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November 05, 2019 - TheNewswire - GMR Global Mineral Resources Corp. ("GMR"), a private BC gold mining and exploration company with 11 wholly-owned mineral mining claims, each with past-producing high-grade gold mines reported within each mineral mining claim, is seeking to be acquired for cash and stock from either; an experienced financial group with a public vehicle to take the private company public. Or, a financially strong public mining group who will continue exploration and drilling programs to upgrade the reported gold tonnage of each gold mine, including the Red Elephant Gold Property, with historical reports quoting an indicated resource of 26,463 tonnes grading 40.8 grams per tonne gold, a 43-101 Technical Report and an approved (approval # 12-0500090-0830) Mines Act Permit # MX-5-90 to conduct 4,000m of diamond drilling.
The Red Elephant is over 1,000 hectares. It has a 43-101 Technical Report, a Road Use Permit and a permit to conduct 4,000m of underground diamond drilling; Mines Act Permit # MX-5-90. Historical reports quote an indicated resource of 26,463 tonnes grading 40.8 grams per tonne gold. It is reported the material is located outside of the portal.
Historical Exploration, Development and Drilling Highlights
In 1983 Bannockburn Resources Ltd. completed a program of prospecting, mapping and sampling and in 1984, reported a new discovery, comprised of a 1 to 2 metre-wide band of "siliceous oxide material" traced on strike for 130 metres. Locally, the band displays a honeycomb texture. It had produced assays of up to 43.2 grams per tonne gold. The band is sub parallel to and approximately 100m south of, the main vein. At that time, it was reported to have produced assays of between 12.3 and 61.7 grams per tonne gold over 0.1 metre.
In 1987, Mikado Resources reported that it had found a new zone that yielded chip samples that assayed 11.66, 34.01, 3.12, 5.18 and 9.50 grams per tonne gold over widths of 0.91 to 1.52 metres. This may be the same zone that was discovered earlier by Bannockburn Resources Ltd. The following year Roper Resources Limited quoted a historical, non-compliant resource of 26,463 tonnes grading 40.8 g/t Au
In 1988, exploration in the area surrounding the Red Elephant property led to the discovery of the portal to the upper adit and in 1989, Roper Resources completed a 15,244 foot drilling program on the property. This program indicated the presence of two north-south trending mineralized zones containing a possible 13,800 tons of material grading an estimated 0.245 troy ounces per ton gold over a thickness of 18 feet
In 1989, Roper Resources Ltd., drilled 15,244 feet in 69 holes (NQ) from 7 sites. The best intersection encountered was 2.38 ounces per tonne gold over 5 feet of core in DDH RE89-8 (17-22 feet).
2011 Exploration Program
In 2011, GMR completed an exploration program consisting of the rehabilitation of 24km of access road leading to the property as-well-as the re-sampling of the Red Elephant mineralized gold zone. Results of the sampling program confirmed and verified historical surface sampling results; five of the eight samples collected from the Red Elephant averaged 20,417 ppb Au.
43-101 Technical Report
After the successful completion of the exploration program, an Assessment Report (32541) was filed with the BC Ministry of Energy, Mines and Petroleum Resources followed by a 43-101 Technical Report.
"The Red Elephant property has a historical estimate and is a property of merit. This resource requires additional exploration and definition. It is therefore recommended that a program of diamond drilling be done on the property."
-Stephen B. Butrenchuk, P. Geo., P. Geol., NI 43-101 Technical Report on the Red Elephant Property
2013 Exploration and Sampling Results: 22.6 g/t au
In 2013, GMR announced that it had received analysis results from ACME Analytical Laboratories (Vancouver) Ltd. for the twelve rock samples recovered during the summer 2013 exploration and sampling program completed on the Red Elephant property. The results from the twelve rock samples average 22.6 grams per tonne gold:
Sample# | Au-PPB | Au-G/T |
2590003 | 8,417 | 8.417 |
2590004 | 25,400 | 25.400 |
2590005 | 46,113 | 46.113 |
2590006 | 9,788 | 9.788 |
2590007 | 1,779 | 1.779 |
2590008 | 63,980 | 63.980 |
2590009 | 3,093 | 3.093 |
2590010 | 4,804 | 4.804 |
2590011 | 69,595 | 69.595 |
2590012 | 5,163 | 5.163 |
2590013 | 1,336 | 1.336 |
2590014 | 30,080 | 30.080 |
TOTAL AVERAGE FROM 12 SAMPLES = 22.6 GRAMS PER TONNE GOLD | ||
4,000m Drilling and Exploration Permit
The British Columbia Ministry of Energy and Mines approved a permit for GMR to conduct further exploration and 4,000 meters of diamond drilling on the Red Elephant: Mines Act Permit # MX-5-90
2020 - 2021 Phase One Exploration and Development Program on the Red Elephant
In 2020, GMR will conduct a Phase 1 Exploration and Development Program inside and around the portal of the Red Elephant.
