GreenLight Options Gold & Base Metal Property 15 Km from Mt. Pleasant Mine Au (20.1 g/t), Ag (367 g/t), Cu (1.4%), Pb (6.95%)...
03 Novembre 2011 - 8:21PM
Marketwired
GREENLIGHT RESOURCES INC. (TSX
VENTURE:GR)(OTCBB:PRZCF)(FRANKFURT:PH0) is pleased to announce that
the Company has entered into an option agreement on the Otter Lake
property in northern Charlotte County, New Brunswick with Portage
Minerals Inc. and Rockport Mining Corp.
The Otter Lake claim group consists of 104 claims (4160 acres)
under option from Rockport Mining situated 15 km east of the Mt
Pleasant Zn (zinc), In (Indium), W (tungsten), Mo (Molybdenum), Bi
(Bismuth) deposit. These claim blocks cover four significant Au
(Gold), Ag (Silver), W, Mo and Bi showings occurring between the
Pender Brook and the Sawyer Brook Fault Zones. These faults are
within Silurian metasediments and are bound by the northern flanks
of the Mt Douglas and Magaguadavic granites. The showings are
hosted by hornfelsic wacke and skarn which are cut by late stage,
greissenized quartz stockworks carrying Asp (Arsenopyrite) and Au
with attendant W, Bi and Mo mineralization. Zoned out from the
Au/Asp mineralization are showings of base metals and silver. Three
of the showings are within the Sawyer Brook fault zone and are
known as the Jimmy Hill, Otter Lake and Logans Mountain
showings.
The Jimmy Hill showing consists of a series of intersecting
quartz-greissen veins, emanating from the Magaguadavic Granite. The
mineralized quartz veins are located at the intersection of NW
trending shears and the main ENE trending Sawyer Brook Fault. Gold
occurs primarily with Asp but often the veins carry significant
tungsten and bismuth mineralization. The showings have been
stripped in part and dozens of rock samples taken from the trench
show Au values greater than 1 g/t (gram per tonne) ranging up to
20.1 g/t. Associated with the gold mineralization are values up to
0.32% Bi and 4.46% W. A base metal/silver discovery was made
subsequent to the gold discovery about 300 meters to the west of
the gold showing. Numerous mineralized floats and sub crop found
during trenching at this location assayed up to 367 g/t Ag, 1.4%
Cu, 6.95% Pb, 4.33% Zn. It should be noted that disseminated Mo
occurs in granite out crop a few hundred meters to the southwest of
the Jimmy Hill Showing.
The Logans Mountain showing is similar to the Jimmy Hill
occurrence in that the mineralization is hosted in east south-east
trending quartz greissen veins cutting hornfelsic wacke. Surface
sampling by past workers discovered 27 boulders carrying between 1
and 14.1 g/t Au. Associated with the Au mineralization are small
skarn beds carrying massive sulphide lenses with up to 596 g/t Ag,
6.25% Pb, 4.5% Zn and 0.17% Bi.
The Otter Lake showing is closely associated with the Logans
Mountain showing in that it also consists of quartz veins carrying
As and Au along with what is reported as Sedex style base metals.
Shallow drilling into the vein system resulted in intersections of
up to 8.54 g/t Au over 0.38m. Also noted here is an intensely
altered quartz feldspar porphyry dike that is 10 meters wide and
possibly over 1000 meters long. Similar dikes are seen to the west
on the adjacent Wildcat property where an altered dike is host to
shear related Mo mineralization grading 0.08% Mo over 30
meters.
Assays cited above have been taken from previous assessments
reports filed between 1989 and 1995. Readers are warned that
"historical records" referred to in this release have been examined
but not verified by a "Qualified Person". Further work is required
to verify that the historical assays referred to in this release
are accurate.
Patrick Forseille, P. Geo., a Qualified Person as defined by NI
43-101 is responsible for the technical information contained in
this release.
The Deal
Greenlight can acquire up to a 50% interest in the Otter Lake
property. A 25% interest can be earned by incurring exploration
work of $300,000 by May 2, 2013. A further 25% interest can be
earned by incurring a further $300,000 in exploration work by
November 2, 2014.
On Behalf of the board of directors
Christopher R Anderson, CEO - President
Read about GreenLight Resources Inc.:
http://greenlightresources.com/corporate-overview/
Read Disclaimer:
http://greenlightresources.com/legal-disclaimer/
Facebook: http://facebook.com/GreenLightResources
Twitter: @GreenLightRes
Myspace: http://myspace.com/518719311
Contacts: GreenLight Resources Inc. John Curle Investor
RelationsIR@GreenLightResources.comwww.GreenLightResources.com
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