Calgary , Alberta CANADA, Mar 24, 2010 (Filing Services Canada via COMTEX) — Boxxer Gold Corp. ( BXX | Quote | Chart | News | PowerRating – TSX Venture), is pleased to announce today preliminary sampling results and the closing of the third tranche of the non-brokered private placement of up to $1,000,000, pursuant to its first announcement on January 27, 2010.
* Surface sampling on new mineral claims return positive results of various oxide copper mineralization
* Closed $596,300 of private placement of up to $1,000,000
Surface follow-up on the two recently acquired blocks of mineral claims has identified large areas of visible oxide copper mineralization on surface. Preliminary select sampling of the various styles of oxide copper mineralization was completed on each block to determine the copper-gold-silver concentrations and the geochemical signature of the mineralization. The two samples from the Rose Mine indicate two mineralizing events, with one sample containing 7.28% copper, 1.03 grams per tonne (g/t) gold and 42.2 g/t silver along with a strong arsenic, bismuth (221 parts per million “ppm”), molybdenum (407 ppm) cobalt (1,676 ppm), nickel (582 ppm) lead (3,386 ppm), zinc (563 ppm) geochemical signature. The second sample from the Rose Mine area contains 2.84% copper, trace gold and 3.1 g/t silver, and background concentration of arsenic-bismuth-molybdenum.
The four select samples from the area around the Columbia Mine yielded copper-gold-silver mineralization with a weak cobalt-nickel-lead-zinc geochemical signature. Copper values in the four samples ranged from 42 to 1,386 ppm copper, 27 to 7,467 parts per billion (“ppb”) gold (7.46 g/t gold), less than 0.5 g/t silver and 0.5 to 351 ppb platinum. Systematic sampling and mapping of these areas of oxide copper mineralization are planned to commence in April 2010.
Boxxer has closed the third tranche of its current private placement (see News Release dated January 27, 2010). The third tranche consisted of 1,665,000 Units at $0.10 per Unit for gross proceeds of $166,500 bringing the total amount raised to date to $590,300, through the issuance of 5,903,000 Units, each priced at $0.10 per Unit. These securities were issued with a four month hold period expiring on July 24, 2010. A finder’s fee for this third tranche was paid consisting of $6,000 in cash, and 75,000 finder’s warrants, exercisable into Units on the same terms as the investor Units. Additional closings will take place in the near future. The proceeds of the Offering will be used primarily for exploration of the Boss property to follow-up airborne geophysical targets, interpretation of the recently completed ground geophysical surveys, sampling and mapping of the two recently acquired claim blocks, as well as for general working capital purposes.
TITAN 24 DCIP and MT Survey:
Boxxer expects to receive the final interpretation of the Titan 24 DCIP and MT survey completed by Quantec Geosciences Limited (see news release dated January 20, 2010) before the end of March.
Sample Preparation and Analysis:
All select samples were collected with a hammer and chisel and represents the style of copper mineralization exposed in outcrop. Sample weights ranged from 0.2 to 0.5 kilograms. All samples were prepared Loring Laboratories (Alberta) Ltd. in Calgary, Alberta using a 0.5 gram sample using a 3 acid total digestion and 30 element ICP analysis. Gold, platinum and palladium values were determined using fire assay with ICP finish. Copper values over 10,000 parts per million were assayed. Loring’s quality system complies with the requirements for the International Standards ISO 9001:2008. Analytical accuracy and precision are monitored by the use of international and in-house standards.
Boxxer follows a rigorous Quality Assurance/Quality Control program consisting of inserting blanks and duplicates into the sample stream submitted to the laboratory for analysis.
Elmer B. Stewart, MSc. P. Geol., President of Boxxer, is the Corporation’s nominated Qualified Person pursuant to National Instrument #43-101, Standards for Disclosure for Mineral Projects, has reviewed the technical information disclosed in this news release.
About Boxxer Gold Corp.
Boxxer Gold is a Canadian junior resource company involved in the exploration of three 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
Elmer B. Stewart
President & Chief Executive Officer
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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept 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, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. 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 company’s disclosure documents on the SEDAR website at www.sedar.com. The company 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