Calgary, Alberta--(Newsfile Corp. - July 3, 2019) - Margaux Resources Ltd. (TSXV: MRL) (OTCQB: MARFF) ("Margaux" or the "Company") is undertaking a compilation and analysis of data from the recently acquired Cassiar Gold Project in northern British Columbia (see the Company's news release dated June 24, 2019). Highlights include the following historic drill intercepts from the Taurus prospect:
- ddh 07TC-01 116.3 m @ 2.23 grams per tonne (g/t) gold
- ddh T95-29 118.0 m @ 1.87 grams per tonne (g/t) gold, including
86.0 m @ 2.47 grams per tonne (g/t) gold
The Cassiar Gold Project is a 56,000 hectare, road-accessible, orogenic gold project that hosts a historical Inferred Resource of 1.04 million ounces gold at the Taurus prospect (32.4 million tonnes at an average grade of 1.0 g/t gold using a cut-off grade of 0.5 g/t gold). The Taurus resource is supported by a technical report entitled "Technical Report on the Taurus Project, Liard Mining District, B.C. for Cusac Gold Mines Ltd.," dated May 15, 2009, and prepared by Wardrop Engineering Inc.
Margaux is now in the process of incorporating the results of 2009 and 2012 drilling within the resource area to update the Taurus technical report.
Once this report has been updated, Margaux will be furthering its economic assessment of the Cassiar property with more field work. Tyler Rice, President and CEO said "Our very experienced team believes that the significant gold endowment of the Cassiar Gold Project supports an excellent opportunity for further unlocking 'in the ground value'. Once the 43-101 report has been updated, Margaux will be leveraging significantly enhanced geological data and drilling information to develop targeted exploration programs."
Since 1993, 294 diamond drill holes have been drilled at Taurus, for a cumulate total of 35,000 m. Drilling has tested the zone within an area of 2000 x 900m. Select drill results are tabulated below. Intervals listed in the table are drilled intercepts. The relationship between drilled intercept and true width is unknown at this time.
Hole_ID | From_m | To_m | Length_m | Au_g/t (Cut)* | Au_g/t (Uncut) |
07TC-01 | 3.05 | 119.35 | 116.30 | 1.23 | 2.23 |
T95-29 | 50.00 | 168.00 | 118.00 | 1.87 | 1.87 |
including | 82.00 | 168.00 | 86.00 | 2.47 | 2.47 |
07TC-04 | 1.10 | 67.86 | 66.76 | 0.96 | 1.82 |
T95-75 | 32.00 | 112.00 | 80.00 | 1.52 | 1.59 |
07TC-09 | 4.10 | 103.40 | 99.30 | 1.10 | 1.45 |
including | 4.10 | 78.15 | 74.05 | 1.46 | 1.93 |
07TC-03 | 14.80 | 102.00 | 87.20 | 1.15 | 1.15 |
T95-51 | 22.00 | 156.00 | 134.00 | 1.14 | 1.14 |
94-79 | 26.13 | 103.56 | 77.43 | 1.09 | 1.09 |
T95-32 | 34.00 | 168.00 | 134.00 | 1.02 | 1.02 |
T95-46 | 3.05 | 114.00 | 110.95 | 0.99 | 0.99 |
T95-48 | 8.00 | 138.00 | 130.00 | 0.85 | 0.94 |
COR-03-01 | 52.55 | 171.65 | 119.10 | 0.93 | 0.93 |
T95-13 | 23.00 | 306.00 | 283.00 | 0.56 | 0.56 |
including | 187.70 | 306.00 | 118.30 | 1.03 | 1.03 |
* In the above table, both cut and uncut weighted average gold grade is listed. For reporting of "cut" weighted average grade, any sub-interval of greater than 30 g/t Au was cut to 30 g/t Au prior to determining weighted average grade
Drill collars and traces for these holes are shown on the accompanying figure. Of note are the fact that most of these historic intercepts start at, or near, surface.
To view an enhanced version of this graphic, please visit:
Advisory Committee
The Company is also pleased to announce that Mr. James Maxwell has joined Margaux's Advisory Committee to advise the Company and Board of Directors. Mr. James Maxwell - Exploration Manager at Sabina Gold & Silver Corp.
Mr. Maxwell is a professional geoscientist with over 20 years of experience, operating as a successful exploration manager and strategy leader with a direct strength in the exploration and development of orogenic gold discoveries.
He has made considerable contributions to discovery teams at the Back River Gold Project in Nunavut and at the Rahill-Bonanza Gold Project in Red Lake, Ontario for a total of 5 major gold discoveries.
Mr. Maxwell is the current Exploration Manager at Sabina Gold & Silver Corp. where he has helped grow a >5 Million Oz gold resource base from discovery to the feasibility study level, and now operates in the support of early stage development.
He is a co-award winner of the Northwestern Ontario Prospectors Association Discovery of the Year Award, an acting member of the PDAC Health & Safety Committee, and an indigenous member of the Sachigo Lake First Nation of Ontario.
With a strong track record in exploration of orogenic gold deposits focused in Northern Canada, Mr. Maxwell is a leader of modern exploration techniques, strategy, safety, environment and corporate social responsibility.
Qualified Person
Linda Caron, M.Sc., P.Eng., Margaux's Vice President of Exploration, is Margaux's Qualified Person as defined by NI 43-101 who has reviewed and approved the technical information contained within this press release.
About Margaux Resources Ltd.
Margaux is pleased to announce the Company's recently updated website, , which includes details of the Cassiar Project and features an interview with Linda Caron, Margaux's VP Exploration by CRUX Investor.
Margaux Resources Ltd. (TSX.V: MRL, OTCQB: MARFF) is a mineral acquisition and exploration company focused on gold exploration in British Columbia, and is directed by a group of highly successful Canadian business executives.
Forward Looking Statements
This press release may contain forward looking statements including those describing Margaux's future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Margaux and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the following: the timing for and completion of the updated technical report on the Cassiar Gold Project, sourcing of the required funds for the exploration expenditures, Margaux's exploration plans and work commitments, the potential of mineral resources and potential for recovery thereof, the timing of reporting exploration results, as well as other market conditions and economic factors, business and operations strategies. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
Margaux Resources Ltd.
Tyler Rice
President, CEO and a Director
(403) 537-5590
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