Geo Minerals Approves Work Program at Silver Bell West, Arizona
VANCOUVER, BRITISH COLUMBIA, Apr 06, 2010 (MARKETWIRE via COMTEX News Network) --
GEO MINERALS LTD. (TSX VENTURE: GM) ("GEO" or the "Company") has approved the work program for 2010 at the Silver Bell West property in southern Arizona. The Silver Bell West property is located in the historic Silver Bell District, which has produced more than 176 Mt at an average grade of 0.63% copper from skarn, secondary enrichment blankets, and oxide copper deposits associated with a Laramide porphyry copper system, and had 1990 reserves of 185 Mt at 0.61% copper (reported in Long, 1995, Arizona Geol. Soc. Digest, v. 20).
The company's Silver Bell West property is under lease option from Bronco Creek Exploration (see News Release August 27, 2009), and is targeting porphyry copper and copper skarn mineralization in structurally down-dropped blocks lying adjacent to mineralization currently being exploited by Asarco. Field work in 2007 revealed several target areas within a largely untested zone for potential skarn and porphyry-style copper mineralization. The zone lies in the southeastern portion of the property, where areas of suspected skarn and related porphyry-style mineralization are projected to underlie outcrops containing quartz-chalcopyrite vein swarms in igneous rocks adjacent to gold-bearing copper veins in sedimentary rocks comprising the contact aureole. Ten drill sites are permitted on this portion of the property on the basis of geological mapping. A ground geophysical survey using magnetics and/or IP will be implemented to prioritize the drill sites, with drilling anticipated late in the second quarter.
The Silver Bell West lease option with Bronco Creek Exploration requires Geo to incur $2,000,000 in work expenditures, pay cumulative advanced royalty payments of $705,000, and issue a total of 800,000 common shares over a 5 year term. A royalty of 2.5% is included, with a provision to buy back 0.5% for $1 million by the seventh anniversary.
The technical contents of this release were approved by Geo Minerals' board member and qualified person as defined by National Instrument 43-101, Marvin Mitchell, P. Eng.
Geo Minerals is a junior exploration company actively seeking mineral and energy opportunities for the benefit of all our stakeholders, with four active porphyry copper projects in Arizona. For further information we invite you to visit us at www.geominerals.ca.
Bronco Creek Exploration is a wholly-owned subsidiary of Eurasian Minerals with exploration properties in key mining districts of Arizona, Nevada, and Wyoming. Eurasian Minerals is exploring and investing in a first class mineral property and royalty portfolio in some of the most prospective, but under-explored mineral belts of the world.
ON BEHALF OF THE BOARD
Michael England, President
