Mountain Boy Minerals Ltd.
TSX VENTURE : MTB

July 06, 2010 12:31 ET

Mountain Boy Minerals Ltd.: Company Update

STEWART, BRITISH COLUMBIA--(Marketwire - July 6, 2010) - Mountain Boy Minerals Ltd. ("Mountain Boy" or the "Company") (TSX VENTURE:MTB) reports that in recent field investigations Great Bear Resources Ltd. ("Great Bear") has identified sediment units with volcanogenic massive-sulphide (VMS) mineralization up to one kilometre north of the main zone at the BA project near Stewart, B.C. Host rocks are similar to those in the main zone at BA.

These results confirm that the BA mineralization occurs over a much wider area than the 600-metre strike length of the main zone. The mineralization is now observed over a total distance of 1,500 metres. The target horizons in the north extension are traceable in outcrop exposures and demonstrate three visible VMS horizons. Historic work in this area previously identified hand samples grading up to 132.8 g/t silver, 2.18% lead and 11.6% zinc. The new area, termed the north extension, will be drill tested during the 2010 drill program.

Ten diamond drill holes have now been completed into the main zone. Assay results from drilling and prospecting are pending. A 200-square-kilometre airborne VTEM geophysical survey operated by Geotech Ltd. is currently being flown and is now 86% complete.

The BA Project

As previously announced, Great Bear has entered into an option and joint venture agreement with Mountain Boy Minerals Ltd. to earn a 50% interest in the BA project by spending $5.5 million over four years, and can earn an additional 20% interest, for a total of 70%, by completing a bankable feasibility study on or before Dec. 31, 2015.

The BA project hosts a silver-rich volcanogenic massive-sulphide (VMS) system that has been drill confirmed for 600 metres of mineralized strike and downdip for 300 metres. The discovery is open for expansion in all directions; 62 of 90 drill holes into the main zone at BA have returned in excess of 2 ounces of silver over drill-indicated widths of 3 to 134 metres with significant associated lead-zinc mineralization.

Red Cliff Drilling

Decade Resources Ltd., as operator, has indicated that a total of 27 holes have been completed at the south end of the property in the area of the Red Cliff zone. Current drilling is designed to test for extensions of the Red Cliff zone in addition to several massive to semi-massive pyrite-chalcopyrite zones parallel to the Red Cliff mineralization. Assays for the first 5 holes have been released and further results will be released as they are received.

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. The Company's portfolio includes; a 30% interest in the Silver Coin project, a gold-silver-base metals project with a 43-101 defined 944,000 ounces gold in the measured and indicated category and 1,400,000 ounces in the inferred category, a 100% interest in the Dunwell Gold Mine, a past producing gold-silver mine and a 40% interest in the Red Cliff Gold Project. The Company is also exploring silver-base metals on its American Creek and Bear Valley properties as well as copper-gold in their other Stewart area claims.

ON BEHALF OF THE BOARD

Ed Kruchkowski, Director

Contact Information

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