Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
VANCOUVER, BRITISH COLUMBIA–(Marketwire – March 9, 2012) – Encore Renaissance Resources Corporation (‘The Company’) (TSX VENTURE:EZ) (FRANKFURT:OUH1) (PINKSHEETS:ERRCF) is pleased to announce that Compilation Work of historical data is nearing completion. The Company has also received data from a 2011 geophysical (magnetic and VLF) and soil geochemical survey, and is in the process of analyzing the data. The 2011 survey consisted of a grid extending to the north and east of the Discovery Zone. The Discovery Zone consists of a series of 0.2 to 1.2 metre wide en-echelon quartz veins with grades up to 365 g/t Au.
The compilation work has outlined several areas of interest which merit further exploration in the coming field season, including the Cooler Creek Zone, a new target area located 500 metres SE of the Discovery Zone along a structural trend. Historical soil geochemistry and magnetic geophysical surveys in the Cooler Creek Zone have outlined a NW-SE trending zone with highly anomalous gold in soils approximately 1500 metres long by up to 400 metres wide.
Coast Mountain Geological Ltd. is preparing an exploration program to comprehensively examine previously under-explored prospective areas of the property. The program for 2012 will consist of linecutting, extensive soil geochemistry and mag/VLF geophysical surveys, trenching and follow-up drilling over a large area of interest. The Phase 1 budget for exploration on the property is expected to be approximately $2.0 million.
Previous work on the property includes 161 metres of underground development in the Discovery Zone where, in 1984 a regional silt sampling program led to the discovery of gold mineralization in quartz float boulders overlying a diorite. Exploration programs on the Discovery Zone since then has resulted in the discovery of 14 en-echelon gold bearing quartz veins with surface trenching and drilling returning gold grades to 115.27gm Au. In 1994 a 3,700 metric ton bulk sample of mineralized vein material from surface trenching with an average grade of 26.5 g/t Au produced 3,160 ounces of gold. In 2009 a 3m X 3m decline was collared on the Raven vein and the underground development program was designed to evaluate the vein system at depth. A total of 161m of underground development was completed. An initial underground bulk sample shipment of 364.61 short tons was processed, assaying 0.475 oz/t Au, yielding 161.95 troy ounces of gold.
As The Company’s knowledge base for the Bonaparte Mineral Belt grows, the company continues to be encouraged regarding the porphyry potential of the property. The intrusive rocks of the Thuya Batholith remain unexplored, offering tremendous discovery potential. Similar age intrusive host the newly discovered Woodjam Cu-Au Deposit located east of Williams Lake, BC.
This release may contain statements that are considered as forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s periodic filings with Canadian securities regulators. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
The TSX-V has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
