February 19, 2007
Calgary, Alberta - Boxxer Gold Corp. (TSXV-“BXX”) today announced that it has executed with an arms’-length third party an option to purchase eleven (11) patented mineral claims covering 227 acres (the “Property”) located in the Table Mountain Mining District, Churchill County, Nevada. Boxxer has acquired a two-year option to purchase 100% of the Property under the terms and conditions below.
A) Upon signing, Boxxer is required to make a cash payment of US$50,000 (paid) and has the right to exercise its option to purchase the Property by December 1, 2007, to close no later than December 31, 2007, for a purchase price of US$500,000. If Boxxer exercises its option on or before December 31, 2007, the US$50,000 cash payment will be credited toward the purchase price.
B) Boxxer can extend its option to purchase until December 31, 2008, by making an additional payment of US$50,000 on or before December 31, 2007. If Boxxer exercises its option to purchase on or before December 31, 2008, it would be required to make a full cash payment of US$500,000.
Exploration on the Property dates back to 1861 when several wagon loads of rich copper sulphides and oxides were taken from the Property. Exploration consisting of shaft sinking and drifting was completed on an area of the Property referred to as Treasure Box Hill in 1910. In 1911, Carpenter writing in the Mining and Scientific Press Volume 103, pp. 804 – 805 described the Property as follows.
“The copper ores occur near the contact of andesite porphyry flow, overlain by an earlier mass of strongly faulted green andesite. The main work on Treasure Box Hill was done in a bed of copper bearing andesite about 100 feet thick. The contact dips about 20 degrees northwest. The ore is chiefly chalcopyrite disseminated through the green andesite and according to Carpenter, the lower 30 feet of the bed average 5% copper and US$1 in gold with a trace of silver. In places just above the contact small, iron capped veins occur in the green andesite and the andesite porphyry. When followed downward, these veins lead to massive chalcocite disseminated in a gangue of breccia, and pieces of pure black sulphide as large as a man’s hand have been found occasionally. Massive bornite, tenorite, and cuprite also occur mixed with the two carbonates malachite and azurite, making small deposits of rich ore. Development by the Boyer Copper Mines Co. exposed a block of ore 200 feet long, 100 feet wide and 500 feet deep measured on the dip, containing 1.7% copper and about US$0.70 in gold per ton.”
and
“About a mile of the contact is included within the limits of the Property, and throughout this distance it is possible to find ore in the altered zone in the melaphyre below the contact. At three other places besides on Treasure Box Hill the surface indications are promising, and in fact, at few of the well known copper properties of the West are the outcrops of copper-bearing rocks more extensive. Large masses of carbonate ore exist assaying about 1.5% copper, and in places it is much richer.”
The above information is historical and is not National Instrument 43-101 compliant, and Boxxer has not attempted to obtain confirmation or verification of the historical exploration results for the Boyer Ranch Project.
The geology of the Property consists of gently dipping Tertiary bedded quartz crystal tuff and tuffaceous sediments that overlie strongly altered (chlorite-albite-hematite) basalt, basaltic andesite flows and interflow sediments of Jurassic age. Copper occurrences and associated alteration identified on the property are hosted in the Jurassic volcanic section and considered to be iron-oxide-copper-gold (IOCG) style mineralization. Recent sampling by Boxxer indicates mineralized outcrop are scattered over and area of at least 700 feet x 300 feet on Treasure Box Hill. The mineralized area is immediately covered to the northwest by thin (≤ 100 feet) Tertiary volcanic units. Analytical results on representative material collected by Boxxer from the shaft, adit, pits and outcrops around Treasure Box Hill is set out below. These samples were assayed by Loring Laboratories Ltd, Calgary, Alberta.
| Sample |
Sample |
Sample |
Cu |
Ag |
| Number |
Type |
Description |
% |
g/t |
| |
|
|
|
|
| BR-1 |
dump |
Mineralized and weakly altered porphyritic flow with 3% - 5% malachite as veinlets, stain and disseminations |
15.95 |
33.7 |
| |
|
|
|
|
| BR-2 |
2' chip |
Unaltered porphyry basaltic andesite flow with fracture-controlled malachite |
1.18 |
5.2 |
| |
|
|
|
|
| BR-3 |
dump |
Strongly altered porphyritic flow with 10% - 20% malachite and chrysocolla disseminations & veinlets. |
16.55 |
402 |
| |
|
|
|
|
| BR-4 |
1.5' chip |
Albite-Iron carbonate malachite vein in chloritized andesite flow with 1%-3% fine-grained malachite disseminations and amygdale fillings. |
0.99 |
0.4 |
| |
|
|
|
|
| BR-5 |
5' chip |
Chloritized basaltic andesite flow with 1% - 3% fine-grained malachite disseminations and amygdale fillings. |
1.59 |
0.8 |
| |
|
|
|
|
| BR-6 |
3' chip |
Brecciated - chlorite basaltic andesite flow with 2%-4% disseminated malachite and malachite as breccia matrix. |
1.76 |
3.1 |
| |
|
|
|
|
| BR-7 |
2' chip |
Bleached and altered footwall porphyritic basaltic andesite flow with weak malachite staining. |
186 ppm |
<0.5 |
| |
|
|
|
|
| BR-8 |
5' chip |
Brecciated and chlorite altered basaltic andesite flow with 10%-20% malachite as disseminations and breccia matrix. |
14.45 |
2.7 |
| |
|
|
|
|
| BR-9 |
grab |
Oxidized massive bornite clots, coarse replacement blebs, cross-cutting veinlets and discontinueous pods in strongly chloritized andesitc flow. |
40.90 |
623 |
| |
|
|
|
|
| BR-10 |
area chip |
Variably chloritized porphyritic flow with 7%-15% malachite as disseminations and cross-cutting veinlets; hematite common. |
11.60 |
31.2 |
The above samples are considered to be representative of the lithologies and alteration present in the area referred to as Treasure Box Hill. Gold values in the above samples were less than 5 ppb (parts per billion).
Boxxer has recently located 62 unpatented lode claims surrounding the above mentioned patented mineral claims, providing more than two kms. of geological coverage along strike. Exploration on this property is expected to commence in early May 2007. Surface Lithology and alteration mapping, rock chip sampling, grid soil sampling and geophysical surveying as well as underground channel sampling in accessible workings are planned. Theodore A. DeMatties is an independent geologist consulting to Boxxer and is the Qualified Person who has reviewed and verified the technical information detailed in this release.
For further information please contact:
Colin Christensen, President
Phone: 403-264-4811
Fax: 403-503-0822
Email: colin@boxxergold.com
CHF Investor Relations
Jeanny So, Broker Relations Specialist
Phone: 416-868-1079 ext. 225
Email: jeanny@chfir.com , www.chfir.com
If you wish to receive company press releases via email, please send a message to ana@chfir.com.
The TSX Venture Exchange Does Not Accept Responsibility for the Adequacy or Accuracy of This Release.
FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release – including, without limitation, statements regarding production estimates and future plans and objectives of Boxxer – are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. |
