BOXXER GOLD CORP.
TSX VENTURE : BXX

BOXXER GOLD CORP.

October 16, 2006 09:10 ET

Boxxer Discovers High Grade Copper Mineralization at Buena Vista

CALGARY, ALBERTA--(CCNMatthews - Oct. 16, 2006) - Boxxer Gold Corp. (TSX VENTURE:BXX) announces that a recently completed exploration program has identified widespread copper mineralization and three large copper-in- soil geochemical anomalies in the Buena Vista Joint Venture iron oxide-copper-gold ("IOCG") project area, located approximately 90 miles east of Reno. Diamond drilling is expected to commence in early November of this year or sooner depending on rig availability. A total of 3,000 feet of HQ-size diamond drilling is planned as an initial evaluation of the five targets outlined below.

A compilation of all exploration results (see news release dated September 7th, 2006) indicates the Buena Vista property hosts widespread copper + gold mineralization, sodic-calcic hydrothermal alteration and geophysical anomalies (IP-chargeability/magnetic) characteristic of a large IOCG mineralized system. Analytical results from rock chip sampling of copper showings located during the recent field program are outlined below.



------------------------------------------------------------------------
Sample No. Type Cu ppm Au ppm
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49701 area chip 4 0.007
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49702 area chip 439 0.001
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49703 area chip 11 0.003
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49704 dump 4.90% 0.001
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49705 area chip 405 less than 0.001
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49706 area chip 220 less than 0.001
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49707 area chip 3.63% less than 0.001
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49708 area chip 57 less than 0.001
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49709 area chip 5850 1.51
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49710 grab 1400 0.007
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49711 area chip 404 0.008
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49712 1'chip 3.67% 0.004
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49713 area chip 805 0.003
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49714 grab 9% less than 0.001
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49715 1'chip 90 less than 0.001
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49716 1'chip 2900 0.003
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49717 1'chip 5020 less than 0.001
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49718 area chip 163 less than 0.001
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49719 1'chip 21 less than 0.001
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49720 area chip 15.60% 0.823
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49721 area chip 10.90% 1.175
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Cu - copper; Au - gold; ppm - parts per million
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The soil geochemical survey (600 samples collected on lines 150 to 300 feet apart and sample intervals of 100 feet on each line) has outlined three strong ( greater than 50ppm), well developed copper-in-soil anomalies associated with three of the five drill targets outlined below.

Feeder Zone Drill Targets

The "Feeder Zone" is approximately 800 feet wide at surface and has been traced along 2,200 feet of strike length. This zone hosts at least twelve, fault-bounded massive, magnetite-hematite replacement bodies (up to 80 feet wide and 600 feet long). These bodies are commonly overprinted by variably oxidized, disseminated and fracture - controlled copper mineralization (malachite to locally oxidized chalcopyrite/bornite). Rock chip sampling in 2003 and 2006 of the massive magnetite-hematite replacement bodies and associated peripheral alteration has yielded grades ranging between 0.75% and 4.9% Cu. The Feeder Zone exhibits intense, structurally controlled chlorite-sericite-iron carbonate-albite alteration peripheral to the massive magnetite-hematite replacement bodies which is typical of IOCG mineralization. Two drill targets identified within the Feeder Zone are described below.

Targets 1 and 2

Target#1 includes a partially exposed and mineralized massive magnetite-hematite replacement body expressed as a strong magnetic feature approximately 1,000 feet long and 700 feet wide and large (2,700 foot long and 1,300 foot wide) coincident IP-chargeability anomaly (defined in 2003). A well defined, linear (370 to 600 feet wide and 1,250 foot long) copper-in-soil anomaly (copper values ranging between greater than 50 to 400ppm) occurs along the west side, flanking these geophysical anomalies. Previous sampling of the exposed replacement body and enveloping alteration indicates copper values up to 1.8%. Target #1 as well as a similar mineralized magnetite-hematite replacement body (Target #2) and associated alteration (Sample 49704) located approximately 500 feet to the south will be tested from three drill sites.

