/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
CALGARY, April 14, 2014 /CNW/ - Boxxer Gold Corp.
(BXX-TSXV/OTC-BXXRF) (the "Company", or "Boxxer") is
pleased to announce that it has signed an option agreement with
Continental Precious Metal (TSX:CZQ) to earn up to a 75% interest
in the DOK copper-gold porphyry property (the "Option Agreement"),
located approximately 40 kilometres southwest of Telegraph Creek, in northwest British Columbia, Canada (the "DOK Property").
The DOK Property consists of approximately 26,365 acres.
Under the terms of the Option Agreement, Continental has the
option to earn a 60% interest within 4 years by incurring total
property expenditures of C$2.0M and
making total cash payments of C$200,000. The cash payment schedule is as
follows: C$50,000 due within 5 days
of signing and three payments of $50,000 each on or before the first, second and
third anniversaries of the effective date of the Option Agreement.
Upon Continental earning a 60% interest, the Company shall have the
option to increase its interest in DOK Property by an additional
15% to 75% by spending an additional C$3.0M on the DOK Property within 3 years.
DOK Property Highlights;
The DOK property exhibits
widespread copper-gold-silver mineralization (with minor
concentrations of molybdenite) in potassic altered andesite of the
Stuhini Group and altered quartz monzonite, quartz diorite, and
granodiorite intrusives. The mineralization in outcrop and
the altered rocks coincide with two large,
copper-gold-molybdenum-silver soil geochemical anomalies.
Mapping and sampling has also located numerous other outcrops
containing medium to high-grade copper-gold-silver mineralization
along with significant (<100ppm) concentrations of molybdenum
throughout the property. The geology and mineralization on this
property exhibits many similarities with other known large alkalic
porphyry copper-gold deposits located in northern British Columbia such as Galore Creek held by
Nova Gold and Teck Resources
Limited, Red Chris held by Imperial
Metals Corporation, and Shaft Creek held by Teck Resources Limited
and Copper Fox Metals Inc.
Technical Highlights
The exploration completed on the
DOK property has provided some excellent results all consistent
with an alkalic copper-gold porphyry environment. The data
includes:
-
|
Widespread
copper-gold-silver mineralization (with significant concentrations
of molybdenite) occur in potassic altered volcanic rocks of the
Stuhini Group and altered quartz monzonite, quartz diorite, and
granodiorite intrusives.
|
-
|
The mineralization in
outcrop coincide with two large, copper-gold-molybdenum-silver soil
geochemical anomalies.
|
-
|
The northwest soil
geochemical anomaly measures 2,000 metres long by 1,400 metres
wide. The southeast anomaly measures 1,500 metres long by 900
metres wide. Both soil geochemical anomalies are open along strike.
The metal concentrations within these soil geochemical anomalies
range from 200 to 9,820 parts per million ("ppm") for copper; from
0.03g/t to 2.2 g/t gold; molybdenum from 14 to 135ppm and from
0.6g/t to 84.5g/t silver.
|
-
|
Numerous other
mineralized outcrops containing medium to high-grade
copper-gold-silver mineralization along with significant
(<100ppm) concentrations of molybdenum occur outside of the two
geochemical anomalies.
|
-
|
Rock chip sampling
completed within the northwest soil geochemical anomaly
during the early 1970's returned;
|
|
a) 0.66% copper over 38
metres,
|
|
b) 0.73% copper over 16
metres,
|
|
c) 0.32% copper over 25
metres.
|
The gold-silver-molybdenum concentrations for these mineralized
intervals were not reported.
Two of the magnetic signatures and associated soil geochemical
anomalies are associated with a northwest trending, two kms wide by
10 kms long structural feature. The chip sampling results and the
81 copper occurrences located to date, occur within the structural
feature. These features are cut by a prominent north-northwest
trending structural feature that can be traced for a distance of
15kms.
Elmer B. Stewart, MSc. P. Geol.,
President of Boxxer, is the Corporation's nominated Qualified
Person pursuant to National Instrument 43-101, Standards for
Disclosure for Mineral Projects, has reviewed the technical
information disclosed in this news release.
About Boxxer Gold Corp.
Boxxer is a Canadian junior resource company involved in the
exploration for large polymetallic copper deposits in North
America. Boxxer's active projects include the Boss and Buena
Vista copper projects in the state of Nevada, the Empire copper-gold-silver property
in Idaho, the DOK copper-gold
porphyry property in Northwest B.C., and the East Breccia
copper-silver-molybdenum property in Ontario. Boxxer also has
the Gordon Lake gold project located 110 kilometres north of
Yellowknife NWT, Canada.
For more information on Boxxer please visit our website at
www.boxxergold.com or contact Boxxer Gold Corp.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Information: This news release may
contain certain forward-looking information. All statements
included herein, other than statements of historical fact, are
forward-looking information and such information involves various
risks and uncertainties. In particular, this news release
contains forward-looking information regarding: the Private
Placement, the Qualifying Transaction, the Distribution , the
Dissolution and the appointment of Sophia
Leung to the Board of Directors of Boxxer. There can
be no assurance that such forward-looking information will prove to
be accurate, and actual results and future events could differ
materially from those anticipated in such forward-looking
information. This forward-looking information reflects
Boxxer's current beliefs and is based on information currently
available to Boxxer and on assumptions Boxxer believes are
reasonable. Known risk factors include, among others: the proposed
exploration program planned for the DOK project may be delayed or
not completed at all; the proposed exploration program may not
locate any mineralization or mineralization as favorable as
suggested by the historical exploration; Boxxer may not be able to
comply with its ongoing obligations regarding the DOK Property;
fluctuations in copper prices and demand; currency exchange rates;
conditions in the financial markets and the overall economy may
continue to deteriorate; uncertainties relating to interpretation
of the previous drill results and the geology, the need to obtain
additional financing and uncertainty of meeting anticipated program
milestones; uncertainty as to timely availability of permits and
other governmental approvals. Forward-looking information is
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, levels of activity, performance
or achievements of Boxxer to be materially different from those
expressed or implied by such forward-looking information.
Such risks and other factors may include, but are not limited to:
general business, economic, competitive, political and social
uncertainties; capital market conditions and market prices for
securities and junior market securities; the actual results of
Boxxer's business operations including its exploration operations;
natural resource company market conditions and the market
conditions of the natural resource industry in general;
competition; changes in legislation, including environmental
legislation, affecting the Boxxer; timing and availability of
external financing on acceptable terms; and lack of qualified,
skilled labour or loss of key individuals. A description of
additional assumptions used to develop such forward-looking
information and a description of additional risk factors that may
cause actual results to differ materially from forward-looking
information can be found in Boxxer's disclosure documents on the
SEDAR website at www.sedar.com. Although Boxxer has attempted
to identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. Accordingly,
readers should not place undue reliance on forward-looking
information. Boxxer does not undertake to update any
forward-looking information except in accordance with applicable
securities laws.
SOURCE Boxxer Gold Corp.