🕐05.01.10 - 15:02 Uhr
ARMISTICE RESOURCES ANNOUNCES POSITIVE DRILLING RESULTS AT MCGARRY GOLD MINE IN KIRKLAND LAKE AREA
P*RESS RELEASE
ARMISTICE RESOURCES CORP.
For Immediate Release*
**
*Armistice Resources Announces Positive Drilling Results *
*at McGarry Gold Mine in Kirkland Lake Area*
* Results meet or exceed companys expectations; identify high-grade
intersections
* Preliminary drilling results indicate the 325 gold zone is
considerably larger than company had expected
Toronto, Ontario, January 5, 2009 Armistice Resources Corp.
(TSX: AZ),
which is moving rapidly toward beginning gold production at its McGarry
Mine in the Kirkland Lake area of Northeastern Ontario, today announced
that the preliminary results of a recently completed drilling program on
the property have met or exceeded the companys expectations.
In late October 2009 Armistice Resources began a significant exploration
drilling program at its McGarry gold mine project.
The drilling program
is designed to test the extension of the existing mineralized package as
well as to test for possible new parallel structures.
We now have completed the first phase of this new drilling program and
are very encouraged with the preliminary results, which have met or
exceeded our expectations, said Todd J.
Morgan, President and Chief
Executive Officer.
Following the drilling regime that was recommended
in the NI 43-101 Technical Report, dated April 8, 2009 (filed on SEDAR),
we have been able to confirm good intersections and now have further
increased our confidence level of the McGarry Mine project.
In fact, the
preliminary drilling results indicate that the 325 gold zone at the mine
is considerably larger than we had expected.
With this first drilling phase completed, we are going to take some
weeks to complete the logging, assaying, and interpretation of the
results.
When we have completed this additional analysis, including for
the Mill Zone and McGarry surface drilling, we will announce our findings.
We will proceed early in 2010 with a second phase of the exploration
drilling program towards helping us to determine the additional
potential that we believe exists for our McGarry Mine project, Mr.
Morgan continued.
Subject to our obtaining additional capital in 2010,
amounting to about $15 million, we plan to proceed later in the year
with pre-production development, leading to full production later in the
year or in the first part of 2011.
_Results of Phase One of New Drilling Program_
Armistice Resources has completed 16,584 feet of drilling in 36 holes at
the McGarry Mine project.
This drilling includes 4,099 feet in seven
holes from surface in the Mill Zone, located approximately 3,000 feet
south of the current mine workings; 10,242 feet in 15 holes from surface
on the potential upwards extension of the identified Mineral Resources
between sections 175W and 450W of the shaft; and 2,243 feet in 14
underground holes from the west end of the 325 Drift on the 2250 Level.
325 West Zone
Armistice Resources has not yet completed the logging and assaying of
all the holes, however, results from three underground holes are
available and tabulated below.
The new holes, 325-01, 325-02, and 325-03
were all drilled from the western end of the 325 Drift with flat dips.
These holes targeted a gold zone within 200 feet of the end of the 325
Drift that had been identified in the 2008 drilling from the 260 Drift
and previously reported (shown on the attached plan map).
The holes testing the 325 Zone provide information for a preliminary
interpretation of the geometry of the zone at the 2250 elevation and
will guide future mining development and stope definition drilling
layouts.
Assay results are very encouraging and demonstrate the high
grade potential of the deposit and the need for drill spacing at 25- to
50-foot intervals for gold zone definition.
The table below summarizes the significant assay intervals for the 325,
370, and 260 gold zones west of the 260 and 325 Drifts between 1250 and
1600 west on the mine grid at the 2250 elevation.
