Decade Resources Options Georgia River Project From Auramex Resource Corp.
TSX VENTURE: DEC
Stewart, BC - Decade Resources Ltd. (“Decade”) (TSX.V: DEC) reports that it has entered into an option agreement with Auramex Resource Corp. on the Georgia River property. Auramex has granted to Decade the right to earn a 75% undivided interest in the Georgia River project by making cash payments to Auramex and incurring exploration expenditures on the following terms:
- $50,000 payment to Auramex upon execution of the option agreement;
- $75,000 payment on or before the first anniversary date of the option agreement;
- $150,000 payment on or before the second anniversary date of the option agreement; and
- $200,000 payment on or before the third anniversary date of the option agreement; and incurring expenditures on the property as follows:
- $250,000 on or before the first anniversary date of the agreement;
- $500,000 on or before the second anniversary date of the agreement;
- $750,000 on or before the third anniversary date of the agreement; and
- $1,000,000 on or before the fourth anniversary date of the agreement.
The Georgia River property is located approximately 13 kilometers south of Stewart, B.C. on the east side of the Portland Canal. The project is located at the south end of the "Golden Triangle" located in the Stewart area of B.C.
Narrow quartz veins with pyrite, pyrrhotite, galena, sphalerite, chalcopyrite, arsenopyrite and electrum (gold-silver alloy) occur along northerly trending fault zones. Marked gold enrichment with an increase in quartz veining occur along the northerly shears in areas associated with their intersection with earlier northwest veins. To date, a total of 18 vein systems have been discovered on the property of which 7 are wide NW trending quartz veins and 8 are later northerly trending gold bearing veins. Of the identified eight north trending veins, only one, called the Southwest vein has been explored to any great extent. Within it, there are 3 main zones (called Zone 1, 2 and 3) of gold bearing quartz veins where it intersects the earlier quartz veins. To date, only 1 of the above gold bearing zones along the Southwest vein has been explored in detail. The Southwest vein has been exposed by trenching and drilling for a strike length of at least 595 m over a vertical distance of at least 258 m. It has also been explored by two adits 85 metres apart topographically; the No. 1 level has been drifted along 47.8 m of the vein while the No. 2 has drifted for 155.5 m along the vein. From a small stope on the No 2 level, a total of 454 tonnes were mined and milled in 1937, yielding 10,200 grams Au, 12,705 grams Ag and 3312 kg Pb at an average grade of 22.56 g/t Au, 28.11 g/t Ag and 0.73 % Pb.
Based on underground sampling of the No 1 and 2 levels, surface trenching and 95 surface drill holes, a resource was calculated for the property. The reported total combined resources at Georgia River include 290,272 tonnes grading 28.7 grams per tonne gold. (BC Minfile report). The resource is non 43-101 compliant and has not been verified by the Company. E Kruchkowski, President of the Company performed most of the exploration work from 1980 to 1989 on the property and can verify on the validity of the obtained data in that period.
The bulk of the exploration has been on only Zone 1 along the Southwest vein and the other 2 identified zones remain partially explored. Numerous drill targets remain at the property, including along depth at the Southwest No 1 zone, in the area of Zone 2 and 3 along the Southwest vein as well as the numerous other gold bearing structures. Drilling has indicated great continuity of gold values along dip within the outlined Zone No 1 and 2 along the Southwest vein.
Ed. Kruchkowski, P. Geo., a qualified person under National Instrument 43-101, is in charge of the exploration programs on behalf of the Company and is responsible for the contents of this release. E. Kruchkowski is not independent of Decade as he is the president of the Company.
Decade Resources Ltd. is a Canadian based mineral exploration company actively seeking opportunities in the resource sector. Decade holds numerous properties at various stages of development and exploration from basic grass roots to advanced ones. Its properties and projects are all located in the “Golden Triangle” area of northern British Columbia. For a complete listing of the Company assets and developments, visit the Company website at www.decaderesources.ca which is presently being up dated. For investor information please call 250-636-2264 or Gary Assaly at 604-377-7969.