Mountain Boy Minerals Ltd.
TSX VENTURE : MTB

January 06, 2011 10:13 ET

Mountain Boy Minerals Ltd.: All Zones Expanded and High Grade Gold-Copper Zone Prospected at BA

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 6, 2011) - Mountain Boy Minerals Ltd. (TSX VENTURE:MTB) announces that Great Bear Resources Ltd. ("Great Bear") (TSX VENTURE:GBR) has released further exploration results from the BA project in the Eskay Creek mining district near Stewart, northern British Columbia. All zones continue to be expanded through sequential step out drilling. The drilled strike length of the Main zone has been extended to 800+ metres, while the Stockwork zone has been extended to 300+ metres.

Prospecting at the George Copper claims on the BA property has resulted in discovery of multiple gold bearing structures associated with a higher temperature phase of the VMS system that is developed at BA. A chip sample graded 9.09 g/t gold over one metre, with a grab sample from this zone returning a value of 38.50 g/t gold. This discovery will be treated as a separate priority drill target in 2011.

Main Zone Drill Results – Edges Tested as Main Zone Expanded

The on strike extensions of the Main zone were targeted during the second half of the 2010 exploration season. Several higher grade intercepts were discovered within a larger broadly mineralized massive sulfide system, defining four open mineralized trends. Results are summarized in the table below.

BA Drill Hole Margin Tested Total Length (m) Interval From (m) Interval To (m) Interval Length (m) Silver g/t Lead % Zinc %
BA-2010-149 North 117.21 45.71 75.59 29.88 32.8 0.20 0.73
    including 66.45 72.54 6.09 102.5 0.67 2.75
BA-2010-157 North 127.1 16.30 20.42 4.12 47.2 0.07 0.10
BA-2010-138 West 388.02 192.94 308.77 115.83 11.0 0.07 0.26
    including 220.37 226.56 6.19 38.6 0.60 0.30
    including 290.48 293.53 3.05 33.0 0.14 2.02
BA-2010-153 West 185.02 3.42 99.67 96.25 34.1 0.26 0.73
    including 38.71 72.24 33.53 74.5 0.58 1.77
    above includes 56.01 66.14 10.13 165.5 0.50 2.75
BA-2010-154 West 120.7 38.40 98.06 59.66 9.2 0.06 0.25
    including 50.60 53.56 2.96 38.3 0.17 2.15
BA-2010-155 West 127.1 53.95 79.05 25.10 80.6 0.21 1.04
    including 57.00 61.20 4.20 207.9 0.31 0.69
    including 66.10 75.30 9.20 90.1 0.33 2.09
BA-2010-122 Southwest 120.12 43.89 74.37 30.48 27.9 0.45 0.80
    including 43.89 46.94 3.05 132.0 2.78 1.55
BA-2010-123 Southwest 173.13 3.59 87.78 84.19 11.5 0.14 0.69
    including 18.4 21.4 3.00 44.0 0.38 2.76
BA-2010-127 Southwest 167.03 39.01 54.25 15.24 31.3 0.16 0.54
    including 48.16 52.28 4.12 57.9 0.18 0.59
BA-2010-128 Southwest 105.46 44.50 62.79 18.29 28.1 0.24 0.80
    including 53.64 58.15 4.51 56.6 0.41 0.91
BA-2010-130 Southwest 154.54 2.56 78.33 75.77 14.5 0.07 0.55
BA-2010-131 Southwest 160.63 2.13 66.14 64.01 19.0 0.13 0.69
    including 11.28 14.48 3.20 83.0 0.28 2.70
    including 60.05 63.09 3.04 66.0 0.09 0.32
BA-2010-132 Southwest 212.50 1.44 63.09 61.65 12.5 0.08 0.61
    including 60.05 63.09 3.04 35.0 0.02 0.41
BA-2010-133 Southwest 191.16 41.60 69.19 27.59 21.6 0.13 0.67
    including 44.81 47.85 3.04 52.0 0.39 2.44
BA-2010-121 South 212.45 47.85 93.57 45.72 21.6 0.13 0.54
    including 69.19 75.29 6.10 34.6 0.09 0.62
BA-2010-140 South 173.43 127.71 130.76 3.04 13.0 0.05 0.27
BA-2010-141 South 123.75 20.12 41.45 21.33 18.0 0.08 0.38
BA-2010-142 South 126.80 9.07 47.55 38.48 16.5 0.08 0.49
    including 41.45 44.50 3.05 72.0 0.05 0.21
BA-2010-146 South 84.43 16.43 66.14 49.71 14.1 0.09 0.48
    including 60.05 63.09 3.04 51.0 0.02 0.56
BA-2010-152 Main 151.20 0.37 105.46 105.09 13.5 0.10 0.46
    including 14.02 17.07 3.05 54.3 0.27 0.52
    including 57.60 67.90 10.3 41.8 0.15 1.91
BA-2010-139 East 200.56 - - - No Significant Intercepts

