DGAP-News: Excalibur Resources Ltd.: EXCALIBUR ANNOUNCES DRILL PROGRAM AT CARIBOO GOLD PROPERTY
(firmenpresse) - DGAP-News: Excalibur Resources Ltd. / Key word(s): Miscellaneous
Excalibur Resources Ltd.: EXCALIBUR ANNOUNCES DRILL PROGRAM AT CARIBOO
GOLD PROPERTY
25.10.2012 / 10:45
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FOR IMMEDIATE RELEASE Toronto CNSX: XBR
October 23, 2012 Frankfurt: X9CNEXCALIBUR ANNOUNCES DRILL PROGRAM AT CARIBOO GOLD PROPERTY
Excalibur Resources Ltd. ('Excalibur' or the 'Company') is pleased to
announce it has commenced a Fall 2012 drill program on its Cariboo Property
located 7 kilometres south of the town of Nelson in southeastern BC. The
drill program is a follow-up to the 2011 Fall work program when trenching,
mapping, and chip sampling were undertaken. During last year's program the
following significant intersections were reported (see news release dated
December 14, 2011):
TRENCH Interval Length* Gold (g/t) SILVER (g/t)* Sampling was conducted perpendicular to the trend of
Trench 1 4.0m 2.09 4.8
including 2.0m 3.70 9.5
Trench 5 3.0m 0.47 2.7
Trench 6 5.0m 2.58 52.0
including 1.0m 3.60 62.0
Trench 8 4.0m 3.90 45.8
Including 3.0m 5.09 60.0
including 1.0m 6.48 74.0
mineralization and all thicknesses are considered to be 'true thickness'.
On the Cariboo Property, historic gold and silver values that have were
reported from trench sampling included a 1 meter interval returning 24.86
g/t gold and 53.6 g/t silver (Sultan Minerals Inc in BC Ministry of Mines
Assessment Report #27240).
This year's work program will include up to 1500 metres of drilling, as
well as additional trenching and grab sampling. The purpose of the program
is to better understand the mineralization of the system and to help
determine if a shallow economic deposit can been located for bulk sampling.
A drilling contract has been signed, work has commenced and drilling should
be completed by the end of October.
Regional production of gold has exceeded 5 million ounces along with 30
million ounces of silver. The Cariboo Property is located adjacent to the
Silver King Property which hosts the past-producing Silver King Mine which
was in continuous production from 1889 to 1914, then intermittently until
1958. In total it produced 4.4 million ounces of silver and 15 million
pounds of copper at an average grade of 694 g/t silver and 3.36% copper.
Adjacent and to the east is Sultan Minerals Inc./Altair Gold Inc.'s Kena
Property, containing the Gold Mountain and Kena Gold Zones, which together
contain a NI43-101 compliant measured and indicated resource estimate of
549,000 ounces of gold and an inferred resource estimated at 513,000 ounces
gold (cutoff grade of 0.3 g/t).
Perry Grunenberg, P.Geo. is a 'Qualified Person' for the purpose of
National Instrument 43-101, and has reviewed and verifiedthe contents of
this news release.
Excalibur Resources Ltd. is a junior exploration mining company focused on
the discovery, development and mining of economically viable precious metal
mineral resources.
On behalf of the Board of Directors: For more information please contact:Neither the Canadian National Stock Exchange nor its Regulation Services
Tel: 416-987-0298
'Tim Gallagher' Email: info(at)excaliburresources.ca
Chairman&CEO Website: www.excaliburresources.ca
Provider accepts responsibility for the adequacy or accuracy of this
release.
End of Corporate News
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190165 25.10.2012
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