Excalibur Resources Ltd. (CNSX:XBR)(FRANKFURT WKN:A0MMDH) has announced that it has received its Mines Act Permit which authorizes exploration activities on its Silver King and Cariboo properties.
Excalibur intends to launch an exploration program that will include magnetic and resistivity surveying, geological mapping, trenching as well as 2600 metres of drilling on the properties in the Summer of 2011. The Silver King property contains the past-producing silver-copper Silver King Mine located 7 km south of Nelson B.C. This mine produced 15 million pounds of copper and over 4 million ounces of silver (mostly between 1898 and the WW1). A pre-NI 43-101 high-grade silver-copper resource was calculated in 1967. In the fall drill program of 2009 a new vein was found and the drill program continued to hit high-grade mineralization with assays reported up to 657 g/t Ag with 3.6% Cu. The Silver King property has several attractive exploration targets, as only a portion of the property has been thoroughly explored. Potential for high-grade resources at Silver King remains: 1) in the extension of mineralization at depth, 2) along strike of known mineralization, and 3) in the demonstrated possibility of discovering new vein systems, both cross-cutting and parallel to the Main Silver King shear. A goal for 2011 will be to define a resource at this property. At the adjacent Cariboo property, grab samples in 2008 returned gold values up to 12 g/t. The goal for 2011 will be to systematically trench this area.
Excalibur's Chairman, Mr. Gallagher, commenting on the plans for 2011, "We are excited about the prospects for the Silver King mine and the adjacent Cariboo property. We know a resource of good grade exists based on both historical work and our 2009 drilling and we intend to expand it in 2011, particularly given the recent record prices in silver, copper and gold and the expectation of ongoing strength in these metals."
Source: Excalibur Resources Ltd.