Bannockburn Resources Limited

March 12, 2007 08:30 ET

Bannockburn Updates Activities

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 12, 2007) - Bannockburn Resources Limited ("Bannockburn" or "Company") (CNQ:BKNN) is pleased to provide an update of its exploration and corporate activities completed in 2006.

Bannockburn is a Canadian resource exploration company currently focused on the Klaza gold-silver property located 50 km west of Carmacks in the Yukon. Bannockburn may earn up to a 75% interest in the Klaza property and has completed its work commitments for 2006.

Previous exploration comprising geological mapping, prospecting, soil geochemistry, EM-16 surveys, trenching and diamond drilling defined three main gold-silver bearing vein systems (BRX, Klaza and BYG) on the property (Press Release October 28, 2005).

During 2006, a gradient array induced polarization geophysical survey was completed across the BRX and BYG zones and the southern edge of the Klaza zone. The BRX zone is marked by a 1 km diameter area with coincidentally elevated chargeability and conductivity response in the southern corner of the grid. Based on the results, an expanded pole-dipole induced polarization geophysical survey was completed in December 2006. The modeled data suggests the chargeable feature is lying roughly 60 metres below surface.

The geophysical surveys also identified a second anomaly comprising three northwest trending linear chargeability features that correspond to the northwestern extension of the BRX zone and the core of the BYG zone. These chargeability features are 710 to 1200 metres long.

Surface rock samples collected during 2006 confirm the previously reported trench data within the BRX zone with T-01 returning from 0.67 gram gold and 9.2 grams silver per tonne over 3.48 metres to 21.50 grams gold and 17 grams silver per tonne over 0.2 metre. A second trench, T-17, yielded from weakly anomalous gold-silver values to 8.56 grams gold and 50.8 grams silver per tonne over 3.1 metres. A National Instrument 43-101 compliant technical report was commissioned and a final report is expected this month.

At the Annual General Meeting of Shareholders to be held on April 5, 2007, the Company's management proposes to nominate Lukas H. Lundin, Brian D. Edgar and Paul K. Conibear to the Board in addition to encumbent directors Richard A. Graham, A. Murray Sinclair and Donn Burchill.

The foregoing disclosure, including results of the previous exploration, has been reviewed and compiled by Richard A. Graham, P. Geol., President of Bannockburn, who is a 'qualified person' for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

Contact Information

  • Bannockburn Resources Limited
    Richard A. Graham
    President and CEO
    (604) 689-1428