March 25, 2009
CALGARY, Alberta –Boxxer Gold Corp (TSXV – BXX) is very pleased to announce that channel sampling on the 3rd level of the Boss Mine has expanded the dimensions of the mineralized zone and yielded the following mineralized intervals:
- 1.25% copper, 0.75g/t gold, 0.34g/t PGE and 4.08g/t silver over 120.0 metres including
- 0.77% copper, 5.96g/t gold, 1.16g/t PGE and 7.60 g/t silver over a 5.30 metres
Mr. Elmer Stewart, President and CEO of Boxxer stated, “The analytical results from the 3rd level and the additional results from the 4th level combined with the results from the 5th and 6th levels indicates continuity of the mineralized zone along strike and down dip. The diamond drilling program currently underway on this target is designed to test the lateral continuity of the mineralization away from the underground workings.”
The Boss Mine:
Below, Table - 1 shows the minimum dimensions and weighted average grade for each level including a copper equivalent estimation for copper, gold and silver.
Table-1: Summary of Analytical Results Boss Mine Sampling
|
Level |
Length |
Width (m) |
Copper (%) |
Gold (g/t) |
PGE * (g/t) |
Silver (g/t) |
Copper Eqv (%) |
|
6th |
31 |
11 |
1.46 |
0.57 |
0.21 |
10.94 |
1.87 |
|
5th |
100 |
24 |
1.15 |
1.05 |
1.09 |
12.92 |
1.85 |
|
4th |
94 |
33 |
0.52 |
0.67 |
0.28 |
2.73 |
0.94 |
|
3rd |
120 |
53 |
1.25 |
0.75 |
0.34 |
4.08 |
1.72 |
* PGE = is the sum of the platinum and palladium concentrations in the ratio of 1:3.5
|
Data Inputs For Copper Equivalent Calculation |
|
Metal |
copper |
gold |
silver |
|
Price US$ |
1.25 |
500.00 |
6.00 |
|
Per Unit |
lb |
oz |
oz |
|
Grade |
% |
g/t |
g/t |
|
Recovery |
100% |
100% |
100% |
The analytical results for the 5th and 6th levels and the majority of the samples from the 4th level have been previously announced in various news releases. Together, the results indicate that the mineralized zone is open along strike to the east and to the south.
4th Level:
The sample locations and sample intervals for the 4th level are shown in Figure – 1, at the bottom of this release. Table - 2 shows the analytical results for 17 additional channel samples collected from the 4th level of the Boss Mine. These samples were collected to close open mineralized intervals identified in 2008. Based on the additional sampling the mineralized zone on this level remains open to the north, the east and south.
Table - 2: Analytical results for channel samples from the 4th level of the Boss Mine
|
Sample # |
Interval (m) |
copper (%) |
gold (g/t) |
PGE* (g/t) |
silver (g/t) |
|
BM-01-09 |
4.50 |
0.03 |
0.49 |
0.16 |
0.60 |
|
BM-02-09 |
3.50 |
1.32 |
0.25 |
0.07 |
10.20 |
|
BM-03-09 |
4.40 |
1.08 |
1.01 |
0.29 |
6.50 |
|
BM-04-09 |
4.40 |
0.32 |
0.39 |
0.28 |
1.90 |
|
BM-05-09 |
3.80 |
0.25 |
0.19 |
0.19 |
1.40 |
|
BM-06-09 |
5.60 |
0.35 |
0.30 |
0.05 |
0.80 |
|
BM-07-09 |
4.40 |
0.20 |
0.33 |
0.03 |
1.90 |
|
BM-08-09 |
5.00 |
1.55 |
0.81 |
0.28 |
5.10 |
|
BM-09-09 |
2.60 |
0.05 |
0.06 |
0.04 |
0.30 |
|
BM-10-09 |
4.90 |
0.07 |
0.79 |
0.22 |
0.60 |
|
BM-11-09 |
5.00 |
0.76 |
0.85 |
0.39 |
4.90 |
|
BM-12-09 |
4.50 |
0.12 |
0.34 |
0.18 |
0.80 |
|
BM-13-09 |
4.30 |
0.03 |
0.03 |
0.01 |
0.40 |
|
BM-14-09 |
5.70 |
0.01 |
0.03 |
0.01 |
0.20 |
|
BM-15-09 |
5.20 |
0.03 |
0.07 |
0.07 |
0.60 |
|
BM-16-09 |
6.80 |
0.04 |
0.12 |
0.13 |
1.30 |
|
BM-17-09 |
4.70 |
0.02 |
0.13 |
0.04 |
0.60 |
* PGE = is the sum of the platinum and palladium concentrations in the ratio of 1:3.5
3rd Level:
The sample locations, analytical results and sample intervals for the 3rd level are shown in Figure – 2 and Table - 3. A total of 84 channel samples were taken from the 3rd level. The mineralization is continuous from the entrance (sample BM-56-08) to the end of the level (sample BM-48-09); a horizontal distance of 120 m. The minimum width of the mineralized zone is 53 m which was established prior to 2009. The mineralization extends beyond the limits of the underground workings (Figure - 1) along strike. Additional sampling of the drifts at the far end of this level is required to determine the extent of the copper-gold mineralization.