*rill Hole (Year)*
* *
*From (ft)*
*To*
*(ft)*
*Core*
*Interval (ft)*
*Assay*
*(oz gold per ton)*
*Zone*
325-01 (2009) new
15.3
23.6
8.3
0.15
325 West
/Including/
/17.6/
/18.9/
/1.3/
/0.46/
/325 West/
134.5
136.4
1.9
0.10
325 West
173.7
207.0
33.3
0.16
325 West
/Including/
/182.0/
/204.5/
/22.5/
/0.20/
/325 West/
325-02 (2009) new
32.0
48.7
16.7
0.11
325 West
/Including/
/46.9/
/48.7/
/1.8/
/0.65/
/325 West/
110.0
132.8
22.8
0.17
325 West
/Including/
/110.0/
/121.3/
/11.3/
/0.28/
/325 West/
/Including/
/116.7/
/118.5/
/1.8/
/1.02/
/325 West/
166.0
177.0
11.0
0.13
325 West
325-03 (2009) new
17.0
22.6
5.6
0.08
370 West
260-325-1 (2008)
0.6
8.8
8.2
0.09
260 West
260-325-2 (2008)
0.0
6.5
6.5
0.13
260 West
260-325-3 (2008)
2.5
10.1
7.6
0.17
260 West
132.5
135.9
3.4
0.18
325 West
260-325-4 (2008)
3.6
14.4
10.8
0.21
260 West
136.6
140.1
3.5
0.38
Not determined
182.0
185.0
3.0
0.13
325 West
252.0
261.0
9.0
0.38
325 West (hole ended in mineralization)
260-325-5 (2008)
6.5
24.2
17.7
0.13
260 West
235.0
239.8
4.8
0.37
325 West
22-25 (1996)
362.0
367.9
5.9
0.16
260 West
22-29 (1996)
432.0
437.6
5.6
0.22
325 West
22-35 (1996)
446.8
453.0
6.2
0.16
325 West
22-148 (1998)
452.2
455.0
2.8
0.15
Not determined
511.7
514.1
2.4
0.20
325 West
All the assay intervals reported are drill core intervals.
True widths
have not been estimated since the final interpreted geometry of the
zones is yet to be determined.
The attached plan map provides a visual
guide to the relevance of each assay interval to the gold zone definitions.
_Quality Control and Quality Assurance Process_
Armistice Resources maintains procedures for Quality Control and Quality
Assurance.
These procedures including sawing the core in half and
retaining half for archive reference.
The other half is assayed using
standard fire assay techniques with AA finish.
For every 20 samples
submitted for assay, one sample is quarter sawn and each quarter is
submitted to separate labs for independent analysis.
All samples
assaying over 0.10 oz/t are re-assayed and average is used.
For each 20
samples submitted, one blank is also submitted for control.
All samples
are sent to a recognized independent assay laboratory.
_Qualified Person_
The exploration program reported on here is supervised and managed by
Erik Andersen, P.Eng., Vice-President and Chief Operating Officer of
Armistice Resources and a Qualified Person as defined by National
Instrument 43-101.
Mr.
Andersen has reviewed and approved this news release.
*About Armistice Resources Corp.*
* *Armistice Resources, a Canadian-based exploration and development
company, is moving rapidly toward beginning gold production at its
McGarry Mine in the Kirkland Lake area of Northeastern Ontario.
The
McGarry Mine is located in Virginiatown on the prolific Larder
Lake-Cadillac Break that extends 200 km east-west straddling the Ontario
and Quebec border and that has produced 95 million ounces of gold.
The
McGarry Mine is adjacent to the Kerr-Addison Gold Mine that has produced
more than 11 million ounces of gold.
The McGarry Mine consists of 33
contiguous patented mining claims, including three licenses of
occupation, totalling 484 hectares.
The McGarry Mine is fully permitted
and all equipment and systems at the site have been brought up to
standards, including its installed mining plant.
Armistice Resources
intends to commence gold production at the McGarry Mine within about the
next year, subject to obtaining the necessary additional capital
required to finance the mines operations.
Armistice Resources is listed
on the Toronto Stock Exchange (Symbol: AZ) and currently has
approximately 76,648,852 million common shares issued and outstanding.
To find out more about Armistice Resources, please visit the companys
website at www.armistice.ca .
*Forward-Looking Statements*
This news release may contain forward-looking statements based on
current expectations.
These forward-looking statements entail various
risks and uncertainties that could cause actual results to differ
materially from those reflected in these forward-looking statements.
Such statements are based on current expectations, are subject to a
number of uncertainties and risks, and actual results may differ
materially from those contained in such statements.
These uncertainties
and risks include, but are not limited to, the strength of the Canadian
economy; the price of gold; operational, funding, and liquidity risks;
the degree to which mineral resource estimates are reflective of actual
mineral resources; the degree to which a pre-feasibility study gives
sufficient grounds for classifying the indicated mineral resources as
probable reserves; and the degree to which factors which would make a
mineral deposit commercially viable are present; the risks and hazards
associated with underground operations.
Risks and uncertainties about
Armistice Resources business are more fully discussed in the companys
disclosure materials, including its annual information form and MD&A,
filed with the securities regulatory authorities in Canada and available
at www.sedar.com and readers are urged to read
these.
Armistice Resources assumes no obligation to update any
forward-looking statement or to update the reasons why actual results
could differ from such statements.
For further information:
Investor and Media Relations
Richard W.
Wertheim
Wertheim + Company Inc.
Email:
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