Everett Resources Ltd.

Everett Resources Ltd.

March 02, 2011 09:45 ET

Everett Resources Announces Drilling Contract and Mobilization on the Menarik Property, Quebec

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2011) - (TSX VENTURE:EAR) Everett Resources Ltd. ("Everett") announces that it has entered into a contract with DJM Drilling Inc., of Rouyn-Noranda, Quebec to completed a minimum 2,000 meter diamond drill program before spring break-up on the Menarik polymetallic property, located in the James Bay area of the province of Quebec. Everett can earn a 50-per-cent interest in the Menarik property held by Pro-Or Inc. (Ressources Minieres) by issuing 4.5 million common shares to Pro-Or Inc. over two years and incurring $5-million in exploration and development work on the property over a period of three years.

The drill program will be testing multiple targets, as the property hosts stratiform chromite horizons and magmatic massive sulphides in Menarik ultramafic intrusion, nickel-copper concentrations in the altered zones, gold targets and mineralized felsic volcanic on the edges.

President Mike Waggett comments, "Menarik Property with its previously identified mineralized zones holds tremendous potential for exploration success."

Initial drilling will be directed at the AEM Menarik East zone for magmatic Ni-Cu massive sulfides. Previous drilling on this target has returned the following results:

Hole ID % Ni and % Cu From (m) To (m)
MK-07-76 : 1.00% Ni and 0.44% Cu over 2.7 m from 125.7 to 128.4 m
MK-07-77 : 2.15% Ni and 0.66% Cu over 0.55 m from 132.8 to 133.35 m
MK-07-77 : 1.15% Cu over 1.3 m from 140.7 to 142.0 m
MK-07-78 : 0.78% Ni and 0.57% Cu over 1.55 m from 191.35 to 192.9 m
MK-08-06 : 1.88% Ni and 0.35% Cu over 4.5 m from 145.1 to 149.6 m
MK-08-07 : 1.11% Ni and 0.32% Cu over 3.8 m from 80.7 to 84.5 m
MK-08-08 : 0.55% Ni over 4.7 m. from 75.0 to 79.7 m
MK-08-09 : 1.61% Ni over 0.2 m. from 139.6 to 139.8 m
MK-08-10 : 0.47% Ni and 0.32% Cu over 1.8 m. from 348.5 to 350.3 m

Later in the program, drilling will focus on gold and gold-copper showings defined by a combination of:

  • surface showings and sampling; 
  • chargeability anomalies from previous Induced Polarization geophysical survey;
  • extensions of previous drill holes such as MK-08-06 which intercepted 57 meters of alteration and quartz veining, with fuchsite (green mica), hosted in felsic volcanics (rhyolites) in an area of anomalous gold surface samples and a chargeability high.

A panoramic view of the Menarik polymetallic property, which outlines the main areas of mineralization as well as additional defined areas of mineralization, can be seen on the Everett Website at the following link: http://bit.ly/MenarikMap.

A 43-101 compliant measured and indicated resource estimate of chromite made for joint venture partner Ressources Minieres Pro-Or Inc. in 2006 by the consultant group Roche from Quebec City and updated in 2009 by Yvan Bussières, P.Eng. reports a total exceeding 6.2 million metric tons grading on average 7.69% Cr2O3. The report can be found on SEDAR (www.sedar.com) or Company's website www.everettresources.com.

Yvan Bussières, P. Eng., a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the technical information in this release.

About Everett Resources Ltd.

Everett is a junior resource mineral exploration company with interests in two mineral properties, the Menarik located in Quebec and the San Juan Property located in New Mexico, U.S.A. To find out more about Everett Resources Ltd., visit Everett's website at www.everettresources.com.

The Menarik Property, Quebec

As set out in the joint news release issued by Everett and Pro-Or Inc. ("Pro-Or") on September 23, 2010, the Menarik Property is located in northwestern Quebec, approximately 45 kilometers to the south east of the town of Radisson. It comprises a contiguous group of 67 claims, for a total area of 3,062 hectares, fully owned by Pro-Or, free of any royalties. Pro-Or, to date, has incurred expenditures in the order of $6,900,000 on the Property. Based on a compilation report by consultant geologist, Yvan Bussieres, five different types of mineralization have been indentified on the Menarik Property. The Menarik ultramafic intrusion contains stratiform chromitites formations, massive sulphides and nickel-copper concentrations in altered zones. A 43-101 compliant estimate of chromite resources made for Pro-Or in 2006 by the consultant group Roche from Quebec City and updated in 2009 by Yvan Bussières, P.Eng. reports a total of measured and indicated resources exceeding 6.2 million metric tons grading on average 7.69% Cr2O3. Gold showings and mineralized felsic volcanics were found on the edges. The chromitite formations are similar to those of the UG2 horizon in the Bushveld complex of South Africa, the gold bearing mineralization associated with ultramafic intrusions are similar to the Cadillac-Larder Lake Archean gold deposits and the mineralized felsic volcanics are similar to Noranda's Horne Mine.

The San Juan Property, New Mexico

Everett continues to hold and maintain its interest in the uranium prospective San Juan Property which is comprised of 496 mineral claims located in the San Juan Basin of New Mexico. The San Juan Property contains lands where earlier drilling by the U.S. Department of Energy encountered conditions consistent with those of other uranium occurrences identified in the area. Everett`s geological consultants recommend an exploration program, including drilling, to confirm the existence of uranium on the property. With its current exploration focus on the Menarik Property, Everett may seek a joint venture participant to carry out an exploration program.

About DJM Drilling Inc.

DJM Drilling is Rouyn-Noranda, Québec based mineral exploration drilling contractor, and has been trusted by the mining industry to provide the best equipment, drilling personnel and service. DJM offers a wide range of equipment suitable for exploring remote areas, and our drill programs require the highest level of technical skill and innovation, combined with unyielding regulatory compliance, and excellent customer service. 


Michael Waggett, President

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