Trueclaim Exploration Inc.

February 28, 2012 11:41 ET

Trueclaim Announces Acquisition of the Buckeye Property

LONDON, ONTARIO--(Marketwire - Feb. 28, 2012) - Trueclaim Exploration Inc. (TSX VENTURE:TRM)(OTCQX:TRMNF) ("Trueclaim") is pleased to announce the expansion of its Arizona, USA mineral holdings through the recent acquisition of the Buckeye Property in the Richmond Basin. The Buckeye Property, patented in 1882, consists of 15.49 privately held acres and is positioned wholly within the southeastern portion of Trueclaim's existing mineral option.

To view accompanying map, visit the following link:

Acquisition of the Buckeye Patent presents Trueclaim with a unique opportunity to conduct a fast-track exploration program unencumbered by permitting requirements or delays. Trueclaim holds the Buckeye Property under a 1 year lease agreement that may be extended by mutual agreement of both parties.

The Buckeye vein structure, locally up to 3 metres (10 feet) in width, and exposed over a strike distance of 420 metres (1,375 feet) across the patent, is marked by workings dating back to the late 1800's, including two historical tunnels and extensive trenching exposing the vein. Preliminary field work and due diligence have begun on the Buckeye Property. Trueclaim geologists have mapped the exposures and taken 24 samples from trenching (21 samples) and historically-removed material (3 samples). Plans are underway to start dewatering the Buckeye shaft within the next two weeks and to contain the removed water for future exploration work. Information obtained from geological mapping and sampling of the dewatered workings will be used to guide the development of future exploration programs.

At the site of the Ellsworth Mine, on strike 470 metres (1,542 feet) south-west from the Buckeye Vein, an existing historical tunnel has been re-opened by Project Geologist Nick Barr. The exposed veins at surface near the tunnel have been mapped and 27 samples were taken by Trueclaim geologists. The interior of the historical tunnel has been mapped and samples have been taken along the wall. Assay results from this location are forthcoming.

Three areas on the Richmond Basin Project, including the Buckeye Property, have been chosen for magnetometer surveys. The crew is on the ground and has begun surveying the area between the Buckeye and the Ellsworth Mine. The survey will continue towards the southwest across the Black Copper Zone. It has been demonstrated through methodical sampling and readings taken with a handheld KT-10 magnetic susceptibility meter that there is a relationship between the presence of silver and the magnetism of the rock. A close spaced IP survey has been commissioned with Zonge Engineering of Tucson, Arizona. Trueclaim Exploration is anticipating the magnetometer and IP surveys will aid in spotting locations for a drill program that is expected to commence within 60 days.

The Black Copper Zone is located in the southwestern portion of the Richmond Basin property and is associated with numerous historical workings having little previous documentation. This copper-gold vein replacement mineralization is hosted in a magnetite rich matrix and has produced assay results up to 7.45% Cu and 2.87g/t Au. This style of mineralization has now been observed over a strike length of approximately 420ft (128m). The total extent remains undefined due to overburden. Listed below are some previously announced significant assays received from selected grab samples from the Black Copper Zone:

Black Copper Zone
Sample # % Cu Au g/t Au oz/t Ag g/t Ag oz/t
70553 5.58 1.78 0.05 6.86 0.20
70555 7.45 2.06 0.06 0.00 0.05
70557 7.07 1.78 0.05 0.00 0.05
70570 0.25 0.02 0.00 785.00 25.24
70608 0.29 <0.002 <0.002 66.80 2.15
E5096668 3.76 2.87 0.08 7.65 0.23
70617 0.47 0.199 0.006 23.80 0.77
70618 2.26 0.164 0.005 6.70 0.22
70619 0.37 0.070 0.002 0.20 0.01
70620 1.07 1.180 0.035 3.60 0.12
70621 0.91 0.311 0.009 1.20 0.04
Surrounding Southern Portion of Richmond Basin
70573 0.11 <0.002 <0.005 72.47 2.33
70575 0.08 <0.002 <0.005 60.34 1.94
70578 0.39 0.42 0.01 3.11 0.10
70602 11.70 1.47 0.05 <0.002 <0.002
70603 1.99 3.44 0.11 <0.002 <0.002
70610 4.33 <0.002 <0.002 3.00 0.10

In the northern part of the Richmond Basin Project, work in the area of the McMorris Vein, as reported previously, showed significant mineralization of 6.8oz/t (213g/t) Ag over 195ft (59.4m). Fifty three samples taken within a distance of 300 metres of the vein assayed over 3.2oz/t (100g/t) Ag. This area will be an important part Trueclaim's exploration program.

Trueclaim is enthusiastic about the exploration potential that the Buckeye Property brings to its Richmond Basin Project.

We seek safe harbour.


John Carter, President

Technical information in this news release has been reviewed by Ms. Lindsay Moss, P. Geo. and prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. Company Management, which takes full responsibility for content, prepared this news release.

This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those concerning the proposed exploration program. All statements in this news release, other than statements of historical facts, which address future production, reserve potential, exploration activities, financing plans, objectives or goals, and events or developments that the Company expects, are forward-looking statements. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding its ability to complete its exploration and development work as expected. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of the Company's continued development work, technical, safety or regulatory issues, market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Actual results or developments may differ materially from those projected in the forwardlooking statements, as assay intervals might not necessarily represent true width. Such risks include expectations that may be raised by discussing potential mine types and by comparing the Company's projects to other projects. Also, in order to proceed with the Company's exploration and acquisition plans, additional funding is necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate the Company's plans. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Trueclaim Exploration Inc.
    John Carter
    1-888-686-1405 (FAX)