Margaux Resources Ltd.
TSX VENTURE : MRL

Margaux Resources Ltd.

December 02, 2014 08:00 ET

Margaux Resources Ltd. Reports Additional Drilling Results

CALGARY, ALBERTA--(Marketwired - Dec. 2, 2014) - Margaux Resources Ltd. (TSX VENTURE:MRL) ("Margaux" or the "Company") is pleased to release results from holes E1412 through to E1423 from the Company's 2014 core drilling program at the Jersey-Emerald Tungsten Property (the "Property"), located near the town of Salmo in south-eastern British Columbia.

Drilling is currently continuing on the Property, extending the program from the original drill program that comprised 5,740 metres in 32 holes. Drilling is focussed on the East Emerald Tungsten target.

Highlights from holes E1412 to E1423 include:

  • 0.59% WO3 over a drilled length of 2.65 m in E1412
  • 0.22% WO3 over a drilled length of 6.71 m in E1413
  • 0.35% WO3 over a drilled length of 4.00 m in E1414
  • 0.33% WO3 over a drilled length of 6.45 m in E1419 including 0.65 grams per tonne Au
  • 0.14% WO3 over a drilled length of 1.40 m in E1422 including 1.32 grams per tonne Au
  • 0.27% WO3 over a drilled length of 7.05 m in E1423

Core samples continue to be received at the laboratory and analysis is ongoing. The composites for tungsten (WO3) for holes E1412 to E1423 are shown in Table 1.

Table 1: Composites for drill holes E1411 to E1423

HoleID UTMX
(m)
UTMY
(m)
Z
(m ASL)
Az Dip From
(m)
To
(m)
Length*
(m)
WO3**
(%)
E1412 483941 5439795 1389 022 -70 95.45 96.90 1.45 0.221
154.55 161.35 6.80 0.166
Incl 156.00 157.00 1.00 0.342
208.40 213.00 4.60 0.141
223.70 225.80 2.10 0.121
223.70 234.10 10.40 0.139
Incl 230.65 233.35 2.70 0.286
302.35 305.00 2.65 0.593
309.00 314.00 5.00 0.102
E1413 483914 5439723 1395 132 -89 96.10 99.05 2.95 0.206
Incl 96.10 96.90 0.80 0.467
Incl 98.40 99.05 0.65 0.348
127.40 129.53 2.13 0.254
Incl 128.50 129.53 1.03 0.460
142.20 143.77 1.57 0.183
148.70 152.37 3.67 0.239
Incl 148.70 149.92 1.22 0.354
176.85 185.75 8.90 0.150
Incl 176.85 178.03 1.18 0.269
Incl 181.10 182.00 0.90 0.328
Incl 184.00 184.30 0.30 0.755
Incl 185.05 185.75 0.70 0.289
196.10 200.65 4.55 0.105
Incl 199.75 200.65 0.90 0.232
205.55 209.15 3.60 0.181
Incl 205.55 206.00 0.45 0.325
Incl 205.55 209.15 3.60 0.181
219.73 226.44 6.71 0.219
236.13 239.42 3.29 0.198
Incl 236.13 237.43 1.30 0.236
Incl 238.25 239.42 1.17 0.294
E1414 483850 5439665 1390 135 -89 136.90 139.30 2.40 0.207
151.30 152.30 1.00 0.375
174.10 180.80 6.70 0.107
Incl 178.80 180.80 2.00 0.228
194.50 199.80 5.30 0.127
Incl 194.50 195.70 1.20 0.255
Incl 198.80 199.80 1.00 0.226
207.90 211.90 4.00 0.353
Incl 207.90 208.90 1.00 0.789
Incl 210.89 211.90 1.01 0.521
E1415 483794 5439600 1375 83 -89 115.50 116.30 0.80 0.261
126.07 127.80 1.73 0.180
Incl 126.07 127.08 1.01 0.267
E1416 483794 5439600 1375 037 -80 131.00 134.10 3.10 0.116
E1417 483680 5439436 1369 284 -89 No significant results
E1418 483680 5439436 1369 112 -55 14.00 15.85 1.85 0.233
E1419 483845 5439568 1424 112 -79 198.65 203.53 4.88 0.208
Incl 199.50 200.10 0.60 0.567
218.51 220.10 1.59 0.144
243.85 250.30 6.45 0.326
Incl 246.00 248.85 2.85 0.622
252.98 256.20 3.22 0.216
Incl 254.95 256.20 1.25 0.458
266.20 266.92 0.72 0.126
E1420 483845 5439568 1424 112 -65 Hole lost in workings before target
E1421 483851 5439632 1416 117 -66 No significant results
E1422 483851 5439632 1416 271 -89 67.90 71.05 3.15 0.146
Incl 70.40 71.05 0.65 0.285
189.95 191.40 1.45 0.277
208.60 211.35 2.75 0.111
Incl 208.60 209.00 0.40 0.286
222.30 227.00 4.70 0.128
Incl 225.50 226.40 0.90 0.344
E1423 483807 5439502 1426 137 -81 97.05 97.60 0.55 0.470
108.05 108.80 0.75 0.190
198.75 205.80 7.05 0.273
Incl 198.75 201.80 3.05 0.334
Incl 204.65 205.80 1.15 0.391
* 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