The copper and gold grades in the inpidual samples collected from the Boss Mine are highly variable and in some places demonstrate an inverse relationship (low copper content but with high gold content). For example, samples BM-46-08 and BM-48-08 from the 3rd level showed no visible oxide copper mineralization yet these samples contain appreciable concentrations of gold. The analytical results for the channel samples from the 3rd level are shown in Table - 3.
Table - 3: Analytical results for the 2009 channel samples from the 3rd level of the Boss Mine
|
Sample
Number |
Interval
(m) |
Cu
(%) |
Au
(g/t) |
PGE
(g/t) |
Ag
(g/t) |
|
BM-56-08 |
4.00 |
1.66 |
0.34 |
0.17 |
2.30 |
|
BM-57-08 |
2.60 |
0.72 |
0.27 |
0.13 |
1.40 |
|
BM-18-09 |
5.70 |
3.84 |
0.82 |
0.30 |
4.80 |
|
BM-19-09 |
5.60 |
0.10 |
0.20 |
0.13 |
2.30 |
|
BM-20-09 |
7.60 |
0.44 |
1.57 |
0.29 |
3.30 |
|
BM-21-09 |
4.10 |
3.19 |
0.63 |
0.21 |
3.60 |
|
BM-22-09 |
5.70 |
0.48 |
0.21 |
0.09 |
3.50 |
|
BM-23-09 |
7.40 |
0.07 |
0.09 |
0.04 |
0.70 |
|
BM-24-09 |
2.90 |
0.03 |
0.04 |
0.02 |
0.80 |
|
BM-25-09 |
8.00 |
0.61 |
0.13 |
0.06 |
3.60 |
|
BM-26-09 |
4.50 |
0.28 |
0.08 |
0.04 |
4.60 |
|
BM-27-09 |
3.70 |
0.29 |
0.29 |
0.04 |
1.00 |
|
BM-28-09 |
5.00 |
1.08 |
0.30 |
0.08 |
2.50 |
|
BM-29-09 |
4.70 |
0.38 |
0.74 |
0.23 |
3.50 |
|
BM-30-09 |
3.90 |
1.09 |
0.73 |
0.22 |
2.50 |
|
BM-31-09 |
5.10 |
1.74 |
1.08 |
0.40 |
4.80 |
|
BM-32-09 |
2.80 |
1.31 |
0.78 |
0.17 |
1.10 |
|
BM-33-09 |
5.00 |
0.09 |
0.24 |
0.12 |
0.90 |
|
BM-34-09 |
5.30 |
1.29 |
0.21 |
0.12 |
1.30 |
|
BM-35-09 |
4.40 |
4.05 |
1.56 |
0.29 |
7.10 |
|
BM-36-09 |
5.70 |
0.21 |
0.08 |
0.30 |
1.10 |
|
BM-37-09 |
6.50 |
2.32 |
0.30 |
0.13 |
4.00 |
|
BM-38-09 |
3.50 |
2.94 |
1.81 |
0.30 |
5.70 |
|
BM-39-09 |
5.00 |
1.99 |
0.51 |
0.34 |
11.80 |
|
BM-40-09 |
7.40 |
1.57 |
1.08 |
0.48 |
6.20 |
|
BM-41-09 |
6.70 |
1.96 |
0.21 |
0.23 |
2.70 |
|
BM-42-09 |
4.50 |
1.17 |
0.54 |
0.27 |
5.90 |
|
BM-43-09 |
2.50 |
0.12 |
0.18 |
0.04 |
1.00 |
|
BM-44-09 |
5.30 |
0.12 |
0.09 |
0.05 |
0.70 |
|
BM-45-09 |
2.40 |
1.46 |
6.00 |
1.99 |
14.60 |
|
BM-46-09 |
2.90 |
0.19 |
5.93 |
0.47 |
1.80 |
|
BM-47-09 |
6.70 |
0.02 |
0.27 |
0.09 |
0.70 |
|
BM-48-09 |
5.50 |
0.09 |
1.36 |
0.20 |
0.60 |
|
BM-49-09 |
3.80 |
3.18 |
0.28 |
0.12 |
23.40 |
|
BM-50-09 |
2.90 |
1.93 |
0.37 |
0.10 |
2.20 |
|
BM-51-09 |
4.00 |
3.92 |
0.91 |
1.15 |
4.80 |
|
BM-52-09 |
5.10 |
0.21 |
0.17 |
0.14 |
2.10 |
|
BM-53-09 |
5.20 |
1.92 |
0.38 |
0.11 |
2.00 |
* PGE = is the sum of the platinum and palladium concentrations in the samples with a ratio of 1 to 3.5
Future Plans:
Systematic sampling of the underground workings on the Copperside mine and the two adits acquired by staking in February commenced in March concurrent with the diamond drilling programs. On completion of the systematic sampling of these underground workings, sampling of the Ironside Northeast zone, detailed prospecting, mapping and more systematic sampling of the bedrock anomalies and the area around the stratiform copper mineralization is planned.
