VANCOUVER, BC / ACCESSWIRE / June 16, 2015 / Glenmark Capital Corp. (TSX.V: GLM, US OTC: GLRKF and Frankfurt: 17G) (“Glenmark” or the “Company”) is pleased to announce that it has successfully completed the Spring 2015 mineral exploration program on its 100% owned Scotia Zinc-Silver Project, which covers an area of about 4,040 hectares in the Skeena Mining Division, located about 40km southeast of Prince Rupert in west central British Columbia, Canada.
The focus of the 2015 Scotia exploration program, carried out under the supervision of Paul D. Gray, P.Geo., was the ground-based examination of AeroTEM Mag/EM anomalies first identified in a 2008 Aeroquest airborne survey. The survey identified a distinctive anomaly over the exposed portion of the Albere Zone, which contains the N.I. 43-101 compliant mineral resource), as well as a series of AeroTEM Mag/EM anomalies of similar tenor. In 2010, a preliminary geochemical survey was completed by previous operators, examining the airborne anomalies and in particular “Anomaly 1B,” which returned the most compelling metals-in-soils results as well as values of 1,045 ppm Zn from targeted rock chip sampling during the 2010 program.
The 2015 program consisted of a detailed, grid based, soils and rock chip sampling, conducted with the aid of a powered, shallow drilling, portable “Shaw” diamond drill. In total, 60 surface soils/rock samples were collected over 100m spaced geochemical lines on 25 meter centers across the Anomalies 1A and 1B. In total, 39m of drilling was completed during the program. Of the 39m, 11.5m was diamond drilling resulting in 20 separate core samples from 14 drillholes targeting prospective mineralized exposures uncovered during the geochemical survey. The maximum penetration depth from this drilling program was 5.07m. Of particular note, several meters of visibly sulphide mineralized (pyrite, sphalerite, galena and chalcopyrite) core was returned from hole SC15-014 collared within the B1 anomaly; and proximate to the 2010 chip sample that returned 1,045 ppm Zn. Additionally, 29 prospecting chip samples were collected from surface exposures within Anomalies 1A and 1B. All collected samples have been forwarded to Bureau Veritas Commodities Canada Ltd. (formerly ACME Analytical Laboratories) for chemical assay.
In the near term, documentary video of the exploration of the Scotia Project will be available for viewing at www.glenmark.ca
Regarding the completion of the program, Clive Massey, President commented: “Glenmark is extremely pleased with the initial results of the 2015 ground program, particularly with the mineralization observed from drillhole SC15-014, which was collared in the heart of the 1B airborne geophysical anomaly and may represent a new extension of known VMS mineralization. This on-the-ground exploration work at Scotia was accomplished quickly, cost-effectively and will result in a multi-year assessment work filing on the Scotia Project. Glenmark is committed to inexpensively acquiring, advancing and maintaining quality N.I. 43-101 compliant resources, and Scotia is the proof of the effectiveness of our business strategy.”
Scotia Zinc-Silver Project Summary
The Scotia Project hosts a metamorphosed massive sulfide deposit located within the Ecstall Belt of metavolcanic rocks that extends through west-central British Columbia. Resource modeling of the Albere Zone in 2009 established a vertical range of sub-economic to economic grades of mineralization of 95 meters, and a horizontal range of 205 meters. The high grade “core” area widened to about 30 meters about 190 meters north of the outcropping main showing. The thickest drill intercept in the Albere Zone was 26.7 meters grading 9.0% zinc, 1.2% lead, 21.5 g/t silver and 0.3 g/t gold. A Resource Estimate was calculated for the Albere Zone by Giroux Consultants Ltd., based on forty-two drill holes totaling 4,343 meters. The results from a 1997 drilling program comprised most of the data used in the modeling, with much of the core re-assayed in 2008 to confirm earlier results. Ordinary kriging was used to interpolate blocks based on mineralization content.
Based on a 1% Zn cut-off, the Measured plus Indicated Resource within the 3-D mineralized shell totals 802,000 tonnes grading 4.9% Zn, 13.9 g/t Ag, and 0.2 g/t Au with an additional 702,000 tonnes grading 4.5% Zn, 13.7 g/t Ag and 0.2 g/t Au classed as Inferred. Economic parameters have not been defined by the current resource estimate as to an appropriate cut-off for various types of mining. Geological information and resource estimates for the Scotia Property have been drawn exclusively from the Scotia Property Technical Report (2011) by Arne Birkeland, P.Eng. and Gary Giroux, P.Eng. As part of this transaction, Glenmark contemplates filing its own technical report on the Scotia Property.
The technical contents of this news release have been prepared under the supervision of Mr. Peter Born, P. Geo. Mr. Born is a Qualified Person as defined in NI 43-101, and has approved this news release.
For further information, please contact:
Rob Gamley
Contact Financial Corp.
Phone: (604) 689-7422
Email: rob@contactfinancial.com
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. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward–looking statements”. Forward–looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward–looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward–looking statements.
SOURCE: Glenmark Capital Corp.
ReleaseID: 429892
