Maestro Signs Lease Agreement on the Star Point Project Western Nevada
22 Juillet 2008 - 7:46PM
Marketwired
VANCOUVER, BRITISH COLUMBIA ("Maestro" or the "Company") today
announced that the Company has signed a lease agreement with RSGold
LLC to acquire 100% of the Star Point project, located in Pershing
County, Nevada. The property package consists of 292 unpatented
claims covering approximately seven square miles.
"I am particularly excited about the addition of this project to
our portfolio," comments Hans Rasmussen, Director, "it has all the
characteristics of a large, multi-age, porphyry Cu-Au system.
Additionally, we have several very active neighbors, including
Midway Gold who is drilling at their Spring Valley Project, Newmont
and Fronteer Development Group."
"While Star Point falls outside of our specific belts we have
identified for acquisitions in central Nevada and western Utah, it
represents a great opportunity for a company-maker discovery and
cannot be passed on," adds Ann Carpenter, Director. "The extensive
amount of alteration and good geochemistry in prospect pits that
are spread over at least a 5-kilometer strike length are telling me
that we are in a very strong mineralizing system that has affected
numerous square kilometres of ground."
The Star Point project lies about 35 miles (50 kilometres)
northeast of Lovelock, Nevada, about 10 miles (22 kilometres)
northwest of the Spring Valley Mining District, and about 10 miles
(16 kilometres) west of the Goldbanks Mining District. The target
for Maestro is gold-copper mineralization and gold-only
mineralization hosted in a porphyry system or within phyllites and
quartz-rich sandstones of the surrounding wall rocks.
Prospect pits outcrop for 5 kilometres in a north-south trend,
thus prompting Maestro to stake a large seven-square mile claim
block. Only limited prospect put sampling has been completed. Assay
results by American Assay Labs for 30 rock chip samples include
from below detection to 4.4 grams/tonne gold, 22 grams/tonne to
4.97% copper, and from 0.3 to 89.7 grams/tonne silver. Anomalous
arsenic and antimony suggest the mineralization is related to a
hydrothermal system, probably higher temperature, while anomalous
molybdenum and very well-developed stockwork quartz veining in some
of the prospect pits suggest there is a porphyry heat source for at
least one of the mineralization events. Regional geologic maps have
Jurassic, Cretaceous and Tertiary intrusive stocks mapped in the
region, each age of which could have had its own mineralization
event and all could be overlapping at the Star Point project.
The Lease Agreement
The Star Point lease has a 20 year term. At signing Maestro
agreed to a claim maintenance and/or filing fees for the 2008
assessment year. Annual lease payments, or advanced royalty
payments, include $5,000 on the first anniversary of this
agreement, $30,000 in cash or shares on the second anniversary,
$40,000 in cash or shares on the third anniversary, and there after
payments shall increase to $50,000 annually for the remainder of
the 20 year lease. The Company has the right to purchase 100%
interest in the property subject to a 3% Net Smelter Royalty (NSR),
which increases to 4% NSR when gold exceeds $1,000 per ounce, 2% of
which can be purchased for US$3 million.
About Maestro Ventures
Maestro Ventures Ltd. is an exploration company focused on the
discovery of high-value precious and base metal deposits in the
Great Basin of Nevada and Utah. The Company currently controls
mineral title to 11 projects in the Great Basin. While the company
is focused on expanding the gold resource at its Kings Canyon, Utah
project, the new Board of Directors and exploration staff are
focused on evaluating and adding high-quality projects to the
portfolio. Project generation is focused on two major metal-rich
trends that cross the eastern Great Basin.
On behalf of the Board of Directors,
Kris Kottmeier, CEO, Maestro Ventures Ltd.
The TSX Venture Exchange has not reviewed and is not responsible
for the information contained in this release.
Contacts: Maestro Ventures Ltd. Benjamin H. Curry Head of
Investor Relations 1-877-689-2881 Website:
www.maestroventures.com
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