BCM Resources is pleased to report that it has completed the phase one drill program on the Las Margaritas prospect, in the 100% owned Shan claim group located 20 km NE of Terrace, British Columbia. After substantial molybdenum mineralization was observed in the first hole, the original 14 hole, 2350 metre diamond drill program was expanded to 20 holes and 3550 metres, with the introduction of a second drill. Drilling tested an area 750 m east-west by 400 m north-south. Molybdenite was observed in all holes.
Eighteen of the twenty holes drilled, including the two drill holes for which results are presented below, represent a new area of mineralization not tested by previous drilling. Two holes drilled late in the program re-tested areas drilled in the 1960s (Camp Zone).
Most samples are still being processed, but results to date include all samples from hole 1 and the first 103.5 m of hole 3 (TD 168.9 m).
Hole 1: 59.65 m of 0.118% Mo (17.85 to 77.5 m depth, Granodiorite and Volcanics)
including 20.8 m of 0.189% Mo (17.85 to 38.65 m depth)
Hole 3: 22.15 m of 0.096% Mo (43.1 to 65.25 m depth, Granodiorite)
9.3 m of 0.098% Mo (81.2 to 90.5 m depth, Granodiorite)
The two intervals in hole 3 are separated by a low grade interval which contains several barren malfic dykes.
These preliminary results are highly encouraging. The above mineralized intervals are near surface. Based on surface mapping and sampling it appears probable the mineralization intersected in the drill holes extends to surface. The position of the mineralization on top of a ridge would make open pit mining feasible. Two later drill holes (holes 10 and 16) tested the mineralization at 150-200 m below surface under these first holes and intersected intervals of molybdenum mineralization.
The results are also encouraging in that the mineralization is found in a nearly equivalent grade in both major rock types encountered, the granodiorite and the intermediate volcanic rock.
Additional assay results for complete holes will be released when received. Phase two drilling is anticipated to begin early in the New Year and will include infill drilling, deeper drilling, and testing potentially mineralized areas beyond the current drilling.
All assays reported in this release were carried out at Acme Analytical Laboratories in Vancouver, B.C.
An attached map shows drill hole locations.
Lindsay Bottomer P.Geo., who is a Qualified Person as defined in NI 43-01, has reviewed the technical content of this news release.
President & CEO
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