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19:56:26 EDT Thu 24 Apr 2014
Enter Symbol
or Name
USA
Canada
Blue River Resources Ltd
Symbol C : BXR
Shares Issued 30,182,303
Close 2013-02-26 C$ 0.12
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Blue River acquires option for Mazama copper deposit

2013-02-27 16:35 ET - News Release

Mr. Griffin Jones reports

BLUE RIVER RESOURCES LTD. ACQUIRES MAZAMA COPPER DEPOSIT IN WASHINGTON STATE

Blue River Resources Ltd. has acquired an option to earn a 100-per-cent interest in the Mazama copper deposit, located in Okanogan county, Washington, United States of America.

The Mazama copper deposit has been explored for porphyry copper mineralization since 1963. Inspiration Development acquired the property in 1970, conducted induced polarization and soil surveys, and drilled 15 diamond drill holes.

In 1973, Quintana Minerals Corp. began the most extensive evaluation of the Mazama deposit to date, drilling 47 percussion holes and five diamond drill holes. Quintana calculated a historical resource of 149 million tons grading 0.36 per cent copper and 0.01 per cent molybdenum.

A qualified person has not done sufficient work to classify the historical estimate as current mineral resources. Blue River is not treating the historical estimate as current mineral resources.

Griffin Jones, president of Blue River Resources, stated: "We are very excited about the acquisition of a near-surface copper deposit in nearby Washington state. The Mazama deposit positions the company with a development-stage asset that is relatively close to Vancouver, B.C. The Mazama project is located approximately 43 kilometres (27 miles) south of Osoyoos, B.C."

Under the terms of the agreement, Blue River has agreed to pay to the vendor, upon approval by the TSX Venture Exchange, $85,000 in year one and $50,000 in each of years two and three for a total of $185,000. The company has also agreed to pay 500,000 shares every three months to a maximum total of five million shares. Blue River has also agreed to grant the vendor a 3-per-cent net smelter royalty, of which 2 per cent can be purchased by Blue River for $3.0-million. There is a minimum exploration and development commitment of $125,000 in year one, $150,000 in year two and $175,000 in year three. The vendor is at arm's length to the company. The closing of the acquisition is subject to certain conditions, including approval from the TSX Venture Exchange.

Highland North project

The company's phase 1 diamond drill program on the Highland North project, conducted in September, 2012, totalled 1,182.56 metres of NQ drill core over five holes (from five drill sites) and resulted in a total of 479 samples collected and submitted for assays. Diamond drill hole BXR-12-2 intersected 39.65 metres (130 feet) grading 0.1 per cent copper, from 30.85 metres (101.2 feet) to 70.05 metres (229.8 feet). Drill hole BXR-12-2 was the only hole to have reportable mineralization. No further exploration is planned for the Highland North project.

Castle copper project

Blue River also holds a 100-per-cent interest in the 18,000-acre Castle copper project, located 25 kilometres north of Copper Mountain Mining. The Castle project is directly north of Sego Resources' Miner Mountain property and directly south of Westar's Axe copper project, currently under joint venture with Xstrata Copper. The company drilled three short reconnaissance diamond drill holes in September, 2012, totalling 123 metres (407 feet), and no significant mineralization was encountered. The company's current exploration plans for the Castle copper project include an extensive ground IP and mag survey over the seven kilometres of the Nicola fault that trends through the Castle property.

The technical information contained in this news release was reviewed and approved by Paul D. Gray, PGeo, company director and a qualified person as defined under National Instrument 43-101.

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