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| | Mon Oct 20, 2003
Muskox Minerals Corporation Enters into Option to Acquire Canadian gold property asset
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| | Calgary, Alberta For Immediate Release Muskox Minerals Corp. ("MSK") has finalized an agreement for an option to purchase 100% of a gold property (the "Property") in the Pine Creek area of the Atlin District of British Columbia. The 1500 hectare Property contains a Motherlode-type gold mineralized system. The Property is very accessible and located on an all-year road, 9 km from the town of Atlin.
There are two historical and known lode gold prospects on the Property, they are known as the "Yellow Jacket" and the "Rock of Ages". Both prospects are well documented in the published literature. The lode gold mineralization on the Property occurs within faulted zones near a contact between serpentinized ultramafic rocks and mafic volcanics. Such a relationship is very similar to that seen in the rich Motherlode district of California and is referred to as a "Listwanite association".
The newly acquired database from previous investigations is extensive and reveals that, during the period 1986-88, Homestake Mineral Development Corp. spent $1.66 million on a partial exploration of the bedrock gold potentials of the Property. Homestake conducted an extensive drill program to delineate the gold mineralization on the "Yellow Jacket" prospect. The full lateral and vertical extent of the mineralized system was never determined and many targets remain to be tested. The following table illustrates some of the significant intersections recorded during the Homestake drill program.
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Hole Interval Intercept Au
# (m) (m) g/t
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86-6 85.34 - 88.39 3.05 17.93
86-7 41.61 - 44.50 2.89 7.78
86-9 50.75 - 54.10 3.35 10.73
61.26 - 62.79 1.53 7.20
87-20 26.00 - 29.00 3.00 7.70
87-23 55.00 - 59.00 4.00 15.01
including 55.00 - 57.45 2.45 24.28
63.00 - 64.00 1.00 16.99
87-24 24.00 - 26.00 2.00 8.99
126.50 - 127.00 0.50 18.82
88-36 95.00 - 98.00 3.00 11.08
including 95.00 - 96.00 1.00 32.19
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The Atlin area is historically famous for its rich alluvial placer gold deposits and ranks as the second largest producer of placer gold in the province. The area of Pine Creek was the largest placer-gold producing sector of the Atlin district, yielding a reported 140,832 ounces of gold since 1898. Much of the placer gold was very coarse grained and some was crystalline or in wire form, and is locally derived.
Under the Option Agreement, Muskox may earn a 100% interest in the Atlin Property by making cash payments totaling $2,590,000 over the next 7 years, and expending a minimum of $250,000 in exploration work per year for the first three years, for a total of $750,000. Muskox has paid the initial $140,000 upon the signing of the Option Agreement. The next payment of $100,000 is due on April 1, 2004. Muskox can choose to accelerate the cash payments to exercise the Option early, without penalty. Once the Option is exercised, the Property will be subject to a 1.5% NSR Royalty.
Dr. Roger D. Morton P. Geol, President of Muskox Minerals observed. . . "The Pine Creek hardrock gold Property is a significant acquisition for the Corporation. We are now a commodity-diversified exploration company, a fact which should interest a broader spectrum of investors in the currently awakening metals markets. Preliminary ground studies are commencing this week and it is anticipated that we will have a program of geological investigation and drilling starting within the coming weeks." The
TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information, please contact Dr. Roger D. Morton at (780) 990-9610 or consult the web page www.muskoxminerals.com |
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| | You can view the Next News Releases item: Thu Nov 6, 2003, Muskox Minerals Corporation MSK.V Preliminary report from Anglo American Exploration Canada's exploration programme
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