These results indicate that higher grade silver-lead-zinc mineralized trends remain open to the north, northwest and southeast of the Main zone. The boundaries of the Main zone continue to be expanded by drilling. As drilled, the strike length measures 800+ metres. Further results from the north, west and southeast boundaries of the Main zone are pending.

The highest grade mineralization in the Main zone occurs near northeast and northwest trending high angle structures, where they intersect an intrusive/sedimentary contact. These structures remain open along strike and are considered priority exploration targets. A detailed description of mineralization controls is provided in the NI 43-101 compliant technical report covering the BA project which is posted on the Great Bear web site at www.greatbearresources.ca.

North Extension – Stockwork Zone Expanded

Drilling in the Stockwork zone, located 300 metres north Main zone, has extended the drill defined strike length of silver-rich VMS mineralization to 300+ metres. The most recent drill results indicate that it remains open in all directions. Results are summarized in the table below (please refer to the September 30 Great Bear news release for previously reported Stockwork zone results).

BA Drill Hole North Extension Area Total Length (m) Interval From (m) Interval To (m) Interval Length (m) Silver g/t Lead % Zinc %
BA-2010-118 Stockwork 208.84 54.50 59.44 4.94 12.6 0.22 0.70
BA-2010-119 Stockwork 200.25 166.73 175.87 9.14 98.9 0.12 0.78
    including 169.77 172.93 3.16 252.0 0.22 1.14
BA-2010-120 Stockwork 151.49 53.15 57.00 3.85 42.0 0.28 0.50
BA-2010-124 Stockwork 254.21 159.03 174.96 15.93 35.3 0.15 1.12
    including 162.76 165.81 3.05 69.0 0.28 1.57
BA-2010-125 Stockwork 244.76 156.36 165.51 9.15 10.0 0.05 0.63
BA-2010-126 Stockwork 237.20 154.84 185.32 30.48 14.3 0.21 1.16
    including 157.89 163.98 6.09 34.5 0.30 1.96
BA-2010-137 Stockwork 315.17 238.97 278.59 39.62 13.0 0.17 0.15
    including 238.97 242.01 3.04 41.0 0.55 0.36
    including 273.54 278.59 5.05 42.0 0.42 0.35

Bod Zone Tested – Reconnaissance Drilling Supports Future Work

A series of six drill holes were completed in the Bod zone target, located approximately 900 metres to the northeast of the Stockwork zone. Results include several zones of silver rich VMS mineralization within a wide zone of geochemical alteration. Mineralization increases in intensity and width to the south. Grades and interval widths are similar to previously tested targets adjacent to the Main and Stockwork zones.

Bod Zone Drill Hole Total Length (m) Interval From (m) Interval To (m) Interval Length (m) Silver g/t Lead % Zinc %
BA-2010-143 236.22 135.64 156.97 21.33 12.0 0.14 0.56
  including 144.78 147.83 3.05 44.0 0.51 1.44
BA-2010-144 190.20 89.61 104.85 15.24 11.8 0.12 0.71
BA-2010-145 87.78 - - - No Significant Intercepts
BA-2010-148 171.91 - - - No Significant Intercepts
BA-2010-150 272.49 2.39 4.27 1.88 83.0 0.69 1.46
    101.40 105.60 4.20 12.5 0.02 0.14
    109.90 114.00 4.10 12.2 0.18 1.15
BA-2010-156 232.56 - - - No Significant Intercepts

Exploration in the Bod area is early stage and will be followed up by additional geological mapping, trenching and drill target identification during the 2011 exploration season.

