General Minerals Stakes the Gold Lake Porphyry Copper-Molybdenum-Gold Target in Southwestern New Mexico.
GMC has identified a porphyry copper-molybdenum-gold target at Gold Lake which is expressed through surface geochemistry, by strong porphyry style alteration and a large Self Potential (SP) geophysical anomaly covering approximately 3 square kilometres. A total of 143 federal lode claims covering 2,618 acres (1,060 ha) have been located by GMC on Stock Raising Homestead Lands. GMC has entered into surface use agreements with the local ranchers allowing for access and exploration of the lands under claim.
Gold Lake is situated in the southeastern portion of the Big Burro Mountains, which are a block-faulted remnant of an east-west trending structural high known as the Burro Uplift. It has been noted that all major known mineralized Laramide porphyries (the host to most of the US copper porphyries) in southwestern New Mexico are located around the margins of the Burro Uplift.
GMC has identified a quartz monzonite intrusive phase within the Gold Lake project area that intrudes a rhyolite plug suggesting a possible Tyrone equivalent intrusive event within this area. It is believed that this is the first time that the Gold Lake quartz monzonite has been recognized. The Tyrone porphyry copper deposit is associated with a quartz monzonite intrusive of early Tertiary age (dated at 56.2 +/- 1.3 m.y.). Santa Rita is also associated with a quartz monzonite intrusive of early Tertiary age (dated 53 +/- 1.3 m.y.). It is not unreasonable to assume that the Gold Lake quartz monzonite may be of similar age.
GMC mapping has defined porphyry style alteration assemblages at Gold Lake, ranging from quartz-sericite-pyrite (phyllic zone assemblage) to clay +/- sericite (argillic zone assemblage) to fresh rock. The strongest alteration is centered on the quartz monzonite exposures and extends out into the granitic and rhyolitic terrains for distances of several hundred meters. These types of alteration patterns are typical of porphyry copper and molybdenum systems and support the target concept of this being a high level expression of a porphyry system.
GMC has collected 156 rock chip samples and 247 silt samples (94 with results pending) in an effort to characterize the mineralization and develop targets at Gold Lake. The geochemistry along with the geologic and alteration mapping and SP geophysical work have identified what appears to be an upper-level expression of a porphyry copper-molybdenum-gold system.
Rock chip and silt geochemistry help to identify two areas of interest. Both are located in areas where quartz monzonite has been mapped and both areas show strong geochemical signatures in copper, molybdenum, gold, silver, bismuth and uranium. Numerous historic workings are located within these areas which were generally exploited for copper and gold.
Geochemically copper appears to be the most enriched metal from the rock chip sampling with 25 samples having greater than 1,000 ppm Cu and a high value of 11.5%. Molybdenum values ranged up to 0.17% with 15 samples recording values greater than 50 ppm. Silver values ran as high as 385 ppm with 10 samples being greater than 30 ppm. Gold values were as high as 29 ppm and 7 samples contained more than 1 ppm. High values for uranium were 614 ppm and 17 samples had values greater than 30 ppm. Bismuth highs were 2300 ppm and 16 samples were above 20 ppm.
GMC has completed a Self Potential ("SP") geophysical survey over the Gold Lake property. The survey was designed to detect areas of sulfide mineral concentrations within the GMC land position. To date, the survey has detected two high priority anomalies. The survey identified a strong 7,500x4, 500 foot (2,300x1,380 meter) anomaly which has two lobes. The larger of which is located in close proximity to the main geochemical target and the smaller lobe is located slightly west and overlapping a portion of the second geochemical target area. The SP response suggests that a large sulphide body exists within the Gold Lake project area.
Geology, geophysics, alteration, geochemistry and past work all support the concept that Gold Lake represents the upper level expression of a porphyry copper-molybdenum-gold system associated with the quartz monzonite which has been identified.
General Minerals Corporation is an international minerals exploration company focusing its activities in North and South America. The Company has seven properties in the US, three in Bolivia, and one in Chile as well as six in Mexico. The target mineralization is copper, silver and gold. The Company currently has three properties that are under option to major mining companies. Initial drilling programs have been completed on two of these properties and results are pending. The Company continues to maintain three joint venture agreements on the following properties:
Monitor copper-silver prospect (USA) with Teck Cominco Ltd. Drilling began in November, 2005 and was recently completed. Results are pending.
Dragoon copper-molybdenum prospect (USA) with BHP Billiton. Drilling was recently completed on the property and results are pending.
Escalones copper-gold prospect (Chile) with the Phelps Dodge Chilean subsidiary, Minera Aurex (Chile) Limitada; (Drilling permit application in progress with Chilean authorities).
General Minerals' rock samples were analyzed by ACME Laboratories in British Columbia and ALSChemex in Reno, Nevada. Both ACME and ALSChemex are fully ISO 9002 certified facilities. Analyses were carried out by ICP. Mr. Ralph Fitch, President of General Minerals Corporation, is the Qualified Person on the Project as set out by the Toronto Stock Exchange Disclosure Standards and National Instrument 43-101. Mr. Fitch was assisted by Mr. Randy Moore, Professional Geologist number, WA RPG # 1390 also a Qualified Person, and Dr. Jacob Skokan, consulting geophysicist.
The Company is actively seeking new joint ventures on other properties within its portfolio of seventeen properties.
SEC 12g3-2(b): 82-34810
General Minerals Corporation (TSX:GNM)
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|Date:||Mar 2, 2006|
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