxide
coated soils and surface materials, or as active sinters/spring
sources. The uppermost 5 main gossans define a zone oriented
east-west, and approximately 600 meters in strike length.
These gossans all carry high level of various metals including
zinc, nickel, cobalt, as well as anomalous amounts of tracer
materials such as cobalt, barium, arsenic, mercury and locally
silver. A compilation table of the ranges of elements for each
gossan is presented below (see NR 12-14, Sept. 14/12).
Location |
Number of Samples and Type |
Zinc ppm |
Nickel ppm |
Arsenic ppm |
Silver g/t |
Roswell |
2 Soil Samples |
5,795 to 7,149 |
>1,000 |
966 to 1,114 |
<0.1 to 0.1 |
Crystal Springs |
6 Soil Samples |
6,005 to 23,500 |
245 to >1,000 |
4.0 to 110 |
<0.1 to 0.8 |
Ash Springs |
3 Soil/Silt Samples |
10,800 to 24,500 |
425 to >1,000 |
114 to 358 |
- |
Ash Springs |
3 Rock Samples |
19,700 to 27,500 |
1,056 to 1,591 |
10 to 25 |
0.6 to 1.0 |
Area 51 |
4 Soil/Silt Samples |
4,738 to 8,565 |
164 to >1,000 |
1,149 to 1,816 |
<0.1 to 0.2 |
Majestic |
7 Soil Samples |
12,500 to 17,700 |
808 to >1,000 |
18 to 33 |
0.1 to 0.2 |
Corona |
1 Soil Sample |
15,600 |
973 |
31 |
0.1 |
Tell Zone (Historical Sampling) |
4 Soil/Silt Samples |
20,020 to 49,600 |
1,545 to 2,560 |
16 to 103 |
<0.2 to 0.2 |
Tell Zone |
8 Rock Samples (Ferricrete) |
15,700 to 24,900 |
401 to 604 |
8 to 30 |
<0.2 to 0.4 |
Of significance, there is a large zone of abnormally stunted
vegetation, also known as a "kill zone", which is framed by the
known gossans. These zones often develop due to high acidity in
soils as well as high metal contents that can be related to
underlying sources of mineralization. The core of this kill zone is
approximately 1 km long in an east-west direction with widths
varying between 100 to 500 meters.
In 2005, a small grid of soil sampling centered around the main
Tell gossan was performed, consisting of 4 lines, 100 meters apart
and with sampling every 25 meters along each line. This outlined a
zone 400 meters by 400 meters with anomalous zinc values above 100
ppm (parts per million), with a core area roughly 240 meters by 75
meters with values ranging between 10,000 to 49,600 ppm (1 to 5%)
zinc, and a coincident 250 to 2600 ppm (0.26%) nickel anomaly.
Barium, cobalt and silver were also found to be anomalous in
various parts of the grid. (NR-11-11 - August 22/11 and NR 12-14 -
September 14/12)
In 2012, an induced polarization surface geophysical survey grid
was established to cover the area of the main gossan trend and
associated kill zone. The survey outlined a large zone of low
electrical resistivity, or conductivity (800 meters in length by
150 to 250 meters in width) with a coincident chargeability anomaly
(500 meters by 100 meters in width). Both the conductivity and
chargeability anomalies extend to the maximum survey depth (to 400
meters), and also extend beyond the actual grid, and remain open
(NR-12-14, September 14, 2012).
Preliminary field mapping of the target area to date has not
identified any geological unit at surface that could be responsible
for the metal signatures or geophysical anomalies revealed by the
surveys, and it is interpreted that a shallow metal bearing massive
sulphide VMS/Sedex type target may be the source of the anomalies.
This interpretation is supported by extensive historical regional
work identifying both volcanic rocks and exhalative units in the
region.
The correlation of the zones of high conductivity and
chargeability with known gossans, the extensive vegetation kill
zone and known metal signatures found in all gossans and in the
soil grid all support a priority drill target, and also suggests
that further work regionally should be undertaken to identify
additional targets. A presentation of the project can be found at
www.manson.ca.