Drill results returned to date from the BA project indicate the Main, Stockwork and Bod zones form part of a large VMS mineralized system with an apparent north-south strike length of over 2 kilometres. Over 1,100 metres of continuous silver-lead-zinc mineralization has been drill defined in the Main and Stockwork zones. Testing the continuity of higher grade mineralization between the Bod, Stockwork and Main zones will be a priority of the upcoming 2011 exploration season.

The George Copper Claims – High Grade Gold-Copper System Identified

The George Copper, Grand View and Helena showings are located 5 kilometres west of the Stockwork zone at BA. The George Copper claims are contiguous with the other BA claims, and cover a land position to the northwest of the Main and Stockwork zones.

Reconnaissance geological mapping by Great Bear in summer 2010 identified an approximately 700 metre by 500 metre area of intense hydrothermal alteration, structurally controlled mineralization, and both oxide copper and sulfide mineralization at surface. This occurs in the vicinity of the previously identified George Copper, Grand View and Helena showings. Historical exploration and development at the George Copper claims includes excavation of a 35 metre adit into a zone of disseminated copper-silver-gold mineralization, which appears to comprise a BA-type stratigraphically controlled bulk-tonnage VMS target, and over 2400 metres of drilling into four known gold-bearing vein systems. The NI 43-101 compliant technical report produced for the BA property in September 2010 indicates that this historic drilling was poorly placed to determine the continuity of gold mineralization.

Assays of all 19 in place bedrock hand samples taken over the mapped area range from 0.007 g/t gold and 0.0019% copper to 38.5 g/t gold and 3.86% copper, with an average of 3.03 g/t gold and 0.63% copper. The highest grade gold results were returned from a one metre bedrock chip sample taken across a gold-bearing mineralized structure which returned values of 9.09 g/t gold, with a hand sample from the centre of this zone returning a value of 38.50 g/t gold. The newly identified gold and copper rich mineralized zone is open in all directions.

These results define a gold enriched high priority drill target within the broad VMS mineralized system that occurs at the BA property. The George Copper claims will be a significant focus of exploration during 2011.

The BA Project

As previously announced, Mountain Boy has entered into an Option and Joint Venture Agreement with Great Bear Resources Ltd. (TSX VENTURE:GBR) whereby Great Bear can earn a 50% interest in the BA project by spending $5.5M over four years, and can earn an additional 20% interest, for a total of 70%, by completing a Positive Feasibility Study.

The Main zone at BA hosts a silver rich volcanogenic massive sulphide (VMS) system that has been drill confirmed for 800 metres of mineralized strike and down dip for 400 metres. 62 of 90 historic drill holes into the Main zone have returned in excess of 68 g/t silver over drill indicated widths of 3 to 134 metres with significant associated lead – zinc mineralization. Great Bear has mapped silver rich VMS mineralization over a strike length in excess of 2,000 metres from the Main zone to the Bod zone. Most drill holes completed by Great Bear have been sited to determine true mineralized thicknesses. However, further modeling is required to define the total mineralized geometry, which contains multiple stacked mineralized horizons with more than one orientation, and remains open to expansion.

E. Kruchkowski, P.Geo., a qualified person under National Instrument 43-101, has reviewed this release on behalf of the Company.

About Mountain Boy Minerals Ltd.

Mountain Boy Minerals Ltd. is a Canadian based mineral exploration company with diverse property and resource holdings around the Stewart region in British Columbia's golden triangle. It owns 30% of the Silver Coin project, a gold-silver-base metals project with a 43-101 defined 835,700 ounces gold in the measured and indicated category and 655,200 ounces in the inferred category. The Company is also is exploring silver-base metals on its American Creek and Bear Valley properties as well as copper-gold in their Stewart area claims.

ON BEHALF OF THE BOARD

Ed Kruchkowski, Director

"This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements."

"Neither the 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."

Contact Information

  • Mountain Boy Minerals Ltd.
    Investor Relations
    604-681-0710
    or
    Mountain Boy Minerals Ltd.
    Ed Kruchkowski
    250-636-9232
    www.mountainboyminerals.ca