Sample Preparation and Analysis:
All channel samples were collected with a hammer and chisel and represent continuous sampling of the material within the sample interval. Sample weights ranged from 2.7 to 10.4 kg and sample intervals ranged from 2.6 to 8.0 m. All samples were prepared ALS Chemex laboratory in Winnemucca, Nevada and were analyzed by ALS Chemex in Vancouver, British Columbia, using PGM-ICP 23 for gold, platinum and palladium and ME-ICP41 for silver and copper and other metals. ALS Chemex’s quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025:1999. Analytical accuracy and precision are monitored by the use of international and in-house standards.
Quality Control
Boxxer follows a rigorous Quality Assurance/Quality Control program consisting of inserting blanks and duplicates into the sample stream submitted to the laboratory for analysis. Elmer B. Stewart, MSc. P. Geol., President of Boxxer, is the Corporation’s nominated Qualified Person pursuant to National Instrument #43-101, Standards for Disclosure for Mineral Projects, has reviewed the technical information disclosed in this news release.
Second Tranche Private Placement Closing
Boxxer is pleased to announce that it has completed the second tranche of a non-brokered private placement by issuing 850,000 units (“Units”) at a price of $0.03 per Unit for gross proceeds of $25,500. Combined with the first tranche, which closed on March 2, 2009, the total gross proceeds raised to date from both tranches of the private placement is $173,250 (5,775,000 Units). Each Unit consists of one common share and one-half of a common share purchase warrant. Each whole warrant is exercisable at a price of $0.10 per common share for a period of 18 months from the date of issuance. Proceeds of the private placement will be used for the drilling program on the Boss property in Nevada and working capital. A finder’s fee of $2,040 and 85,000 finder’s warrants were issued to Raymond James Ltd. in relation to this tranche of the private placement, with each finder’s warrant being exercisable into a Unit at a price of $0.10 per Unit for a period of 18 months from the date of issuance. The securities issued pursuant to this tranche of the private placement are subject to a four month hold period (until July 18, 2009). Boxxer anticipates that additional closings will take place in the near future.
About Boxxer Gold Corp.
Boxxer Gold is a Canadian junior resource company involved in the exploration of three copper-gold projects in the state of Nevada, and a shear hosted gold project located 110 kilometres north of Yellowknife NWT, Canada. For more information on Boxxer please visit our website at www.boxxergold.com or contact:
Boxxer Gold Corp.
Elmer B. Stewart
President & Chief Executive Officer
Tel:1-403-264-4811
e-mail: elmerbstewart@hotmail.com
Boxxer Gold Corp.
Colin Christensen
Vice-President
Tel: 1-403-264-4811
Fax: 1-403-237-6292
e-mail: colin@boxxergold.com
CHF Investor Relations
Alison Tullis
Senior Account Manager
Tel: 1-416-868-1079 ext. 233
Fax: 1-416-868-6198
e-mail: alison@chfir.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statements: This news release contains forward - looking information including but not limited to comments regarding the timing and content of upcoming work programs and geological interpretations. Forward - looking information includes disclosure regarding possible future events and therefore, involves inherent risks and uncertainties. For any forward looking information given, management has assumed that the analytical results it has received are reliable, and has applied geological interpretation methodologies which are consistent with industry standards. Although management has a reasonable basis for the conclusions drawn, actual results may differ materially from those currently anticipated in such statements. For such statements, we claim the safe harbour for future. |
