Resolve Ventures Acquires Copper Property
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 27, 2017) - Resolve Ventures Inc. ("Resolve" or the "Company") (TSX VENTURE:RSV) is pleased to announce that it has acquired a 100% interest in the Connell Mountain copper porphyry prospect, located in New Brunswick, Canada. Terms of the acquisition of 100% interest in the title covering the prospect are 3.5 million shares upon TSX approval.
The Company is also reviewing ground acquisition in the Windfall Lake area.
The Connell Mountain Property covers a historical copper porphyry occurrence known as the Connell Mountain occurrence (aka Lockart Anomaly 1; Reference #232). (1) The Property has been subject to extensive exploration from 1968 to 1997, identifying nine discrete copper anomalies. Two of these anomalies have been the primary focus of historical exploration.
Historical work on the Property has included diamond and percussion drilling, stripping, soil sampling, geological mapping, outcrop sampling, and geophysics, including magnetometer and induced polarization surveys.
Historical Work
Most exploration on the Connell Mountain was conducted from 1969 to 1971 by Falconbridge Nickel Mines Ltd. This work was outlined in seven reports, including diamond drilling, stripping, geological mapping, outcrop sampling, and geophysics, including magnetometer and induced polarization surveys. (2)
This work was followed up in 1974 by reconnaissance soil sampling and soil geochemistry surveys, successfully extending the mineralized zone identified at Anomaly 1, which was later renamed the Heather Zone. (3)
In 1974, Bethlehem Copper drilled 39 percussion holes, including 25 holes on Anomaly 1 (Heather Zone), 10 holes on Anomaly 1A and 4 holes on Anomaly 2. The most promising zone was identified as Anomaly 1, with mineralization reported to measure 150 by 300 metres with at least 0.10% Cu, as well as zones up to 90 by 90 metres with values greater than 0.25% Cu. (4) *
Based on historical trenching and drilling, a resource estimate reported in 1987 in a publication by the Geological Survey of Canada calculated approximately 21,000,000 short tons of protore grading 0.18% Cu and 1,000,000 short tons of supergene ore grading 0.04 to 0.70% Cu. (5) *
* A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the issuer is not treating the historical estimate as current mineral resources or reserves. Further work must be carried out to verify all historic information before a resource estimate is possible. The historical estimates uses categories other than those required by the CIM and National Instrument 43-101.
The technical contents of this release were approved by Case Lewis, P.Geo., a Qualified Person as defined by National Instrument 43-101. The property has not yet been the subject of a National Instrument 43-101 report.
References
- New Brunswick Energy and Mines database (2017). Connell Mountain / Lockart Anomaly 1 (Reference #232).
- New Brunswick Energy and Mines database (1969-1971). Falconbridge Nickel Mines Ltd (Reports 470231-470237).
- New Brunswick Energy and Mines website database (1974). Lockhart (Report 470244, 1974).
- New Brunswick Energy and Mines website database (1974). Bethlehem Copper (Report 470228).
- Thomas, R.D., Gleeson, C.F. (1989). Metallogeny of the Woodstock area, New Brunswick. GSC Paper 87-1A, p 492-494.
About the Company
Resolve Ventures is a Canadian based mineral exploration company committed to building long term value through strategic property acquisitions. RESOLVE PUSHING FOR DISCOVERY.
ON BEHALF OF THE BOARD
David Baker, President
Forward-Looking Statements
This document may contain or refer to forward-looking information based on current expectations, including, but not limited to the development, commencement and completion of future exploration or project development programs and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances. For a detailed list of risks and uncertainties relating to the Company please refer to the Company's prospectus filed on its SEDAR profile at www.sedar.com.
Neither 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.
