Mountain Boy Minerals Ltd. ("Mountain Boy") (TSX VENTURE: MTB)
announces that in 2011 the company will actively explore nine of
the Company's projects. The largest two, Silver Coin and the BA,
are totally funded by the joint venture partners. There is no cost
to Mountain Boy. A description of the projects and work programs
are as follows:
Silver Coin
Mountain Boy announces that its joint venture partner, Jayden
Resources Inc. has approved a $5 million dollar budget for a
significant development drilling program at the Silver Coin Project
near Stewart, B.C., with an anticipated start-up by June 1. At
present Mountain Boy owns 30% of the project with Jayden having the
option to earn an additional 10% through this year's program. The
overall goals for Silver Coin project in the coming year are to
significantly advance the project towards production by expanding
the resource and upgrading existing resource classifications,
improving understanding of metallurgy and processing options,
continuing to refine mine engineering and project economics and
continuing our ongoing environmental studies. Jayden aims to bring
the project to the prefeasibility stage by early 2012. In addition,
this year's program will have a strong geologic component which
will significantly enhance the company's ability to model the
already demonstrated, significant high-grade portions of the Silver
Coin deposit.
Drilling Program
Additional drilling is required to upgrade resource
classification and to expand the existing resource. Infill drilling
will facilitate upgrade of the resource from the inferred category
to measured and indicated, as well as contribute significantly to
ongoing efforts to build a comprehensive geologic model for Silver
Coin's mineralization. Approximately 80% of the planned 2011
drilling will be comprised of infill and close extension drilling,
with the additional 20% focusing on exploration drilling on several
surface showings of mineralization outside of the resource area
that have not been drill tested. We are planning 15,000 to 20,000
metres of diamond drilling and two drill rigs have been contracted
through Sunrise Drilling Ltd., Burnaby, B.C. In addition to
resource drilling, the Company is considering additional drilling
to collect geotechnical and hydrological data, however this program
has not been finalized at this time.
Metallurgy and Processing
Additional metallurgical testing is planned and will involve the
creation of a new master composite sample at a grade of 1 gram per
tonne gold. Further flotation and cyanidation tests will be
conducted on the composite in a continuing effort to optimize
recoveries. This work is being supervised by F. Wright Consulting,
Vancouver, B.C. The drilling of large diameter metallurgical core
may be undertaken later in the season to conduct comminution tests,
and, if necessary, to further optimize recoveries based on
variations in deposit grade and mineralogy.
Mining Engineering
The Company is currently soliciting bids for additional
engineering studies. These will focus on facilities layout,
including power and roads, waste and tailings engineering and
pipelines.
Environmental Studies
Geochemical characterization of waste rock and low grade
mineralization are underway, to determine the acid generating
potential of Silver Coin, and appropriate mitigation measures.
Baseline surface water studies were initiated in the past and data
collection to support these studies is continuing with additional
sampling and monitoring. Plant and wildlife studies are also
planned, and the company continues to collect meteorological data
from its onsite weather station. AMEC Earth & Environmental
Inc., Vancouver, B.C., has been contracted to complete this
work.
The BA, George Copper and Surprise Creek Projects
Great Bear Resources Ltd. ("Great Bear") is earning a 51%
interest in the BA project. The Surprise Creek property, located
immediately north of the BA project, is included under the terms of
the JV Agreement The terms of this agreement (announced on October
28, 2010) are as follows:
-- Acquisition costs for the Surprise Creek property will be borne entirely
by Great Bear, and will be applied against its earn-in requirement
towards the BA property.
-- Great Bear now has until December 2015 to complete a Positive
Feasibility Study that will give it the option to acquire a 70% interest
in the BA project.
-- In addition, Great Bear is now required to fund all costs associated
with the BA project through December 2015.
In 2010, all zones explored and discovered were expanded through
sequential step out drilling. The drilled strike length of the Main
zone has been extended to 800+ metres, while the Stockwork zone has
been extended to 300+ metres. Prospecting at the George Copper
claims on the BA property has resulted in discovery of multiple
gold bearing structures associated with a higher temperature phase
of the VMS system that is developed at BA.