Strata-bound Drill Targets

As previously announced (see news release dated September 7th, 2006), detailed mapping within the large (approximately 5,000 foot long by 1,000 foot wide) alteration zone located at least four stacked stratigraphic units (units labelled #1 to #4) composed of massive iron carbonate-albite-hematite alteration. These intense alteration units host at least ten showings and/or zones of copper mineralization (up to 50 feet long and 30 feet wide) as well as leached gossanous specular hematite replacement bodies (referred to as "leached caps). The stacked units have been folded and range from 50 to 400 feet in surface width with strike lengths that vary from 1,000 feet to over 2,500 feet. Three drill targets have been identified within this area.

Target 3

Unit #2 is located on the east side of the large alteration zone and hosts the Copper Kettle mine workings where previous sampling of oxidized copper mineralization (malachite-azurite) exposed in outcrop and in the shaft returned grades ranging from 2.1% to 7.5% Cu. Two copper showings and two leached caps (Samples 49705, -707, -712 and -718) are also hosted in this unit. Mineralization in the mine area is expressed as a strong (100 to 4,760 ppm) copper-in-soil anomaly (approximately 1000 feet long and 300 to 670 feet wide) that extends to the east beyond the immediate workings. Two drill holes are planned to test Unit #2 in the mine area.

Target 4

Unit #1 is also located on the east side of the large alteration zone and hosts several "leach caps" developed on specular hematite replacement bodies. Copper mineralization appears to have been leached from the bodies leaving residual copper concentrations up to 1,400 ppm (Samples 49706, -710, -711, -713, -117). The largest leached cap (approximately 300' long and 75' wide) located in Unit #1 will be tested from two drill sites. The absence of significant copper-in-soil anomalies ( greater than 100ppm Cu) within this target area is interpreted to be due to the leaching of the copper mineralization.

Target 5

Unit #3 is the largest and most deformed strata-bound alteration unit located to date within the zone. Drilling will test ground that hosts three areas of exposed copper oxide - oxidized sulphide mineralization (Samples 49714 and -720) and a leached specular hematite replacement body. The oxidized sulfide mineralization consists of fine-grained disseminated chalcopyrite, bornite and locally massive chalcocite. 2003 and 2006 assay results from these areas of exposed copper mineralization returned values from 2.4% to 15.6% Cu and 0.025g/t to 0.82g/t Au. The leached specular hematite replacement body is approximately 160 feet long and 90 feet wide (Samples 49703, -715) and located 150 feet northeast from and 40 feet topographically above the more significant copper mineralization exposed in outcrop and rubble. This target area is associated with a weak IP-chargeability anomaly (350" long and 230'wide) and a copper-in-soil (50ppm - 529ppm) anomaly (400' long and 300' wide). The target will be tested from two drill sites.

Additional drill targets are present in Unit #4 on the west side of the large alteration zone where significant copper-gold showings (Samples 49709 and -721) have been located and a weak IP-chargeability anomaly defined. Further field work is needed to define these targets prior to diamond drilling.

Sample Preparation and Analysis:

All rock chip and soil samples collected in the August exploration program were prepared at the ALS Chemex laboratory in Winnemucca Nevada. Prepared sample pulps were shipped to ALS Chemex in Vancouver, British Columbia for geochemical analysis (atomic absorption and ICP-AES methods). ALS Chemex's quality system complies with the requirements for the International Standards ISO9001:2000 and ISO 17025:1999. Analytical accuracy and precision are monitored by the use of international and in-house standards.

Mr. Theodore A. DeMatties is an independent geologist consulting to Boxxer and is the Qualified Person who has reviewed and verified the technical information detailed in this release.

Boss Property - Equity Conversion of Lease Payment

Subject to regulatory approval, an agreement has been reached with one of the 50% private patented claim landowners of the Boss property in Nevada to convert their monthly lease payments into common shares of Boxxer. Under terms of the agreement the landowner will receive 175,000 common shares in lieu of US$1,500 monthly lease payments for the eighteen month period effective July 1, 2006 until December 30, 2007.

If you wish to receive company press releases via email, please advise Alison Tullis at alison@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.



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Contact Information

  • Boxxer Gold Corp.
    Colin Christensen
    President
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    (403) 503-0822 (FAX)
    Email: colin@boxxergold.com
    or
    Cavalcanti Hume Funfer Inc., Investor Relations
    Cathy Hume
    CEO
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    Email: cathy@chfir.com
    or
    Cavalcanti Hume Funfer Inc., Investor Relations
    Jeanny So
    Broker Relations Specialist
    (416) 868-1079
    Email: jeanny@chfir.com
    Website: www.chfir.com