Jul 28 2015
BCM Resources Corporation, the "Company", "BCM", announces that it has reached an agreement in principle to option the Thompson Knolls copper-gold property, from Inland Explorations Ltd., a private British Columbia corporation. Terms of the proposed transaction are currently being negotiated.
Thompson Knolls Cu-Au Property
The Thompson Knolls project is an advanced stage, exploration opportunity for discovery of a potentially open-pitable, large-scale, high-grade gold and copper mine. Thompson Knolls is located in unpopulated desert, in mining friendly Millard County, Utah. The geology and the geochemistry of the Thompson Knolls target area suggest that a large Bingham Canyon Mine-style, porphyry copper-gold target system could be present on the property. Substantial exploration geology, geophysics, and drilling already has been conducted on the Thompson Knolls property, which is 100% controlled by Inland Explorations Ltd.
Several potential drillsites already have been approved by the Utah Division of Oil Gas and Mining, and the BLM, and drill permits will be granted, pending the posting of reclamation bond. These sites are easily accessible by existing roads and trails. An ample source of drilling water also is present on the property. The Thompson Knolls project offers excellent potential to yield a world-class, high grade new open pit gold-copper mine.
Two principal large-scale mine exploration targets worthy of further advanced exploration have been identified on the Thompson Knolls property, either of which could hold a large mineable ore system:
1) The 2.7 by 3.3 kilometre "Main Porphyry" copper-gold-base metals target is located in the north central part of the property, which is covered by a thin layer of blow sand and possible lake beds. Ground magnetics are interpreted to indicate a large intrusive body with geophysically resistive and conductive areas in parts of the inferred large porphyry body. The geochemistry of nearby mineralized outcrops is very similar to that found at the giant Bingham Canyon, Utah copper-gold-molybdenum porphyry system, owned by Rio Tinto. No drillholes have tested this very prospective target area, but drill-plans have already been approved for the drilling of test holes, subject to posting a reclamation bond with the State of Utah.
2) The significant "Discovery Knoll" gold-silver-copper target already has been identified through historic test drilling conducted in the 1990s. Good grade gold and copper mineralization was found at shallow depths starting at 76 metres below the ground surface in several of these drillholes, suggesting that a granitic "porphyry" intrusive system may have been responsible for this mineralization. One very high-grade gold intercept was drilled that assayed 9.15 metres @ 8.01 g/t gold (0.234 oz/ton Au) and included a 3.05 metre interval that assayed 21.06 g/t gold (0.615 oz/ton Au) starting at a shallow depth of 82 metres. This intercept could be high-grade, sediment-hosted, gold mineralization superimposed on top of earlier-pulse intrusive related copper mineralization, or it could be intrusive-related. The above assay results are from historic drilling and are presented for information only, as the original assay sheets and results have not been confirmed by a QP.
The proposed transaction is subject to, among other things, receipt of all requisite regulatory and other approvals, including the approval of the TSX Venture Exchange.
Mr. Dale McClanaghan, CEO and President of BCM states: "We are extremely pleased to be pursuing the highly prospective Thompson Knolls property in mining-friendly Utah, with a talented technical team to work on the Property. We feel very confident in BCM's ability to explore and drill the Thompson Knolls property, to test the large-scale copper and gold targets that are presently known on the property."
The company's consulting geologist, Richard R. Redfern, M.Sc. and Certified Professional Geologist, a 'qualified person' for the purposes on National Instrument 43-101 Standards of Disclosure for Mineral Properties, has verified and approved the information contained in this news release, and evaluated the interpretations contained in this news release.
Source: http://www.bcmresources.com/