In March 2014, Manson Creek entered into an Letter of Intent
agreement with Guatavita Gold Corp., a private non-arm's length
company, to create a Strategic alliance to conduct further
exploration at the existing Tell property and regionally (NR 14-02,
March 20, 2014). The Guatavita/Manson (or "Guaman") alliance is
anticipating a two phase program of regional and focused
exploration to advance the project to and through the drill stage,
subject to completion of the previously announced financing. Total
program expenditures are anticipated to be $1 million dollars in
two stages, for which Guatavita may earn a 50% interest in the
Manson Property by contributing $650,000 of the expenditures, at
which point a Joint Venture will be formed. The project operator is
Manson.
The 2014 exploration program consists of a first phase regional
airborne helicopter supported Mag/EM geophysics aimed at defining
the extent of the Tell conductor, as well as identifying any
similar conductors in the region. This work will be followed up
with ground checking, mapping and sampling of any new conductors,
as well as completion of an extensive soil grid over the remainder
of the Tell target that was not previously fully covered with
systematic sampling. This first phase of work is currently budgeted
at $368,000, and subject to financing being in place, is estimated
to take place between May and June. The second phase of work will
consist of drill testing of the large untested conductor with a
minimum program of 800 meters of diamond drilling, in a minimum of
four drill holes across the coincident zone of
conductivity/chargeability and surface gossan formation. This
second phase of work is currently budgeted at $632,000, and is
anticipated to take place mid-July to mid-August. The program has
been fully permitted.
Pursuant to TSX Venture Exchange policies, Manson will be
commissioning an independent technical report prepared in
accordance with NI 43-101, which will be filed on SEDAR once
completed. This is required as part of the Exchange approvals
required for the LOI transaction with Guatavita Gold Corp. on the
Tell property as announced on March 20th 2014, and subsequent
announcement of the financing and restructuring of the Company as
announced on March 26, 2014. This report is to be completed by the
end of June, 2014.
It is anticipated that the restructuring announced by the
Company will be completed within the next week, and the financing
closing on a post consolidation basis shortly thereafter.
Samples were forwarded to the Eco Tech Laboratory Stewart Group
in Whitehorse, Yukon for analysis. The Stewart Group Lab are an
independent certified commercial laboratory All of the soil and
rock samples were analyzed using inductively coupled plasma (ICP)
together with mass spectrometry (MS) finish. Gold was analyzed by a
fire assay preparation with an atomic absorption spectroscopy
finish.
The President of Manson Creek Resources Ltd., Jean-Pierre
Jutras, P.Geol., is the Qualified Person responsible for the
preparation of this news release.
On Behalf of the Board of Directors,
Jean-Pierre Jutras, President/Director
The TSX Venture Exchange has neither approved nor disapproved of
the contents of this press release.
Except for the historical and present factual information
contained herein, the matters set forth in this news release,
including words such as "expects", "projects", "plans",
"anticipates" and similar expressions, are forward-looking
information that represents management of Manson Creek's internal
projections, expectations or beliefs concerning, among other
things, future operating results and various components thereof or
the economic performance of Manson Creek. The projections,
estimates and beliefs contained in such forward-looking statements
necessarily involve known and unknown risks and uncertainties,
which may cause Manson Creek's actual performance and financial
results in future periods to differ materially from any projections
of future performance or results expressed or implied by such
forward-looking statements. These risks and uncertainties include,
among other things, those described in Manson Creek's filings with
the Canadian securities authorities. Accordingly, holders of Manson
Creek shares and potential investors are cautioned that events or
circumstances could cause results to differ materially from those
predicted. Manson Creek disclaims any responsibility to update
these forward-looking statements.
Manson Creek Resources Ltd.Jean-Pierre
Jutras1.403.233.0464www.manson.ca
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