Silvore Fox Minerals Corp.

Silvore Fox Minerals Corp.

March 02, 2009 09:59 ET

Silvore Fox Minerals Corp. Announces Option and Joint Venture Agreements

HALIFAX, NOVA SCOTIA--(Marketwire - March 2, 2009) - Silvore Fox Minerals Corp. (the "Corporation") (TSX VENTURE:SFX) is pleased to announce that it has entered into two separate Option and Joint Venture agreements with Coxheath Resources Ltd. Mr. Harold Cabrita reports; "the two properties expand the Corporation's regionally centered exploration activities and increase our Base and Precious metals potential."

'Nictaux Gold Property'

The Nictaux Gold Property, located in western Nova Scotia is a vein-type, fault hosted Gold and Cobalt target. Previous exploration established that fault/shear zones along the granitoid - sediment contact contained gold, Cobalt and Arsenic mineralization and extended 300-500 meters into the sediments. One - 2 meter wide zone contained abundant irregular sulphide bearing quartz veins. Twelve samples from a 25 cm vein returned gold values ranging from 0.12 to 0.32 oz/ton, including one sample that contained 2.2 oz/ton gold, 0.4 to 2.2% Cobalt and 3.6 to 10% Arsenic. This vein strikes into a major fault zone mapped 1 km to the east. A recent IP survey has identified a significant chargeability anomaly (approximately 250 meters below this fault) which extends approximately 400 meters to the NE where it remains open with high grade samples, a significant 'open' IP anomaly, extensive faulting, and a favourable sedimentary/granitic contact.

The Corporation has the right to earn a 50% working interest in the claims by paying Coxheath Resources Ltd. $150,000 on February 27th, 2009 and by incurring expenditures on the Nictaux Gold Property in the amount of $100,000 on or before July 1, 2010.

'Shortliff Lake Property'

The Shortliff Lake Property located in western Nova Scotia is primarily a base-metal (Copper, Zinc, Silver), fault related skarn target. Recent IP surveys (2007-2008) have identified a laterally extensive (minimum 3 km) chargeability anomaly (approximately 250 meters depth) up-ice of previously discovered sulphide bearing, hematitic and siliceous sediment breccia float that occur over the same distance (approximately 3 km). Boulders contained 0.5 - 29% Copper, 0.13% lead and up to 5 oz/ton silver. Similar rock types were intersected in a few shallow drill holes by Shell (1980) in wide alteration zones (9 - 22 meters thick) of argillic limestones of the Lower Devonian, Torbrook Formation near the contact aureole of the South Mountain granite. The area is underlain by highly favourable geology for mineralization including, limestone host rocks, major fault systems and nearby metal-generating granitiod intrusions.

The Corporation has the right to earn a 50% working interest in the claims by paying Coxheath Resources Ltd. $150,000 on February 27th, 2009 and by incurring expenditures on the Shortliff Properties in the amount of $100,000 on or before July 1, 2010.

Coxheath Resources Ltd. retains a two percent Net Smelter Royalty (NSR) in both the Nictaux Gold Property and the Shortliff Properties. The Corporation has the right to purchase fifty percent of the NSR for the agreed amount of $1,000,000.00 (one Million dollars) at any time, but not past 60 (sixty) days from notice of a bankable feasibility study.

About Silvore Fox Minerals Corp.

Silvore Fox Minerals Corp. is a Bedford, Nova Scotia, Canada based public mineral exploration company. On June 4th, 2008, the Corporation acquired 3214399 Nova Scotia Limited as a wholly owned subsidiary, including 100% earned mineral rights to the claims at Coxheath, Cape Breton Island, Nova Scotia (known as the 'Coxheath Deposit'). The Corporation has an experienced management and geological team.

The Coxheath deposit model is believed to be analogous to Pacific Rim volcanogenic porphyry copper deposits. Alteration patterns in association with the regional geological setting further suggest a possible model linking the diorite-hosted porphyry-style mineralization at Coxheath and an epithermal system approximately 4 km to the east.

Silvore Fox Minerals further recent acquisition agreement of the 'Oceanview' property, strengthens SFX's position as a regional mineral exploration company. It is a complimentary prospect to the multi-element
Coxheath deposit.

Fred Bonner, P.Geo, Vice President - Exploration, is the qualified person as defined by National Instrument 43-101 who has reviewed and approved and verified the technical information contained in this news release.

Forward-Looking Statements

Certain information regarding Silvore Fox Minerals Corp. (SFX) contained herein may be deemed forward looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although SFX believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. SFX cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what SFX currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements could include exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.


Contact Information

  • Silvore Fox Minerals Corp.
    Harry Cabrita
    President & CEO
    902-422-9208 (FAX)
    Silvore Fox Minerals Corp.
    Fred Bonner
    Vice-President of Exploration
    902-422-9208 (FAX)