Margaux Resources Ltd.
TSX VENTURE : MRL

Margaux Resources Ltd.

November 05, 2014 16:12 ET

Margaux Resources Ltd.: Initial Drilling Results From the Emerald Tungsten Project

CALGARY, ALBERTA--(Marketwired - Nov. 5, 2014) - Margaux Resources Ltd. (TSX VENTURE:MRL) ("Margaux" or the "Company") is pleased to release the initial results from its 2014 core drilling program at the Jersey Emerald Property (the "Property"), located near the town of Salmo in southeastern British Columbia.

The program comprised 5,740 metres in 32 drillholes. Drilling focused on the East Emerald Tungsten target.

Assay results have been returned for 10 of the 32 holes drilled. The remaining core samples have been received at the laboratory and are undergoing analysis. The composites for tungsten (WO3) are presented in Table 1. Some of the highlights include:

  • 0.23% tungsten over a drilled length of 8.65 m in E1402
  • 0.49% tungsten over a drilled length of 2.75 m in E1404
  • 0.50% tungsten over a drilled length of 4.50 m in E1409
  • 0.52% tungsten over a drilled length of 3.35 m in E1410

Note: The true widths of mineralization are likely less than the drilled lengths as presented.

Eight of the 10 drillholes identified broad zones of mineralization containing significant tungsten values, with composites of 10 to 35 metres length grading 0.10 to 0.19% WO3.

Table 1: Composites for Drillholes E1401 to E1410

HoleID UTMX
(m)
UTMY
(m)
Z
(m ASL)
Az Dip From
(m)
To
(m)
Length*
(m)
WO3**
(%)
E1401 483937 5440009 4338 112 -80 36.90 58.60 21.70 0.10
Incl 38.00 44.00 6.00 0.18
Incl 46.32 47.07 0.75 0.20
Incl 49.00 51.00 2.00 0.15
E1402 483937 5440009 4338 108 -60 50.42 54.40 3.98 0.14
60.00 80.86 20.86 0.11
Incl 60.00 60.70 0.70 0.21
Incl 62.21 67.60 5.39 0.14
Incl 62.21 71.00 8.79 0.12
76.20 79.24 3.04 0.24
123.55 132.20 8.65 0.23
Incl 127 132.20 5.20 0.30
153.00 160.70 7.70 0.17
Incl 157.95 160.70 2.75 0.29
228.65 235.65 7.00 0.26
Incl 228.65 231.65 3.00 0.47
E1403 483912 5439952 4333 180 -89 33.50 46.85 13.35 0.10
Incl 35.00 38.50 3.50 0.17
Incl 44.50 45.50 1.00 0.27
76.10 95.00 18.90 0.13
Incl 83.33 93.00 9.67 0.20
E1404 483912 5439952 4333 107 -63 47.35 51.15 3.80 0.13
Incl 50.00 51.15 1.15 0.23
115.00 119.20 4.20 0.16
143.25 146.00 2.75 0.49
E1405 483866 5439876 4223 118 -60 44.90 49.70 4.80 0.12
59.25 67.20 7.95 0.10
Incl 59.25 60.85 1.60 0.17
Incl 61.70 62.45 0.75 0.32
95.80 110.00 14.20 0.10
Incl 97.00 100.50 3.50 0.18
Incl 107.80 110.00 2.20 0.25
117.50 119.40 1.90 0.32
134.50 145.40 10.90 0.19
Incl 134.50 135.40 0.90 0.86
Incl 140.10 143.80 3.70 0.34
E1406 483697 5439494 4496 165 -90 No significant results
E1407 483697 5439494 4496 114 -60 89.00 109.95 20.95 0.15
Incl 92.10 96.10 4.00 0.30
Incl 102.90 109.95 7.05 0.22
E1408 483697 5439494 4496 290 -59 No significant results
E1409 483728 5439530 4512 102 -69 91.80 126.25 34.45 0.18
Incl 95.25 96.40 1.15 0.25
Incl 97.25 101.75 4.50 0.50
Incl 116.65 117.35 0.70 0.28
Incl 118.55 119.05 0.50 0.24
Incl 122.00 125.30 3.30 0.51
E1410 483728 5439530 4512 102 -55 162.35 172.60 10.25 0.19
Incl 164.65 169.20 4.55 0.30
Incl 170.90 172.60 1.70 0.29
205.95 211.05 5.10 0.13
Incl 205.95 209.40 3.45 0.14
258.45 276.40 17.95 0.12
Incl 258.45 259.80 1.35 0.29
Incl 262.25 263.10 0.85 0.21
Incl 265.40 266.60 1.20 0.31
Incl 272.00 274.00 2.00 0.26
307.50 310.85 3.35 0.52
Incl 307.50 308.10 0.60 2.48
*The true widths of the mineralized intercepts may be less than the drilled lengths reported. Further interpretation using all drilling results is required to determine the true widths.
**WO3 calculated as W x 1.2611

The East Emerald tungsten target has seen only limited historic drilling; however, several of the drillholes returned significant tungsten results.

Margaux's drilling program has tested this target more extensively, and has extended into previously untested areas, with the intent to expand and develop a tungsten resource along strike and down dip.

Margaux reported an updated resource estimate of all mineralization on the property in March 2014 (available at www.SEDAR.com). Tungsten resources were mostly derived from the remnant mineralization that exists following the cessation of historic mining operations on the Property. Using a cut-off of 0.15% WO3, the current measured plus indicated resource for tungsten on the property is 2.766 million tonnes at 0.36% WO3, and the inferred resource is 2.43 million tonnes at 0.34% WO3.

The resource estimated for the East Emerald zone was constrained in extent due to the limited amount of drilling completed to that time; however, there is an expectation to expand on this resource using the results from the 2014 drilling.

Mr. Tyler Rice, President and CEO of Margaux states, "The Company is pleased by the results from the 2014 drilling that we have received so far. The East Emerald zone has the potential to add significant tungsten resources to the Jersey Emerald Property."

Qualified Person

The 2014 drilling program at the East Emerald project was conducted under the supervision of Mr. Edward Lawrence, P.Eng., who is the Company's Qualified Person as defined by National Instrument 43-101. He has reviewed and approved the technical disclosure contained in this news release as applicable.

Quality Assurance and Quality Control ("QA/QC") Procedures

Drill core is logged and photographed at a secure building on the property. Mineralized intervals were halved using a manual core splitter, and sampled at site. The remainder of the core was kept in the box as a permanent record. Samples were placed into sealed bags that were delivered by a commercial trucking company to the AcmeLabs facility in North Vancouver, British Columba.

The samples were assayed for tungsten and 36 other elements using aqua regia digestion with an ICP-MS finish. Over-grade tungsten was analyzed using a phosphoric acid leach with an ICP-ES finish, and over-grade molybdenum, lead, and zinc were analyzed using a four acid digestion with an ICP-ES finish.

Margaux has implemented a rigorous industry-standard QA/QC program that includes the blind insertion of certified reference materials, duplicates, and blanks into the sample stream.

About Margaux Resources Ltd.: Margaux is based in Calgary, Alberta and a publicly traded resource company with oil and gas exploration and production and an option on the Jersey Emerald Tungsten-Zinc Property near Salmo, British Columbia.

Cautionary Statements

This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the forgoing, this press release contains statements concerning the size and timing of completion of the remainder of the Company's 2014 drill program and disclosure of the results thereof.

Forward-looking statements or information are based on a number of material factors, expectations or assumptions of Margaux which have been used to develop such statements and information but which may prove to be incorrect.

Although Margaux believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Margaux can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.

The forward-looking statements contained in this press release are made as of the date hereof and Margaux undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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