Trueclaim Exploration Inc. Announces Plans for Exploration and Drill Program for Richmond Basin Project, Arizona and Non-Brok...
January 26 2012 - 4:26PM
Marketwired
Trueclaim Exploration Inc. ("Trueclaim") (TSX
VENTURE:TRM)(OTCQX:TRMNF) is pleased to announce it is in the final
stages of permitting for a drill program on its Richmond Basin
Property near Globe, Arizona. Significant copper, gold and silver
mineralization on this property was initially reported in
Trueclaim's news release dated June 2, 2011. As a result of
sampling, Trueclaim has expanded the property with further claim
staking.
The 8,200ft (2,500m) Phase I Drill Program will test the
mineralization in the Black Copper Zone and other areas of the
property. The Black Copper Zone is located in the southwestern
portion of the Richmond Basin property and is associated with
numerous historical workings having little previous documentation.
This copper-gold vein replacement mineralization is hosted in a
magnetite rich matrix and has produced assay results up to 7.45% Cu
and 2.87g/t Au. This style of mineralization has now been observed
over a strike length of approximately 420ft (128m). The total
extent remains undefined due to overburden. Listed below are some
of the significant assays received from selected grab samples from
the Black Copper Zone:
-----------------------------------------------------------
Black Copper Zone
-----------------------------------------------------------
Sample # % Cu Au g/t Au oz/t Ag g/t Ag oz/t
-----------------------------------------------------------
70553(i) 5.58 1.78 0.05 6.86 0.20
70555(i) 7.45 2.06 0.06 0.00 0.05
70557(i) 7.07 1.78 0.05 0.00 0.05
70570(i) 0.25 0.02 0.00 785.00 25.24
70608 0.29 less than less than 66.80 2.15
0.002 0.002
E5096668(i) 3.76 2.87 0.08 7.65 0.23
70617 0.47 0.199 0.006 23.80 0.77
70618 2.26 0.164 0.005 6.70 0.22
70619 0.37 0.070 0.002 0.20 0.01
70620 1.07 1.180 0.035 3.60 0.12
70621 0.91 0.311 0.009 1.20 0.04
Surrounding Southern Portion of Richmond Basin
70573 0.11 less than less than 72.47 2.33
0.002 0.005
70575 0.08 less than less than 60.34 1.94
0.002 0.005
70578 0.39 0.42 0.01 3.11 0.10
70602 11.70 1.47 0.05 less than less than
0.002 0.002
70603 1.99 3.44 0.11 less than less than
0.002 0.002
70610 4.33 less than less than 3.00 0.10
0.002 0.002
-----------------------------------------------------------
(i) Previously reported in the June 2, 2011 news release
Map showing the southwestern area of the expanded claims:
http://media3.marketwire.com/docs/t126.pdf
Detail of the area of the Black Copper Zone showing some
significant assays: http://media3.marketwire.com/docs/t126b.pdf
An upcoming ground magnetic survey will help Trueclaim highlight
significant gold-copper mineralization as it is associated with
magnetite. The information acquired from this survey will help
determine the extent of mineralized areas and focus drill
targeting.
Work in the area of the McMorris Vein, as reported previously,
showed significant mineralization of 6.8oz/t (213g/t) Ag over 195ft
(59.4m). Fifty three samples taken within a distance of 300 metres
of the vein assayed over 3.2oz/t (100g/t) Ag. The Helena Mine area
and the Buckeye Vein Zone have also recently been examined and
samples are currently at the assay lab.
The Company has the right to earn a 100% working interest in the
property pursuant to an agreement made with Black Diamond
Exploration, Inc.
In order to finance the above-described work program and for
general working capital purposes, the Company is arranging a
non-brokered private placement to raise up to $1,360,000 through
the issuance of up to 17,000,000 units (each a "Unit") at a
purchase price of $0.08 per Unit. Each Unit will consist of one
common share in the capital of the Company and one-half common
share purchase warrant. Each full warrant will have a term of 24
months from the date of closing of the private placement (the
"Expiry Date") and entitles the holder thereof to purchase one
common share of the Company at an exercise price of $0.10 per share
at any time on or before the Expiry Date. The placement may have
multiple closings.
The Company may pay a finder's fee to arm's length parties on
funds raised under the private placement, in cash and/or securities
of the Company in accordance with the policies of the TSX Venture
Exchange.
The private placement and the payment of any finder's fees are
subject to the acceptance of the TSX Venture Exchange.
We seek safe harbour.
TRUECLAIM EXPLORATION INC.
John Carter, President
Technical information in this news release has been reviewed by
Mr. Robert Komarechka, P. Geo. and prepared in accordance with
Canadian regulatory requirements as set out in National Instrument
43-101. Trueclaim's quality control and assurance program includes
the insertion of standards and blanks, the retention of 1/2 of the
cut core that has been sampled, pulps and rejects, and uses a
independent certified lab, ALS Canada Ltd. of North Vancouver, BC.
Samples are analysed for multi-element ICP and, when warranted,
base and precious metal fire assaying. Assays of significance are
re-assayed using screen metallics to ensure accurate values.
Company Management, which takes full responsibility for content,
prepared this news release.
This news release contains "forward-looking information" (within
the meaning of applicable Canadian securities laws) and
"forward-looking statements" (within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995). Such statements
or information are identified with words such as "anticipate",
"believe", "expect", "plan", "intend", "potential", "estimate",
"propose", "project", "outlook", "foresee" or similar words
suggesting future outcomes or statements regarding an outlook. Such
statements include, among others, those concerning the proposed
diamond drilling program and private placement. All statements in
this news release, other than statements of historical facts, which
address future production, reserve potential, exploration
activities, financing plans, objectives or goals, and events or
developments that the Company expects, are forward-looking
statements. Since forward-looking statements address future events
and conditions, by their very nature, they involve inherent risks
and uncertainties. Such forward-looking information or statements
are based on a number of risks, uncertainties and assumptions which
may cause actual results or other expectations to differ materially
from those anticipated and which may prove to be incorrect.
Assumptions have been made regarding, among other things,
management's expectations regarding its ability to complete its
exploration and development work as expected. Actual results could
differ materially due to a number of factors, including, without
limitation, operational risks in the completion of the Company's
continued development work, technical, safety or regulatory issues,
market prices, exploitation and exploration successes, continued
availability of capital and financing, and general economic, market
or business conditions. Although the Company believes that the
expectations reflected in the forward-looking information or
statements are reasonable, prospective investors in the Company's
securities should not place undue reliance on forward-looking
statements because the Company can provide no assurance that such
expectations will prove to be correct. Actual results or
developments may differ materially from those projected in the
forward-looking statements, as assay intervals might not
necessarily represent true width. Such risks include expectations
that may be raised by discussing potential mine types and by
comparing the Company's projects to other projects. Also, in order
to proceed with the Company's exploration and acquisition plans,
additional funding is necessary and, depending on market
conditions, this funding may not be forthcoming on a schedule or on
terms that facilitate the Company's plans. Forward-looking
information and statements contained in this news release are as of
the date of this news release and the Company assumes no obligation
to update or revise this forward-looking information and statements
except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) has reviewed or accepts responsibility for the
adequacy or accuracy of this release.
Contacts: Trueclaim Exploration Inc. John Carter President
519-913-8008 1-888-686-1405 (FAX) www.trueclaimexploration.com
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