Glemmark to Acquire Scotia Zinc-Silver Project

(firmenpresse) - GLENMARK TO ACQUIRE SCOTIA ZINC-SILVER PROJECT

November 11, 2014 - Glenmark Capital Corp. (TSX.V: GLM, OTCBB: GLRKF, FRANKFURT: 17G) (Glenmark or the "Company") is pleased to announce that it has entered into an agreement with GeoNovus Minerals Corp. whereby the Company can earn a 100% interest in the Scotia Zn-Ag Project, which covers an area of ~4040 hectares in the Skeena Mining Division, ~40km southeast of Prince Rupert in west central British Columbia, Canada.

The Scotia Project hosts a metamorphosed massive sulfide deposit located within the Ecstall Belt of metavolcanic rocks that extends through west-central British Columbia. Resource modeling of the Albere Zone in 2009 established a vertical range of mineralization of 95 meters, and a horizontal range of 205 meters. The high grade "core" area widened to about 30 meters about 190 meters north of the outcropping main showing. The thickest drill intercept in the Albere Zone was 26.7 meters grading 9.0% zinc, 1.2% lead, 21.5 g/t silver and 0.3 g/t gold. A Resource Estimate was calculated for the Albere Zone by Giroux Consultants Ltd., based on forty-two drill holes totaling 4,343 meters. The results from a 1997 drilling program comprised most of the data used in the modeling, with much of the core re-assayed in 2008 to confirm earlier results. Ordinary kriging was used to interpolate blocks based on mineralization content.

Based on a 1% Zn cut-off, the Measured plus Indicated Resource within the 3-D mineralized shell totals 802,000 tonnes grading 4.9% Zn, 13.9 g/t Ag, and 0.2 g/t Au with an additional 702,000 tonnes grading 4.5% Zn, 13.7 g/t Ag and 0.2 g/t Au classed as Inferred. Economic parameters have not been defined by the current resource estimate as to an appropriate cut-off for various types of mining. Geological information and resource estimates for the Scotia Property have been drawn exclusively from the Scotia Property Technical Report (2011) by Arne Birkeland, P.Eng. and Gary Giroux, P.Eng. As part of this transaction, Glenmark contemplates filing its own technical report on the Scotia Property. In compliance with National Instrument 43-101 the Company intends to file a Technical Report containing resource estimates within 45 days of dissemination of this news release.

To expand known mineralization, an airborne AeroTEM Mag/EM survey was conducted by Aeroquest in 2008. The survey identified a distinctive anomaly associated with the drilled portion of the Albere Zone, as well as similar additional anomalies on strike, and adjacent to, the Albere Zone. In 2010 a geochemical survey was completed to follow up on the airborne anomalies and virtually all zones returned geochemically anomalous values. While no ore grade showings were found, values of over 1,000 ppm Zn were encountered from in place rock chip sampling.

Glenmark can earn a 100% interest by paying in stages CAD$375,000 and completing CAD$750,000 in exploration expenditures over 36 months. The 100% interest is subject to an underlying 2%NSR, payable to Doublestar Resources Ltd. with an additional ½%NSR payable to GeoNovus, of which 1% can be purchased by Glenmark for CAD$1,000,000. This transaction is subject to TSX Venture Exchange approval.

Regarding the acquisition board member Dr Peter Born commented This acquisition of the Scotia Deposit is a strategic investment by Glenmark in the base metal space, where the board believes there is room for tremendous growth and appreciation. Further, capturing the value of the Scotia Project's mineralization solidifies shareholder value for the near and long term.

The technical contents of this news release have been prepared under the supervision of Mr. Peter Born, P. Geo. Mr. Born is a Qualified Person as defined in NI 43-101, and has approved this news release.

For further information, please contact:
Richard W. Grayston
President & CEO
Phone: (604) 990-1012
Email: rwgrayston(at)glenmark.ca
Rob GamleyContact Financial Corp.
Phone: (604) 689-7422
Email: rob(at)contactfinancial.com

GLENMARK CAPITAL CORP.
1600 - 609 Granville Street
Vancouver, BC V7Y 1C3
www.glenmark.ca


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. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, forwardlooking statements. Forwardlooking statements may be identified by words including anticipates, believes, intends, estimates, expects and similar expressions. The Company cautions readers that forwardlooking statements, including without limitation those relating to the Companys future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forwardlooking statements.

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Datum: 12.11.2014 - 10:02 Uhr
Sprache: Deutsch
News-ID 351691
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