Glenmark Completes Initial Site Survey of Margurete Gold Project

VANCOUVER, BC / ACCESSWIRE / April 23, 2015 / Glenmark Capital Corp. (TSX.V: GLM, US OTC: GLRKF and Frankfurt: 17G) (“Glenmark” or the “Company”) is pleased to announce that it has completed its site survey of the Margurete Gold Project in the Phillips Arm gold camp, located in southwestern British Columbia. Glenmark holds a 100% interest in the Margurete Gold Project which covers an area of approximately 862 hectares, 120km northwest of Vancouver. Glenmark plans to commence a drilling program in May of this year and the purpose of conducting this site survey was to confirm access, locate previous work sites and identify water sources to support the upcoming exploration program.

The Property is accessible by floatplane, a 75 minute flight from Coal Harbor, Vancouver via Beaver, or by one of several water taxis that operate in the area. A new dock facility has been established at Brooks Bay, which is linked to the project area by a series of maintained forest service roads that can support both ATV and truck.

Geologists Paul D. Gray, P.Geo. and Justin Rensby were successful in locating the target areas drilled by Falconbridge in 1986; and core from that drilling program was also located and visually inspected. Sulphide mineralized quartz veins associated with a contact zone between the hosting Coast Mountain Intrusives and entrained metasediments proximate to the historic Falconbridge drill sites were identified and sampled, and appear to be the target of the 1986 exploration efforts. These veins are interpreted to be structurally related to the historic Doratha Mine workings located approximately 2.5 kilometers to the east, along the Doratha Morton Gold Trend. A series of exposed mineralized (pyrite, arsenopyrite, chalcopyrite) quartz veins along the Doratha Morton Gold Trend were examined and sampled as part of the site survey.

For more information on Glenmark, including videos of the site survey, please visit our website at www.glenmark.ca

Background

An initial exploration program was completed on the Margurete property in 1986 by Falconbridge. This program consisted of geochemical surveys, ground-based geophysics and diamond drilling program, which was successful in identifying gold bearing veins, which are believed to be genetically related to the same mineralizing events responsible for the nearby Doratha Morton and Alexandria Gold mines. A summary table of historic drill intersections exceeding 3.43 g/t gold (0.10 oz/ton Au) are presented below:

The Doratha Morton and Alexandria mines, both located in the central part of the Phillips Arm gold camp, were the two largest gold producers in that camp. Production from the Doratha Morton mine from 1898 to 1899 was reported by be 4,434 ounces of gold and 10,222 ounces of silver from 9,707 tons of ore. The Alexandria mine produced about 773 ounces of gold and 1,340 ounces of silver from 1,915 tons of ore from 1898 until 1940. Gold prospects in the project area are alkalic intrusion-associated gold- and silver-bearing veins. They contain pyrite and a white-grey telluride, probably sylvanite, in quartz and occupy shear-induced dilatent zones in a panel of volcanic and intermediate intrusive rocks. Rocks variably enriched in molybdenum are exposed adjacent to the southwest margin of the shear zone hosting the Alexandria and Doratha Morton gold occurrences. (J. Ostler P.Geo, 2003)

The technical contents of this news release have been prepared under the supervision of Peter Born, Geo. Mr. Born is a Qualified Person as defined in NI 43-101, and has approved this news release. Mr. Born has not reviewed the drilling core, drill logs or other drilling data from the 1986 Falconbridge program. As such, the drilling data contained herein is derived from sources believed credible but cannot be relied upon.

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. 

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