Drilling at Red Cliff Returns 10.6 g/t gold over 7.26 metres
VANCOUVER, British Columbia, Oct. 11, 2018 (GLOBE NEWSWIRE) -- Mountain Boy Minerals Ltd (“Mountain Boy” or the “Company”) (TSX.V: MTB; Frankfurt: M9U) announces it has received an update on drilling at the Red Cliff property from Decade Resources Ltd., its joint venture partner and operator on the project. Mountain Boy Minerals holds a 35-per-cent interest in the Red Cliff property, located in the Golden Triangle British Columbia, just north of Stewart.
The latest drill intersections, as reported by Decade:
| WATERPUMP ZONE | ||||
| DDH No. | From | To | Core Length** | Gold g/t |
| MON-2018-19 | 161.04 | 168.29 | 7.26 | 10.60 |
| MON-2018-24 | 101.68 | 102.13 | 0.46 | 11.90 |
| MON-2018-28 | 139.02 | 140.09 | 1.07 | 7.44 |
| and | 143.75 | 144.21 | 0.46 | 5.31 |
| MON-2018-29 | 115.40 | 117.38 | 1.98 | 14.49 |
| MON-2018-35 | 154.12 | 155.12 | 1.0 | 21.10 |
** True width is believed to be 70 % of intersection length.
| MONTROSE ZONE | ||||
| DDH No. | From | To | Core Length** | Gold g/t |
| MON-2018-38 | 190.34 | 191.16 | 0.82 | 20.30 |
| and | 197.5 | 197.96 | 0.46 | 3.87 |
| and | 206.4 | 207.01 | 0.61 | 2.17 |
| MON-2018-39 | 187.8 | 188.78 | 1.0 | 3.5 |
| and | 189.6 | 190.18 | 0.58 | 3.44 |
| and | 193.08 | 193.38 | 0.3 | 17.0 |
| MON-2018-42 | 160.52 | 162.5 | 1.98 | 2.41 |
| and | 165.7 | 167.23 | 1.52 | 4.57 |
| MON-2018-43 | 191.16 | 191.92 | 0.76 | 3.94 |
| and | 194.21 | 197.26 | 3.05 | 4.35 |
| and | 200.15 | 201.68 | 1.52 | 4.61 |
| MON-2018-44 | 190.03 | 195.12 | 5.09 | 5.34 |
| including | 190.03 | 191.31 | 1.28 | 13.90 |
** True width is believed to be 70 % of intersection length.
Mountain Boy and Decade are now in the process of organizing a comprehensive independent review of the Red Cliff project. That review would assess all the drilling and other results to date and would include re-logging and re-sampling of the drill core, as appropriate.
That review would form the basis for planning further exploration of this extensive mineralized system, which has been identified over a 2.3 kilometre length. Drilling has tested the system in several areas where the operator was able to gain access for a drill rig, but much of the system remains untested.
Lawrence Roulston, President, CEO and Director of Mountain Boy commented, “We are encouraged by these latest results, which support our belief that Red Cliff represents a large and well-mineralized gold-copper system. Located just 2.5 kilometres from a paved highway, Red Cliff is ideally situated for mine development. A comprehensive review will provide further guidance in how best to advance this project.”
Mountain Boy also reports that a highly productive field season will be wrapping up next week. The five-member geological team worked in close cooperation with Auramex Resource Corp, as the two companies have adjacent properties in the Bear Valley/Bear Pass area. Results will be compiled and reported over the coming weeks.
In addition, Mountain Boy announces that it has closed the private placement announced August 17, 2018 of flow-through common shares. A total of 1,812,500 flow-through shares, were issued at an offering price of $0.08 per FT Share for gross proceeds to the Company of $145,000. The proceeds of the private placement will be used for property exploration. The flow-through shares issued under this placement are subject to a four-month hold period until January 5th, 2019.
Ed Kruchkowski, P. Geo., a qualified person under National Instrument 43-101, is in charge of the exploration programs on behalf of the Company and is responsible for the contents of this release.
About Mountain Boy Resources Ltd.
Mountain Boy Resources is a Canadian-based mineral exploration company with a property portfolio of gold and silver projects within the Stewart region in the very prolific Golden Triangle region of British Columbia. In addition to the Red Cliff interest, Mountain Boy Resources own 100 per cent of the high-grade MB silver project, and 100 per cent of the BA and Surprise Creek volcanic massive sulphide (VMS) copper-lead-zinc-silver projects. The Company is in the process of exchanging a 20 per cent interest in the Silver Coin project for 3,746,874 shares of Ascot Resources Ltd. For a complete listing of the Company assets and developments, visit the Company website at www.mountainboyminerals.ca.
On behalf of the Board of Directors:
Lawrence Roulston
President & CEO
(604) 914-2142
For further information, contact:
Nancy Curry
VP Corporate Development
(604) 220-2971
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.
