Archive for December, 2009

Silver Quest Acquires Strategic Claims in Dawson Range

Silver Quest Resources Ltd. has entered into a mineral claims sales agreement to acquire 11 claim blocks, comprising 234 quartz mineral claims (49 square kilometres), from Atac Resources Ltd., located in the Dawson Range, Yukon Territory.

Under the terms of the Agreement, the Company will acquire a 100% interest in the 11 claim blocks, by making a one time cash payment of $115,000 and issuing 250,000 common shares. The claims were initially staked by ATAC based on anomalous gold silt and soil geochemical surveys undertaken by Archer, Cathro & Associates (1981) Limited, the Yukon Geological Survey and the Geological Survey of Canada. The Agreement is subject to regulatory acceptance and the securities issued pursuant to the Agreement will be subject to a four month hold period trading restriction from the date of issuance.

The Company has recently staked two additional claim blocks (232 mineral claims) in the Dawson Range. The claims, on Wolf Creek (the “Flow Property”) and Independence Creek (the “Solitude Property”), are subject to a bonus share clause under the Company’s July 20, 2009 Option Agreement (the “Boulevard Agreement”) with Rimfire Minerals Corporation (“Rimfire”), a wholly-owned subsidiary of Kiska Metals Corporation, and Northgate Minerals Corporation (“Northgate”) (see News Release July 23, 2009). Under the terms of the Boulevard Agreement the Company will issue 100,000 common shares, subject to a four month hold period trading restriction, to each of Rimfire and Northgate.

The Company has assembled one of the largest land packages in the Dawson Range, controlling approximately 236 square kilometres of mineral claims.

A detailed geochemical sampling and trenching exploration program is currently being planned for these properties.

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Cariboo Rose and Alder Resources Gold Mineralization Discovered in New Targets

Cariboo Rose Resources Ltd. (TSX-V: CRB) and Alder Resources Ltd. (TSX-V: ALR) are pleased to report the results of the drilling program on the Canadian Creek Property, located in the Whitehorse Mining District of the Yukon Territory 160 km south of Dawson City. The property is also 50 km southeast of Underworld Resources Inc.’s White Gold project and adjacent to Western Copper Corp.’s Casino Deposit.

Ten core drill holes totaling 1,425m were completed along a series of gold-arsenic+/-antimony-bismuth soil geochemical and IP geophysical anomalies that cover an area of over four km in length. The program was the first drill test of these anomalies and confirmed the presence of auriferous quartz-carbonate veins and clay altered structures hosted in gneisses and granodiorite and monzonite intrusive rocks. All the drill holes returned anomalous gold intercepts with the most significant intercepts listed in the following table, all of which are from the eastern portion of the 2009 geochemical grid. 

Hole ID

From (m)

To (m)

*Interval (m)

Gold (g/t)

Silver (g/t)

CC09-05

63.87

71.24

7.37

0.16

including

64.90

65.24

0.34

0.53

13.5

CC09-06

5.00

20.00

15.00

0.33

CC09-08

77.80

79.30

1.50

3.50

3.5

CC09-10

82.80

90.05

7.25

0.68

 

including

82.80

85.80

3.00

1.10

30.4

                (* these are core lengths and may not reflect true thickness)

Drill holes CC09-5 and 6 tested a small portion of a two km long, open-ended gold soil geochemical anomaly. The gold geochemical anomaly is open for 800 m northeast from drill hole CC09-6. Near the eastern end of the grid a soil sample returned 2.2 g/t gold. Drill holes CC09-08 and 10 tested a separate anomaly to the north that is 600m long and open to the east.

Drill holes CC09-1 to 4, 7 and 9 returned anomalous gold-arsenic values across numerous intervals ranging from 2.0 m to 20 m with values up to 0.2 g/t gold and 0.46% arsenic. The 2009 drill holes were spaced from 300 m to 1.3 km apart. The broad dispersion of anomalous gold across the drilling area and the wide spacing between drill holes indicates that a large area of mineralization has been identified that hosts potential for a significant gold deposit.

Alder can earn a 60% interest in the Property by making a schedule of cash payments totaling $250,000 and issuing 250,000 shares to Cariboo Rose and completing exploration expenditures on the property totaling $2,500,000 by June 18, 2013.

G.L. Garratt, P. Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.

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Pacific Ridge Provides Update Klondike Kate

Pacific Ridge Exploration Ltd. has completed the 2009 exploration programs on four properties located in the Yukon’s Southern Klondike region. The Pacific Ridge program has successfully outlined the presence of Underworld Resources Inc.’s White Gold property-style mineralization as indicated by anomalous geochemical signatures on the Goldcap, Polar-Stewart and Mariposa properties. The Goldcap and Polar-Stewart properties are adjacent to the northeast boundaries of Underworld’s White Gold discovery claims. Geochemical anomalies on the Eureka property, located in the northeast region of the Klondike region, indicate an epithermal-style alteration system with anomalous gold values.

Geochemical soil sampling has been the primary exploration tool for the recent discovery of gold mineralization in the South Klondike-Underworld camp.

Gold Cap and Polar-Stewart properties

Pacific Ridge established a two-kilometre-by-four-kilometre soil sampling grid within the source area of an historic, highly anomalous gold-in-silt anomaly. This season’s work has defined three sub-parallel, northerly trending, arsenic-antimony-nickel-gold soil anomalies measuring two to four km in length and open for expansion to the north. The linear nature of the anomalous soils suggests the presence of structurally controlled mineralization. Geochemical values for arsenic range from 20 to 200 parts per million, nickel from 75 to 1,200 ppm, antimony from one to four ppm and gold from 12 to 290 parts per billion.

The geochemical anomalies are within one to two km of Underworld’s eastern claims boundary and appear to be building in intensity toward the northern limits of the presently established soil sampling grid. Early next season, additional soil sampling will be required within a proposed three-kilometre, northerly extension to the existing grid.

Mariposa property

Located approximately 50 km east of and within a similar geological setting to the White Gold discovery, the Mariposa property was acquired by Pacific Ridge as previously reported in Stockwatch on Sept. 23, 2009.

Although late-season field work was terminated by winter conditions, Pacific Ridge completed a reconnaissance soil geochemical program on the Mariposa property that confirmed the presence of an open-ended, two-kilometre-long gold soil anomaly overlying an altered schist host unit and nearby intrusive rocks. All geochemical and geological data are being compiled.

Results to date confirm trends of the previously established gold exploration targets along with opportunity for expansion.

Eureka property

Located approximately 55 km north of White Gold and immediately adjacent to the east of claims owned by Strategic Metals Ltd., the company performed preliminary exploration work at Eureka this past season.

Initial, property-wide rock sampling at Eureka has identified an area measuring approximately one by two km of alteration, along with an epithermal gold signature comprising anomalous values for arsenic, mercury, barium, antimony and gold. Results warrant establishment of a geochemical soil grid to better define the potential source area of gold mineralization.

Pacific Ridge’s 2009 exploration programs have been successful in defining the presence of gold targets on its Klondike Kate properties. Expanded geochemical surveys are now warranted, followed by mechanical trenching to define in-rock gold values prior to drilling campaigns proposed for 2010. Final exploration data compilation is still in progress and will be presented for viewing in January, on the company’s website.

Pacific Ridge’s disclosure of a technical or scientific nature has been reviewed by Wayne J. Roberts, PGeo, vice-president of exploration and a qualified person under the definition of National Instrument 43-101.

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