Rapier Gold Provides Exploration Update on the Pen Gold Project, Options Adjoining Claim
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/05/13 -- Rapier Gold Inc. (TSX VENTURE: RPR) (the "Company") is pleased to provide an exploration program update for its Pen Gold Project, approximately 75 km southwest of Timmins, Ontario. The summer prospecting program commenced with four teams, in early July, after completion of logging and assaying from the initial thirteen hole drill program and will continue until mid-November.
Roger Walsh, President and CEO, said "The majority of the field work has focused on the northern portion of the Pen Gold Project to expand on previous prospecting by Rio Tinto and to meet the investment obligations under our purchase agreement. We are very pleased with our progress on the summer program, particularly with the new trend emerging west of the Westgate Area, and the Nib Yellowknife area south of the Talc Mine Area; we anticipate both areas will result in winter drill targets being identified."
Highlights of the program to date include:
Links to Appendices:
Appendix 1 - Sampling results (see Appendix 2 for map of anomalies): .
Appendix 2 - Map of 2013 and 2010 geochemical anomalies: .
Appendix 3 - Technical Details of Summer Exploration Program: .
Mapping/Prospecting:
LIDAR Survey
Complete LIDAR coverage was flown over the Pen Gold South area and results were received in mid-July. The LIDAR basemaps are used in prospecting and mapping as guides to locate areas of rock outcrop, avoidance of swamps and general access.
Option of adjoining claim
Rapier has entered into an option agreement with the owner of a five claim unit in Reeves Township, which is contiguous to the Pen Gold Project south east of the Talc Mine Area. A number of known conductors exist on the five claims, lining up with the conductors on the Pen Gold Project. Since Rapier's existing LIDAR data set covers these claims, prospecting and sampling can commence immediately.
Rapier has the option to acquire an adjoining claim by paying $37,500 and issuing 400,000 shares to the vendor, over three years. Shares will be issued as to 25% upon TSXV Exchange approval and 25% each subsequent 12 months. A 2% net smelter return payable, one-half (1%) of which may be purchased for $1,000,000, is also payable.
Planned Work Programs for Remainder of 2013
Roger Walsh elaborates, "Follow-up work in progress on the Westgate Area trend and the Nib Yellowknife showing, along with the initial drill results achieved in drill holes PG13-108 and PG13-110, will result in the preparation of a drill program proposal by the end of October to test these new targets. Drilling can take place late 2013 and early 2014"
About Rapier Gold Inc.
Quality Assurance - Quality Control ("QA/QC")
Industry best practices are followed on the project including the routine insertion of blank and standard samples in all grab samples. The samples are submitted directly to Actlabs in Timmins for preparation and analysis. Gold analyses are conducted on 1 assay-ton aliquots, using fire assay methods with an atomic absorption finish up to 5 g/t Au and with a gravimetric finish above.
Gary Wong, P.Eng., Vice-President Exploration of the Company, a Qualified Person under the definition in National Instrument 43-101, has reviewed and approved the technical content of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Roger Walsh, President & CEO
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 news release.
Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release constitutes forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals required to complete the Company's planned exploration activities, that the Company is able to procure personnel, equipment and supplies required for its exploration activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Contacts:
Rapier Gold Inc.
Roger Walsh
President & CEO
(604) 617-1627
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Datum: 05.09.2013 - 19:12 Uhr
Sprache: Deutsch
News-ID 294039
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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