Golden Bridge Mining Completes Initial Drill Program at Hebecourt VMS/Gold Project in Quebec, Canada and Announces Closing of N
14 Septiembre 2012 - 12:52AM
PR Newswire (Canada)
TORONTO, Sept. 14, 2012 /CNW/ - Golden Bridge Mining Corporation
("GBM" or the "Corporation") is pleased to announce that the
Corporation has completed an initial 4 hole (445 metre) exploratory
diamond drill program on its Hébécourt Project, located in
northwestern Québec, Canada. The Hébécourt Project lies a short
distance to the south of the prolific Porcupine-Destor Fault which
hosts numerous gold deposits and mines including those found in the
Timmins mining camp. The Hébécourt Project, situated in the Abitibi
greenstone belt, has the potential for hosting both lode gold shear
zone related gold bearing deposits similar to that of Timmins and
Kirkland Lake in Ontario, and massive sulphide base metal deposits
characteristic of the high-grade Rouyn - Noranda mining camp of
Quebec. GBM can earn up to a 50% interest in the Hébécourt
Project from Northern Skye Resources Ltd, a privately owned mineral
exploration company. Northern Skye Resources is the current
operator of the Hébécourt Project. Northern Skye Resources recently
completed an airborne geophysical survey consisting of 298.5 line
kilometres of surveying which was followed up by prospecting,
geological mapping and sampling to identify priority targets for
the Phase 1 drill program. Subsequent geological and
geophysical interpretations together with the review of previous
historical exploration on the property, including 5,034 metres of
historic diamond drilling, suggests that the favourable geological
horizon - environment which hosts the nearby Magusi and Fabie Bay
base metal deposits potentially may occur across a large part of
the Hébécourt Project. The Phase 1 diamond drill program was
designed to test certain geological interpretations resulting in
the identification of a number of lode gold type and volcanogenic
massive sulphide ("VMS") type targets on the Hébécourt Project.
Assay results from the drilling program are currently pending. The
Hébécourt Project consists of 91 claims totalling 3,685 ha in
northwestern Québec (Hébécourt and Montbray Townships) and is
located approximately 640 metres to the east of the Magusi River
deposit. The Magusi River deposit is under option to Mag
Copper Ltd. ("Mag") and according to Mag's National Instrument
43-101 ("NI 43-101")Technical Report effectively dated March 21,
2012, the Magusi River Deposit contains total indicated mineral
resources of approximately 1.31 million tonnes grading @ 1.99% Cu,
4.12% Zn, 42.8 g/t Ag and 1.27 g/t Au, and inferred mineral
resources of approximately 0.36 million tonnes @ 3.41% Cu, 0.39%
Zn, 24.2 g/t Ag and 0.26 g/t Au. GBM obtained the information with
respect to the Magusi River Deposit through publicly available
documents posted on Mag's SEDAR profile, however, the Corporation
and the qualified person for the Hébécourt Project cannot verify
the information and it is not indicative of mineralization on the
Hébécourt Project. GBM believes there is excellent potential for
VMS type deposits and lode type shear zone hosted gold deposits on
the Hébécourt Project. Additional technical information with
respect to the Hébécourt Project can be found in the Corporation's
NI 43-101 technical report entitled "Independent Technical Report,
Hébécourt Property, Québec, Canada, Amended", dated April 27, 2012,
available on SEDAR. Harold Tracanelli, P. Geo., and Wei Qian,
P. Geo are 'Qualified Persons' under NI 43-101 and have reviewed
and approved the contents of this news release. Private Placement
GBM also announces today that it has completed its non-brokered
offering of flow-through common shares (the "Flow-Through
Shares"). No additional Flow-Through Shares have been sold in
addition to the previously announced Flow-Through Shares sold on
August 31, 2012. In total, 518,286 Flow-Through Shares were
issued at a price of $0.28 per Flow-Through Share pursuant to the
offering, for gross proceeds to Golden Bridge Mining of
approximately $145,120. Golden Bridge Mining intends to use the
proceeds of the private placement for continued mineral exploration
on the Hébécourt Project. With respect to the financing,
Golden Bridge Mining CEO, Charles Qin, commented, "We are pleased
with the results of our financing efforts despite ongoing
volatility in resource capital markets, and grateful for the
investor support that made it possible. As a result of this
financing, the Corporation is in a strong position to execute its
near-term business goals going forward." In connection with the
private placement, Golden Bridge Mining paid a finders' fee of 8%
of the gross proceeds of the private placement to certain persons
who are at arm's length to Golden Bridge Mining. The
Flow-Through Shares are subject to statutory resale restrictions
until January 1, 2013. About Golden Bridge Mining Golden Bridge
Mining is executing a strategy of acquiring Canadian mining
properties and exploring and advancing these projects with a clear
exit goal in mind - to joint venture or sell the projects to
Chinese based mining companies. GBM has established a network of
relationships with Canadian mining professionals that have
facilitated numerous resource property transactions in Canada.
Formerly a capital pool company named Greater China Capital Inc.,
GBM was incorporated under the laws of the Province of Ontario and
is currently engaged in mineral exploration on mineral claims known
as the Hébécourt Project in the Province of Québec. 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 forward-looking 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. All
statements in this news release, other than statements of
historical facts, which address exploration activities, financing
plans, objectives or goals, and events or developments that the
Corporation expects, are forward-looking statements.
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, including, but not limited
management's expectations regarding its ability to complete its
exploration and development as expected, and expected exploration
results. Actual results could differ materially due to a number of
factors, including, without limitation, continued availability of
capital and financing, exploration success or lack of success,
commodity prices, operational risks in the completion of the
Corporation's continued development work, technical, safety or
regulatory issues, and general economic, market or business
conditions. Although the Corporation believes that the expectations
reflected in the forward-looking information or statements are
reasonable, prospective investors in the Corporation's securities
should not place undue reliance on forward-looking statements
because the Corporation 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. Also, in order to proceed with the
Corporation'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
Corporation's plans. Forward-looking information and
statements contained in this news release are as of the date of
this news release and the Corporation 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) accepts responsibility for
the adequacy or accuracy of this press release. Golden Bridge
Mining Corporation CONTACT: PLEASE CONTACT: Dan Fuoco, CFOInvestor
RelationsGolden Bridge Mining Corporation(905)
604-2351dfuoco@gbmcanada.com
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