GC-Global Capital Corp. Provides Update on the Drilling Results of Its Bridge Loan Client, Bison Gold Resources Inc.
24 Août 2010 - 3:30PM
Marketwired
GC-Global Capital Corp. ("Global Capital") (TSX VENTURE: GDE.A) is
pleased to provide its shareholders with an update on the drilling
results of its client company, Bison Gold Resources Inc. ("Bison
Gold") (TSX VENTURE: BGE) on the Ogama-Rockland trend from the
Company's Central Manitoba Property.
Diamond drill hole OG-09-07 intersected 4.72 metres grading
34.99 g/t Au, including 95.56 g/t Au over 1.68 metres, in a zone of
intense quartz-carbonate alteration, shearing and quartz veining
containing visible gold within a granodiorite. Results are
tabulated below. The widths reported are drill intercepted core
widths and not true widths.
Drill Hole Core interval(m) Width (m) Au g/t Zone
OG-09-07 471.53 - 476.26 4.73 34.99 Ogama Vein 1
Including 474.58 - 476.26 1.68 95.56 Ogama Vein 1
OG-09-07 190.50 - 191.11 0.61 24.55 Ogama Vein new
Drill hole OG-09-07 targeted the potential north-west strike
extension of the past-producing Ogama mine gold-bearing structures
(vein 1). The intersections occur approximately at 175 metres (new
vein) and 425 metres (vein 1) vertical depth and are 175 metres to
the northwest of the nearest historical mine workings. Drill hole
OG-09-04, which returned no significant values, targeted vein 1
approximately 50 m to the northwest of the nearest historical mine
workings.
"These latest drill intersections are consistent with other
significant discoveries made in the prolific Rice Lake Greenstone
Belt over the past several years by San Gold Corporation," stated
David Benson P.Geo, V.P. Exploration for Bison Gold. "They also
confirm that the gold-bearing structures of the Ogama Mine persist
at depth and extend along strike. Vein 1 appears to have
significantly increased in width and grade at depth and to the
northwest." The drilling (OG-09-01, -02, -03 and -07) has also
identified new, narrow hangingwall gold-bearing structures; the
extents of which remain unknown. "The high-grade Ogama-Rockland
Gold deposit is open in all directions and future exploration
efforts will focus on outlining and defining a resource for the
Deposit." The past-producing Ogama-Rockland mining operation
produced 45,440 ounces of gold from 1948-1951, primarily from the
Ogama shaft. Vein 1 was mined from surface to the 230 m level. Vein
4 was mined from the 230 m level to the 300 m level.
The Company is now in receipt of all assay results from the
latest drilling campaign. No significant assay values were returned
from drilling on the depth extent Valley Vein (OG-09-05, -06 and
-08).
QA/QC
Drill core was sawed, with half sent to TSL Labs in Saskatoon,
SK and the other half retained for reference. Most gold analyses
were done using 50g fire assay with AA finish. A gravimetric finish
is employed where samples return gold values in excess of 3000 ppb.
Screen metallics techniques were used on samples with visible gold.
TSL maintains a strict quality control program with standards,
blanks and duplicates included with every sample series. Standards
and blanks are inserted regularly by Bison Gold personnel in to the
sample series at their core processing facility.
All exploration activities for Bison Gold are under the
supervision and guidance of David C. Benson, P.Geo, and a Qualified
Person under NI 43-101. Mr. Benson has reviewed the technical
portions of this news release.
Global Capital had previously provided a $250,000 secured
convertible loan to Bison Gold. The convertible loan bears interest
at a rate of 12% per annum compounded and payable monthly. Global
Capital received a 2% structuring fee for the transaction. The loan
is convertible into 2,500,000 units at a conversion price of $0.10
per unit. Each unit is comprised of one common share of Bison and
one half of one common share purchase warrant. Each whole warrant
entitles the holder to purchase one common share at a price of
$0.15.
Chief Executive Officer of Global Capital, Jason Ewart
commented, "We are happy to be providing these exciting drilling
results of Bison Gold to our shareholders and look forward to
continuing to highlight the results of their future
operations."
About GC-Global Capital Corp.
Global Capital is a merchant bank which provides bridge loan
services (asset back/collateralized financing), to companies across
many industries such as oil & gas, mining, real estate,
manufacturing, retail, financial services, technology and
biotechnology.
About Bison Gold
Bison Gold is a Canadian public company listed on the TSX
Venture Exchange. Bison Gold is focused on gold, base metal and
rare element exploration with property assets in Manitoba, Canada.
Bison Gold's land holdings have historically produced in excess of
200,000 ounces of gold. Further details can be found on Bison
Gold's website at www.bisongold.com.
Neither 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.
Contacts: GC-Global Capital Corp. Jason G. Ewart (416) 488-7760
www.gcglobalcapital.ca
GC-Global Capital Corp. (TSXV:GDE.A)
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