REC Minerals Corp.
TSX VENTURE : REC

REC Minerals Corp.

September 07, 2010 16:00 ET

REC Minerals Announces Results of Up to 1.0 Gram/Ton Gold from Chip Sampling at Its North Nonacho Property

TORONTO, ONTARIO--(Marketwire - Sept. 7, 2010) - REC Minerals Corp. ("REC" or the "Company") (TSX VENTURE:REC) is pleased to announce the return of analytical results from its surface and drill exploration program for the North Nonacho Property (the "Property" or "North Nonacho"). The Company has an option to acquire up to a 100% interest in the Property which is located in the vicinity of Nonacho Lake, in the Northwest Territories, Canada.

Analytical results from the surface chip and grab sampling at North Nonacho show the presence of significant concentrations of copper (Cu), silver (Ag) and gold (Au). 

Returned analytical results from the surface chip sampling at North Nonacho are as follows:

  • One metre of 1.03% Cu, 25 g/t Ag and 0.4 g/t Au;
  • Five metres of 0.29% Cu, 16 g/t Ag and 0.15 g/t Au;
  • Two metres of 0.56% Cu, 21.5 g/t Ag and 1.0 g/t Au; and
  • Four metres of 0.63% Cu and 40 g/t Ag.

Assays of grab samples on the Property report values of up to 1.1 g/t Au; and 1.26% Cu, 120 g/t Ag and 0.5 g/t Au.

"We are excited about the initial surface results which indicate the presence of gold, copper and silver mineralization at North Nonacho," said Kabir Ahmed, Chairman, President and CEO of REC. Mr. Ahmed added "We hope these results may lead to further follow-up work in order to define new drill targets at the Property".

Assays from the two short Winkie drill holes of 43.4 and 35.3 feet in depth, respectively, and completed in the vicinity of the surface sampling at North Nonacho, returned much lower gold, copper and silver values. However, the drilling intersected average concentrations of 0.39% and 0.20% Barium (Ba), respectively, over the length of the two Winkie drill holes. The results, which confirm the association of a large Cu-Ag-Au-Ba mineralizing system with high magnetic airborne anomalies on the Property, support a follow-up exploration program with new drill targets for North Nonacho. Any follow-up exploration program at North Nonacho will be subject to the requisite drilling permit and financing being in place.

Surface rock chip samples were sealed in secure packages and delivered by the Qualified Person of the Company to S.G.S. Laboratories in Toronto, Ontario, for FAI323 assay for gold (fire assay with atomic absorption finish) and multi-acid digestion plus 49 element analysis by ICP-AES/ICP-MS (ICM40C) and ore grade analysis for those samples with >10,000 ppm Cu or >10 g/t Ag. Selected samples will be forwarded to a second laboratory for check analysis. 

A duplicate unknown to the laboratory is submitted per batch of ten samples. Poly-metallic standards and blanks, unknown to the laboratory, are included with each shipment of samples. S.G.S. Laboratories fulfilled standard QA/QC protocols. 

The North Nonacho exploration program is under the direction of Trevor Boyd, P.Geo, Vice-President of Exploration for REC Minerals, and a Qualified Person (QP) for the purposes of National Instrument 43-101 ("NI 43-101").

Yukon Olympic Property, Yukon Territory, Canada

Analytical results from the sampling of drill core from four holes completed on the Company's Yukon Olympic Property, located in the Yukon Territory, Canada, returned no significant gold, copper or uranium values.

MC Dalhousie Property, British Columbia, Canada; and Esten Property, Ontario, Canada

REC completed an initial surface exploration program at both its MC Dalhousie and Esten properties in July 2010. The program at MC Dalhousie entailed the completion of soil geochemical and ground magnetometer surveys on four exploration grids covering the main poly-metallic showings on the property followed by prospecting and rock outcrop sampling in the vicinity of the showings. The program at Esten entailed the sampling of the historical trenches and the completion of a reconnaissance geological survey of the property including the ground investigation and sampling of outcrop in the vicinity of high chargeability anomalies identified in the 2004 Gitennes Exploration ground IP survey.

The MC Dalhousie Property is located in northwest British Columbia, whereas the Esten Property is located near Elliot Lake, Ontario. REC has options to acquire up to 100% interests in both properties. Samples from both properties were submitted for gold and multi-element geochemical analysis with analytical results pending.

Trevor Boyd, Ph.D., P.Geo., a Qualified Person as defined by NI 43-101 and Vice-President of Exploration for REC, supervised the preparation of the technical information contained in this press release in compliance with NI 43-101. Dr. Boyd is also the President and a director and the controlling shareholder of Millennium Minerals Limited which has granted to REC an option to earn a 100% legal and beneficial interest in the North Nonacho Property located in the Northwest Territories.

ABOUT REC

REC is a junior mineral exploration company with an experienced management team engaged in the acquisition, exploration and development of properties for the mining of precious and base metals and uranium. The principal property of REC is the Yukon Olympic Property, comprised of 272 quartz mining claims in the Dawson Mining Division, Yukon Territory, Canada, which is prospective for iron oxide, copper and gold mineralization and in which REC holds an option to acquire up to a 65% interest. The Corporation also holds an option to acquire a 100% interest in the North Nonacho Property comprised of two mining claims covering 60 units in the vicinity of Nonacho Lake, Northwest Territories, Canada, an option to acquire a 100% interest in the MC Dalhousie Property comprised of two mineral claims located in northwestern British Columbia, Canada, and an option to acquire a 100% interest in the Esten Property comprised of 26-claim unit block located 10 km south of Elliott Lake, Ontario, Canada. The common shares of REC trade on the TSX Venture Exchange under the stock symbol "REC". The Company has 16,575,000 common shares issued and outstanding.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of REC or the industry in which it operates to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current expectations of the management of REC with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied by those forward-looking statements. These risks and uncertainties are detailed from time to time, including, without limitation, under the heading "Risk Factors", in REC's prospectus and in other continuous disclosure documents that will be filed by REC from time to time with the Ontario Securities Commissions which are available at www.sedar.com and to which readers of this press release are referred for additional information concerning REC, its prospects and the risks and uncertainties relating to REC and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of REC to be materially different from those contained in forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, REC cannot assure investors that actual results will be consistent with these forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

The forward-looking information contained in this press release is current only as of the date hereof. REC does not undertake or assume any obligation, except as required by law, to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

No securities commission or regulatory authority has approved or disapproved the contents of this press release.

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

  • REC Minerals Corp.
    Kabir Ahmed
    Chairman, President and Chief Executive Officer and Director
    (416) 365-6580
    (416) 946-1951 (FAX)