VANCOUVER,
Feb. 28, 2013 /CNW/ - Blue River
Resources Ltd. ( TSX.V: BXR ) ("Blue River" or "the Company")
announces that it has acquired an option to earn a 100% interest in
the Mazama Copper deposit, located in Okanogan County, Washington, USA.
The Mazama Copper deposit has been explored for
porphyry copper mineralization since 1963. Inspiration Development
acquired the property in 1970 and conducted IP and soil surveys and
drilled 15 diamond drill holes.
In 1973 Quintana Minerals Corp. began the most
extensive evaluation of the Mazama
deposit to date, drilling 47 percussion holes and 5 diamond drill
holes. Quintana calculated an historical resource of 149 million
tons grading 0.36% copper and 0.01% molybdenum.
A qualified person has not done sufficient work to
classify the historical estimate as current mineral
resources. Blue River is not
treating the historical estimate as current mineral resources.
Griffin Jones,
president of Blue River Resources, states, "We are very excited
about the acquisition of a near-surface copper deposit in nearby
Washington State. The Mazama deposit positions the Company with a
development- stage asset that is relatively close to Vancouver BC. The Mazama Project is located
approximately 43 kilometres (27 miles) south of Osoyoos BC".
Under the terms of the agreement, Blue River has agreed to pay to the vendor,
upon approval by the TSX Venture Exchange, $85,000 in year one and $50,000 in each of year two and three for a total
of $185,000. The Company has also
agreed to pay 500,000 shares every 3 months to a maximum total of
5,000,000 shares. Blue River
has also agreed to grant the vendor a 3% net smelter royalty, of
which 2% can be purchased by Blue
River for $3.0 million. There
is a minimum exploration and development commitment of $125,000 in year one, $150,000 in year 2 and $175,000 in year 3.The vendor is at arm's length
to the Company. The closing of the acquisition is subject to
certain conditions, including approval from the TSX Venture
Exchange.
Highland North Project
The Company's Phase I diamond drill program on the
Highland North Project, conducted in September 2012, totalled 1,182,56 metres of NQ
drillcore over 5 holes (from 5 drill sites) and resulted in a total
of 479 samples collected and submitted for assays.
Diamond drill hole BXR-12-2 intersected 39.65 meters (130 feet)
grading 0.1% copper, from 30.85 meters (101.2 feet) to 70.05 meters
(229.8 feet). Drill hole BXR-12-2 was the only hole to have
reportable mineralization. No further exploration is planned for
the Highland North Project.
Castle Copper Project
Blue River Resources Ltd. also holds a 100%
interest in the 18,000 acre Castle Copper Project, located 25 km
north of Copper Mountain Mining. The Castle project is directly
north of Sego Resources' Miner Mountain property and directly south
of Westar's Axe Copper Project, currently under joint venture with
Xstrata Copper. The Company drilled 3 short reconnaissance diamond
drill holes in September 2012
totaling 123 metres (407 feet) and no significant mineralization
was encountered. The Company's current exploration plans for the
Castle Copper project include an extensive ground IP and mag survey
over the 7 km of the Nicola fault that trends through the Castle
property.
The technical information contained in this news
release was reviewed and approved by Paul
D. Gray, P. Geo, Company Director, and a qualified person as
defined under National Instrument 43-101.
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.
ON BEHALF OF THE BOARD
BLUE RIVER RESOURCES
LTD.
/s/ Griffin Jones
Griffin Jones
President, Director
SOURCE Blue River Resources Ltd.