Margaux Resources Ltd.

Margaux Resources Ltd.

December 15, 2014 08:00 ET

Margaux Resources Ltd. Reports Additional Drilling Results

CALGARY, ALBERTA--(Marketwired - Dec. 15, 2014) - Margaux Resources Ltd. (TSX VENTURE:MRL) ("Margaux" or the "Company") is pleased to announce the results from holes E1424 through to E1432 of the Company's 2014 core drilling program at the Jersey Emerald Property (the "Property"), located near the town of Salmo in south-eastern British Columbia.

Drilling is now completed, following a program extension that comprised an additional 579 metres in three holes that were designed to follow-up on the gold intercept from hole E1411. The original program, focussed on the East Emerald tungsten target included 5,740 metres of drilling in 32 holes.

Highlights from holes E1424 to E1432 include:

  • 0.23% WO3 over a drilled length of 11.8 m in E1424
  • 0.42% WO3 over a drilled length of 1.50 m in E1425
  • 0.49% WO3 over a drilled length of 2.15 m in E1427
  • 0.49% WO3 over a drilled length of 2.15 m in E1429
  • 0.67% WO3 over a drilled length of 0.50 m in E1430 with 0.45 g/t Au
  • 0.22% WO3 over a drilled length of 1.20 m in E1432 with 2.18 g/t Au
  • 1.14% WO3 over a drilled length of 2.00 m in E1432 with 1.56 g/t Au

The composites for tungsten (WO3) for holes E1424 to E1432 are shown in Table 1.

Table 1: Selection of Composites for holes E1424 to E1432

HoleID UTMX UTMY Z Az Dip From To Length* WO3** Au
(m) (m) (m ASL) (m) (m) (m) (%) (g/t)
E1424 483762 5439436 1422 230 -89 164.2 176 11.8 0.23
Incl 165.5 172.1 6.6 0.32
E1425 483762 5439436 1422 181 -61 147.5 150.8 3.3 0.31
157.9 160.8 2.9 0.31
181.7 183.2 1.5 0.42
E1426 483670 54396771 1373 0 -90 No significant results
E1427 483670 5439671 1373 291 -69 33.85 34.55 0.7 0.42
E1428 483670 5439671 1373 112 -65 No significant results
E1429 483674 5439243 1384 000 -90 68.4 74.55 6.15 0.2
Incl 68.4 70.55 2.15 0.49
E1430 483674 5439243 1384 116 -48 207.05 208.05 1 0.37
Incl 207.05 207.55 0.5 0.67 0.45
E1431 483674 5439243 1384 138 -66 No significant results
E1432 483850 5439665 1390 114 -60 72.35 73.55 1.2 0.22 2.18
107.05 109.65 2.6 0.43
Incl 109.1 109.65 0.55 0.86
123.25 128.4 5.15 0.47 0.26
Incl 124.55 125.52 0.97 0.69 0.94
267 272.25 5.25 0.84 1.23
Incl 267 269 2 1.56
*The true widths of the mineralized intercepts may be less than the drilled lengths shown. Further interpretation using all results is required to determine the true widths.
**WO3 calculated as W x 1.2611

Margaux released the tungsten results from the first 10 drill holes on November 5, 2014, and release the results of an additional 12 drill holes on December 2, 2014.

Highlights from those 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 with 2.19 g/t Au
  • 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 with 0.65 g/t Au
  • 0.14% WO3 over a drilled length of 1.40 m in E1422 with 1.32 g/t Au
  • 0.27% WO3 over a drilled length of 6.45 m in E1423

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

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

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

All samples have been submitted to the laboratory for testing, and the results for the final three holes are pending.

Qualified Person

The Company's 2014 drilling program at the Property was conducted under the supervision of Mr. Perry Grunenberg, P.Geo, 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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