Manson Creek Provides a Corporate and Technical Update
April 15, 2014 (Source: Marketwired) — Manson Creek Resources Ltd. (TSX VENTURE:MCK) (“Manson” or “the Company”) is pleased to provide a technical overview on its Tell Property, Yukon, in conjunction with its current financing and 2014 planned exploration program, including first pass drill testing of the Tell target.
The Tell Property, located some 140 kilometers north east of Mayo, Yukon, was initially staked by Manson as a high priority target in 2002, following extensive field work in the region from 1998 to 2002. The property consists of 103 claims covering a surface area of roughly 2,150 hectares, 100% owned by Manson.
Due to poor market conditions at the time and lack of activity in the region, the property did not see significant work except for a number of short field programs that occurred in 2005, 2011 and 2012. Surface prospecting and geochemical sampling in 2005 and 2011 outlined the presence of 7 significant zones of metal bearing gossanous material at surface, occurring either as coatings on exposed rocks and talus (Main Tell gossan), as zones of iron oxide coated soils and surface materials, or as active sinters/spring sources. The uppermost 5 main gossans define a zone oriented east-west, and approximately 600 meters in strike length.
These gossans all carry high level of various metals including zinc, nickel, cobalt, as well as anomalous amounts of tracer materials such as cobalt, barium, arsenic, mercury and locally silver. A compilation table of the ranges of elements for each gossan is presented below (see NR 12-14, Sept. 14/12).
|Location||Number of Samples and Type||Zinc
|Roswell||2 Soil Samples||5,795 to 7,149||>1,000||966 to 1,114||<0.1 to 0.1|
|Crystal Springs||6 Soil Samples||6,005 to 23,500||245 to >1,000||4.0 to 110||<0.1 to 0.8|
|Ash Springs||3 Soil/Silt Samples||10,800 to 24,500||425 to >1,000||114 to 358||–|
|Ash Springs||3 Rock Samples||19,700 to 27,500||1,056 to 1,591||10 to 25||0.6 to 1.0|
|Area 51||4 Soil/Silt Samples||4,738 to 8,565||164 to >1,000||1,149 to 1,816||<0.1 to 0.2|
|Majestic||7 Soil Samples||12,500 to 17,700||808 to >1,000||18 to 33||0.1 to 0.2|
|Corona||1 Soil Sample||15,600||973||31||0.1|
|Tell Zone (Historical Sampling)||4 Soil/Silt Samples||20,020 to 49,600||1,545 to 2,560||16 to 103||<0.2 to 0.2|
|Tell Zone||8 Rock Samples
|15,700 to 24,900||401 to 604||8 to 30||<0.2 to 0.4|
Of significance, there is a large zone of abnormally stunted vegetation, also known as a “kill zone”, which is framed by the known gossans. These zones often develop due to high acidity in soils as well as high metal contents that can be related to underlying sources of mineralization. The core of this kill zone is approximately 1 km long in an east-west direction with widths varying between 100 to 500 meters.
In 2005, a small grid of soil sampling centered around the main Tell gossan was performed, consisting of 4 lines, 100 meters apart and with sampling every 25 meters along each line. This outlined a zone 400 meters by 400 meters with anomalous zinc values above 100 ppm (parts per million), with a core area roughly 240 meters by 75 meters with values ranging between 10,000 to 49,600 ppm (1 to 5%) zinc, and a coincident 250 to 2600 ppm (0.26%) nickel anomaly. Barium, cobalt and silver were also found to be anomalous in various parts of the grid. (NR-11-11 – August 22/11 and NR 12-14 – September 14/12)
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In 2012, an induced polarization surface geophysical survey grid was established to cover the area of the main gossan trend and associated kill zone. The survey outlined a large zone of low electrical resistivity, or conductivity (800 meters in length by 150 to 250 meters in width) with a coincident chargeability anomaly (500 meters by 100 meters in width). Both the conductivity and chargeability anomalies extend to the maximum survey depth (to 400 meters), and also extend beyond the actual grid, and remain open (NR-12-14, September 14, 2012).
Preliminary field mapping of the target area to date has not identified any geological unit at surface that could be responsible for the metal signatures or geophysical anomalies revealed by the surveys, and it is interpreted that a shallow metal bearing massive sulphide VMS/Sedex type target may be the source of the anomalies. This interpretation is supported by extensive historical regional work identifying both volcanic rocks and exhalative units in the region.
The correlation of the zones of high conductivity and chargeability with known gossans, the extensive vegetation kill zone and known metal signatures found in all gossans and in the soil grid all support a priority drill target, and also suggests that further work regionally should be undertaken to identify additional targets. A presentation of the project can be found at www.manson.ca.
In March 2014, Manson Creek entered into an Letter of Intent agreement with Guatavita Gold Corp., a private non-arm’s length company, to create a Strategic alliance to conduct further exploration at the existing Tell property and regionally (NR 14-02, March 20, 2014). The Guatavita/Manson (or “Guaman”) alliance is anticipating a two phase program of regional and focused exploration to advance the project to and through the drill stage, subject to completion of the previously announced financing. Total program expenditures are anticipated to be $1 million dollars in two stages, for which Guatavita may earn a 50% interest in the Manson Property by contributing $650,000 of the expenditures, at which point a Joint Venture will be formed. The project operator is Manson.
The 2014 exploration program consists of a first phase regional airborne helicopter supported Mag/EM geophysics aimed at defining the extent of the Tell conductor, as well as identifying any similar conductors in the region. This work will be followed up with ground checking, mapping and sampling of any new conductors, as well as completion of an extensive soil grid over the remainder of the Tell target that was not previously fully covered with systematic sampling. This first phase of work is currently budgeted at $368,000, and subject to financing being in place, is estimated to take place between May and June. The second phase of work will consist of drill testing of the large untested conductor with a minimum program of 800 meters of diamond drilling, in a minimum of four drill holes across the coincident zone of conductivity/chargeability and surface gossan formation. This second phase of work is currently budgeted at $632,000, and is anticipated to take place mid-July to mid-August. The program has been fully permitted.
Pursuant to TSX Venture Exchange policies, Manson will be commissioning an independent technical report prepared in accordance with NI 43-101, which will be filed on SEDAR once completed. This is required as part of the Exchange approvals required for the LOI transaction with Guatavita Gold Corp. on the Tell property as announced on March 20th 2014, and subsequent announcement of the financing and restructuring of the Company as announced on March 26, 2014. This report is to be completed by the end of June, 2014.
It is anticipated that the restructuring announced by the Company will be completed within the next week, and the financing closing on a post consolidation basis shortly thereafter.
Samples were forwarded to the Eco Tech Laboratory Stewart Group in Whitehorse, Yukon for analysis. The Stewart Group Lab are an independent certified commercial laboratory All of the soil and rock samples were analyzed using inductively coupled plasma (ICP) together with mass spectrometry (MS) finish. Gold was analyzed by a fire assay preparation with an atomic absorption spectroscopy finish.
The President of Manson Creek Resources Ltd., Jean-Pierre Jutras, P.Geol., is the Qualified Person responsible for the preparation of this news release.
On Behalf of the Board of Directors,
Jean-Pierre Jutras, President/Director
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as “expects”, “projects”, “plans”, “anticipates” and similar expressions, are forward-looking information that represents management of Manson Creek’s internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Manson Creek. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Manson Creek’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Manson Creek’s filings with the Canadian securities authorities. Accordingly, holders of Manson Creek shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Manson Creek disclaims any responsibility to update these forward-looking statements.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>