Silvore Fox Minerals Corp.
TSX VENTURE : SFX

Silvore Fox Minerals Corp.

December 01, 2008 19:00 ET

Silvore Fox Minerals Corp. Exploration Update on the Ongoing Exploration Program at Coxheath, Nova Scotia

HALIFAX, NOVA SCOTIA--(Marketwire - Dec. 1, 2008) - Silvore Fox Minerals Corp. (TSX VENTURE:SFX): Mr. Harry Cabrita, President & CEO of Silvore Fox Minerals Corp. ('Silvore Fox' or the 'Corporation') is pleased to announce an update at the Corporation's 100% owned mineral rights at Coxheath, Cape Breton Island, Nova Scotia.

The Coxheath Property has a long exploration history including approximately 18,000 meters (m) of diamond drilling that was almost entirely restricted to approximately 100m depth. To increase the potential of the property at depth, an extensive Induced Polarization (IP) survey covering 39 line-kms was undertaken in 2007 which identified numerous anomalies that extended from the surface to more than 500m deep in some sections.

Geological assessment established that in some areas IP anomalies closely corresponded with known, near-surface (100m range) mineralization. Subsequently, a drilling program was designed to accomplish two objectives: 1) To investigate the geological nature of selected chargeability anomalies in the 250-350m vertical depth range that were associated with known mineralized zones at shallower depths and; 2) To explore the vertical and lateral extent of these mineralized zones. Approximately 3,700 metres of NQ core were drilled in eleven holes by Maritime Diamond Drilling Limited of Hilden, Nova Scotia. The drilling program was successful in accomplishing both objectives as well as discovering new zones.

(Note: Intervals mentioned below are core lengths and not true widths unless specifically stated.)

The Mountain Zone

Diamond drill holes (DDH's) CR08-55 and CR08-56 were drilled in the Mountain Zone to correlate between IP chargeability anomalies and historic known mineralization. CR 08-55 was drilled under Shaft #3 (30m deep). Spoil piles from this shaft contain chalcopyrite, pyrite and hematite bearing quartz and calcite within stockwork veined and brecciated andesitic volcanic host rock. Mispec Resources, a previous operator, cut 0.36% copper (Cu) over 6m in DDH 95-K11. It appears that CR08-55 intersected the chargeability anomaly at approximately 310-330m. In CR08-55 a 7m zone (322.8-329.8m) of 0.22% Cu and 0.64 silver(Ag) was intersected at 315m vertical depth which now establishes that Cu mineralization is in the system to depths greater than 300m. The sub-vertical orientation of the zone appears to correlate well with the mineralization associated with Shaft #3 at surface.

CR08-56 was drilled on the edge of a broad NE-SW trending chargeability anomaly under Shaft #5 (historic intersection of 0.64% Cu over 13m true width in Mariner Mines DDH MM1963-35). Drilling targeted the 80-200m vertical depth range to explore the widening of this anomaly towards the NE. Limited sampling of CR08-56 returned encouraging results in terms of correlating IP and mineralization near surface and at depth (greater than 200m). A number of low grade sulphide zones were intersected (see table below).

The orientation of the IP anomaly and results of these two holes prompted the re-interpretation of this zone from one NNW-SSE trending zone to two NE-SW trending zones.

Copper Brook Zone

CR08-57 was drilled to test the nature of a mid-range IP anomaly in an area that had not been previously drilled, and to aid in geological modeling. The chargeability anomaly was associated with a series of magnetite rich andesitic dykes in the 286-318m range within thick quartzites. A new 'Copper Brook shear-zone style' mineralized zone was intersected in the 112-133m range (see table). The new zone is referred to as the 'E Zone'.

CR08-58 was drilled to test a chargeability anomaly at depth that appears to be the SW extension of the Copper Brook Zone intersected by CR07-47 (115m to the NE). Seven sub-vertical copper bearing zones over a true width of 40m (223-310m vertical depth range) matched the exact position of the chargeability anomaly as plotted in Quantitative Section QSL 7+75 (significant intersections below). These intersections establish that mineralization associated with the Copper Brook Zone occurs at depths of more than 300m.

