Currie Rose Resources Inc.: Drilling to Begin on Scadding Gold Property

Mr. Harold Smith of Currie Rose (TSX VENTURE:CUI) reports that Trueclaim has
announced they will begin drilling on the Company's Scadding property in
Sudbury, Ontario.


In order to acquire a 51-per-cent interest in the Scadding gold property,
Trueclaim Exploration is required to maintain the property in good standing,
spend a total of $2-million over a period of three years and issue a total of
450,000 common shares in the capital of Trueclaim to Currie Rose in equal
installments of 150,000 shares per year over a period of three years and has
paid to Currie Rose an amount of $110,000 paid on closing. Trueclaim will be the
operator of the project during the period of the option.


Trueclaim can increase its interest in the Scadding gold property from 51 per
cent to 100 per cent upon commencement of a mine production plan by paying a
total of $2-million to Currie Rose and a 3-per-cent net smelter return royalty.


St. Thomas, Ontario - Trueclaim Exploration Inc. (TSX-VENTURE: TRM) (the
"Company") is pleased to announce that Mallette Drilling Inc. has been
contracted and will immediately commence a drill program consisting of 2,000
metres on the East Wanapitei Property to test showings peripheral to and on the
Scadding mine site. A diamond drill is scheduled to arrive today. An additional
diamond drilling program of approximately 8,000 metres is being planned for the
Scadding mine site area.


Drill Program - East Wanapitei Property

Drilling on the peripheral showings is scheduled to start this week to test
targets identified during the Company's successful summer exploration program.
The summer program included an airborne radiometric, triaxial gradient
magnetometer and triaxial VLF survey followed by prospecting some of the many
identified targets. Three selected sites were sampled, mapped, stripped, washed
and channel sampled. The sites had local grids cut, followed by induced
polarization and magnetometer surveys which are currently being completed. The
Company holds two of these sites under option from prospector Terry Loney and
has the right to earn a 100% working interest and the third site is 100% owned
subject to a 1% NSR.


The initial drill target will be the East Red Rock Occurrence where
noncompliant-NI43-101 records report drill results of 0.17 opt (5.829 g/t) gold
over 3.05 metres and a bulk sample of 2,500 tonnes reported to yield 0.27 opt
(9.257 g/t) gold and up to 7% copper. In addition a new showing containing
massive pyrite with cobaltite with one sample assaying 2.65 g/t gold and another
with 1.8 g/t gold with 0.2% cobalt. The recent IP data just received shows
another large chargeable and resistive anomaly that may be continuous with the
known zone of chalcopyrite bearing breccia bulk sampled.


The second target will test the platinum potential of the East Jerome Showing
where anomalous nickel, copper and PGM values have been recorded in a zone of
magmatic segregation within a gabbro. Surface channel cut samples of
disseminated sulphides collected by Trueclaim have run as high as 3.66 g/t
palladium, 0.567 g/t, platinum, 0.308 g/t gold, 0.7% copper and 0.29% nickel. A
previous surface sample assay collected by Flag Resources at this site yielded
4.35 g/t platinum palladium combined and 1.28% nickel.


The third target will be the Inclined Copper Shaft where abundant malachite and
azurite were apparent in a large quartz vein recorded by the Ministry of
Northern Development and Mines as a copper-gold occurrence.


The drill will then be moved to the Scadding Mine Site. The Scadding site
produced 914 kg of gold from 127,000 tonnes of ore grading 7.2 g/t Au (grams per
tonne gold) (or 29,400 ounces of gold from 139,742 short tons of ore grading
0.21 ounces/ton) during the period from 1984 to 1990. (Information supplied by
historical sources the Company believes reliable). The Company completed its
phase one drill program in February 2010. The company felt it was very
successful in that it confirmed the presence of significant gold values
including visible gold in 5 holes, confirmed past drilling results, outlined
potential new targets, and enabled us to build a detailed 3D model to provide a
better understanding of the mineralization on the Scadding site. Some of the
highlights of the past program are listed in the table below.


To view the table accompanying this press release please visit the following
link: http://www.marketwire.com/library/20101019-TRUETAB.gif


Our geological team has taken the data from phase one and is building a series
of targets for our proposed 8,000 metre program. Some of the objectives of this
program will be to test continuity between known gold-bearing zones and to drill
under existing underground workings where previous noncompliant-NI43-101 drill
results indicated high grade gold values. One of the areas to be drilled will be
under the East-West Zone where some of the highest gold values to on the
property were obtained.


The Company holds the Scadding property under option from Currie Rose Resources
(TSX VENTURE:CUI) and has the right earn a 100% working interest in the
property.


Richmond Basin Silver, Arizona

The claims are located in and around an area known as the Richmond Basin in the
Apache Mountains of Gila County, located approximately 100 miles east of
Phoenix, Arizona.


