Dec 31 2013
Razore Rock Resources Inc. is pleased to announce that it has signed an Exploration and Option Agreement with Alto Ventures Inc. to earn up to 60% working interest in the Oxford Lake Gold Property in Manitoba from Alto Ventures.
Razore Rock will issue 100,000 common shares and pay $10,000 to Alto Ventures on the closing of the transaction, scheduled for December 31, 2013, to acquire the option.
The Oxford Lake Gold Property (the "Property") comprises 35,296 ha in central Manitoba, approximately 150 km southeast of Thompson. The Property includes 17 staked mining claims and 3 mineral exploration licenses (MELs). Geologically, the Property lies in the Oxford Lake-Knee Lake greenstone belt near the west end of the Superior Province of the Canadian Shield. The Property is host to the historical Rusty Gold Zone as well as several other significant gold and base metals occurrences. It lies along a major regional structural corridor that hosts the pre-development Monument Bay Gold Deposit near its eastern end. This corridor is relatively under-explored and could be an early stage analogue to the large gold-producing Destor-Porcupine or Larder-Cadillac corridors in Ontario and Quebec.
Gold mineralization in the northern half of the Oxford Lake Gold Property is associated with a banded iron formation ("BIF"). In 2011, Geotech Ltd. flew approximately 1,700 line kilometres of VTEM and aeromagnetic surveys for Alto Ventures. The geophysical surveys delineated numerous targets favourable for gold deposits associated with BIF as well as targets for massive sulphide copper, zinc, gold, and silver deposits (see Alto Ventures' news release dated November 16, 2011). The main gold target on the Property is a 30 km long trend of aeromagnetic "High" anomalies along which the historical Rusty Gold Zone (Historical Resource of 800,000 tonnes averaging 6 g/t gold) which is one of several significant gold occurrences associated with this magnetic trend. This aeromagnetic trend is interpreted to be a geophysical signature of the BIF that hosts gold mineralization.
The Rusty Gold Zone hosts a Historical Resource of 800,000 tonnes at an average grade of 6 g/t and contains approximately 154,000 ounces of gold. It is open along strike and to depth and is consistent in width (average 4.5 metres). Although the Historical Resource is viewed as reliable and relevant based on the information and methods used at the time they do not satisfy the requirements set out by NI 43-101. Neither Razore Rock nor its Qualified Persons have done sufficient work to classify the historical estimate as a current mineral resource and are not treating the historical estimate as current mineral resource. The Historical Resource should not be relied upon.
Other occurrences along the trend of aeromagnetic Highs include the East Rusty Zone and the Blue Jay area. Historical drill intercepts at the East Rusty Zone include 4.6 g/t gold over 3.7 m. The Blue Jay area is located two kilometres east of the Rusty Gold Zone and historical drilling at Blue Jay intersected up to 10 g/t gold over 2.0 m. Gold in both the East Rusty Zone and Blue Jay area is associated with a BIF delineated by the aeromagnetic survey.
Mineralization at the Rusty Gold Zone, East Rusty Zone and Blue Jay area remains open along strike and to depth. The target model for this style of mineralization is the Musselwhite Mine in Ontario, located in the west Superior geological province of the Canadian Shield. The Musselwhite Mine has reported past production and reserves of over 5.7 million ounces of gold.
Source:
Razore Rock Resources Inc