VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 17, 2012) - Burnstone Ventures Inc. (TSX VENTURE:BVE) ("Burnstone" or the "Company") is pleased to announce that effective April 5th, 2012, the Company received final acceptance for the listing of its securities on the TSX Venture Exchange. With this transaction now completed, Burnstone is in a position to actively explore its Tomichi copper-molybdenum (Cu-Mo) porphyry project in Gunnison County, south-central Colorado (the "Project").
The Project database consists of 55 historic drill holes, 26 of which were drilled by Molycorp Minerals in 1982. All of this core was preserved in secure storage in Gunnison and was available to Burnstone for re-logging and re-analyses. During the last 6 months, Company personnel based in Gunnison carried out the re-logging and re-assaying of 23 of the 26 drill holes. Assay results from this phase of the work program will be released when they have been completed. None of the historic core was assayed for precious metals and, as such, is currently being re-assayed for copper, molybdenum, gold, silver and a suite of associated elements through ICP.
In addition, the Company wishes to announce that they have engaged Geosim Services Inc. to complete a NI 43-101 compliant resource estimate utilizing the assay data from the 55 historic drill holes. The report will also include data from the 23 holes which were re-logged and re-assayed, and is expected to be completed later this spring.
In November of 2011, all necessary permits were received for the 2012 drill program which will include approximately 7,500 metres of diamond drilling. Drill hole locations will be selected to test zones of known mineralization as well as infill and step out holes. The goal of the 2012 program is to generate the data necessary to expand the known mineralized shell and allow for an updated NI 43-101 compliant mineral resource.
Doug Fulcher, President and CEO of the Company, stated, "We are extremely pleased to have our TSX-V listing completed as this now allows the Company to aggressively pursue and advance the Tomichi project. In addition, we are very fortunate to have an engineer such as Ron Simpson of Geosim Services Inc. conducting our initial NI 43-101 resource calculation. Ron's background is highly regarded and we look forward to having the completed report later this spring."
The Company has an option to earn a 100% interest in the Tomichi copper-molybdenum (Cu-Mo) porphyry Project in Gunnison County, south-central Colorado. The Tomichi project is located within the Colorado Mineral Belt and was initially worked on in the 1950's by Climax Molybdenum Co. and, more recently, in the 1980's by Molycorp Minerals. No work has been carried out since the 1982 drill program primarily as a result of fractured land ownership. The following table contains assay results for a selection of holes from the historic drilling on the Tomichi Project within the core area of the porphyry target:
|DDH #||From||To||Interval||%Mo||%Cu||%Cu Eq (1)|
|(1) Copper Equivalent values were derived based on $10.00/lb moly and $3.00/lb copper.|
Mineralization at Tomichi is a typical porphyry deposit characterized by disseminated and fracture controlled molybdenite and chalcopyrite hosted by a mid-Tertiary, potassic altered, intrusive system dominated by a porphyritic quartz monzonite. The mineralized porphyry is exposed at surface on top of Copper Hill and has been confirmed to continue to a depth of at least 550 metres. Diamond drilling completed by Molycorp Minerals in the 1980s intersected copper-molybdenum mineralization over a surface area in excess of 1500 metres by 800 metres and remains open to the north, east and at depth.
Mr. James Chapman, P.Geo, is the Qualified Person responsible for the design of the program, and all exploration work on the Tomichi Project will be done under his supervision. Mr. Chapman has read and approved the technical content of this news release.
On Behalf of the Board of Directors:
Douglas Fulcher - President
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com.
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.