An anonymous director reports
GLEMMARK AMENDS SCOTIA AGREEMENT
Glenmark Capital Corp. has amended its agreement,
originally dated Nov. 11, 2014, with GeoNovus Media Corp. (the optionor), whereby the
company can earn a 100-per-cent interest in the Scotia zinc-silver project, which covers an area of
about 4,040 hectares in the Skeena mining division, located about 40 kilometres southeast of Prince Rupert in
west-central British Columbia, Canada.
Under the new terms, Glenmark can earn a 100-per-cent interest in the Scotia project by issuing
one million common shares to the optionor upon TSX Venture Exchange approval. The
company made a cash payment of $75,000 to the optionor in January of 2015. The 100-per-cent
interest is subject to an underlying 2-per-cent net smelter royalty, payable to Doublestar Resources Ltd., of which 1 per cent
can be purchased by Glenmark for $1-million. This transaction is subject to TSX Venture
Exchange approval.
Scotia zinc-silver project summary
The Scotia project hosts a metamorphosed massive sulphide deposit located within the Ecstall
belt of metavolcanic rocks that extends through west-central British Columbia. Resource
modelling of the Albere zone in 2009 established a vertical range of subeconomic to economic
grades of mineralization of 95 metres, and a horizontal range of 205 metres. The high-grade
core area widened to about 30 metres about 190 metres north of the outcropping main
showing. The thickest drill intercept in the Albere zone was 26.7 metres grading 9.0 per cent zinc,
1.2 per cent lead, 21.5 grams per tonne silver and 0.3 g/t gold. A resource estimate was calculated for the Albere
zone by Giroux Consultants Ltd., based on 42 drill holes totalling 4,343 metres. The
results from a 1997 drilling program comprised most of the data used in the modelling, with
much of the core reassayed in 2008 to confirm earlier results. Ordinary kriging was used to
interpolate blocks based on mineralization content.
Based on a 1-per-cent zinc cut-off, the measured plus indicated resource within the 3-D mineralized
shell totals 802,000 tonnes grading 4.9 per cent zinc, 13.9 g/t silver and 0.2 g/t gold with an additional
702,000 tonnes grading 4.5 per cent Zn, 13.7 g/t Ag and 0.2 g/t Au classed as inferred. Economic
limits have not been defined by the current resource estimate as to an appropriate cut-off
for various types of mining. Geological information and resource estimates for the Scotia
property have been drawn exclusively from the Scotia property technical report (2011) by
Arne Birkeland, PEng, and Gary Giroux, PEng. As part of this transaction, Glenmark
contemplates filing its own technical report on the Scotia property.
To expand known mineralization, an airborne AeroTEM Mag/EM survey was conducted by
Aeroquest in 2008. The survey identified a distinctive anomaly associated with the drilled portion
of the Albere zone, as well as similar additional anomalies on strike and adjacent to the Albere
zone. In 2010, a geochemical survey was completed to follow up on the airborne anomalies, and
virtually all zones returned geochemically anomalous values. While no ore-grade showings
were found, values of over 1,000 parts per million zinc were encountered from in-place rock chip sampling.
The technical contents of this news release have been prepared under the supervision of Peter Born, PGeo. Mr. Born is a qualified person as defined in NI 43-101, and has approved
this news release.
In addition, the company has also accepted a resignation from the board of directors, Richard Grayston. The company thanks Mr. Grayston for his dedication and diligence and
wishes him success in his future endeavours.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.