bcMetals Corporation

bcMetals Corporation

June 13, 2005 19:15 ET

bcMetals Corporation: High-grade Massive Sulphide Discovery Optioned

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 13, 2005) - bcMetals Corporation (TSX VENTURE:C) has acquired ownership of Alaska Range Minerals Corporation ("ARMC") which has the Option to acquire 100% ownership of a nine square mile block of mineral claims, located in the central Alaska Range, and accessible by car from the paved, all-season Richardson Highway, Alaska. Several different styles of high-grade massive sulphide mineralization have been discovered on the property.

bcMetals' initial interest in ARMC consists of 1,333,333 shares purchased at $0.15 per share, which currently represent 100% of ARMC's outstanding shares. The Option terms require bcMetals to pay US$825,000 over five years to the claim holder (US$75,000 within the first year), incur US$13.5 million in expenditures by mid-2010 (US$500,000 in the first year) or complete a Feasibility Study, and issue four million ARMC shares prior to commercial production (one million shares in the first year). The Option may be dropped at any time without penalty. The Optionor is at arms length to ARMC and bcMetals.

In 2001, the Optionor and the U.S. Bureau of Land Management ("BLM") separately discovered in-situ massive sulphide Cu, Zn, Pb, Ag, Au mineralization at the Verona Pick and Woody prospects. Mineralized float in glacial moraine in the intervening approximately 1 km between Woody and Verona Pick is reported, suggesting possible continuity. The mineralization occurs in intermediate volcanic rock and quartz veins at both discoveries.

The BLM began a 5-year Delta River Mining District study encompassing the subject claims and conducted work on the property in 2001, 2002, 2003 and 2004. The owner reports no exploration company saw the new discoveries prior to Kinross Gold Corporation's site visits in July and August 2004. No exploration program has been conducted on either the Verona Pick or Woody prospects.

BLM sampling at the Verona Pick prospect during the same 2001 to 2004 period also returned highly anomalous sample values ranging up to 21.8% Zn, 5.62% Pb, 32.3 gpt Ag and 4.97 gpt Au. A high-grade grab sample from float returned values of 22.5% Zn, 8.02% Pb, 1.3 ounces per ton (opt) Ag and 0.40 opt Au. Kinross sampling at Verona Pick in August 2004 returned sample values up to 18.7% Zn, 1.74% Pb, 58.4 gpt Ag and 4.88 gpt Au.

BLM sampling at Woody returned highly anomalous results with sample values ranging up to 5.7% Cu, 7.01% Zn, 1.3% Pb, 96.9 gpt Ag and 5.58 gpt Au. Kinross sampling at the Woody prospect in August 2004 returned sample values ranging up to 4.88% Cu, 4.29% Zn, 0.8% Pb, 53.3 gpt Ag and 1.09 gpt Au. The highest assayed metal grades reported from the Woody prospect and obtained from selected samples is 6.2% Cu, 13.9% Zn, 1.3% Pb, 96.9 gpt Ag and 24.66 gpt Au.

Aerial geophysical surveys, the last undertaken by the State of Alaska, Department of Natural Resources, Division of Geological & Geophysical Surveys ("DGGS"), with data released in 2003, cover the entire 37 mineral claims comprising the property. The Company is in possession of these data and has engaged a consulting geophysicist to reprocess data as required, interpret results, recommend any further geophysical programs, and identify drill targets or other exploration areas.

Seven other mineralized showings are known on the property, two of which were also discovered by BLM geologists in 2001, the 'Plateau' and 'BLM' prospects. Both contain high-grade Cu mineralization of similar unknown size or possible commercial importance.

Two high grade Ni, Cu, PGE prospects are known and road accessible: a 5.4m wide gabbronorite dyke outcrops at surface intruding quartz diorite (Forbes Prospect); one mile west, a 4m wide gabbronorite dyke intruding quartz diorite is exposed by trenching (Emerick Prospect); this quartz diorite body is in contact with a 800m wide highly serpentinized ultamafic rock which has nine known Ni, Cu, PGE massive sulphide veins and stringers occurring within a 100m zone, 300m south of the gabbronorite dyke (Emerick Prospect). The veins and stringers are reported to be from 2.4m to 10cm wide. Numerous grab and chip samples by the BLM, Falconbridge and others have returned up to 5.4% Ni, 4.13% Cu, 0.11% Co, 1.1 gpt Pt, 1.0 gpt Pd at the Forbes Prospect; and up to 6.3% Ni, 2.2% Cu, 0.22% Co, 1.17 gpt Pt, 2.28 gpt Pd at the Emerick.

The Company's consulting Geologist and Qualified Person under National Instrument 43-101, is Curtis J. Freeman, BA, MS, CPG #6901, AA#159 of Fairbanks, Alaska. Based on Freeman's recommendations, the Company has initiated a geologic mapping and sampling program with the aim of confirming drill targets, and will commence a limited drilling program by month's end.

The Company is in discussions with smelters, concentrate buyers, potential joint venture partners and banks regarding the execution of concentrate Offtake Agreements and Project Finance for its wholly-owned Red Chris Cu-Au porphyry project in Northwestern British Columbia. With the re-election of the B.C. Liberal Government last month, the Company awaits the decision of the government to extend the North American power grid from Meziadin Junction to Iskut. Red Chris requires approximately 40MW to operate its proposed 30,000tpd open pit mine and flotation concentrator. At C$0.0273/kWh (US$0.0218/kWh), British Columbia has one of the lowest cost power supplies in the western world.

Ian Smith, President & CEO

This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

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

Contact Information

  • bcMetals Corporation
    Ian Smith
    President & CEO
    (604) 683-0140
    (604) 683-0126 (FAX)