Boulder Mining Corporation

Boulder Mining Corporation

July 26, 2005 09:00 ET

Boulder Mining Corporation: 7 Drill Targets Taking Shape at Tevrede Copper-Gold Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 26, 2005) - John H. McAdam, President of Boulder Mining Corporation (TSX VENTURE:BDR) is pleased to report that Induced Polarization - Resistivity Surveys, Gravity Modeling and Soil Sampling have been used extensively on the Tevrede property (the "Property") to define and prioritize seven separate Iron Oxide Copper Gold (IOCG) related targets. The 14,500 hectare project, located in northwest Namibia, has excellent road access and favourable political environment. Images of the targets will be presented on the Company's website under Projects, Namibia IOCG.


Review of extensive and detailed geochemical, gravity, and IP data combined with strong gold and copper results from previous grab samples and reverse circulation drill intercepts shows the Azurite Hill area to have three distinct high priority drill targets.

1) The Azurite Hill Main Gravity Anomaly is hosted entirely in granite and is characterized by a significant mass build-up over an area 2 km by 2 km. The intersection of two strong linear features; a 2 km long north trending structural corridor and a northeast trending structure intersect in the area of the largest and most cohesive gravity anomaly discovered to date on the Property. Modeling of the gravity data indicates that the source does not likely outcrop at surface, but it is located at the southern end of the copper-gold bearing Target 2, described below. This target has never been drilled.

2) The Azurite Hill North-South Structural Corridor is defined by a series of previously announced high grade gold surface grab samples, which returned values of 10 grams, 30.8 grams, 51 grams and 88.5 grams per ton of gold and can be traced with gold and copper-in-soil anomalies over a 2 km long strike length. A 2003 drill hole returned a 2 m intercept running 9.79 grams per tonne gold. All mineralized samples are associated with strong hematite and/or magnetite mineral assemblages, the trademarks of IOCG systems. Grab samples have returned copper values up to 2.27 per cent copper. Resistivity and IP work has confirmed the strong northerly fabric and there may be zones of interest lying parallel to this gold bearing corridor.

3) The Azurite Hill NE Trending Gravity Anomaly is characterized by a discrete gravity anomaly overlain by a 3 km long copper-in-soil anomaly open on both ends. This feature lies at the edge of the survey so its IP characteristics are unknown. This target has never been drilled.


1) The Main Trend is a 4 km long volcanic wedge located in the northeast portion of the Property and is host to some strong copper and gold anomalies as detected by the drainage survey and confirmed by rock sampling. The volcanic wedge has a strong magnetic and gravity signature and this environment is highly prospective for IOCG mineralization. The presence of massive ferroactinolite alteration as well as structurally controlled chalcocite-hematite-magnetite-gold mineralization supports this hypothesis. Previous grab sampling from the unit has yielded up to 9% copper and 2.3g/t Au. This area also hosts extensive copper-in-soil anomalies, which were previously reported on Jan 19, 2005.

The northeast trending Main Trend is over 2800 metres long and approximately 150 metres wide. The anomaly is discontinuous in places due to alluvial cover. The Main Trend generally has an association of higher chargeability with copper in soil anomalies.

Gravity modeling shows a series of denser bodies along the northeast trend. Notably, the main mass of the bodies in this trend is indicated by the gravity modeling to be located 200 metres or more below surface. This target has never been drilled.

2) The Secondary Trend is subparallel to the Main Trend and is located some 400 metres to the northwest, underlain by granodioritic rocks. It also trends northeast and, if continuous beneath sections of alluvial cover, it may be as much as 2800 metes long by 250 m wide.

The Secondary Trend copper anomalies are located along the large northeast trending gravity anomaly discovered in 2003 and better defined in the recent gravity survey. The Secondary Trend illustrates a strong correlation between copper in soil and the higher chargeability readings. Modeling of the main gravity anomalies in this area indicates that the main target generally lies 200 m or more below surface. This target has never been drilled.


