Vancouver, BC / ACESSWIRE / December 10, 2014 / Glenmark Capital Corp. (TSX.V: GLM; US OTC: GLRKF; Frankfurt: 17G) ("Glenmark" or the "Company") is pleased to announce a proposed work program for its Poplar Copper-Molybdenum Project in Central British Columbia.
The proposed program consists of up to fifteen diamond drill holes to total 7500m, designed to further define and characterize the Poplar deposit, with the intention of expanding and updating the known resource. Additionally, the proposed work program will test the highest priority of the seven additional distinct exploration targets on the Property, the Red Pine. The Red Pine target lies approximately 10km northeast of the main Poplar deposit and is the location of a strong ring-shaped EM conductivity anomaly several kilometers in diameter. This Airborne EM anomaly is interpreted as an indicative signature of copper-molybdenum porphyry deposits in the Region, and warrants detailed examination.
The Red Pine target displays geophysical and geochemical similarities to the main deposit. Access to the Red Pine is very good as it lies only a few hundred meters off existing road access. Prior to the proposed drilling campaign at Red Pine, a series of targeted ground-based mineral exploration programs are planned, including additional geologic mapping/sampling/trenching, as well as a focused 3D Induced Polarization geophysical survey. These first phase exploration programs are designed to more tightly constrain drill targets for follow-up evaluation. Permits to conduct these exploration activities are currently being prepared to file with the B.C. Provincial Government and it is expected the first phase of mineral exploration will begin towards the latter part of Spring, 2015. These programs are subject to financing.
The Poplar 2015 exploration programs have been designed by Paul D. Gray P.Geo. For more information about this project and other Glenmark assets, please visit the company website at www.glenmark.ca. In addition, a video on the Poplar Deposit is available for viewing on the homepage.
The technical contents of this news release have been prepared under the supervision of Dr. Peter Born, P. Geo. Dr. Born is a Qualified Person, as that term is defined in National Instrument 43-101, and has approved this news release.
About the Poplar Copper/Moly Project
The Poplar Copper-Moly property covers an area of 67,862 hectares in the Omineca Mining Division, in the central interior of British Columbia, 50km south of the town of Houston. The Huckleberry Mine located approximately 35km southwest of the property, produces copper and molybdenum from a deposit of similar age and geological setting.
In 2012, G. H. Giroux, MASc., P. Eng. estimated the resource present on the property. A three dimensional solid was constructed to constrain the mineralized area, using a 0.1 % Cu grade shell as a guide. Large internal waste zones were modelled as were some larger post mineral dykes. Of the total data base 129 drill holes totaling 37,205 m were within the mineralized zone and were used to estimate the resource. Drill holes were compared to the mineralized solid and assays were tagged if inside.
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In a NI 43-101 technical report prepared for Lions Gate Metals Inc., entitled "2012 Resource Update on the Poplar Deposit" (the "Lions Gate Metals Report"), copper, molybdenum, gold and silver assays within the mineralized solid were capped at 1.4 % Cu, 0.14 % Mo, 0.34 g/t Au and 41 g/t Ag. Five metre composites were formed and used for variography. For this estimate, and to aid with some preliminary planning, the blocks were reduced to 5 x 5 x 10 m in dimension and were estimated for Cu, Mo, Au and Ag by ordinary kriging. The historical resource is classified as Indicated and Inferred based on each block's proximity to data and the grade continuity. At a 0.20 % Cu cut-off within the mineralized solid the Indicated resource is 131 million tonnes at 0.31% Cu, 0.009 % Mo, 0.09 g/t Au and 2.39 g/t Ag while the Inferred resource is an additional 132 million tonnes grading 0.27 % Cu, 0.005 % Mo, 0.07 g/t Au and 3.75 g/t Ag. This historical information was taken from the Lions Gate Metals Report, a copy of which is available on SEDAR under Lions Gate's profile. A qualified person has not done sufficient work to classify these historical estimates as current, and the Company is not treating them as current. As part of its continuing disclosure requirement
The Project also has a host of similar regional targets, identified through airborne geophysics, all of which have characteristics common to porphyry style deposits.
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Glenmark anticipates preparing a technical report on the Poplar project, to update this historical information. A copy of a NI 43-101 technical report prepared for Lions Gate Metals Inc. can be viewed at the company's website: www.glenmark.ca.
For further information, please contact:
Richard W. Grayston
President & CEO
Phone: (604) 990-1012
Email: [email protected]
Rob Gamley
Contact Financial Corp.
Phone: (604) 689-7422 begin_of_the_skype_highlighting
Email: [email protected]
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.
This press release contains forward-looking statements and forward-looking information (collectively, "forward looking statements") within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical fact, included herein, including statements regarding the completion of any proposed activities, anticipated content, commencement, duration and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, and business and financing plans and trends, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Important factors that could cause actual events and results to differ materially from the Company's expectations include those related to inaccuracy of historic information/results, third party access agreements, weather, equipment and staff availability; performance of third parties; risks related to the exploration stage of the Company's projects; market fluctuations in prices for securities of exploration stage companies and in commodity prices; and uncertainties about the receipt of regulatory approval related to the proposed transaction, availability of additional financing; risks related to the Company's ability to identify one or more economic deposits on the properties, and variations in the nature, quality and quantity of any mineral deposits that may be located on the properties; risks related to the Company's ability to obtain any necessary permits, consents or authorizations required for its activities on the properties; and risks related to the Company's ability to produce minerals from the properties successfully or profitably. Trading in the securities of the Company should be considered highly speculative. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the latest technical reports filed with respect to the Company's mineral properties.
SOURCE: Glenmark Capital Corp.