Garnet Point Resources Corp.

October 11, 2007 15:13 ET

Garnet Point Resources Corp.: Exploration Update on the Rossing Project, BC

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 11, 2007) - Garnet Point Resources Corp. (TSX VENTURE:GRC)(FRANKFURT:GQ4) (the "Company") is pleased to provide a progress report on the Company's Rossing Uranium Project in BC.

In the month of August, a nine man team supported by a 206 Jet ranger helicopter collected 1,742 soil samples and 1,131 stream samples on thirteen properties within the Jennings River and McDame districts in north-western British Columbia. Base camps were set-up at Swan Lake, Cassiar and Dease River Crossing.

In September, a similar program of prospecting and geochemical sampling collected approximately 1,500 soil and silt samples on an additional 7 properties in southern British Columbia.

Samples were delivered to ACME Laboratories Ltd. and are being analysed for a multielement package which includes uranium, tantalum, tungsten, molybdenum and rare earths.

At the Swan property (one of the 13 properties in the northern package) pre-survey field work has indicated that encouraging tungsten values occur with molybdenum. A BC-Government regional geochemical survey also indicates that anomalous values in tantalum and rare earths occur within the district.

Follow-up prospecting and geological mapping on the Swan property is currently outlining significant molybdenum mineralization, with encouraging zones of intensive quartz stockworks in frost heaved boulders as well as in outcrop.

The mineralized boulder fields are believed to be a reflection of subsurface outcrops as the rock type and textures, quartz stockworks, and visible molybdenum mineralization within these boulders are consistently similar. This suggests Paleocene glacial dispersion was minimal. These mineralized outcrops and boulder fields are now estimated to cover an area approximately 3 km long and up to 1 km wide.

Follow-up geological work within the Jennings river area has also identified geologically favourable areas for bulk tonnage lead-zinc-silver mineralization.

Garnet Point Resources Corporation is a Canadian public company focused on the exploration and discovery of uranium and associated molybdenum, tungsten, tin, and tantalum in BC, Canada.

The Rossing project is a regional exploration program focused on the discovery of new intrusive hosted deposits of uranium and associated lithophile metals, including molybdenum, tungsten, tin, and tantalum. The project consists of 19 separate properties and a total of 41,377 Ha of mining claims. The northern property package is located about 100 km east of Adanac Molybdenum Corp.'s Ruby Creek project, which hosts 220 million pounds of molybdenum.

The Company's exploration programs are supervised by James M. Dawson, P.Eng., a Consulting Geologist and a Qualified Person as defined by National Instrument 43-101. Mr. Dawson has over 40 years of hands-on fieldwork experience examining, exploring and evaluating a wide range of geological and mineralized settings around the globe. As a partner with Kerr, Dawson & Associates Ltd. 1972-1985, Mr. Dawson participated in the discovery of the Blackdome Mine, Frasergold and Taurus Properties in British Columbia and the Big Horn Mine in Arizona. For the past 20 years, as president of Dawson Geological Consultants Ltd., Mr. Dawson has been involved in the exploration and evaluation of mineral properties worldwide, with a particular emphasis on Latin America.

Mr. Dawson's recent experience includes designing, implementing and managing a regional exploration project for Wealth Minerals Ltd. (TSXV:WML), which has resulted in two major uranium discoveries in Argentina. He also acts as a director of Minefinders Corporation (TSXV:MFL), which has a large gold-silver resource in Mexico, currently being brought into production.

Mr. Dawson has supervised the preparation of the scientific and technical information that forms the basis of this news release.


Praveen Varshney, CA, President

Contact Information

  • Garnet Point Resources Corp. - Investor Relations
    Praveen Varshney, CA
    (604) 684-2181
    (604) 682-4768 (FAX)