View BC MinFILE Reports for Red Elephant:
KING MIDAS GOLD PROPERTIES
NORTH FORK (King Midas)
In 1950, historical estimates from samples taken over 10 centimetres, 4 metres from the face of the Main adit assayed approximately 217.4 grams per tonne gold.
View BC MinFILE Reports for North Fork:
KING MIDAS NO. 1 VEIN (King Midas)
In 1932, historical estimates from samples carrying about 50 percent quartz, sphalerite, pyrite and some chalcopyrite, galena and pyr-rhotite, assayed approx. 97.38 grams per tonne gold. In 1940, one tonne of high grade ore produced 156 grams of gold and 10 kilograms of copper.
View BC MinFILE Reports for King Midas No. 1 Vein:
GOLDSPRING (King Midas)
In 1950, historical estimates from 3 samples assayed up to 13.72 grams per tonne gold.
View BC MinFILE Reports for Goldspring:
KING MIDAS LYNCH (King Midas)
In 1938, historical estimates from a sample assayed 63.09 grams per tonne of gold.
View BC MinFILE Reports for King Midas Lynch:
ADDITIONAL GOLD PROPERTIES
BUSHY CREEK
In 1987, a channel sample over 1.5 metres from a vein assayed a historical estimate of 21.97 grams per tonne gold.
View BC MinFILE Reports for Bushy Creek:
BRITANNIA DYKE
In 1983, the highest sample returned a historical estimate of 10.32 grams per tonne gold.
View BC MinFILE Reports for Britannia Dyke:
SILVER PROPERTIES
OTTAWA
From 1903 to 1984, total recorded production yielded a historical estimate of 1,798,535 ounces of silver, from 26,476 tonnes mined.
View BC MinFILE Reports for Ottawa:
ENTERPRISE
From 1896 to 1977, total recorded production yielded a historical estimate of 1,050,581 ounces of silver, from 11,067 tonnes mined.
View BC MinFILE Reports for Enterprise:
THE RED AND THE FIR SILVER PROPERTIES
THE RED
In 1988, historical estimates from a 1.5 metre chip sample returned 1,498.4 grams per tonne silver.
View BC MinFILE Reports for The Red:
THE FIR
In 1976, a 5.0 centimetre wide vein gave historical estimates of 44.25 per cent lead and 2,976 grams per tonne silver.
View BC MinFILE Reports for The Fir:
Additional details about each property are available on the company website:
http://www.globalmineralresources.com
About GMR Global Mineral Resources Corp.
The company is a late stage gold and silver mining company; conducting exploration and drilling programs on its properties in order to convert historical estimates into mineral resources and complete preliminary economic assessments to determine potential economic viability.
GMR's mineral claims are located in the Slocan Valley Mining District of southeastern British Columbia, the Zeballos Region of Vancouver Island, and in other regions of British Columbia, Canada.
These mineral claims were developed prior to the implementation of modern exploration and mining techniques, leaving significant opportunities for modern mining technology to recover potential mineral resources left behind from past mining and exploration activity conducted on GMR's mineral claims.
The British Columbia Ministry of Energy and Mines approved a permit to conduct further exploration and 4,000 meters (13,120ft) of diamond drilling on the Red Elephant: Mines Act Permit # MX-5-90.
Cautionary Note Concerning Forward-Looking Information
This press release contains forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the closing of the Financing) are forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Forward-looking information speaks only as of the date on which it is provided and, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
For more information, please contact:
A. Amar, Director
On behalf of the Board of Directors of GMR Global Mineral Resources Corp.
GMR Global Mineral Resources Corp.
715 West 68th Avenue Vancouver,
British Columbia, V6P 2T8 Canada
Toronto: 416-971-6422
Vancouver: 604-909-2466
Direct: 647-588-4367
Email: info@globalmineralresources.com
Web: http://www.globalmineralresources.com
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