GREENLIGHT RESOURCES INC. (TSX
VENTURE:GR)(OTCBB:PRZCF)(FRANKFURT:PH0) is pleased to announce
results from its initial prospecting and sampling program on its
100% owned Keymet Gold Silver and Base Metal property located in
the Bathurst camp, located 24 kilometres NNW of Bathurst, New
Brunswick.
Gold Targets
Two new gold discoveries have been made by GreenLight's
geologists. The first is in outcrop on a brook 300 meters to the
south west of the Keymet shaft where a 2 meter wide
quartz-arsenopyrite (20% arsenopyrite) filled shear zone, which
appears to be a splay fault off of the main Keymet shear, assayed
3.4 gpt (grams per tonne) Au. The second new discovery was made
approximately 1,500 meters to the north west of the Keymet Shaft
while investigating a series of historic Cu/Zn soil anomalies. In
this area numerous large, angular boulders of silicified
conglomerate and meta-wacke were found that contained 1-2%
disseminated "needle" arsenopyrite. These boulders have been traced
over a distance of 450 meters and appear to be aligned sub parallel
to the strike of the Keymet vein system. No base metals are
associated with this new showing which indicates that this is
possibly a separate but parallel gold bearing zone within the
overall Keymet base metal/silver vein system. Initial analysis
indicates that the boulders run between 1.7 gpt and greater than 3
gpt Au. (Final analysis on this sample are pending as it was over
range and had to be re-analysed.)
Silver and Base Metal Targets
The Keymet Silver Project covers 6,400 acres and is named after
a small past producing mine located on the property. The Keymet
area first came to note in 1909 with the discovery of a 6.7meters
wide quartz-carbonate-sulphide vein (galena, sphalerite,
chalcopyrite, pyrite, arsenopyrite). In 1948 it was announced that
the vein was drilled to 137 meters in depth with an average 2.4
meters in width and traceable over a strike length of 341 meters.
Assays from surface exposure gave 4.2 meters of 8.48%Pb, 10.99%Zn,
and 2.96opt (ounces per ton) Ag. In 1950 a shaft was sunk to the
274 meter level with drifts established on the 45, 91, and 137
meter levels. Production commenced in 1954 and by 1956, the shaft
was down to the 366meter level. Production ceased in 1956 when a
fire destroyed the mine buildings. A total of 56,000 tons @ 0.25%
Cu, 2.44%Pb, 2.59% Zn and 0.99 opt Ag was produced between 1954 and
1956.
The Company's geologists have recently taken grab samples from
the dump rock at the Keymet shaft and a typical Pb/Zn sample from
the ore dump ran 549 gpt Ag, 2.35%Cu, 33.90%Pb and 22.90%Zn. A
specimen of massive pyrite with stringer chalcopyrite, galena,
spalerite and arsenopyriteassayed 415 gpt Ag, 4.22% Cu, 1.23% Pb,
and 1.48% Zn. Currently, a 3D model of the underground workings is
being put together based on historic level plans and sections.
The area is underlain by a series of sedimentary units
consisting of northeast trending greywacke, conglomerate, and
interbedded units of pyritic argillite, siltstone and
limestone/skarn. Based on historic geophysical and geochemical
data, there is good evidence that a series of three and possibly
four, parallel vein systems occur on the property. These are the
North, Central, Keymet, and South veins.
The North vein, which lies approximately 500 meters to the
northeast of the Keymet Vein, has been identified over a strike
length of 2400 meters by trenching on the southeast and drilling on
the northwest. Grab samples taken at the discovery trench in 1989
assayed 57.5%Pb, 6.12% Zn and 20.5 opt Ag. Drilling on the
northwest extension in 1965 hit 2 narrow veins which assayed 0.53%
Cu, 4.48% Pb, 3.70% Zn and 1.7 opt Ag over 0.4 meters and 7.72%Cu,
0.49%Pb, 11.37%Zn, 13.62 opt Ag over 0.9 meters. Soil geochemistry
indicates that this vein(s) is traceable over a strike length of at
least 1,585 meters.
The Central vein system, 250 meters north of the Keyment vein,
has been drilled at three locations outside of the mine area. The
first is 850 meters northwest of the Keymet mine whereas single
hole intersected a narrow vein within a wide zone of silicification
and bleaching that ran 0.64%Cu, 14.6%Pb, 5.6%Zn, 5.1 opt Ag over
0.15 meters. Additional drilling 500 meters further to the
northwest intersected the same alteration zone which ran 0.15%Cu,
3.68%Pb, 2.02%Zn and 3.68 opt Ag over 3.5 meters. Drilling carried
out in 1965, located a further 1,000 meters northwest hit a number
of narrow vein systems ranging from 0.15 meters of 4.14%Cu,
15.6%Pb, 17.8%Zn, 4.2 opt Ag to 1.2 meters of 15.9%Cu, 0.91%Pb,
9.95%Zn and 30.91 opt Ag. As with the North vein system, soil
geochemistry indicates that the Keymet vein is traceable for a
total of 2,400 meters. This is confirmed by airborne EM and IP.
