Cougar Minerals Corp. to Acquire Senator Stewart Project
07 Febrero 2014 - 3:50PM
Access Wire
February
7, 2014 - Cougar
Minerals Corp. - TSX-V: COU ("Cougar" or
the "Company") is pleased to
announce that it has entered into an Assignment of Mining Lease
Agreement with Quest Minerals Corporation (the "Assignment
Agreement") for the acquisition of Senator Stewart Property (the
"Project") located in Idaho, USA. The transaction is arm's length
to the Company.
Under the terms of the Assignment
Agreement Cougar will acquire all rights under the lease agreement
from Quest Minerals, Inc. a private Idaho company, which currently
holds the agreement with Silver Bowl, Inc. for the Senator Stewart
property by paying $75,000USD in cash and issuing 1,000,000 common
shares, subject to TSX venture Exchange approval. In addition
Cougar will assume all underlying payment obligations including
governmental taxes, levies and fees and an advance royalty payment
of $10,000 annually. Cougar will be obligated to perform a minimum
of $100,000 in assessment work before
December 2015 and an additional $50,000 in assessment work minimum
per year thereafter. The Senator Stewart Property is subject to a
2% net smelter return royalty payable to Silver Bowl
Inc.
The Senator Stewart property is located
in the Coeur d'Alene Silver District in Idaho, adjacent to
properties which comprise the famous Bunker Hill Mine. The Bunker
Hill Mine produced over 161 million ounces of silver, 6.3 billion
pounds of lead and 2.6 billion pounds of zinc from 36 million short
tons of ore, at average grades of 4.5 ounces per ton silver, 8.7%
lead, and 3.6% zinc.
The Senator Stewart property also hosted
the Senator Stewart Mine located on the northwest projection of the
main Bunker Hill lode. Production records are incomplete, but it is
known that from 1909 to 1916 the Senator Stewart Mine produced 8.4
million ounces of silver and 168 million pounds of lead from about
1 million short tons of ore, at average grades of 8.4 ounces per
ton Ag and 8.4% lead (Zn production was not recorded). Readers are
cautioned that the while the Company believes that the historical
production and grade information is relevant, the information has
not been verified by the Company and is presented for background
information only.
In the 1970s the mine exploration team
hypothesized that the Senator Stewart vein projected on dip to the
deeper Mac vein, which was a major producing vein in the Bunker
Hill from the 1960's onward. The Senator Stewart vein had been
mined down to approximately 2,600 feet above sea level and the Mac
vein up to 800 feet above sea level, so the prospective zone
between the top of the Mac vein and the bottom of the Senator
Stewart workings has a vertical dimension of approximately 1,800
feet (figure 1).
Figure 1: Bunker Hill Mine Area Long
Section
Click Image To View Full Size
Historic drill logs reveal that the
exploration team drilled and successfully intersected a high grade
silver/lead vein which appears to be the downward extension of the
Senator Stewart vein and the upward extension of the Mac. Attempts
to further drill this zone were abandoned after a dispute over the
ownership of this discovery. Cougar plans to replicate and expand
the exploration done in the 1970's.
The lease of the Senator Stewart
represents an exciting and potentially highly rewarding opportunity
to discover and develop a major lead/silver ore body that could be
toll milled at one of the nearby milling facilities in Idaho's
Silver Valley.
Murray Nye stated, "This new acquisition
should allow Cougar Minerals to advance significantly in building a
first-class exploration portfolio and generating significant
shareholder value through future exploration and
development."
Readers are cautioned that the Company
has not been able to verify the information on the adjacent Bunker
Hill property and it may not necessarily be indicative of the
mineralization on the property. There is no guarantee that
economically significant mineralization will be identified in the
prospective zone noted in figure 1.
Mr. Larry Segerstrom, P.Geo and
Director, is a Qualified Person as defined by National Instrument
43-101 - Standards of Disclosure for Mineral Projects. Mr.
Segerstrom has reviewed and approved the disclosure of technical
information contained in this news release.
The transaction remains
subject to TSX Venture Exchange approval. All securities issued
pursuant to the Transaction will be subject to applicable resale
restrictions of four months and one day from the date of issue. A
finder's fee in the maximum allowable under TSX Venture Exchange
policies will be payable in shares of the Company upon
closing.
About Cougar Minerals
Corp.
Cougar is a junior exploration company
focused on the discovery and development of economic mineral
deposits.
Additional information on Cougar Mineral
can be found on the Company's website at www.cougarminerals.com and by reviewing
the Company's page on SEDAR at www.sedar.com.
On behalf of the Board of Directors
COUGAR MINERALS
CORP.
For more information,
please contact:
Cougar Minerals Corp.
Murray Nye, President/CEO
(204)
989-2434
info@cougarminerals.com
s/
"Murray Nye"
Murray Nye
President
The TSX Venture Exchange, nor
its Regulation Services Providers (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. The information in this
release may contain forward-looking information under applicable
securities laws. This forward-looking information is subject to
known and unknown risks, uncertainties and other factors that may
cause actual results to differ materially from those implied in the
forward-looking information.
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