Margaux Resources (TSXV:MRL; OTCQB:MARFF) is pleased to announce that it has filed on SEDAR the independent NI 43-101 Technical Report (the “Report”) for its Sheep Creek property part of Margaux’s Kootenay Arc project in southern British Columbia. The Report, announced July 6, 2017 and entitled “NI 43-101 Technical Report on the Sheep Creek Project”, was prepared by Robert A. (Bob) Lane, MSc, PGeo of Plateau Minerals Corp.
The Report is available on SEDAR under the Company’s profile and on the Company’s website at:
The Sheep Creek Project is located in the historic Sheep Creek gold camp and forms part of Margaux’s Kootenay Arc project, and is located 12 kilometers east of Salmo. The Project tenures cover a significant portion of the Sheep Creek gold camp and include the important Reno, Nugget, Gold Belt and Queen/Sheep Creek past producing gold mines. The Sheep Creek Project consists of a combination of 63 Crown granted mineral claims and 9 mineral cell claims located in the Nelson Mining Division, and is prospective for gold and silver. The more recent mineral claims overlap the older crown grants, such that the total area covered by the tenure that comprises the Sheep Creek Project is 1,212.61 ha.
The Sheep Creek Camp has historic production of 736,000 oz Au at an average grade of 14.7 g/t Au, from 34 discrete veins. Cut-off grade for historical mining at Sheep Creek was approximately 8 g/t Au (1). Historically, ownership of the Sheep Creek Camp was fractured with multiple owners, but now just Margaux controls the majority of the camp, including 26 past-producing mines that account for approximately 85% of the historic gold production, allowing for greater control and oversight of operations.
Since acquisition of the property at the beginning of 2017 (see Company press release January 6, 2017), Margaux has conducted surface work on the property. This work has identified samples that contained gold grades of 71.5 g/t and 17.75 g/t (see Company press release February 8, 2017 for greater detail). In addition, Margaux identified a new high grade vein on the property, with rock samples returning high grade gold-silver-lead-zinc mineralization, including samples showing 36.4 g/t Au, 1,021 g/t Ag, 33.68% Pb and 13.62% Zn (see Company press release August 22, 2017 for greater detail).
Mr. Bob Lane’s Report concluded that “the Sheep Creek Project consists of an important orogenic gold vein system that has considerable merit.” Margaux intends to continue with further exploration to more fully evaluate the potential of the property, and will embark on its initial Sheep Creek drilling program in Fall 2017.
(1) Geology of the Sheep Creek Camp, BC Department of Mines Bulletin 31, W.H. Matthews, 1953.
Robert A. (Bob) Lane, MSc, PGeo of Plateau Minerals Corp is the Company’s Qualified Person as defined by NI 43-101 who prepared and approved the independent NI 43-101 Technical Report contained within this press release.
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. (TSX.V: 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