G4G Resources Initiates Work Program on Vancouver Island Porphyry-Copper-Gold Properties
02 Dicembre 2010 - 3:00PM
Marketwired
G4G Resources Ltd. (TSX VENTURE: GXG) ("G4G", "the Company")
announced today that it plans to conduct a work program in order to
better define its porphyry-copper-gold-silver properties located
within ten kilometres of Port Alberni on Vancouver Island.
G4G will conduct a systematic mapping and geophysics program on
the Macktush and Dauntless properties, which cover an area of
10,185 hectares. The Macktush property was acquired by the Company
in 1987 and subsequent staking added the Dauntless property into
the portfolio. G4G holds 100% of the Vancouver Island properties
which total 13, 550 hectares.
Basil Botha, President and CEO of G4G remarked, "Our Port
Alberni properties host excellent exploration targets for both high
grade and bulk mineable deposits. In 1987 ten drillholes were
completed. Hole DDH87-03 intersected 44.23 g/t gold, 172.80 g/t
silver and 0.95% copper over 3.81 metres (Interval 36.59-40.39
metres)."
"Management believes that our properties in the Port Alberni
area have a good chance of hosting mineralization similar to the
Island Copper District, which hosts porphyry-copper-gold
mineralization directly related to mesozonal to epizonal
intrusions," continued Mr. Botha. "BHP's Island Copper mine,
operated from 1971 to 1995, produced 1.3 million tonnes of copper,
31,000 tonnes of molybdenum, 340 million grams of silver and 32
million grams of gold (BHP, 1996) from a Copper-Molybdenum-Gold
porphyry deposit. G4G's gold properties on Vancouver Island are
accessible by road and are in close proximity to
infrastructure."
G4G will focus on the "Rex" area (MINFILE 092F221), which the
Company considers to be the most prospective un-drilled exploration
target on the Macktush property at this time. The large aerial
extents of the geophysical response, the alteration signature, and
the sulphide mineralization along with the combination of elevated
multiple geochemical indicators could represent the halo near a
porphyry copper-molybdenum-gold. The geological setting is similar
to that of past producing Island Copper Mine on Vancouver Island
and will be used as a mineral deposit model for G4G's properties.
The Rex area could also represent the source of high-grade
vein-type gold-silver-copper mineralization seen nearby and drilled
in past exploration campaigns.
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Hole Interval (m) Length (m) Au (g/t) Ag (g/t) Cu (%)
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DDH87-01 109.58-110.72 1.14 5.97 2.06 0.03
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DDH87-03 33.50-34.29 0.79 3.84 16.46 0.80
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36.59-40.39 3.81 44.23 172.80 0.95
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DDH87-08 71.63-72.88 1.25 9.94 1.71 0.03
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DDH88-05 47.22-48.80 1.58 0.21 3.09 0.02
---------------------------------------------------------------------------
Both the Island Copper district and the Port Alberni district
are underlain by volcanic rocks of the same age and potentially
host similar styles of mineralization.
All the properties have been explored primarily for gold, copper
molybdenum and silver, targeting porphyry, skarn and epithermal
vein type deposits. The contiguous block forming the Macktush,
Dauntless and MC properties have NI 43-101 compliant indicated
resources. Please see the news release dated March 19, 2007 from
SYMC Resources Ltd. (G4G's previous name) and the following table.
The news release can be accessed on SEDAR under the name of G4G
Resources Ltd. or on G4G's website at www.g4gresources.com.
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Gold Silver Copper Date of the
Vein/Zone Tonnes g/t g/t % Category Technical Report
----------------------------------------------------------------------------
David Vein 16,278 5.65 25.6 0.31 Indicated February 28, 2006
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Fred Vein 65,475 13.91 48.1 0.59 Indicated January 26, 2007
----------------------------------------------------------------------------
Zinc Vein 35,710 8.97 44.5 0.57 Indicated January 26, 2007
----------------------------------------------------------------------------
Jack Vein 13,994 2.00 0.8 0.02 Indicated January 26, 2007
----------------------------------------------------------------------------
Moly Vein 504 4.27 1.5 0.01 Indicated January 26, 2007
----------------------------------------------------------------------------
Dauntless North 14,171 0.04 6.2 2.05 Indicated February 28, 2006
Veins
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Herbert Jr. Vein 8,479 0.12 6.7 5.16 Indicated February 28, 2006
----------------------------------------------------------------------------
Tasha Zone 20,423 0.01 0.6 0.16 Indicated February 28, 2006
----------------------------------------------------------------------------
MC1 Zone 21,851 0.26 6.9 0.43 Indicated January 26, 2007
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MC2 Zone 138,499 0.33 5.2 0.47 Indicated January 26, 2007
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MC3 Zone 17,618 0.38 1.0 0.05 Indicated January 26, 2007
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G4G Resources has an extensive database of the projects and
after its revision is planning to conduct systematic work programs
on all the properties to determine their overall potential. Work
completed to date consists primarily of prospecting, hand
trenching, airborne geophysics and diamond drilling.
The geological information in the news release has been verified
by Raul Sanabria, P.Geo., who is the Qualified Person for G4G
Resources Ltd. under NI 43-101.
About G4G Resources Ltd.
G4G Resources Ltd. is a Canadian-based mineral exploration and
development company focused on a number of low cost iron ore
projects.
G4G's latest corporate presentation can be viewed at
www.g4gresources.com.
Forward-Looking Statement
This document may contain or refer to forward-looking
information based on current expectations, including, but not
limited to timing of mineral resource estimates, 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, except as
required under securities laws. For a detailed list of risks and
uncertainties, as it relates to G4G Resources Ltd., please refer to
the Company's 2009 year end audited financial statements filed with
SEDAR on April 30, 2010.
Should you wish to receive Company news via email, please email
ir@g4gresources.com and specify "G4G News" in the subject line.
Neither the 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.
Contacts: G4G Resources Ltd. Basil Botha President and CEO (604)
602-9868 ir@g4gresources.com www.g4gresources.com
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