CANON CITY, CO, Feb. 23 /PRNewswire/ – Buckingham Exploration Inc. (“Buckingham”) (OTCBB: BUKX) announced today that it has received an updated report and 2011 work proposal for its Lady Ermalina claims from its geological consultants.
The Lady Ermalina “iron formation” has been re-interpreted as a possible exhalative feature derived from massive sulphide mineralization at depth, as is common in the New Brunswick camp. The thickness of the zone in the Lady C area (up to 46 metres across) suggests economically significant dimensions. Lady C is 1.5 kilometres NW along strike of the Randy North Zone discovered by Laramide Resources Ltd. and five kilometres NW of the Coronation zone.
These deposits, and the Mt. Sicker Mine which is 13 kilometres SE, are all in the Paleozoic Sicker formation, of equivalent age to the Myra Falls formation which hosts the Breakwater deposits including the large VMS high grade ore body now operated by Breakwater Resources Ltd.
The Lady Ermalina showings are easily accessed by existing logging roads.
Conclusions and Recommendations:
The Lady Ermalina Project represents a prospective exploration target for the discovery of Volcanogenic Massive Sulphides (“VMS”)-style Copper-Lead-Zinc deposits analogous to the nearby Myra Fall and Mt. Sicker VMS Mines.
In order to adequately test the mineralization potential of the Property, a detailed compilation program to bring together the entirety of the historic exploration work to date is required. Specifically, a detailed series of physical surveys (drill collars, property boundaries, sample locations, and current access conditions) is required followed by a Property wide geological mapping and verification-sampling program. This ground-truthing work may be accomplished from June-October and will help focus all subsequent work. An office based historical compilation study, consisting of digitization of all historic geological, geophysical and survey related work, should be completed before any ground-based exploration work begins. This GIS based compilation will form a database from which will allow the Property wide re-interpretation program. The 2011 work recommendations include the preceding, followed by a 25 line km (10 x 250m) Quantec Titan 24 system deep penetrating induced polarization (“I.P.”) geophysical survey. This program is budgeted at $350,000 and could be conducted from Mid-July through late October. The focus of the geophysical survey would be to test the continuity of the iron formation between the Lady A and Lady C showings as well as to define deep VMS-style mineralization targets. Anomalies defined from the Titan 24 program should be prioritized and tested by a subsequent diamond drilling program.
Paul D. Gray, P.Geo is the qualified person with respect to the Company’s Canadian properties and has reviewed and accepted these statements.
Buckingham continues to maintain its office and coordinate its operations from its head office in Canon City, Colorado and intends to acquire further properties. Please visit Buckingham’s website at www.buckinghamexploration.com to view updated information with regards to the company’s activities and to subscribe to receive news releases automatically by email.
About Buckingham Exploration Inc.:
Buckingham Exploration is an exploration stage company whose principal business is the acquisition and exploration of mineral resources.