On November 5, 2014, Margaux released the results from the first 10 of the 32 holes drilled. Highlights from the first 10 holes include:

  • 0.23% WO3 over a drilled length of 8.65 m in E1402
  • 0.49% WO3 over a drilled length of 2.75 m in E1404
  • 0.50% WO3 over a drilled length of 4.50 m in E1409
  • 0.52% WO3 over a drilled length of 3.35 m in E1410 including 2.19 grams per tonne Au

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

Drilling continues to identify broad zones of mineralized skarn that contain significant tungsten.

Gold

On November 6, 2014, Margaux released the results from hole E1411.

  • 24.98 g/t gold over a drilled length of 10.2 m in E1411

This gold intercept from altered granite supports the bismuth-gold potential of the Property as described in several publications and summarized in the Margaux technical report dated March 14, 2014 (available on www.SEDAR.com).

Gold has been intercepted in skarn in holes E1410, E1419, and E1422. These results (Table 2) demonstrate the potential for gold within and proximal to tungsten mineralization.

Table 2: Composites for Au in holes E1410, E1419, and E1422

HoleID UTMX
(m)
UTMY
(m)
Z
(m ASL)
Az Dip From
(m)
To
(m)
Length*
(m)
Au
(g/t)
E1410 483728 5439530 1357 096 -55 212.30 214.35 2.05 0.88
273.25 272.00 0.75 1.37
307.50 310.85 3.35 2.19
E1419 483845 5439568 1424 112 -79 80.12 81.80 1.68 1.60
246.00 247.10 1.10 2.22
E1422 483851 5439632 1416 271 -89 70.40 71.05 0.65 2.26

Lead-Zinc-Silver

Some holes that were collared stratigraphically above the tungsten zone passed through the Jersey lead-zinc horizon. Samples from this horizon returned elevated values for lead, zinc, and silver (Table 3).

These intercepts suggest the potential for additional lead-zinc-silver resources on the Property. The current lead-zinc resource estimate, as summarized in the Margaux technical report dated March 14, 2014 (available on SEDAR.com), has an indicated resource of 1.9 Mt averaging 1.96% lead and 4.10% zinc, and an inferred resource of 4.98 Mt averaging 1.95% lead and 3.37% zinc, using a 3.5% combined lead-zinc cut-off grade.

Table 3: Lead, zinc, and silver composites for drill holes E1419 and E1420

HoleID UTMX
(m)
UTMY
(m)
Z
(m ASL)
Az Dip From
(m)
To
(m)
Length*
(m)
Pb
(%)
Zn
(%)
Ag
(g/t)
E1419 483845 5439568 1424 112 -79 0.00 5.00 5.00 3.75 6.00
13.80 15.95 2.15 0.41 2.09
Incl 13.80 15.00 1.20 0.48 3.45
E1420 483845 5439568 1424 112 -65 0.00 8.00 8.00 3.32 3.79 11.04
Incl 0.00 2.80 2.80 1.63 6.05
Incl 2.80 3.60 0.80 18.48 2.47

* The true widths of the mineralized intercepts may be less than the drilled lengths reported.

Qualified Person

The Company's 2014 drilling program at the Property 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.

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. Over-grade gold was analyzed using a 30 g fire assay with gravimetric 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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