RIMROCK Gold-Silver Property
The Rimrock Property is situated 15 Km southeast of
Drone Aeromagnetic Survey Completed. A first-ever drone aeromagnetic survey was conducted by Zonge Geophysics of
Mapping Uncovers 3 New Gold-Silver Drilling Targets. New geologic mapping and rock-chip sampling was conducted by CAT's geologist at Rimrock. This led to the discovery of 3 new gold-silver drilling targets, in addition to the 'Silver Hill' and Rhombochasm' targets. CAT now has 5 exciting drilling targets to pursue in coming months.
Dilation (Western Mineralized) Zone is a large, old, 3 Km long NNE-trending, locally mineralized fault system that occurs in the northern part of the Rimrock property.
Silicification was found to extend another 400 meters to the southwest from the end of the previous mapping becoming gradually weaker and replaced by QSP mineralization and eventually aerially extensive argillic alteration. Reconnaissance mapping further southwest determined little true exposures exist in the area of interest. However, drilling in 2007 did identify elevated gold mineralization (to 187 ppb) hosted by volcanic tuff, exists within this zone. Multi-elemental analyses indicate the gold interval is also elevated with respect to sulfur, selenium, arsenic, antimony, tungsten and molybdenum. To a lesser degree barium and rhenium are elevated. These results are indicative of Midas Style precious metals mineralization is extant in this area.
Holes drilled further to the west in this area also intersected Paleozoic sedimentary rocks (quartzites and mudstones) below the volcanics. The uppermost interval, immediately below the volcanic section, of this formation is composed of quartzite. It is elevated in silver and gold (to 29.5 ppm and 85 ppb respectively) which is associated with elevated tellurium, selenium, antimony and vanadium and to a lesser consistency molybdenum, chromium, copper and arsenic.
Alteration is typically a silica core surrounded by less silicified areas enriched in iron (now oxidized) mineralization and associated sericite (QSP alteration). This, in turn, is surrounded by argillic alteration. Silicification is discontinuous and defined by three distinct areas, from south to north,
Chalcedonic alteration is often associated with mercury mineralization (cinnabar, calomel, schuetteite and possibly others). Many areas show signs of prospecting. One area showed grey chalcedony containing meta-cinnabar forming a thin coating over rich cinnabar immediately below the exposed surface. Structures associated with the chalcedonic alteration are most frequently oriented at 020o (TN) and dip steeply west. Brecciation is often associated with cross-cutting structures which are occasionally accompanied by iron mineralization that has been demonstrated, through previous surface sampling, to contain elevated iron, mercury, arsenic and barium (+/- tungsten, molybdenum, nickel, bismuth, vanadium, selenium and lead); silver is also weakly elevated. This area has never been tested by drilling and looks quite prospective.
Shaft Zone Mineralization. The 'Shaft Zone' has a 19 metre deep shaft developed in mercury-mineralized silicification and is host to a widespread area of mixed silicification, QSP and argillic alteration. It starts roughly 600 meters east of the 'eastern
Conclusions
Five prospective target areas of mineralization are present in the Rimrock claims area. There may be gold-silver systems of 3 different ages present, and none have been tested properly by previous drilling to evaluate them. Strong alteration is present in several areas, often along with chalcedonic and mercury mineralization at the surface. This indicates that the gold targets lie at depth below the ground surface, and thus likely are underground mine targets. The Western and Eastern zones have drill data from the 2007 drilling program. This program identified Paleozoic rocks beneath the volcanic pile and are mineralized, to varying degrees with precious metals, which appear to have been mineralized both by
Flow-Through Financing Final Closing
The Company also reports that it has closed the second, and final, tranche of the non-brokered flow-through private placement announced
Each FT Unit consists of one common share (a 'FT Share') of the Company and one-half common share purchase warrant (the 'FT Warrant'). Each whole FT Warrant, will entitle the holder to purchase one common share of the Company (the 'FT Warrant Share') at a price of
The Company will pay finder's fees following the closing of the second and final tranche of the FT offering and submission of all necessary regulatory documentation as may be required. The finder's fees will include cash and finder's warrants, the details of which will be disclosed in a subsequent news release.
The proceeds from the issuance of the FT Units will be used for qualifying exploration on the Company's Canadian properties in
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This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Particular risks applicable to this press release include risks associated with planned production, including the ability of the company to achieve its targeted exploration outline due to regulatory, technical or economic factors. In addition, there are risks associated with estimates of resources, and there is no guarantee that a resource will be found or have demonstrated economic viability as necessary to be classified as a reserve. There is no guarantee that additional exploration work will result in significant increases to resource estimates
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