Ressources Appalaches: Exploration of Neighboring Properties at the Dufferin Mine and Extension of the Term of Warrants
30 Gennaio 2014 - 2:00PM
Marketwired
Ressources Appalaches: Exploration of Neighboring Properties at the
Dufferin Mine and Extension of the Term of Warrants
RIMOUSKI, QUEBEC--(Marketwired - Jan 30, 2014) - Ressources
Appalaches (TSX-VENTURE:APP)(FRANKFURT:OU3) has conducted
exploration work at the Chocolate Lake and Miller Lake properties
located 8 and 20 km east, respectively, of the Dufferin Mine in
Nova Scotia. These two properties are situated along the same
structural corridor as the Dufferin Mine. The Company's strategy is
to focus the work and the vast majority of the budget on the
development of the Dufferin Mine. However, a part of the budget is
earmarked for the project's long-term development in order to
determine the extensions or discover new structures in neighbouring
properties.
A first exploratory borehole of 239 m was drilled at the
Chocolate Lake property. The aim was to locate the extension of the
anticlinal structure of the Dufferin Mine, located 8 km to the
east. Although the drilling did not reach its target due to
technical problems and difficult field conditions, some veins
similar to those encountered at the Dufferin Mine were nevertheless
observed. Samples were sent to the laboratory for gold analysis.
Based on these results, a second drilling site will be
determined.
A ground magnetic survey was performed at the Miller Lake
property to cover the unexplored area of the asset. A total of 59
km was surveyed. Several anomalies were located parallel to the
folded structure. The comparison and integration of this survey
with those conducted previously in mineralized areas will help
target future exploration work more accurately.
As part of a subsidy program for the discovery and development
of new mines (''Nova Scotia Mineral Incentive Program''), the
Company received a grant from the Government of Nova Scotia
equivalent to 50% of the cost of the work performed at these
properties.
On January 28, 2014, the Company filed an application with the
TSX Venture Exchange to extend the expiration date of the stock
purchase warrants expiring on February 13, 2014. The requested new
expiration date is August 13, 2014. These warrants form part of a
private placement which closed on February 13, 2012 and consisted
of the issuance of 25,300,000 units at a price of $0.05 per unit.
Each unit consisted of one common share in the capital of the
Company and one warrant. Each warrant originally entitled the
holder to purchase one common share at an exercise of $0.10 on or
before February 13, 2014. No warrants have been exercised to date.
This modification is subject to the approval of the TSX Venture
Exchange.
About Ressources Appalaches
Since it was created in 1994, the goal of Ressources Appalaches
has been to discover and develop deposits of base and precious
metals in Canada with an expertise targeted towards the Appalachian
geological formation in Québec and Nova Scotia. The Company is
mainly focused on the exploration and development of the Dufferin
Gold Mine in Nova Scotia.
Photos of the Dufferin Mine and its facilities are available on
the Company's website at: www.ressourcesappalaches.com.
The contents of this press release were prepared and reviewed by
Alain Hupé, Eng. A Qualified Person as defined in NI 43-101.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts any responsibility for the adequacy or
accuracy of this release.
This press release may contain certain forward-looking
statements that include elements of risk and uncertainty.
Consequently, actual results may differ substantially from those
anticipated in such statements. These risks and uncertainties are
described in the quarterly and annual reports, and in the documents
submitted to the securities administration.
Alain Hupe, Eng.President and
CEO418-724-0901info@ressourcesappalaches.com
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