Activity on the Richmond Basin Silver Property is continuing with detailed field
work being undertaken by Trueclaim's geological consultant, Nick Barr. Mapping
to date has improved the interpretation of the existing 1935 mapping with more
accurate location of the lithological contacts and interpretation of the
structure of the area. This work is offering new insights on the silver
mineralization in the area.


The property includes the former McMorris and Silver Seven mines, as well as
several other smaller mines. The area is readily accessible by year-round roads
and has extensive nearby local mining infrastructure. Acquisition of the claims
followed an extensive review of the property, including a physical inspection by
the Trueclaim geological team in early May, 2010. As noted by John Carter the
President of Trueclaim "the site is rich in both potential and development
history and is viewed by the Company as an outstanding opportunity.


The initial review of the property has included numerous historical reports on
the mineral potential of the Richmond Basin area. It will be the intent of the
Company to assess the accuracy of these reports and the estimates of the
potential through additional exploration and drilling.


The site was first discovered in the late 1800's and widely surface mined by
local prospectors. In the years that followed several shafts were sunk in the
area of the claims with at least one of these going down to the 700 foot level.
These workings produced silver along numerous and lengthy fractures from veins
in various quantities and grades. At least one area within a Jumbo vein was
reported to have values of several hundred to several thousand ounces per ton of
native and horn silver. (It should be noted that early mining relied on hand
grubbing techniques, and grab samples identified by these techniques are
selective by nature and would not represent average grades across the property)
The site was subsequently prospected with limited production by a number of
small operators between 1900 and 1980, but no comprehensive drill program was
ever undertaken to create a complete picture of the potential resource.


The Company believes this site holds outstanding potential given that several
major mines are clearly visible from the hills where the Black Diamond property
exists. Aside from many past producers, five major operating mining porphyry
copper operations occur within a 20 mile radius include:


i) Freeport McMoran Copper & Gold- Miami, Arizona - operating a large open pit
mine and smelter operation ramping up production to 100 million pounds of copper
by 2011.


ii) BHP, Pinto Valley, Arizona - an open pit operation producing approximately
18.1 million pounds of copper per year.


iii) Quadra Mining Ltd., Carlotta Mine, Globe, Arizona - open pit producing
approximately 65.7 million pounds copper per year.


iv) Resolution Copper, Superior, Arizona - an underground operation cited as
potentially one of the largest, richest and deepest (7,000 feet deep) copper and
molybdenum ore bodies in North America.


v) Grupo Mexico, Ray Pit and Hayden Smelter, Mission, Arizona - this company's
Arizona operations are producing approximately 232 million pounds of copper per
year, as well as more than 600,000 ounces of silver.


As this activity indicates, the area has an extensive mining support
infrastructure that the Company will be able to draw upon in its planned
exploration and drilling of the McMorris and Buckeye sites.


The Company expects to have drill permits and targets selected for its initial
drill program being scheduled for early 2011.


Appointment of Investor Relations Consultant

The Company has engaged Destiny Focus Consulting Inc.(the "Consultant") to
provide investor relations services to the Company for a period of one year
commencing October 1, 2010. The Consultant is based in Victoria, British
Columbia and is owned by Jim Elbert, an investor relations professional. Mr.
Elbert will be responsible for developing a comprehensive public relations and
awareness campaign, preparing and disseminating corporate data packages and
assisting the Company with broker presentations and broker communications. As
compensation for its services to the Company, the Consultant will receive $5,000
per month and has been granted stock options entitling it to acquire 300,000
shares of the Company at an exercise price of $0.165 per share until September
30, 2015, subject to the approval of the TSX Venture Exchange. Mr. Elbert can be
contacted toll free at 1-877-881-0306 or email jelbert@trueclaim.ca.


Resource World Article

We are also pleased that the Company has been featured in an article in the
October 2010 issue of Resource World Magazine. The article can be viewed on the
Media page of www.Trueclaim.ca or through www.resourceworld.com.


ON BEHALF OF THE BOARD OF DIRECTORS

Harold Smith, President

Technical information in this news release has been reviewed by Mr. Bob
Komarechka, P. Geo., acting as a consulting Project Geologist for the Company,
and prepared in accordance with Canadian regulatory requirements as set out in
National Instrument 43-101. Company Management, which takes full responsibility
for content, prepared this news release. Some of the statements contained in
this release are forward-looking statements, such as estimates and statements
that describe the Company's future exploration and financing plans, objectives
or goals, including words to the effect that the Company or management expects a
stated condition or result to occur. Since forward-looking statements address
future events and conditions, by their very nature, they involve inherent risks
and uncertainties. Actual results in each case could differ materially from
those currently anticipated in these statements. Such risks include expectations
that may be raised by discussing potential mine types and by comparing the
Company's projects to other projects. Also, in order to proceed with the
Company's exploration and acquisition plans, additional funding is necessary
and, depending on market conditions, this funding may not be forthcoming on a
schedule or on terms that facilitate the Company's plans.
Currie Rose Resources (TSXV:CUI)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024