Trueclaim Announces Acquisition of the Buckeye Property
29 February 2012 - 2:41AM
Marketwired Canada
Trueclaim Exploration Inc. (TSX VENTURE:TRM)(OTCQX:TRMNF) ("Trueclaim") is
pleased to announce the expansion of its Arizona, USA mineral holdings through
the recent acquisition of the Buckeye Property in the Richmond Basin. The
Buckeye Property, patented in 1882, consists of 15.49 privately held acres and
is positioned wholly within the southeastern portion of Trueclaim's existing
mineral option.
To view accompanying map, visit the following link:
http://media3.marketwire.com/docs/BuckeyeLocationMap.jpg
Acquisition of the Buckeye Patent presents Trueclaim with a unique opportunity
to conduct a fast-track exploration program unencumbered by permitting
requirements or delays. Trueclaim holds the Buckeye Property under a 1 year
lease agreement that may be extended by mutual agreement of both parties.
The Buckeye vein structure, locally up to 3 metres (10 feet) in width, and
exposed over a strike distance of 420 metres (1,375 feet) across the patent, is
marked by workings dating back to the late 1800's, including two historical
tunnels and extensive trenching exposing the vein. Preliminary field work and
due diligence have begun on the Buckeye Property. Trueclaim geologists have
mapped the exposures and taken 24 samples from trenching (21 samples) and
historically-removed material (3 samples). Plans are underway to start
dewatering the Buckeye shaft within the next two weeks and to contain the
removed water for future exploration work. Information obtained from geological
mapping and sampling of the dewatered workings will be used to guide the
development of future exploration programs.
At the site of the Ellsworth Mine, on strike 470 metres (1,542 feet) south-west
from the Buckeye Vein, an existing historical tunnel has been re-opened by
Project Geologist Nick Barr. The exposed veins at surface near the tunnel have
been mapped and 27 samples were taken by Trueclaim geologists. The interior of
the historical tunnel has been mapped and samples have been taken along the
wall. Assay results from this location are forthcoming.
Three areas on the Richmond Basin Project, including the Buckeye Property, have
been chosen for magnetometer surveys. The crew is on the ground and has begun
surveying the area between the Buckeye and the Ellsworth Mine. The survey will
continue towards the southwest across the Black Copper Zone. It has been
demonstrated through methodical sampling and readings taken with a handheld
KT-10 magnetic susceptibility meter that there is a relationship between the
presence of silver and the magnetism of the rock. A close spaced IP survey has
been commissioned with Zonge Engineering of Tucson, Arizona. Trueclaim
Exploration is anticipating the magnetometer and IP surveys will aid in spotting
locations for a drill program that is expected to commence within 60 days.
The Black Copper Zone is located in the southwestern portion of the Richmond
Basin property and is associated with numerous historical workings having little
previous documentation. This copper-gold vein replacement mineralization is
hosted in a magnetite rich matrix and has produced assay results up to 7.45% Cu
and 2.87g/t Au. This style of mineralization has now been observed over a strike
length of approximately 420ft (128m). The total extent remains undefined due to
overburden. Listed below are some previously announced significant assays
received from selected grab samples from the Black Copper Zone:
---------------------------------------------------------------------------
Black Copper Zone
---------------------------------------------------------------------------
Sample # % Cu Au g/t Au oz/t Ag g/t Ag oz/t
---------------------------------------------------------------------------
70553 5.58 1.78 0.05 6.86 0.20
70555 7.45 2.06 0.06 0.00 0.05
70557 7.07 1.78 0.05 0.00 0.05
70570 0.25 0.02 0.00 785.00 25.24
70608 0.29 less than less than 66.80 2.15
0.002 0.002
E5096668 3.76 2.87 0.08 7.65 0.23
70617 0.47 0.199 0.006 23.80 0.77
70618 2.26 0.164 0.005 6.70 0.22
70619 0.37 0.070 0.002 0.20 0.01
70620 1.07 1.180 0.035 3.60 0.12
70621 0.91 0.311 0.009 1.20 0.04
Surrounding Southern Portion of Richmond Basin
70573 0.11 less than less than 72.47 2.33
0.002 0.005
70575 0.08 less than less than 60.34 1.94
0.002 0.005
70578 0.39 0.42 0.01 3.11 0.10
70602 11.70 1.47 0.05 less than less than
0.002 0.002
70603 1.99 3.44 0.11 less than less than
0.002 0.002
70610 4.33 less than less than 3.00 0.10
0.002 0.002
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In the northern part of the Richmond Basin Project, work in the area of the
McMorris Vein, as reported previously, showed significant mineralization of
6.8oz/t (213g/t) Ag over 195ft (59.4m). Fifty three samples taken within a
distance of 300 metres of the vein assayed over 3.2oz/t (100g/t) Ag. This area
will be an important part Trueclaim's exploration program.
Trueclaim is enthusiastic about the exploration potential that the Buckeye
Property brings to its Richmond Basin Project.
We seek safe harbour.
TRUECLAIM EXPLORATION INC.
John Carter, President
Technical information in this news release has been reviewed by Ms. Lindsay
Moss, P. Geo. 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.
This news release contains "forward-looking information" (within the meaning of
applicable Canadian securities laws) and "forward-looking statements" (within
the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such
statements or information are identified with words such as "anticipate",
"believe", "expect", "plan", "intend", "potential", "estimate", "propose",
"project", "outlook", "foresee" or similar words suggesting future outcomes or
statements regarding an outlook. Such statements include, among others, those
concerning the proposed exploration program. All statements in this news
release, other than statements of historical facts, which address future
production, reserve potential, exploration activities, financing plans,
objectives or goals, and events or developments that the Company expects, are
forward-looking statements. Since forward-looking statements address future
events and conditions, by their very nature, they involve inherent risks and
uncertainties. Such forward-looking information or statements are based on a
number of risks, uncertainties and assumptions which may cause actual results or
other expectations to differ materially from those anticipated and which may
prove to be incorrect. Assumptions have been made regarding, among other things,
management's expectations regarding its ability to complete its exploration and
development work as expected. Actual results could differ materially due to a
number of factors, including, without limitation, operational risks in the
completion of the Company's continued development work, technical, safety or
regulatory issues, market prices, exploitation and exploration successes,
continued availability of capital and financing, and general economic, market or
business conditions. Although the Company believes that the expectations
reflected in the forward-looking information or statements are reasonable,
prospective investors in the Company's securities should not place undue
reliance on forward-looking statements because the Company can provide no
assurance that such expectations will prove to be correct. Actual results or
developments may differ materially from those projected in the forward-looking
statements, as assay intervals might not necessarily represent true width. 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.
Forward-looking information and statements contained in this news release are as
of the date of this news release and the Company assumes no obligation to update
or revise this forward-looking information and statements except as required by
law.
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