Therma-Med, Inc. Completes LOI and Secures Silver Property in B.C.
May 20 2011 - 8:00AM
Marketwired
Therma-Med, Inc. (PINKSHEETS: THRA) ("the Company") has announced
today that it has entered into a definite agreement to earn a 49%
interest in Ag/Zn/Pb hosting mineral claims, situated in the Mining
Division of Slocan, B.C., Canada. Therma-Med, Inc. has completed
all due diligence on the property claim and has decided to move
forward in securing its place in the mining industry. Ms. Trujillo
will be actively assisting in guiding THRA into this direction and
properly evaluating the company's strategy and work outline for the
new property.
ABOUT THE PROPERTY: The Slocan Area of Southern BC is famous for
production of silver (it's called the "Silvery Slocan"). The Slocan
Mining District has produced more than 24 million ounces of silver
since the first discoveries in the late 1800s transformed this
scenic wilderness into the silver-mining center of Western Canada.
Exploration and mining have continued to the present and a
neighbour to the company's property has a fully permitted and
operating silver mine and mill. The property is of interest as a
high potential host to economic precious and base metal
mineralization including gold, silver, lead and zinc. Historical
work and present operations in the area have greatly enhanced the
potential of this property. Past activities on the property and
neighbouring area have included the production of gold, silver,
zinc and lead. Reported production has been obtained from the
Wellington -- 3.6 million grams silver (117,450 oz.) and the
Highland Surprise -- 51,000 g gold deposits. Other smaller amounts
have been reported from 10 other areas on the property. Also within
the vicinity of the property is the Whitewater Mine. This mine,
located 1 kilometre south of the property, produced 260,542 tons of
ore containing 1435 oz gold, 3,152,130 oz silver, 28,017,903 lbs
lead and 36,260,370 lbs zinc during the period 1892 to 1945. The
property is located in the Slocan Area of BC just the north side of
Highway 31A, approximately midway between New Denver and Kaslo, but
a small part extends to the south of Kaslo Creek.
The Slocan area has had a history of exploration dating back to
the turn of the century. Lead, zinc, and silver mineralization
hosted by units of the Slocan Group sediments has received the
greatest exploration effort to date. Exploration in the area of the
claims resulted in numerous discoveries, one of the largest being
the Whitewater Mine. This mine, located just to the south of the
property, produced 260,542 tons of ore containing 1435 oz gold,
3,152,130 oz silver, 28,017,903 lbs lead and 6,260,370 lbs zinc
during the period 1892 to 1945 for an average of 12 oz/ton silver,
5.4% lead and 1.2% zinc. The ore bodies were found adjacent to a
thrust fault zone within slate and limestone of the Slocan Group.
Previous reports targeting this area indicate that exploration work
has been conducted in the immediate distance of the property during
the period from 1970 to 1990 but the fragmented nature of the
holdings hampered systematic exploration. Close proximity to all,
historically considered as a main ore deposit, offers excellent
potential for a significant deposit to be found and developed.
Newest reports on the property based on the heavy mineral and
stream sampling exposed significant presence of silver and gold
anomalies. Some of the silver results appear to be related to known
silver (lead, zinc) mineralization but there are at least two new
anomalies discovered that suggest areas for follow-up. The presence
of anomalies for gold is noted in five sample locations including
samples from the drainage that includes the known gold
mineralization of the Highland Surprise. This result means that
there can be some confidence that other areas with similar gold
anomalies should be further examined. The remaining gold anomalies
include the contact area between the Kaslo Volcanics and the Slocan
Group which appears to be of interest based on known
mineralization. Same report confirms newly discovered
mineralization: the presence of very high silver with lead and zinc
from an area of gossanous quartz veining in shale and limestone
which has never been mined and may be a new discovery that is
particularly interesting since this area has not been mined in the
past.
Based on the favourable results of the previous mining
operations in the surrounding area, a decision was made to begin an
immediate review of all relevant data and previous studies to
maximally compress the time frame required to finalize development
plans for the properties, and start the exploration program to
precisely define mineralized resource and possible reserves
definition. The Company's Director, Zajay Trujillo, states, "The
timing for this set of operations is perfect, our technical team is
very eager to start with exploration work that develops the
potential for high-grade mineralization on our acquired mining
properties. As well, this is an exciting opportunity for our
company to boost value to our shareholders."
Safe Harbor This press release contains statements, which may
constitute "forward-looking statements" within the meaning of the
Securities Act of 1933 and the Securities Exchange Act of 1934, as
amended by the Private Securities Litigation Reform Act of 1995.
Those statements include statements regarding the intent, belief or
current expectations of Therma-Med, Inc. with members of its
management team as well as the assumptions on which such statements
are based. Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, and that actual results may
differ materially from those contemplated by such forward-looking
statements. Important factors currently known to management that
could cause actual results to differ materially from those in
forward-statements include fluctuation of operating results, the
ability to compete successfully and the ability to complete
before-mentioned transactions. The Company undertakes no obligation
to update or revise forward-looking statements to reflect changed
assumptions, the occurrence of unanticipated events or changes to
future operating results.
Contact: Therma-Med, Inc. www.therma-medinc.com Email
Contact
Therma Med (CE) (USOTC:THRA)
Historical Stock Chart
From Jul 2024 to Aug 2024
Therma Med (CE) (USOTC:THRA)
Historical Stock Chart
From Aug 2023 to Aug 2024