Copper Ridge Acquires the Marg Deposit, Yukon
Apr 18, 2011, 09:47 ET
TSX-V: KRX
VANCOUVER, April 18 /PRNewswire-FirstCall/ - Copper Ridge Explorations Inc. (TSX-V:KRX) (the "Company") is pleased to announce its acquisition of an unencumbered 100% interest in the Marg Property, which hosts the Marg polymetallic volcanic associated massive sulphide (VMS) deposit accessible via a 45 km winter road from Keno, Yukon.
The Marg Deposit contains an Indicated Resource of 1.72 million tonnes of 1.97 % copper, 4.59 % zinc, 2.4 % lead, 59.72 g/t silver and 0.95 g/t gold, and an Inferred Resource of 4.8 million tonnes of 1.81 % copper, 4.64 % zinc, 2.28 % lead, 54.47 g/t silver and 0.77 g/t gold both at a cut off of 1.0% Cu.(1)
"The acquisition of the Marg Deposit continues the Company's strategy of acquiring quality precious metal enriched base metal resources in the Yukon," said Chairman William M. Sheriff. "The Marg contains an identified resource that is larger and higher grade than the global average for this type of occurrence, with significant potential for expansion through additional exploration."
The Marg Property
The Marg Property consists of 402 quartz claims covering approximately 8,400 ha located in central Yukon, 15 km south of ATAC Resources Ltd.'s (ATC:TSX.V) Rackla (RAU) project.
Exploration on the Marg Property since 1965 has included 29,103 m of diamond drilling in 103 holes, as well as geological mapping, geochemical and geophysical surveying, and bulldozer trenching. A resource estimate was prepared in 2007 by Archer Cathro and Associates (1981) Ltd and Giroux Consultants Ltd.(2) subsequent to which two additional drilling programs were completed. The results of these two programs - consisting of 2,395 m in 7 holes in 2007 and 3,674 m in 10 holes in 2008 - were included in an updated resource estimate prepared by Scott Wilson Roscoe Postle Associates Inc. and dated June 30, 2008.(3)
The Marg Property covers a 15 km long belt of Devonian to Mississippian felsic metavolcanic and metasedimentary rocks that are favourable for the development of polymetallic VMS deposits. Exploration outside the immediate area of the Marg Deposit is only at an early stage and, based on the results of preliminary surveys by previous operators, provides the potential for expanding the Marg resource and discovering additional VMS occurrences on the Property.
2011 Work Plan
The Company plans to initially focus on compiling and evaluating all of the previous work on the Property, including metallurgical and economic scoping studies that were initiated but not completed by the previous operator. The results of this work will be used to plan exploration programs late in 2011 and in 2012 that would be targeted to expand and upgrade the Marg resource, and to discover additional areas of mineralization on the Property.
The Company has commissioned Burgoyne Geological Inc. and Giroux Consultants Ltd. to complete an updated Technical Report and Resource Estimate on the Marg Property. It is anticipated that this report will be filed on SEDAR in the next 45 days.
Transaction Terms
As consideration for the Marg Property, the Company is paying $1,400,000, consisting of a non-refundable deposit of $100,000, a payment of $550,000 on closing, and three payments of $250,000 each sixth, twelve and eighteen months from the agreement date. As security for the future payments, the Company will grant the vendor on closing a limited recourse security interest in the Marg Property. Closing of the transaction is anticipated to occur on or before April 30, 2011, on satisfaction of certain conditions precedent.
The technical contents of this release have been reviewed and approved by J. Greg Dawson, P.Geo, President of Copper Ridge Explorations and a Qualified Person as defined by National Instrument 43-101.
About Copper Ridge Explorations Inc.
Copper Ridge specializes in identifying, acquiring and developing quality precious metal enriched copper, lead and zinc mineral deposits in Yukon, Canada. The Company currently controls the Marg, Clear Lake and Francis Lake massive sulfide deposits along with certain other key properties. Copper Ridge has a committed management team with extensive experience in the Yukon and a proven track record of building shareholder value in the junior equity market.
(1) Yukon Gold Corporation, Inc. News Release dated August 7, 2007
(2) Geology, Geochemistry, Geophysics, Diamond Drilling and Resource
Estimation at the Marg Project, July 9, 2007, Archer Cathro &
Associates (1981) Limited & Giroux Consultants Ltd.
(3) Yukon Gold Corporation, Inc. News Release dated July 9, 2008.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and Copper Ridge's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Copper Ridge assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
SOURCE Copper Ridge Explorations Inc.