In 2011, Great Bear will apparently continue exploration on the
joint venture properties.
Dunwell Project
The Dunwell Gold Mine is a former producing gold mine owned 100%
by the Company,and is located 7.5 kilometres northeast of Stewart
BC, 2 kilometres off paved highway 37A. The property has excellent
infrastructure. In addition its low elevation allows for year round
exploration.
Drilling is directed at expanding the zones of mineralization,
established in 2009 and 2010. Holes to date have intersected
pyrite, sphalerite, galena and chalcopyrite mineralization within
quartz breccia and brecciated argillite zones next to altered
weakly mineralized dyke rocks. Mineralization forms zones ranging
from 3 to 9 metres in width. Drilling is intersecting these zones
between 170 and 260 metres below the original gold mine's No. 4
level, the lowest level on which mining occurred during previous
operations. This drilling has extended the zone 75 metres along
strike over a dip extent of 260 metres. The mineralized zone is
open in all directions. Recent drilling is testing the zone just
below the No 4 Level down to the area of the deep
intersections.
MB Silver and FR
Mountain Boy plans to explore the high grade silver properties
it owns along American Creek during the 2011 field season. The
exploration will follow up on results obtained in programs carried
out in 2006 and 2007. Elevated silver values occur in replacement
type mineralization, sulphide veins and breccia zones within rocks
along the valley. The main properties to be explored include the
Mountain Boy and FR claims. The Company plans to explore both the
High Grade and Mann veins with approximately 5,000 metres of
drilling.
Blackwater Area
Mountain Boy Minerals Ltd. acquired 3 separate blocks of claims
(by jointly staking with its partner Decade Resources Ltd.) in the
Blackwater region of BC. One block adjoins the discovery property
owned by Richfield Ventures Ltd. The companies acquired a total of
37,296.28 ha in 80 claims. The properties are readily accessible
along a well developed network of established forestry roads in the
area.
At Blackwater, disseminated gold-silver mineralization and
high-grade gold in shear-hosted veins is reported as being hosted
in Jurassic aged Hazelton Group rhyolites.
Mountain Boy and Decade plan to explore the claims with a
program of geochemical sampling and prospecting starting in the
next 2 weeks.
Red Cliff
A program of modeling all available drill data will be
incorporated in planning the next drill program.
This is the area where extremely rich zones have been
identified. One of the holes (DDH-MON-31) yielded 25.91 meters of
10.91 grams gold per ton. There are approximately 150 drill holes
from the Redcliff and Montrose zones to be entered into a
concentrated program. The Company plans to use the information to
guide in continued exploration, particularly on the Montrose zone
where the goal is to define a gold resource.
Ed Kruchkowski, P. Geo., a qualified person under National
Instrument 43-101, has prepared this release and is charge of the
exploration program on behalf of the company.
About Mountain Boy Minerals:
Mountain Boy Minerals Ltd. is a Canadian based mineral
exploration company with diverse property and resource holdings
around the Stewart region in British Columbia's golden triangle. It
owns 30% of the Silver Coin project, a gold-silver-base metals
project that is having a new 43-101 compliant resource calculated.
The Company is also exploring silver-base metals on its American
Creek and Bear Valley properties as well as copper-gold on their
Stewart area claims.
For further information, please contact Company investor
relations at 604-681-0710, Ed Kruchkowski at 250-636-9232 or visit
the website at http://www.mountainboyminerals.ca (The Company
website is being changed at present and will be available
shortly).
ON BEHALF OF THE BOARD
Ed Kruchkowski, Director
"This news release may contain forward-looking statements.
Forward-looking statements address future events and conditions and
therefore involve inherent risks and uncertainties. Actual results
may differ materially from those currently anticipated in such
statements."
"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: Mountain Boy Minerals Ltd. Investor Relations
604-681-0710 Mountain Boy Minerals Ltd. Ed Kruchkowski 250-636-9232
250-636-9233 (FAX) www.mountainboyminerals.ca
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