GreenLight Resources Inc.
OTC Bulletin Board : PRZCF

GreenLight Resources Inc.

November 03, 2011 15:21 ET

GreenLight Options Gold & Base Metal Property 15 Km from Mt. Pleasant Mine Au (20.1 g/t), Ag (367 g/t), Cu (1.4%), Pb (6.95%), Zn (4.33%), Tungsten (4.46%)

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 3, 2011) - GREENLIGHT RESOURCES INC. (TSX VENTURE:GR)(OTCBB:PRZCF)(FRANKFURT:PH0) is pleased to announce that the Company has entered into an option agreement on the Otter Lake property in northern Charlotte County, New Brunswick with Portage Minerals Inc. and Rockport Mining Corp.

The Otter Lake claim group consists of 104 claims (4160 acres) under option from Rockport Mining situated 15 km east of the Mt Pleasant Zn (zinc), In (Indium), W (tungsten), Mo (Molybdenum), Bi (Bismuth) deposit. These claim blocks cover four significant Au (Gold), Ag (Silver), W, Mo and Bi showings occurring between the Pender Brook and the Sawyer Brook Fault Zones. These faults are within Silurian metasediments and are bound by the northern flanks of the Mt Douglas and Magaguadavic granites. The showings are hosted by hornfelsic wacke and skarn which are cut by late stage, greissenized quartz stockworks carrying Asp (Arsenopyrite) and Au with attendant W, Bi and Mo mineralization. Zoned out from the Au/Asp mineralization are showings of base metals and silver. Three of the showings are within the Sawyer Brook fault zone and are known as the Jimmy Hill, Otter Lake and Logans Mountain showings.

The Jimmy Hill showing consists of a series of intersecting quartz-greissen veins, emanating from the Magaguadavic Granite. The mineralized quartz veins are located at the intersection of NW trending shears and the main ENE trending Sawyer Brook Fault. Gold occurs primarily with Asp but often the veins carry significant tungsten and bismuth mineralization. The showings have been stripped in part and dozens of rock samples taken from the trench show Au values greater than 1 g/t (gram per tonne) ranging up to 20.1 g/t. Associated with the gold mineralization are values up to 0.32% Bi and 4.46% W. A base metal/silver discovery was made subsequent to the gold discovery about 300 meters to the west of the gold showing. Numerous mineralized floats and sub crop found during trenching at this location assayed up to 367 g/t Ag, 1.4% Cu, 6.95% Pb, 4.33% Zn. It should be noted that disseminated Mo occurs in granite out crop a few hundred meters to the southwest of the Jimmy Hill Showing.

The Logans Mountain showing is similar to the Jimmy Hill occurrence in that the mineralization is hosted in east south-east trending quartz greissen veins cutting hornfelsic wacke. Surface sampling by past workers discovered 27 boulders carrying between 1 and 14.1 g/t Au. Associated with the Au mineralization are small skarn beds carrying massive sulphide lenses with up to 596 g/t Ag, 6.25% Pb, 4.5% Zn and 0.17% Bi.

The Otter Lake showing is closely associated with the Logans Mountain showing in that it also consists of quartz veins carrying As and Au along with what is reported as Sedex style base metals. Shallow drilling into the vein system resulted in intersections of up to 8.54 g/t Au over 0.38m. Also noted here is an intensely altered quartz feldspar porphyry dike that is 10 meters wide and possibly over 1000 meters long. Similar dikes are seen to the west on the adjacent Wildcat property where an altered dike is host to shear related Mo mineralization grading 0.08% Mo over 30 meters.

Assays cited above have been taken from previous assessments reports filed between 1989 and 1995. Readers are warned that "historical records" referred to in this release have been examined but not verified by a "Qualified Person". Further work is required to verify that the historical assays referred to in this release are accurate.

Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.

The Deal

Greenlight can acquire up to a 50% interest in the Otter Lake property. A 25% interest can be earned by incurring exploration work of $300,000 by May 2, 2013. A further 25% interest can be earned by incurring a further $300,000 in exploration work by November 2, 2014.

On Behalf of the board of directors

Christopher R Anderson, CEO – President

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