Silvore Fox Minerals Corp.
TSX VENTURE : SFX

Silvore Fox Minerals Corp.

March 29, 2010 14:49 ET

Update on Limited Diamond Drill Program to Fulfill 2009 Flow Through Commitments at Coxheath Property, Nova Scotia and Earn-in Commitment at Oceanview Property, Nova Scotia

HALIFAX, NOVA SCOTIA--(Marketwire - March 29, 2010) - Silvore Fox Minerals Corp. (TSX VENTURE:SFX) Mr. Harold Cabrita, President & CEO of Silvore Fox Minerals Corp. (SFX or the Corporation), is pleased to announce an update at the Corporation's 100% owned mineral rights at Coxheath and at the Corporation's Joint Venture Property at Oceanview, Cape Breton Island, Nova Scotia.

The objectives of the limited 2009 winter drilling were to meet 2009 Flow-through commitments and earn-in commitments at the Oceanview Property. At Coxheath, the focus of the drill program was to drill test the continuity of mineralization extending below Shaft #3 (Mountain Zone) to extend a zone of mineralization cut in MM35 (45 to 100m vertical depth) that ran 0.64% copper over 19.8m (Mountain Zone) and to extend known mineralized zones in the Copper Brook Area. At Oceanview, one significant IP anomaly was selected to be drill tested that occurred beneath a mineralized zone at the Copper Lake Shaft.

Two distinct styles of mineralization occur on the Coxheath Property; high-grade quartz-tourmaline veins/stockwork in structurally controlled zones (Copper Brook & Mountain Zones) and low-grade disseminated sheeted-vein systems that are typical of copper-molybdenum-gold porphyry deposits (Deep Pit, Central and Argyle/Aquitaine Zones). While most historical work focussed on the high-grade zones, SFX is evaluating both of these complementary styles of mineralization as part of their overall exploration strategy.

A historical non 43-101 compliant resource potential estimate was calculated by Bayne in 1963 (see website for more details), for a small area of the Copper Brook Zone. His "indicated" estimate was ~100,000 tons of ore @ 3.145% with a "resource potential" of ~400,000 tons for this zone based on geological mapping, sampling and limited drilling. Results from underground sampling by the Nova Scotia Department of Mines in 1947 (selection of results in following table) were also used in the calculation of the resource estimate by Bayne.

Sample Num. Length (inches) Cu (%) Mine Level   Sample Num Length (inches) Cu (%) Mine Level   Sample Num. Length (inches) Cu (%) Mine Level
93 48 2.24 120   86 54 2.15 190   73 54 4.95 260
96 48 0.78 120   87 48 0.81 190   82 54 3.02 260
101 42 1.93 120   89 54 1.09 190   69 48 1.10 260
102 42 2.48 120   90 42 3.58 190   22 36 10.0 340
98 36 0.87 120   85 36 0.96 190   25 42 1.72 340
99 42 1.18 120   66 41 3.11 260   26 48 2.83 340
100 30 0.93 120   21 36 6.0 260   28 48 3.58 340
94 42 3.11 140   52 53 1.34 260   30 45 4.74 340
95 48 3.21 140   68 48 1.93 260   33 48 1.37 340
97 66 1.99 140   69 48 1.1 260   38 36 3.98 340
104 72 5.38 140   8 24 8.76 260   27 36 1.31 340
92 36 1.09 140   9 36 0.44 260   37 54 0.28 340

Coxheath Drilling

To further explore the potential of these high-grade zones, SFX proposed drilling at two areas: 1) the Mountain Zone where stockwork mineralization occurs around Shaft #3; and 2) the south eastern boundary of the Copper brook Zone. A bulk sample from the Shaft #3 dump material returned 1.15% Cu, 8 g Ag and 0.05% Zn. Chargeability anomalies in the vicinity of Shaft #3, Shaft #4 and Shaft #5 (Mountain Zone) were targeted for drilling to test the nature of IP anomalies, to better understand the mineralogical/alteration relationships as they relate to IP response and to try to unravel the complex structural controls of stockwork mineralization in the Mountain Zone. Approximately 800 metres of NQ core were drilled in four holes in the Mountain Zone by Maritime Diamond Drilling Limited of Hilden, Nova Scotia. While all holes intersected various amounts of mineralization, factors such as extensive dyking and faulting may have affected the drilling results.

A further three holes, totalling 730m were drilled on the south eastern boundary of the Copper Brook Zone to test a deep chargeability anomaly, the continuity of mineralized zones and to map geological contacts/structure at depth. A tourmaline /sulphide bearing zone within the volcanics was intersected in CR 70, which is postulated to be the upper level of the 'C Zone'. CR 71 was drilled to test the continuity of the E Zone cut in CR 57 and CR72 was drilled to test a zone of mineralization encountered south east of Shaft #2 where a ~30m long trench was excavated during the bulk sampling of the C Zone, exposing multiple zones of copper mineralization.