The Keymet vein has been traced by drilling (1947-1952) with
wide spaced holes over a distance of 2,400 feet from the shaft area
and continues for a further 1,600 feet to the "Old Silver Mine"
vein. This vein was discovered in 1882 at which time reports
indicated grab sample assays of 71.1% Pb, 33.75 opt Ag and 1.28 opt
Au. Sometime around 1909 a shaft was sunk to a depth of 20.1 meters
and a drift put in along the vein. No further development was
recorded. Assays of the vein were taken on the exposure in the bed
of the Elmtree River at this time and reports indicate a grade of
7.20 opt Ag over 2.1 meters. Samples from outcrop and float taken
by GreenLight's geologistat the Old Silver Mine ran up to 139 gpt
Ag, 1.51%Cu, 6.27%Pb and 3.26%Zn including one sample of the
outcrop that assayed 14.5%Zn. This showing has never been
drilled.
The South vein system is located 650 meters southwest of the
Keymet Vein and is defined by two showings and soil geochemistry
over a strike length of 1,900 meters. The eastern occurrence is
described as a series of veins and breccias carrying galena and
sphalerite. Drilling was carried out in 1970 and the best
intersection was 3 feet of 13% combined Pb/Zn and 1.8 opt Ag.
Nineteen hundred meters to the northwest, grab samples taken in the
early 1960's ran as high as 0.5%Cu, 5.85%Pb, 7.41%Zn and 4.52 opt
Ag.
Readers are warned that "historical records" referred to in this
release have been examined but not verified by a "Qualified
Person". Further work is required to verify that the historical
assays referred to in this release are accurate.
Related deposits
The Keymet shaft is located 6 km north east of the Castle
Resources Ltd (under option from StrataboundMinerals ) Elmtree
gold/silver/base metal deposit. A Preliminary Economic Assessment
has been completed on an open pit, 1.117 million tonne deposit
grading 2.41 gpt Au (with Ag+Pb+Zn credits) deposit and Castle
Resources Ltd. is currently engaged in an ongoing Feasibility study
prior to moving on to the Environmental Assessment stage.
Like Keymet, this deposit is a shear controlled vein system
developed in hydrothermally altered sediments either in splay
faults to or within the main NNE trending regional shear zones. It
should be noted that Castle's Discovery Zone portion of the Elmtree
deposit lies within 600 meters of the claim boundary between
GreenLight and Castle and is open towards GreenLight's western
boundary. At least five areas of similar mineralization to the
Elmtree deposit are known to occur on the GreenLight property.
These include unexplored historic Au and base metal soil
geochemical anomalies and bedrock Au occurrences that have yet to
be investigated by GreenLight.
Future Exploration Plans
Exploration planned for the Keymet claim group will include
re-establishment of the geochemical and geophysical grids and
locating the historic anomalies on the ground. At the present time,
several promising target areas are evident. Both new gold
discoveries need to be expanded upon. The brook showing is a
drillable target and the Au-conglomerate target requires trenching,
with drilling to follow upon a positive outcome to the trenching
work. The Keymet vein system was traced for 2400 feet to the
northwest of the shaft in the late 40's, early 50's but has not
been explored since that time. The Old Silver Mine ,4000 feet to
the NW has not been drilled, even though strong base metal and
silver mineralization is evident in outcrop and in the dump rock.
Each of the above noted vein systems has untested soil geochemistry
and geophysical anomalies that merit drill testing. An estimated
2200 to 2500 meters of drilling will be required to get an initial
evaluation of the mineral potential of this portion of the claim
group.
Patrick Forseille, P. Geo., a Qualified Person as defined by NI
43-101 is responsible for the technical information contained in
this release.
On Behalf of the board of directors
Christopher R Anderson, CEO - President
Read about GreenLight Resources Inc.:
http://greenlightresources.com/corporate-overview/
Read Disclaimer:
http://greenlightresources.com/legal-disclaimer/
Facebook: http://facebook.com/GreenLightResources ■ Twitter:
@GreenLightRes ■ Myspace: http://myspace.com/518719311
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Contacts: GreenLight Resources Inc. John Curle Investor
RelationsIR@GreenLightResources.comwww.GreenLightResources.com
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