BOXXER GOLD CORP.
TSX VENTURE : BXX

BOXXER GOLD CORP.

December 05, 2006 09:00 ET

Boxxer Completes Earn-In for 90% of Gordon Lake Gold Property, NWT

CALGARY, ALBERTA--(CCNMatthews - Dec. 5, 2006) - Boxxer Gold Corp. (TSX VENTURE:BXX) today announced that pursuant to an amended agreement signed with 397405 Alberta Ltd., Boxxer (or the "Company") has completed conditions for earning in to the 6,000 acre Gordon Lake gold property (the Property") located 110 kilometres northeast of Yellowknife NWT. Boxxer now controls a 90%-interest in mineral lease 3123, comprising approximately 600 acres, and a 100%-interest in four adjoining claims covering approximately 5,400 acres. To complete this transaction, Boxxer made a cash payment of $31,000 and will issue 250,000 common shares of Boxxer to 397405 Alberta Ltd., a private corporation owned by a director of the Company.

The geology of the Gordon Lake Property is similar to that which hosts the former Giant and Consolidated Yellowknife gold mines located in Yellowknife, NWT. The Property is underlain by turbidites of the Burwash Group and basaltic, andesitic, dacitic and rhyolitic volcanics of the Cameron River Group. Medium to coarse-grained gabbro and diorite dykes intrude the Burwash and Cameron River Groups lithologies.

Seven auriferous quartz veins or vein systems (from 1 to 10 metres in width) have been located to date within a 1.0 kilometre strike length on the Property. Gold mineralization occurs in silicified argillite, areas of quartz flooding, quartz veins and quartz stockwork all hosted within a broad zone of shearing referred to as the Ven Shear Zone. The gold mineralization is characterized by silica, sericite, chlorite and potassic alteration. Gold values range from less than 1.0 g/t over 1.0 metre to a maximum of 243 g/t over 0.6 metres (See News Releases dated December 12th 2003 and April 1st 2005).

Diamond drilling in 1988 and 2005 outlined significant zones of gold mineralization referred to as Main, South and Union zones. The mineralization in each of these zones is open along strike and at depth. Boxxer has defined the minimum dimensions of these zones as below:



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Zone Length (m) Depth (m) Average Width (m)
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Union 60 40 4.21
South 65 205 2.75
Main 65 65 1.47
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The weighted average grade of all diamond drilling and channelling sampling completed (in 1988 and 1994) on the three zones explored to date are set out below:



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Zone Activity Interval (m) Grade (g/t Aut)
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Union channel 2.65 10.24
drilling 4.21 3.10

South channel 1.76 5.28
drilling 2.75 15.60

Main channel 2.12 33.11
drilling 1.47 9.15
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The four other mineralized quartz veins and quartz vein systems occur between the Main and Union zones within the Ven Lake Shear Zone. Exploration to date has consisted of limited mapping and several wide spaced channel or select sampling. Results previously reported by Boxxer have included:

- The S2 vein yielded a select sample with 55.4 g/t gold.

- The Camp vein yielded three grab samples over a horizontal distance of 50 metres that assayed 38.9 g/t, 22.5 g/t and 17.5 g/t gold. Three channel samples assayed 14.50 g/t gold over 0.80 metres; 28.40 g/t gold over 0.20 metres; and 7.60 g/t gold over 0.60 metres.

- The Road veins, while poorly exposed, have been traced from the Main Zone to the South Zone over a distance of approximately 400 metres. Chip and select sampling yielded a maximum value of 5.4 g/t gold over 2.0 metres.

Options

The Company also announces that under the terms of its existing Stock Options plan it has granted, subject to regulatory approval, 300,000 options of the Company at a price of $0.20 to CHF Investor Relations, under an extension of their existing contract for IR consulting services. These options will expire in two years, with no more than 25% of the options vesting in any three month period.

If you wish to receive company press releases via email, please advise Ana Augusta at ana@chfir.com.

FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding production estimates and future plans and objectives of Boxxer - are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

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

Contact Information

  • Boxxer Gold Corp.
    Colin Christensen
    President
    (403) 264-4811
    (403) 503-0822 (FAX)
    Email: colin@boxxergold.com
    or
    CHF Investor Relations
    Jeanny So
    Broker Relations Specialist
    (416) 868-1079, Ext 225
    Email: jeanny@chfir.com