Historically, the Copper Brook Zone (old Coxheath Deposit mine site) contains a - NON 43-101 compliant resources estimate of 400,000 metric tons of 3.15% Cu.(a) The strike length of this shear vein system has been drill tested laterally and extended as follows: The B Zone from 80m to 400m; The LW Zone from 70m to 280m; and the C Zone from 110m to 300m. Furthermore, drilling has increased the minimum vertical depths (approximately 103m) for the B and LW Zones to 168m for the B Zone and 155m for the LW Zone.

((a)A. S. Bayne Mineral Resource Estimate (1963) - Appendix III of the Corporation's (NI 43-101) Technical Report available at www.Sedar.com.)

Deep Pit Zone

CR08-59 was drilled to test a newly discovered IP anomaly at the western periphery of the Deep Pit Zone. Previous drilling in CR07-12 intersected sheeted copper veins at the top of the hole between 5-19m (14m) that ran 0.27% Cu and 0.75g Au. CR08-59 cut three sub-vertical dipping Cu zones within a 25m true width interval from 225-282m vertically. This mineralized zone correlates well with the IP anomaly which further extends at least 100 meters to the south. As the table below indicates, there is an elevated and consistent association with gold values, similar to that seen in the Deep Pit and Central Zones. Historic surface pits have been recently bulk sampled and are now being tested for assays and metallurgical liberation results. Grab samples from these pits ran up to 2% Cu and 2 to 15g Au.

Central Zone & Moly Sub-zone

CR08-61 was drilled to test an IP anomaly in the 250m vertical range and the possibility of an association with sheeted copper vein style mineralization found at the top of CR06-24 (approximately 52m to the west) that cut 47m (4-51m) of 0.21%Cu, 1.3g Ag, and 0.18g Au. It appears that the IP anomaly was associated with two different mineralization styles. The first includes six narrow zones of low-grade, sub-vertical trending molybdenum (Mo) mineralization with trace amounts of copper between 213-247m (approximately 17m true width). The second was a small 0.25m zone of sheeted vein style copper mineralization cut between 285-286m.

CR08-61 also intersected extensive molybdenite mineralization in mostly sub-vertical quartz veins and as thin coatings along minor faults from 55m to the end of the hole. One 29m interval (55-84m) ran 0.027% Mo (see table). The extensive molybdenum mineralization found in this hole confirmed a correlation with the widening of a linear chargeability anomaly, extending from L600 to L900E as outlined in a recent detailed survey to a depth of 100m.

A fence of 4 holes (CR08-62 to CR08-65) was subsequently drilled to test the lateral extent of the detailed IP anomaly and the associated Mo mineralization found in CR08-61. A consistent Mo zone from 2-7m in thickness was intersected in these holes in the 39-50m vertical range and can be traced over a minimum strike length of 250m. This new zone includes:

A 6m interval (54-60) running 0.021% Mo and a 5m zone (149-154m) running 0.10% Cu, 0.322g Ag and 0.709g Au in CR08-62, drilled 100m north of CR09-61;

A 2m interval (48.7-50.7m) running 0.06% Mo in CR08-63, drilled 50m south of CR 61;

A 3m interval (47-50m) running 0.039% Mo and a 5m zone (105-110m) running 0.061% Mo in CR08-64, drilled 150m south of CR08-61. Additionally, a low grade copper zone was cut between 219-226m at 176m vertically (7m ran 0.07% Cu). This intersection might represent the southern extension of the copper zone cut in the upper portion of CR06-24, 150m to the north;

And a 1m intersection (33-34m) 'Mo-bearing fault zone' ran 0.014% Mo in CR08-65, drilled 200m south of CR08-61. In addition, two copper mineralized zones were cut (small quartz sheeted vein style mineralized zones, similar to Central Zone). The first 4m interval (155-159m) ran 0.14% Cu and the second 23m zone (243-266m) ran 0.051% Cu (approximately 15 true width).



