Trueclaim Exploration Inc.: Mag Survey Extends Geophysical Copper-Silver-Gold Magnetic Anomoly to Over 600 Meters
27 April 2012 - 4:13AM
Marketwired Canada
Trueclaim Exploration Inc. (TSX VENTURE:TRM)(OTCQX:TRMNF) ("Trueclaim") has been
actively exploring the Richmond Basin Silver Claims over the last several
months. In March Trueclaim started a ground magnetometer survey. Zonge
Engineering of Tucson, Arizona has been contracted to coordinate, layout the
survey and interpret magnetometer results. The initial focus of this survey was
the known strike extent and investigating of the Barr Vein and the Black Copper
Zone (Iron Nugget), which is presently in the final stages of drill permitting.
To date, approximately 20km of survey has been completed on the Barr Vein, the
Black Copper Zone and areas surrounding them. In the core of the Richmond Basin
where the McMorris, Helena Mine and the Jumbo Vein are located, 10 kilometers of
grid line have been cut and are planned to be surveyed. A summary report on both
the Barr Vein and Black Copper Zone project areas is currently being prepared by
Zonge Engineering. A preliminary review of the data suggests that the anomaly
extends beyond our initial estimate of 400m extending the magnetic
copper-silver-gold anomaly over 200m for a total minimum of 600m (1950ft). This
area contains samples up to 9.39% copper, 3040g/t (88.6 oz/t) silver and 2.87g/t
(0.084oz/t) gold.
Work on the Barr Vein began in March with surface trenching, rehabilitation of
underground workings and dewatering of the inclined ramp. Systematic sampling
and mapping of these newly exposed areas is now underway. Preliminary
observations strongly suggest mineralization continues down dip of past
producing ore zones, and the existence of at least one, additionally, previously
unrecognized mineralized zone along strike.
On the Barr Vein, trenching exposed an inclined ramp previously unknown to
Trueclaim 40ft from known mineralization. This exposed rock contains important,
measurable structural controls and the surface alteration signature that
overlies zones of historically mined silver mineralization. Through trenching, a
notable increase in silicification and brecciation has been seen along with
elevated indicator minerals barite, ankerite, and silver chlorides. The soil
sampling previously done in this area provided Trueclaim with a defined
pathfinder element suite to explore prospective areas concealed by cover. High
grade silver samples were located in a historical dump area that contain wires
of native silver, massive argentite and other extensive indicator silver
minerals representing historical documented mineralization. Dewatering of the
inclined ramp located on the Barr Vein is now completed and this process should
uncover the entry to the upper workings of the former main producing high grade
silver areas.
Other historical adits opened up include the Ellsworth Mine and Silver Sevens
Mine. The Ellsworth Mine has been mapped and sampled with assays as high as
1646.1g/t (53.0oz/t) silver.
The McMorris vein silver zone which previously identified 6.8 ounces per tonne
over 59.4 meters (see press release September 15th, 2011) was chosen for follow
up with a soil sampling program that extended into the surrounding area. These
results may indicate a bulk tonnage open pit mining opportunity. Future plans
are to permit the area for drilling.
Permitting for a 800 to 1,500 meter (2,600 to 5,000ft) drill program that will
test the magnetite hosted, copper-gold-silver mineralization at the Black Copper
Zone continues to move forward. NEPA-US Forest Service required archeological
and biological surveys and final reports have been completed and submitted. The
revised Plan of Operations has also been submitted and approval is pending. A
public scoping of the submitted Plan of Operations requiring a 30 day period
should commence shortly. Once public comments, if any, are addressed, drilling
operations can begin.
With the recent successful exploration on the Barr Vein, Trueclaim now plans to
move forward with an additional drill program. The mineralization exposed on
surface in addition to mineralization hosted within the historical workings on
the Barr Vein will be the focus of the drilling in the vicinity.
We seek safe harbour.
ON BEHALF OF THE BOARD
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. Samples are sent for fire assay and if
warranted for ICP. Assays of significance are reassayed using screen metallics
to ensure accurate values. 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 diamond drilling 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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