SUITE 800, 808 - 4TH AVENUE S.W., CALGARY, ALBERTA, T2P 3E8
PH: 403.233.0464 FAX : 403.266.2606 WWW . MANSON . CA
NEWS RELEASE JANUARY 24, 2012News Release: 12-02 Trading Symbol: TSX Venture-MCK
For Further Information Contact: Regan Chernish at 1.403.233.0464
Web: http://www.manson.ca
Manson Creek Acquires Gold Project Adjacent to 7 Million Ounce Gold Producer
Manson Creek Resources Ltd. ('Manson Creek') is pleased to
report that it has entered into an option with Panarc
Resources to acquire a 100% interest in the Up Town Gold
project located adjacent to the historic Giant mine in the
Northwest Territories.
The 3,388 hectare property has 5 known gold bearing zones
hosted in an Archean granodiorite adjacent to the Yellowknife
greenstone belt which boasts over 12 million ounces of gold
production from the nearby Giant and Con mines. Historic work
on the Up Town Gold property, done primarily in the 1960's,
focused on the narrow quartz filled shears and associated
quartz veins while largely ignoring the larger zones of
hydrothermally altered host granodiorite. The shear zones,
associated fractures and quartz veins vary from millimeter
widths to well over 3.0 meters and they commonly are
surrounded by a broader alteration halo. Alteration consists
of silicification and sericitization with hematite alteration
present as well. Mineralization is exposed at surface with
exposures of tens of meters common with many stretching for
hundreds of meters.
Until recently, gold exploration has focused primarily on
volcano-sedimentary greenstone belts, seeking structurally
controlled mesothermal lode-gold deposits while the adjacent
granitoid rocks have been largely ignored as hosts for gold
mineralization. A growing number of significant bulk minable
lode-gold deposits have been found in Archean granitic rocks
and there is a growing awareness that they constitute a
separate deposit class - referred to as Granitoid Hosted Lode
Gold deposits.
Several of the gold bearing zones on the Up Town Gold
property had historical estimates completed in the 1960's
with over 2,500 meters of diamond drilling completed. In many
of the historic assessment reports there is mention of
hydrothermally altered host rock but no systematic sampling
was ever conducted on these altered zones.
Zone | Historic Work | Gold Grades* grams/tonne (g/t) |
Rod | Multiple trenches >2,300 m diamond drilling | 28.0 g/t to 93.9 g/t |
J Group | Multiple trenches Minor diamond drilling | 2.0 g/t - 61.0 g/t |
C4 | Multiple trenches | 53.0 g/t to 77.0 g/t |
Fox South | Multiple trenches | 0.5 g/t - 3.94 g/t |
Rose | Multiple trenches | 17.1 g/t |
*NOTE: Historical reported assays submitted in assessment reports
Page 2
January 24, 2012
A due diligence visit conducted by Company personnel in
December located many of the historical areas of trenching.
Shovelling of snow allowed for limited exposure of the
located Rod and J Group trenches and thirteen rock samples
were collected from silicified shear and vein material as
well as altered wall rock. Nine grab samples were taken at
various trenches in the Rod zone and four samples were taken
from a trench in the J Group zone with the results summarized
below. The Rod samples returned an average of 11.2 g/t gold
with two of the grab samples returning high grade gold grades
of 49.6 g/t and
19.2 g/t gold. The J Group samples averaged 0.13 g/t gold
with trace silver in the limited sampling. The assays show
high grade zones occur within broader halos of lower grade
mineralization and are consistent with the Granitoid Hosted
Lode Gold deposit exploration model.
Zone | Number of Samples Collected and Type | Gold grams/tonne | Silver grams/tonne |
Rod | 9 Grab Samples | 0.008 g/t to 46.6 g/t | <0.1 g/t to >100 g/t |
J Group | 4 Grab Samples | 0.004 g/t to 0.45 g/t | <0.1 g/t to 0.3 g/t |
Samples were forwarded to Acme Labs in Yellowknife, Northwest
Territories for analysis with all of the rock samples
analyzed using inductively coupled plasma (ICP) together with
mass spectrometry (MS) finish. Gold was analyzed by a fire
assay preparation with an atomic absorption spectroscopy
finish.
Manson Creek may acquire a 100% interest in the Up Town Gold
property over a four-year period by expending $500,000 in
exploration and making staged cash payments and common share
issuances totaling $300,000 and 400,000 common shares of the
Company respectively. Panarc Resources will retain a 2.5% NSR
(Net Smelter Royalty), of which 60% (1.5% NSR) may be
purchased at Manson Creek's election for $1,500,000. An
advance payment on royalties totaling $120,000 would be
payable monthly in $20,000 increments upon acceptance by
Manson Creek or its successors of a bankable feasibility
study.
The President of Manson Creek Resources Ltd., Regan Chernish
P.Geol., is the Qualified Person responsible for the
preparation of this news release.
"Regan Chernish"
Regan Chernish, P. Geol., President and Director
The TSX Venture Exchange has neither approved nor disapproved
of the contents of this press release. Except for the
historical and present factual information contained herein,
the matters set forth in this news release, including words
such as "expects", "projects", "plans", "anticipates" and
similar expressions, are forward-looking information that
represents management of Manson Creek's internal projections,
expectations or beliefs concerning, among other things,
future operating results and various components thereof or
the economic performance of Manson Creek. The projections,
estimates and beliefs contained in such forward-looking
statements necessarily involve known and unknown risks and
uncertainties, which may caus e
Manson Creek's actual performance and financial results in future periods to differ materially from any projections of future
performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Manson Creek's filings with the Canadian securities authorities. Accordingly, holders of Manson Creek shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Manson Creek disclaims any responsibility to update these forward-looking statements.
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January 24, 2012: Manson Creek Acquires Gold Project Adjacent to 7 million Ounce Gold Producer |