Margaux Resources (TSXV:MRL; OTCQB:MARFF) is pleased to provide an update of activity on the Jackpot property, part of Margaux’s Kootenay Arc project in southern British Columbia. Key Highlights Jackpot Main showing results include two 2 m composite chip samples averaging 15.58% Zn and 8.22% Zn Surface grab samples returned 31.4% Zn from the Jackpot East showing … Continued
- Jackpot Main showing results include two 2 m composite chip samples averaging 15.58% Zn and 8.22% Zn
- Surface grab samples returned 31.4% Zn from the Jackpot East showing and 48.2% Zn from Elm showing
- Past-producing silver-gold Hunter V and Double Standard mineral occurrences acquired
At the Jackpot Main, a composite 2 m chip sample returned 15.58% Zn, while a separate 2 m composite chip sample collected nearby averaged 8.22% Zn. Surface sampling has now returned good zinc grades over a 2 m minimum width, from a strike length of 100 m at Jackpot Main showing.
“The extent of zinc mineralization that’s been outlined on surface on the Jackpot property is truly impressive. We’re looking forward to the results from our recent drill program which has tested the continuity of this mineralization at depth,” commented Linda Caron, VP Exploration for Margaux.
The map and Table 1 below shows the new chip samples results from Jackpot Main, as well as previously released surface chip sample results from Jackpot Main, West and Lerwick.
The Main Zone was tested by drilling (5 holes, 672.6 m) in Margaux’s recent diamond drill program on the Jackpot property (9 holes totaling 1,400 m). All of the samples from the Jackpot drill program have been submitted to the lab for analysis, with results pending.
The Company has also received results from surface grab sampling from the Jackpot East showing (31.4% Zn), and from first pass sampling at the Active Creek (0.4% Zn) and Elm Showings (48.2% Zn), located 1 km and 2 km, respectively northeast of the Jackpot East zone, indicating that the mineralization system continues well beyond the Jackpot East showing. Little exploration has been performed historically in the Active Creek area to fully understand its potential.
Figure 1: Jackpot Target Composite Rock Samples
To view an enhanced version of Figure 1, please visit: [http://orders.newsfilecorp.com/files/2958/29212_a1506284650966_72.jpg]
Table 1: Jackpot Main Zone Surface Rock Chip Sample Results
|Sample #||Sample Length(m)||Ag (ppm)||Ag(oz/t)||Pb (ppm)||Pb(%)||Zn (%)|
|8151-52||2 m @ 15.58% Zn, including|
|8153-8160||8 m @ 4.11% Zn, including 2 m @ 8.22% Zn and,|
|8163-8164||2 m @ 4.83% Zn, 0.69% Pb, including|
Table 2: Surface Rock Grab Sample Results
|Sample #||Showing||Zn (%)|
In addition, Margaux has acquired by staking, two claims that adjoin the Jackpot property to the west and cover the historic Hunter V and Double Standard mineral occurrences. The Hunter V and Double Standard are historical silver-gold producers, with credits given for smelter flux because of the siliceous limestone host rocks.
Historic production (1902 — 1929) was 56,820 tonnes from which 8.4 million grams of silver and 31,413 grams of gold was recovered or an average grade of 149 g/t Ag (or 4.79 oz/t) and 0.55 g/t Au (or 0.02 oz/t) (Minfile 082FSW014, 015). Mineralization consists of fine grained sphalerite, pyrite, galena, tetrahedrite and native silver within siliceous limestone. Siliceous limestone with enriched precious metals is a target that is under-explored in the Kootenay Arc and one which Margaux is pursuing in their exploration program of the region.
“These newly staked occurrences are an excellent addition to the company’s land package and complement the work being done elsewhere in our Kootenay Arc project,” stated Tyler Rice, Margaux President and CEO.
The channel samples reported in this release are continuous representative surface rock chip samples that, where possible, were collected perpendicular to the trend of mineralization. Additional work is required to determine the true width of the mineralized zones. The surface rock grab samples reported in this release are designed to show the presence or absence of mineralization and to characterize mineralization. They are not intended to provide nor should be construed as a representative indication of grade or mineralization at the Project.
QA/QC procedures were implemented in the sampling program and included Company-inserted standards of known lead-zinc grade. Jackpot samples were shipped to ActLabs’ Kamloops, B.C. laboratory (ISO 9001:2008, ISO 17025, CAN-P-1579 certification) for preparation and analysis. Samples were crushed at the lab to 80% passing a 10 mesh (2 mm) screen, then a 250 g split of the crushed sample was pulverized to 95% passing 105 microns. All samples were analysed for gold by FA/AA finish on a 30 g sample of pulverized material, and for a multi-element suite by ICP-MS following aqua regia digestion. All samples returning > 5000 ppm Zn or >5000 ppm Pb were subsequently analyzed using peroxide fusion/ICP-MS techniques.
Linda Caron, M.Sc., P.Eng, Margaux’s Vice President of Exploration, is the Company’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 Resources Ltd. (TSXV: MRL) (OTCQB: MARFF) is a mineral acquisition and exploration Company focused on the development of zinc, gold and tungsten deposits in the Kootenay Arc, in the southeastern region of British Columbia. The Company is directed by a group of highly successful Canadian business executives and has a fast-growing portfolio of previously producing properties that include the Jersey-Emerald mine, which at one point was the 2nd largest historic zinc-lead mine in B.C. and the 2nd largest tungsten mine in North America.
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: Margaux’s exploration plans and work commitments, the potential of mineral resources and potential for recovery thereof, 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.
Margaux Resources Ltd.
President, CEO and a Director
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