CALGARY, ALBERTA -- (August 11, 2020)
Margaux Resources Ltd. (TSX VENTURE:MRL, OTCQB:MARFF) (“Margaux” or the “Company”) is pleased to announce the commencement of its 2020 exploration program at the Cassiar Gold Project in northern British Columbia. Crews were initially mobilized on May 20 for a three-week campaign to prepare camp and road access and to collect environmental data. Approvals and permits are now in place to operate the exploration camp during the field program. The exploration team has returned to site to commence the 2020 exploration program, which will consist of diamond drilling, geological mapping and sampling. The primary focus of the 5,000 metre diamond drilling program will be on quality infill, extension, and exploration targets, primarily near the 1 MM oz Taurus resource area. The drill rig arrived at site on August 10 to commence drilling.
“We are excited to begin drilling on the Cassiar Gold Project, and look forward to delivering results, with a cost - effective and efficient program.” said Kaesy Gladwin, VP Exploration.
The Cassiar Property is a road-accessible, advanced-stage orogenic gold system located in northern British Columbia, Canada. In June 2019, Margaux announced that shareholders of Wildsky Resources Inc. approved the sale of its 100% interest in the Cassiar Property by way of an all-share option agreement with Margaux (see Margaux news release dated June 24, 2019). Final approval of the transaction was granted by the TSX Venture Exchange (“TSXV”) in November (see Margaux news release dated November 13, 2019).
On the Cassiar Property, gold mineralization occurs along a 15 kilometre corridor. Within this structural corridor, gold occurs both as discrete high-grade veins and as near-surface low-grade style mineralization. Past production from the Cassiar Property (primarily 1979-1997) is approximately 920,000 tonnes at an average grade of 11.9 grams per tonne (g/t) gold, or a total of 350,000 ounces of hard rock gold. During this period, portions of the Cassiar Property were held by different operators, and production was from different mine operations (predominantly underground) utilizing various mill facilities.
The Cassiar Property has subsequently been amalgamated and now covers 56,000 hectares. It is bisected by Highway 37, with significant existing road access infrastructure and a 30-person camp with grid power.
“We are excited to explore and advance the Cassiar gold project,” commented Marco Roque, CEO. “The program will add infill to the Taurus 21.8Mt Au inferred resource(1) and explore high-quality exploration targets. We look forward to updating the market with steady news-flow over the coming months”.
Margaux believes there is good potential for new discoveries of bulk tonnage multi-million ounce gold mineralization across its Cassiar Gold Property. Numerous known high-grade gold showings on the Cassiar Gold Property have been tested but only by limited drilling, while the potential for low-grade bulk tonnage deposits has only been investigated at Taurus, to date.
APPOINTMENT OF ADVISOR
The Company is pleased to Welcome Mr. Doug Kirwin to its Advisory Committee.
Mr. Kirwin is a highly regarded geologist with 50 year’s international exploration experience and has been involved in a number of significant mineral discoveries. He was the former Executive Vice-President of Ivanhoe Mines and previously held senior positions with Anglo American and Amax. He has evaluated mineral deposits throughout the Americas. Asia, Europe and Australia. He has an MSc in mineral exploration from James Cook University where he is currently an adjunct professor.
Mr. Kirwin was a co-recipient of the 2004 Prospectors and Developers of Canada’s (PDAC’s) Thayer Lindsley Award for Best International Mineral Discovery as a member of the joint discovery team for the super-giant Hugo Dummet deposit at Oyu Tolgoi in Mongolia.
About Margaux Resources Ltd.
Margaux Resources Ltd. (TSX.V: MRL, OTCQB: MARFF) is a Canadian gold exploration company focused on exploration in British Columbia, and is directed by a group of highly successful business executives.
Forward Looking Statements
This press release may contain forward looking statements including those describing Margaux's future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Margaux and its management. In particular, this news release contains forward -looking statements pertaining, directly or indirectly, to the following: the timing for effecting the name change and consolidation, the timing for the Common Shares to begin trading under the new symbol on a post-consolidated basis, the timing for completion of the exercise of the Option and other factors. Although Margaux believes that the expectations reflected in these forward-looking statements are reasonably, undue reliance should not be placed on them because Margaux can give no assurance that they will prove to be correct. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents referenced by this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.
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.