Blue Gold Signs Definitive Agreement to Option Three Gold-Rich Porphyry Targets From Paget Minerals
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/26/12 -- Blue Gold Mining Inc. (TSX VENTURE: BGX) ("Blue Gold") is pleased to announce that it has entered into a definitive agreement with Paget Minerals Corp. (TSX VENTURE: PGS) ("Paget") whereby Blue Gold has the option to earn up to a 65% interest in three porphyry targets (collectively referred to as "the Project") within Paget's Ball Creek Project in the Golden Triangle region of northwestern British Columbia. The Project includes the Main gold-copper porphyry target, Rainbow gold porphyry target, and the Cliff copper-gold porphyry target.
The total Project area covers 145km2 and is well situated only eight kilometres due west of Highway 37 (and the Burrage airstrip), and 38 kilometres north of the terminus of the new Northwest Transmission Line transfer station at Bob Quinn (due for completion in 2014). The region is known to host several world class gold and copper-gold deposits (including Galore Creek and Shaft Creek), and the Project area includes numerous prospective gold, gold-copper, and copper-gold porphyry and epithermal gold targets.
Main Target
The Main Target is a gold-copper porphyry located in the southeastern portion of the Project. Limited, relatively shallow drilling was completed in 2011 by Paget, with initial results returning 0.35 g/t gold and 0.14% copper over 180 metres in hole BC-11-03. Historical drill results include 0.75 g/t gold and 0.22% copper over 192 metres in hole 74-3, and 0.58 g/t gold and 0.13% copper over 163 metres in hole 74-2. The calculated weighted average grade of the historical drill results to date is 0.5 g/t gold and 0.2% copper. Porphyry-style mineralization has been mapped and drilled over an area of 1,250 x 400 metres and remains open in all directions.
Rainbow Target
The Rainbow Target is a gold-rich porphyry located four kilometres west of the Main Target, with mineralization hosted in sheeted and banded quartz veinlets. The banded veins are characterized by a high gold-to-copper ratio. In 2011, Paget drilled the first-ever holes on the target, returning 0.76 g/t gold, 0.05% copper and 2 g/t silver over 91 metres, including 1.13 g/t gold, 0.07% copper and 3 g/t silver over 22 metres, starting from surface in hole RN-11-01.
Cliff Target
The Cliff Target is a copper-gold porphyry situated immediately south of the Main Target, separated by 600 metres of propylitic alteration and gossanous outcrops, indicating that the two porphyries may be connected at depth. Stockwork quartz veining is coincident with a magnetic low measuring 1,700 x 400 metres, with assays up to 0.74% copper and 0.15 g/t gold. Bedrock chip sampling of a continuously-mineralized, 270 metre section averaged 0.2% copper (historic sampling in 1971).
TERMS OF THE TRANSACTION
Pursuant to the transaction, Blue Gold will:
The closing of the transaction is conditional upon receipt by Paget and Blue Gold of final TSX Venture Exchange approval and the private placement is conditional upon receipt by Paget of final TSX Venture Exchange approval.
All technical information contained in this release has been reviewed and approved by Dave Kuran, P. Geo., of Kuran Exploration Ltd., a consultant to Blue Gold and a "qualified person" within the meaning of National Instrument 43-101. Exploration work and drill assays completed by Paget Minerals have not been verified by Mr. Kuran, however Paget Minerals has given him no reason to doubt their authenticity. Additionally, drill results contained in this release that are historical in nature have not been verified by Blue Gold.
Further details on Blue Gold's activities can be found on the Company's website at and on SEDAR at .
This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.
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.
Contacts:
Blue Gold Mining Inc.
Mark O'Dea
Chairman and CEO
604-683-7790
Blue Gold Mining Inc.
Sean Tetzlaff
Chief Financial Officer
604-683-7790
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Datum: 26.06.2012 - 11:00 Uhr
Sprache: Deutsch
News-ID 159834
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Mining & Metals
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