It is clear that there is considerable variability in the distribution of the stockwork-style mineralization in the Mountain Zone. While high grade, these zones are elusive and require further detailed study to identify additional economic potential that could add to the overall potential of the Coxheath Deposit. An ongoing refinement of the understanding of the structural geology coupled with a new interpretation of IP and associated magnetic data and drilling data will enhance exploration efforts in this area. Selected results include:

CR 66
From m To m Core Width m Incl Cu % Ag ppm Au ppm Co ppm
107.3 108.3 1   0.30 1.50 0.008 21
137.2 139.2 2   0.06 0.55 Trace 43.60
159.2 164.2 5   0.07 1.41 0.0100 31.04
194 195 1   0.14 3.30 0.008 32
CR 67
From m To m Core Width m Incl Cu % Ag ppm Au ppm Co ppm
111.9 113.9 2   0.12 2.435 0.0075 17.52
161 163 2   0.08 0.715 0.0075 35.85
165 167 2   0.07 0.415 0.0065 33.15
CR 68
From (m) To (m) Core Width m Incl Cu % Ag ppm Au ppm Co ppm
83.3 84.3 1   0.11 0.4 0.006 39
99.2 100.2 1   0.06 0.3 0.005 32
CR 70
From m To m Core Width m Incl Cu % Ag ppm Au ppm Co ppm
66 69 3   0.12 12.06 0.0477 70.57
66 68 2 Incl 0.15 17.48 0.0715 72.15
148 155 7   0.39 1.06 Trace 65.89
152 154 2 Incl 1.05 2.19 0.2025 153.80
CR72
From m To m Core Width m Incl Cu % Ag pm Au ppm Co ppm
20 26 6   0.25 13.44 0.0365 111.43
20 23 3 Incl 0.32 9.44 0.0440 153.17
35 44 9   0.27 1.76 0.0180 33.81
35 41 6 Incl 0.37 2.49 0.0255 43.65
36 41 5 Incl 0.41 2.49 0.0276 44.68

*Note: Samples not analyzed yet for CR 69 or CR 71.

Oceanview Drilling

Approximately 494m of NQ core were drilled in two holes at Oceanview by Maritime Diamond Drilling Limited of Hilden, Nova Scotia to meet Joint Venture earn in commitments. A chargeability anomaly associated with mineralization at the Copper Lake Shaft was the target. Grab samples from the ore dump ran 3-6% Cu, with one recent analysis returning 6% Cu, 40g Ag, elevated Co and Au.

Problems drilling CL 1 led to the abandoning of the hole at 88m before reaching the IP target. Subsequently, CL 2 was drilled at the same target and cut through a strong chargeability anomaly that extends to at least 500m depth (limit of survey). Selected intersections include:

From (m) To (m) Incl Core Width m Cu % Ag ppm Au ppm Zn % Pb %
31.5 74   42.5 0.21% 3.24 Trace 0.05 0.010
33.5 48.1 Incl 14.6 0.36% 4.79 Trace 0.07 0.017
33.5 38.5 Incl 5 0.60% 7.04 0.022 0.08 0.026
34.5 37.5 Incl 3 0.91% 10.43 0.027 0.12 0.040
43.1 48.1 Incl 5 0.38% 2.74 0.011 0.038 0.002
52 58 Incl 6 0.11% 1.65 0.011 0.016 0.002
60 64 Incl 4 0.39% 5.92 0.009 0.038 0.002
71 74 Incl 3 0.40% 8.46 0.015 0.046 0.024
79 84   5 0.15% 2.42 Trace 0.024 0.003
95.8 99.8   4 0.10% 1.84 Trace 0.018 0.001
100.5 109.2   8.7 0.22% 5.10 Trace 0.074 0.007
344 346   2 0.04% 0.19 Trace 0.012 0.002

SFX is encouraged that these drilling results may potentially be indicators of significant mineralized zones being outlined here. Historic deeper drilling in the Copper Lake area has shown increases in Au, Co and Sn at depth. 

The Oceanview Property is a base-metal skarn deposit (with silver, tin, cobalt and gold). The property is situated among major geological features that make this property very attractive for further work. Geophysical work conducted in 2007 identified several significant IP anomalies.

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

About Silvore Fox Minerals Corp.

Silvore Fox Minerals Corp. ("SFX") is a Bedford, Nova Scotia, Canada based public mineral exploration company with 100% mineral rights to the claims at Coxheath, Cape Breton Island, Nova Scotia (known as the 'Coxheath Deposit'). SFX has an internationally 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. SFX's further recent option and joint venture agreements for the 'Oceanview', 'Nictaux' and 'Shortliff' properties, strengthens SFX's position as a regional mineral exploration company.

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.

Contact Information

  • Silvore Fox Minerals Corp.
    Harry Cabrita
    President and Chief Executive Officer
    902-832-1060
    hjc@silvorefox.com