Table of Significant Drilling Results

----------------------------------------------------------------------------
DDH Target Area(1) Fr. m To m m Cu Ag Au Mo
%(2) ppm(2) ppm(3) ppm(4)
----------------------------------------------------------------------------
CR08-55 MZ 322.8 329.8 7 0.21 0.64 0.015 10
----------------------------------------------------------------------------
Incl. 325.8 328.8 3 0.46 1.19 0.029 20
----------------------------------------------------------------------------
Incl. 326.8 328.8 2 0.62 1.59 0.036 25
----------------------------------------------------------------------------
CR08-56 MZ 65 66 1 0.27 13.50 0.020 19
----------------------------------------------------------------------------
and 70 71 1 0.23 4.22 0.025 118
----------------------------------------------------------------------------
and 109 110 1 0.24 5.29 BDL 11
----------------------------------------------------------------------------
and 242 243 1 0.57 1.19 BDL 2
----------------------------------------------------------------------------
CR08-57 NA 112 115 3 0.16 1.96 Trace 26
----------------------------------------------------------------------------
and 125 133 8 0.10 4.56 Trace 13
----------------------------------------------------------------------------
and 184 186 2 0.23 1.59 Trace 12
----------------------------------------------------------------------------
CR08-58 CBZ 276 278 2 0.18 0.13 0.055 20
----------------------------------------------------------------------------
and 283 288 5 0.14 0.15 0.030 6
----------------------------------------------------------------------------
and 321 325 4 0.19 0.19 0.009 11
----------------------------------------------------------------------------
and 340 345 5 0.11 0.05 Trace 3
----------------------------------------------------------------------------
CR08-59 DPZ 53 56 3 0.11 0.21 0.285 3
----------------------------------------------------------------------------
and 134 135 1 0.08 0.64 0.379 4
----------------------------------------------------------------------------
and 207 210 3 0.13 0.21 0.285 3
----------------------------------------------------------------------------
and 252 254 2 0.14 0.40 0.404 1
----------------------------------------------------------------------------
and 299 304 5 0.11 0.14 0.282 2
----------------------------------------------------------------------------
CR08-61 CZ (MS) 55 84 29 0.02 0.09 Trace 276
----------------------------------------------------------------------------
Incl. 58 61 3 0.08 0.32 Trace 1277
----------------------------------------------------------------------------
Incl. 58 60 2 0.10 0.38 Trace 1690
----------------------------------------------------------------------------
and less
than
107 113 6 0.01 0.03 Trace 463
----------------------------------------------------------------------------
Incl. less
than
111 113 2 0.01 0.05 Trace 1282
----------------------------------------------------------------------------
CR08-62 CZ (MS) 54 60 6 0.01 0.05 0.008 209
----------------------------------------------------------------------------
and 150 155 5 0.10 0.32 0.709 10
----------------------------------------------------------------------------
Incl. 150 152 2 0.19 0.64 1.725 9
----------------------------------------------------------------------------
and 191 192 1 0.39 0.53 0.262 1780
----------------------------------------------------------------------------
CR08-63 CZ (MS) less
than
48.7 50.7 2 0.01 0.18 BDL 599
----------------------------------------------------------------------------
and 91 92 1 0.02 0.62 0.005 1080
----------------------------------------------------------------------------
and 111 112 1 0.01 0.02 0.005 1670
----------------------------------------------------------------------------
and 184 185 1 0.08 0.29 0.010 1090
----------------------------------------------------------------------------
CR08-64 CZ (MS) less
than
47 52 3 0.01 0.03 0.002 413
----------------------------------------------------------------------------
and 105 110 5 0.03 0.23 Trace 612
----------------------------------------------------------------------------
Incl. 108 110 2 0.02 0.05 Trace 1185
----------------------------------------------------------------------------
Incl. 109 110 1 0.02 0.07 BDL 2150
----------------------------------------------------------------------------
and 213 228 15 0.04 0.09 Trace 12
----------------------------------------------------------------------------
Incl. 219 226 7 0.07 0.14 Trace 11
----------------------------------------------------------------------------
CR08-65 CZ (MS) less
than
33 34 1 0.01 0.18 BDL 143
----------------------------------------------------------------------------
and 155 159 4 0.14 0.14 Trace 4
----------------------------------------------------------------------------
and 243 266 23 0.05 0.15 Trace 4
----------------------------------------------------------------------------
Incl. 253 266 13 0.06 0.12 Trace 13
----------------------------------------------------------------------------
Incl. 253 259 6 0.10 0.17 Trace 8
----------------------------------------------------------------------------

