347.0 Metres of 0.295 % Cu, 0.063 % Mo, 7.853 g/t Ag, 0.033 g/t Au, 0.301 g/t Re
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 26, 2012) - Burnstone Ventures Inc. ("Burnstone" or the "Company") (TSX VENTURE:BVE) is pleased to announce the first set of assay results from the resampling program on its Tomichi copper-molybdenum (Cu-Mo) porphyry project in Gunnison County, south-central Colorado (the "Project").
The focus of the 2011 program was to re-log and re-analyze the 26 drill holes that were drilled by Molycorp Inc. between 1979 and 1981. All of this core had been preserved in secure storage in Gunnison and was available to Burnstone for this phase of the program. Company personnel based in Gunnison carried out the re-logging and re-sampling of 23 of the 26 drill holes. None of the historic core had been assayed for precious metals and, as such, is currently being re-assayed for copper, molybdenum, as well as for gold, silver, rhenium and a suite of associated elements through ICP.
Mineralization at Tomichi is a typical porphyry deposit characterized by disseminated and fracture controlled molybdenite and chalcopyrite hosted by a mid-Tertiary, potassic altered, intrusive system dominated by a porphyritic quartz monzonite. The mineralized porphyry is exposed at surface on top of Copper Hill and has been confirmed to continue to a depth of at least 550 metres. Diamond drilling completed by Molycorp Inc. in the 1980s intersected copper-molybdenum mineralization over a surface area in excess of 1500 metres by 800 metres and remains open to the north, east and at depth.
Results from this reassaying program along with the results from the 23 additional drill holes on the property will be utilized to complete a NI 43 - 101 compliant resource estimate. The Company has engaged Geosim Services Inc. to complete the resource estimate with the full report expected to be completed later this spring. A drill hole location map can be found on the company web site, www.burnstoneventures.com.
TABLE OF RESULTS
|* TM-02 *||260.67||611.28||350.61||0.21||0.011|
|* TM-08 *||9.76||420.73||410.73||0.251||0.036|
|* Holes TM-02 and TM-08 have not been re-assayed at this time|
In November of 2011, all necessary permits were received for the 2012 drill program which will include approximately 7,500 metres of diamond drilling. Drill hole locations will be selected to test zones of known mineralization as well as infill and step out holes. All drill holes will be targeted to a depth of at least 600 metres as many of the historic holes ended in mineralization. The goal of the 2012 program is to generate the data necessary to expand the area of known mineralization and allow for an updated NI 43-101 compliant mineral resource.
Doug Fulcher, President and CEO of the Company, stated, "We are extremely pleased to have access to the historic core, in order to be in a position to complete this preliminary NI 43-101 compliant mineral resource. Results from the reassaying program indicate the presence of both precious metals such as gold and silver as well as rhenium which are important additions to the overall value. The 2012 drill program is scheduled to begin later this spring and as results are obtained they will be compiled with the historic results to update the resource calculation."
The re-analyzed samples from holes TM-01 to TM-26 were shipped from Gunnison to the ALS Group - Reno Mineral Lab, where the samples were prepped and fire assayed for gold. Prepped pulps were then forwarded on by ALS Reno to their North Vancouver Laboratory where samples were analyzed for copper, molybdenum, silver and rhenium along with 44 other elements by a four-acid digestion ICP-MS and ICP-AES.
Burnstone maintains a quality control program involving the use of standards, blanks and duplicate samples randomly inserted within the sample group at a 5% ratio to provide a check on assay lab data quality. Copper, molybdenum, silver and gold standards were prepared by CDN Resource Laboratory Ltd., Langley, B.C., Canada, V1M 4B4 or WCM Minerals Ltd., Burnaby, B.C. Canada V5J 3P4. The blank sample(s) used to date have been from a local source, i.e., commonly available hardware store silica sand. For the 2012 drill program a commercial blank will be obtained from an accredited source.
The Company has an option to earn a 100% interest in the Tomichi copper-molybdenum (Cu-Mo) porphyry Project in Gunnison County, south-central Colorado. The Tomichi project is located within the Colorado Mineral Belt and was initially worked on in the 1950s by Climax Molybdenum Co. and more recently, in the 1980s by Molycorp Inc. No work has been carried out since the 1982 drill program primarily as a result of fractured land ownership.
Mr. James Chapman, P.Geo, is the Qualified Person responsible for the design of the program, and all exploration work on the Tomichi Project will be done under his supervision. Mr. Chapman has read and approved the technical content of this news release.
On Behalf of the Board of Directors:
Douglas Fulcher - President
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com
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