Calgary , Alberta CANADA, October 04, 2010 /FSC/ – Boxxer Gold Corp. (BXX – TSX Venture, BXXRF – OTCBB_Pink_Sheets), is pleased to provide an operational update on exploration activities scheduled for Q4-2010 through Q1-2011 at its Boss and Buena Vista copper-gold projects located in Nevada.
* $2.7M cash on hand to complete the planned exploration work programs at the Boss and Buena Vista projects;
* The 8,000m diamond drilling program on the Boss Property (100% owned) will commence upon mobilization and final staging of the contracted drill rig;
* Quantec’s Titan-24 DCIP & MT survey on Boss completes extensive geophysical work; pending results from the Rose Mine may reveal additional drill targets; and,
* DCIP & MT program set to begin on the Buena Vista Property (80% owned) early November.
Commenting on the update, Boxxer Gold’s President and CEO, Elmer B. Stewart, stated, “The Company is in a strong financial position as we enter the next stage of our exploration program at both the Boss and Buena Vista projects. At Buena Vista, the recognition of mineralized hydrothermal breccias puts a clearly different slant on the potential and methods required to explore this well mineralized Iron Oxide Copper Gold (IOCG) style property. Following the successful interpretation using the Titan-24 system on the Boss project, we believe this next survey will identify zones of interpreted buried sulphide mineralization to provide a much better understanding of the significance of the 57 zones of copper mineralization. On the Boss Property, the forthcoming drilling program has the flexibility to accommodate pending results from the DCIP & MT survey on the Rose Mine, in the event the data reveals new targets that warrant confirmation drilling.”
Boxxer’s current cash position is approximately $2.7 million due to the exercise of warrants issued in previous financings. These funds are sufficient to complete Boxxer’s 2010 exploration program consisting of diamond drilling and geophysical surveys on the Boss porphyry copper project, and deep penetrating geophysical surveys, trenching, mapping and sampling on the Buena Vista IOCG project.
As all permitting issues have been cleared, Boxxer is now awaiting the mobilization notification from the drilling contractor to commence the 8,000m diamond drill program on three large geophysical/mineralized targets at the 100% owned Boss porphyry copper project located in southern Nevada. A representative of the drilling company has recently visited the drill sites for drill staging preparation, and management has been assured that the delay is resolved and mobilization of the drill rig is imminent.
The previously announced Quantec Geosciences Ltd. Titan-24 DCIP and MT survey over a portion of the Boss property around the former Rose copper mine is now complete. Receipt of the geophysical results from the survey is expected within the next two weeks and will be announced in due course.
Buena Vista Project:
The main objective of the 2010 exploration program for the 3,100 acre Buena Vista (Boxxer holds an 80% interest) copper project located in north-central Nevada is to demonstrate the continuity of mineralization between the 57 zones of copper mineralization located to date (see news release dated August 12, 2010). Compilation of the historical and current data clearly indicates a number of the zones of copper mineralization hosted in a matrix supported hydrothermal breccias, a common feature of IOCG mineralized systems.
Boxxer again contracted Quantec Geosciences Ltd. to conduct a systematic deep penetrating DCIP & MT survey over the 3,000m long by 1,000m wide zone that hosts the 57 zones of copper mineralization. The work is expected to commence early November. The survey should also further define two large untested IP anomalies defined by previous work on the property.
In addition to the DCIP & MT survey, also planned are trenching, mapping and sampling of the known zones of copper mineralization.
The 2010 exploration program on the Gordon Lake project is scheduled to commence in early October. Results of the high sensitivity airborne geophysical survey are being compiled with the historical exploration results. The result of this compilation work will be used to locate areas on the project where line cutting, geophysical surveys, mapping and channel sampling of gold mineralized zones are planned. Boxxer is the operator of the exploration program, whereby. Champlain Resources Ltd. is earning a 55% interest in the Gordon Lake project by making $2mm in exploration expenditures over a three year period.
About Boxxer Gold Corp.
Boxxer Gold is a Canadian junior resource company involved in the exploration of large copper and copper gold projects in the state of Nevada, and a shear hosted gold project located 110 kilometres north of Yellowknife NWT, Canada. For more information on Boxxer please visit our website at www.boxxergold.com or contact:
Boxxer Gold Corp
John L. Maslanyk
Vice President & Chief Information Officer
Toll Free: 1-888-479-3696
CHF Investor Relations
Senior Account Manager
Tel: 1-416-868-1079 ext. 233
Torrey Hills Capital
Senior Account Manager
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.
Forward-Looking Statements: This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that the proposed exploration programs on the, Boss, Buena Vista and Gordon Lake projects will identify targets or be able to demonstrate the presence of significant concentration of copper and gold mineralization, there can be no assurance that the diamond drilling planned for the Boss project will intersect significant concentration of copper-gold mineralization, and that the results of the recently completed Titan-24 survey on the Boss project will detect any significant geophysical anomalies, the actual results and future events could differ materially from those anticipated in this news release. There can be no assurance that the previously identified geophysical anomalies on the Buena Vista project set out in this news release are mineralized. For any forward-looking information given, Management has assumed that the time frame provided to completed surveys and other activities may vary significantly from actual completion of the proposed work programs. Management assumed that the results it receives from its independent contractors and the interpretation thereof are reliable, and applied geological and geophysical interpretation methodologies which are consistent with industry standards. Although Management has a reasonable basis for the conclusions drawn, actual results may differ materially from those currently anticipated in such statements. For such statements, the Corporation claim safe harbor for future releases. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation’s disclosure documents on the SEDAR website at www.sedar.com. The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Source: Boxxer Gold Corp. (TSX-V: BXX) http://www.boxxergold.com
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