Trueclaim Announces Acquisition of the Buckeye Property
29 February 2012 - 3:41AM
Marketwired
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
---------------------------------------------------------------------------
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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) has reviewed or accepts responsibility for the
adequacy or accuracy of this release.
Contacts: Trueclaim Exploration Inc. John Carter President
519-913-8008 1-888-686-1405 (FAX) www.trueclaim.ca
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