The Kamdesha area lies in the southwest corner of the property in a recently discovered area of large-scale gravity anomalies spatially associated with a granitic body with similarities to the main late stage granite plug in the central portion of the Property. The Kamdesha anomaly is at least 3 km long and up to 1km wide and is open to the north and south. Follow up sampling has identified the presence of anomalous gold and copper values in rock samples. Mineralization is associated with quartz-magnetite-hematite veining in sheared granitic rocks.

Soil geochemistry has highlighted anomalous copper in soil samples coincident with and adjacent to the pronounced gravity features. These soil anomalies coincide with a higher chargeability response within a domain of higher resistivity values. Modeling was not completed on these gravity features as the data lies too close to the edge of the survey to produce a viable model. This target has never been drilled.


The main gravity anomaly covers a 10 square kilometer area, and was tested by six widely spaced reconnaissance holes in 2003. All six holes intersected intervals of alteration and/or mineralization consistent with an IOCG system. However, with the exception of one hole, the drilling did not adequately explain the strength of the gravity anomaly.

The detailed gravity survey indicated that the main anomaly comprises numerous smaller anomalies, which were either missed by previous drilling, or that drilling did not reach the modeled target depth.

A portion of this area was covered by a soil geochem survey, which showed an 800 m x 100 m anomaly. Two weaker anomalies also overlie smaller modeled gravity bodies.


Drainage samples, which define the 5-kilometer long east-northeast gold trend through the center of a granite plug, grade up to 2.8 grams of gold per tonne. Elevated copper, iron, lanthanum, thorium, uranium, nickel, molybdenum, potassium and cobalt (i.e. all positive IOCG indicators) are coincident with this trend as well. The trend hosts intensely hematized, well-milled breccias indicating the presence of an active hydrothermal system. Grid B, established over this trend, which is located in the central portion of the property, hosts a copper anomaly 3500 m long by 100 m wide. This target has not been covered with IP geophysics. Modeling of the gravity features in this area hosted wholly within the HHP Granite shows a series of elongate bodies directly underlying the multi-element anomaly. The Gold Trend has never been drilled.

GRAVITY RESULTS- modeling shows distinct bodies and guidance for depth.

Gravity anomalies are measured increases in the earth's gravitational field that could be indications of dense mineralization below. Sophisticated 3-D inversion modeling programs can be used to generate possible configurations of mass that match the data collected. 3-D Inversion modeling of the Tevrede anomalies was performed by SJ Geophysics of Delta B.C. Images of the modeling for the target areas will also be presented on the Company's website.


The IP-Resistivity Survey was conducted as a Gradient Array grid with 200 metre spaced lines and 50 metre stations oriented to cross over the main gravity and structural features described above. The data provides both chargeability and resistivity responses of the target area. The IP survey was performed by GSG Geophysics of Namibia.

Sampling Protocol

Soil samples were screened to minus 500 microns and were shipped to Global Discovery Labs of Vancouver for aqua regia digest gold analysis as well as multi-element ICP analysis.

The Qualified Person for this project is John McAdam, B.Sc., P.Eng.

FUTURE PLANS- preparation for upcoming drill program

Prospecting and mapping of the anomalous trends will be underway shortly. There may be additional geophysical work undertaken as well. All this information will be used in planning the next drill campaign, which is anticipated to be in the order of a 10,000 metre program.

Boulder Mining Corporation has the right to earn a 100% interest, subject to a 3% royalty interest, in the Tevrede Project from Helio Resource Corp (TSX VENTURE:HRC). In turn, the Company has granted Springbok Resources Inc. the right to earn a 70% interest in the Tevrede Project by incurring expenditures of $9 million. Boulder Mining is also acquiring a 100% interest in the Indian River Gold Property from Western Prospector Group (TSX VENTURE:WNP).

On behalf of the Board of Directors

Boulder Mining Corporation

John H. McAdam, President and Director

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

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