(1) MZ - Mountain Zone; NA - Not Applicable; CBZ - Copper Brook Zone; CZ
(MS) - Central Zone (Moly Subzone) -DPZ Deep Pit Zone.
(2) Values rounded up to two decimal places.
(3) Values rounded up to three decimal places.
(4) Values rounded to the nearest parts per million ppm. BDL - Below
detection limit


The 2008 drilling and sampling program was directly supervised by Lyndon Jensen, P. Geo. and Fred Bonner, P Geo., qualified persons as defined by National Instrument 43-101. Core samples sent for assaying were taken from halved drill core on site at the Coxheath Deposit core preparation and storage facilities in Beechmont, Cape Breton, Nova Scotia. The remaining half of the drill core is stored on-site at the storage facility for reference and for future assay verification. Samples were sent directly to ALS Chemex's laboratory facilities in Val d'Or, Quebec for sample preparation and internally to ALS Chemex laboratory in Vancouver for analysis. Four Acid Digestion and Induced Coupled Plasma /Mass Spectroscopy was used to analyse a suite of 47 elements while a 50 g cut of the sample was analysed by Fire Assay with an Atomic Adsorption finish for gold. In addition to laboratory replicate analysis, the Corporation also institutes a comprehensive check sample program for data verification, of which results are pending.

About Silvore Fox Minerals Corp.

Silvore Fox Minerals Corp. is a Bedford, Nova Scotia, Canada based public mineral exploration company. On June 4th, 2008, the Corporation acquired 3214399 Nova Scotia Limited as a wholly owned subsidiary, including 100% earned mineral rights to the claims at Coxheath, Cape Breton Island, Nova Scotia (known as the 'Coxheath Deposit'). The Corporation has an experienced management and geological team. The Coxheath deposit model is believed to be analogous to Pacific Rim volcanogenic porphyry copper deposits. Alteration patterns in association with the regional geological setting further suggest a possible model linking the diorite-hosted porphyry-style mineralization at Coxheath and an epithermal system approximately 4 km to the east.

Silvore Fox Minerals further recent acquisition agreement of the 'Oceanview' property, strengthens SFX's position as a regional mineral exploration company. It is a complimentary prospect to the multi-element Coxheath deposit.

Fred Bonner, P.Geo, Vice President - Exploration, is the qualified person as defined by National Instrument 43-101 who has reviewed and approved and verified the technical information contained in this news release.

Forward-Looking Statements

Certain information regarding Silvore Fox Minerals Corp. (SFX) contained herein may be deemed forward looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although SFX believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. SFX cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what SFX currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements could include exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Silvore Fox Minerals Corp.
    Harold Cabrita
    President & CEO
    (902) 832-1060
    (902) 422-9208 (FAX)
    or
    Silvore Fox Minerals Corp.
    Fred Bonner
    Vice President - Exploration
    (902) 832-1060
    (902) 422-9208 (FAX)
    Email: info@silvorefox.com
    Website: www.silvorefox.com