Central Revises Tam Property Option
September 28 2011 - 4:00PM
Marketwired
Central Resources Corp. (TSX VENTURE: CBC) ("Central" or the
"Company") is pleased to announce that it has negotiated an
extension to the Tam property agreement. The option agreement has
been amended in order to give the Company more time to complete the
required exploration expenditures. The Tam property is located in
the Quesnel Trough area of BC, approximately 21 kilometres
northeast of Lac La Hache, immediately to the east of GWR Resources
Inc.'s Lac La Hache property where diamond drilling is underway.
The following description of the Tam property is based upon a
National Instrument 43-101 report prepared for the Company by
Calvin Church, P.Geo., and dated May 14, 2008 (revised June 20,
2008). The entire report can be found on SEDAR.
The property is underlain by Nicola Group island arc
volcaniclastic and sedimentary rocks which are intruded by a number
of plutons, stocks and dykes which are part of an alkaline
intrusive complex underlying the Spout Lake area. Nicola Group
rocks occur in contact with the Takomkane batholith to the east and
north of the property.
The claims are located at the southeast end of a large arcuate
aeromagnetic anomaly which reflects magnetite rich phases in the
Spout Lake alkaline intrusive complex and/or alteration zones along
its margin. Past exploration work along the southern limb of this
anomaly located a number of occurrences mineralized with copper
plus accessory values in gold, silver +/- molybdenum and tungsten.
Mineralization occurring on the Tam property consists predominately
of pyrite, chalcopyrite, malachite and bornite and is primarily
associated with monzodiorite to syenitic intrusives and
structures.
There are two significant copper (+/- gold) showings on the
property; Tim 1 and Tim 2. The Tim 1 showing is located on the east
side of the Tam 3 claim. The Tim 1 zone was tested by Stallion
Resources Ltd., in 1983 with six short diamond drill holes
totalling 312 metres. The more significant mineralized
intersections are tabulated below.
Significant Drill Intersections (1983):
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INTERVAL
DRILL HOLE FROM (m) TO (m) (m) Cu (%) Ag (opt) Au (opt)
---------------------------------------------------------------------------
DDH 83-1(i) 0.0 45.7 45.7 2.76 0.74 0.018
---------------------------------------------------------------------------
DDH 83-3 16.7 25.9 9.2 0.52 0.15 0.003
---------------------------------------------------------------------------
47.2 51.8 4.6 0.90 0.09 0.003
---------------------------------------------------------------------------
DDH 83-5 19.8 33.5 13.7 1.03 0.30 0.01
---------------------------------------------------------------------------
DDH 83-6 9.1 13.7 4.6 1.99 N/A N/A
---------------------------------------------------------------------------
(i) This interval includes 14 samples assaying between 1% and 18% Cu. DDH
83-1 drilled at -70 degrees may have been drilled down dip. The true
width of the mineralization is unknown.
Drilling at the Tim 1 showing by GWR Resources Inc., in 2001
returned 0.61% copper, 0.18 g/t gold and 6 g/t silver over 17.4
metres, and 0.50% copper, 0.11 g/t gold, 3.0 g/t silver over 5.6
metres, respectively from sheared and brecciated monzodiorite.
The Tim 2 showing is located on the northwest side of the Mat 3
claim. Grab samples taken over a strike distance of 44 metres by
GWR Resources in 2001 returned 0.212 to 1.915% copper, 7 to 222 ppb
gold and 5.9 to 64.5 ppm silver. Other areas of copper
mineralization which have not been evaluated are reported in
trenches and along road cuts on the Tam and Mat claims.
Induced polarization surveys conducted by Central in 2008 have
produced several anomalous resistivity and chargeability responses
that can be interpreted as exploration targets that warrant further
investigation. The IP surveys clearly show that the IP anomaly in
the central portion of the property is at a depth greater than 100
metres below surface. None of the previous drilling in this area
has penetrated to this depth. This is clearly a primary drill
target.
Calvin Church, P.Geo., a qualified person as defined by National
Instrument 43-101, has reviewed and approved the technical
disclosure made in this press release.
Revised Option Terms
The option agreement has been amended in order to give the
Company more time to complete the required exploration expenditures
and make the required cash and share payments. The total
exploration expenditures, cash and share payments have not
changed.
A summary of the revised terms follows.
---------------------------------------------------------------------------
Date Exploration Expenditure Cash Shares
---------------------------------------------------------------------------
October 15, 2011 Nil Nil 200,000
---------------------------------------------------------------------------
June 30, 2012 $200,000 $45,000 200,000
---------------------------------------------------------------------------
December 31, 2012 An additional $400,000 $60,000 200,000
---------------------------------------------------------------------------
December 31, 2013 An additional $800,000 $90,000 Nil
---------------------------------------------------------------------------
About Central Resources
Central Resources Corp. is a junior exploration company created
to leverage the extensive knowledge and experience of a dedicated
group of financial and resource industry professionals. The Company
has acquired options on several highly prospective mineral
properties in the Yukon and British Columbia and continues to
pursue additional opportunities to build shareholder value.
This news release contains forward-looking information, which
involves known and unknown risks, uncertainties and other factors
that may cause actual events to differ materially from current
expectation. Important factors - including the availability of
funds, the results of financing efforts, the results of exploration
activities -- that could cause actual results to differ materially
from the Company's expectations are disclosed in the Company's
documents filed from time to time on SEDAR (see www.sedar.com).
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The Company disclaims any intention or obligation,
except to the extent required by law, to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Neither 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.
Contacts: Central Resources Corp. Paul Reynolds President and
CEO 604-630-3730 info@centralres.ca www.centralres.ca Strike
Communications Inc. James Berard 604-687-2768 or Toll Free:
1-877-459-5507 james@strike-ir.com
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