Geo Minerals Acquires BC Ground Adjacent to Richfield Ventures' Blackwater Deposit Plus Ground in Vicinity of Prosperity Mine
VANCOUVER, BRITISH COLUMBIA, Sep 09, 2010 (MARKETWIRE via COMTEX News Network) --
GEO MINERALS LTD. (TSX VENTURE: GM)(FRANKFURT: 8G3) ("Geo" or the "Company") announces it has acquired an option to earn a 100% interest in a 445 hectare claim block adjacent to Richfield Ventures Corp.'s (V.RVC) Blackwater Deposit property located approximately 100 kilometres south of Vanderhoof, B.C. Geo has also acquired an option to earn a 100% interest in 14,100 hectares (34,800 acres) of ground in the Chilcotin region of south central British Columbia, approximately 110 kilometres southwest of Williams Lake, B.C.
The Vanderhoof claim block is within 2.5 kilometres, west-northwest, of recent drilling by Richfield Ventures, where Richfield has reported on September 2, 2010 that it intersected 281.8 metres @ 1.4g/t Gold in drill hole BW-71.
The Chilcotin ground is adjacent to Amarc Resources Ltd's. (V.AHR) joint ventured Newton Property and several claim blocks are within Amarc's 100% owned ground. Amarc's exploration program is focusing on discovering large-scale, open-pit style gold systems on approximately 3,300 square kilometres, with over $4 million budgeted for exploration (see Amarc news release dated May 27, 2010). Several claim blocks that Geo Minerals has under option were initially acquired to cover historic Minfile and ARIS database occurrences of multi-elemental geochemical anomalies, similar to those disclosed by Amarc in its December 8th, 2009 news release. Some of the Company's optioned claim blocks are surrounded by Amarc and are also in proximity to the Prosperity porphyry copper-gold deposit, which has recently received Provincial Government Mine Approval, and is owned by Taseko Mines, (T.TKO), (800 million tons average 0.23% Cu, 0.41g/t Au- Taseko Mines website).
One of the Chilcotin claim blocks optioned by Geo covers the historic 'Mike' Minfile occurrence, 092O057. Geochemical surveys completed on the claim area in 1970 delineated several anomalies of coincident copper and zinc (Assessment Report 2964, Tri-Con Exploration Surveys Ltd., report reviewed by W.G. Stevenson 1970).
Another three of the Chilcotin claim blocks, one of which is adjacent to Amarc's Newton joint venture, had alteration zones with associated geochemical anomalies identified previously during exploration work conducted in 1985. The alteration consisted of silicification, argillic alteration, calcite veining and intense fracturing.
Amarc Resources announced (see Amarc news release dated December 8th, 2009) an important new gold discovery in south-central British Columbia with drill results including 189 metres averaging 1.56g/t Au. Another press release by Amarc (see Amarc news release dated July 26, 2010) stated:
"Previous work at Newton has shown that the most intensively developed mineralization is associated with disseminated sulphides that appear to be preferentially localized by pervasively altered volcaniclastic and epiclastic rock units. These preferred host rocks have a high permeability and an anticipated wide areal distribution -- features that are representative of a permissive environment for the development of a bulk tonnage-style mineralized system."
Subsequently Amarc announced on August 18, 2010 that several multi-elemental geochemical anomalies on separate areas of their 3,300 square kilometre land position had been identified.
To earn its 100% interest in the 14,545 hectares, Geo will be required to pay $20,000 and issue 1.5 million shares upon TSX Venture Exchange approval plus a further $40,000 and 1.5 million shares on or before the first anniversary date. A work program for Q3 of this year is presently being formulated. The acquisition remains subject to TSX Venture Exchange approval.
The technical contents of this release were approved by Geo's 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 opportunities in both British Columbia and Arizona for the benefit of all its stakeholders. For further information we invite you to visit us at www.geominerals.ca.
ON BEHALF OF THE BOARD
Michael England, President
