Chile: NI 43-101 Report
posted on
May 01, 2012 10:08AM
Edit this title from the Fast Facts Section
Silvore Fox Minerals Corp. (the “Corporation” or “Silvore Fox”– TSX Venture – “SFX”) announces the release of an NI 43-101 Report for the Chile properties to be acquired from Sinotech Chile as originally announced January 9, 2012.
Sinotech Mineral Exploration Co. Ltd of China is the parent company of Beijing Donia Resources Co. Ltd. (“Beijing Donia”), the largest single shareholder of Silvore Fox with approximately 30% of the outstanding shares of the Corporation, and is also the parent company of Sinotech Mineral Exploration Chile Limitada (“Sinotech Chile”).
The NI 43-101 report, prepared by Roscoe Postle Associates Inc (RPA) and dated January 10, 2012, is now available on the Silvore Fox website and on SEDAR.
To the Corporation’s knowledge the first drill hole ever conducted on the properties was the test hole announced December 6, 2011 on the Totoral property, which had values within the mineralized portions ranging from 0.07 to 2.16% copper and 0.11 to 4.73g/t gold.
One zone of 9.4 meters from 147.4m to 156.8m graded 0.84 g/t gold and 0.35% copper and represents three distinct mineralized portions including narrow waste bands. The higher grade central core of this vein system from 150.4m to 153.25m graded 0.90% copper and 2.28g/t gold over 2.85 meters.
The second zone from 65.35 to 66.75m graded 1.49% copper and 1.3 g/t gold over the 1.4m.
Excerpts from the NI 43-101 Report
Silvore Fox President Harold Cabrita reports:
“Silvore Fox is pleased to showcase this NI 43-101 technical report on our website so that our existing and potential shareholders may now see some of the data that has our team so excited about the prospects for successful mineral exploration at the Chilean properties. Regulatory approval of the acquisition transaction is expected shortly after submission of the valuation and NI 43-101 reports.
Upon receipt of the necessary drilling permits, Golden Fox Resources SpA and Golden Eagle SpA, the Chilean corporations holding the rights to Totoral and Harvest, will begin drilling the targets identified to date and to plan further drill programs to run throughout 2012.
Sinotech Chile agreed to a reduced purchase price in exchange for a Net Smelter Royalty position in the final agreement signed with Silvore Fox to purchase these properties (as announced January 9, 2012). This demonstrates the faith that Sinotech has in the properties and in the management of Golden Fox and Golden Eagle to conduct an effective exploration program in the region.”
Dr. Shoulin Zhang, the man responsible for discovering and staking these properties for Sinotech Chile, is a co-founding director of Golden Fox and Golden Eagle. Silvore Fox believes his local experience and knowledge will help the Chilean operations run smoothly. Dr. Zhang has a six-year history in Chile as the General Manager of Sinotech Chile and, with their blessing, has agreed to be the General Manager of both Golden Eagle and Golden Fox. Dr. Zhang received his Masters degree from Peking University and his Doctorate degree from the China University of Geosciences. He has a comprehensive understanding of geological rules of mineralization in Chile, investment policies and operation patterns of the local mineral industry, as well as the country’s legal and regulatory framework.
The new General Manager of Sinotech Chile, Mr. Xiaoming Peng, has also joined the board of directors of Golden Eagle and Golden Fox. Silvore Fox President & CEO, Harold Cabrita, will serve as Chairman of the Board for both companies.
Ian Chisholm, PEng, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
About Silvore Fox Minerals Corp.
Silvore Fox Minerals Corp. is a Canadian public mineral exploration company based in Toronto. We are focused on developing the base and precious metal exploration projects within our diversified portfolio of properties.
Harry Cabrita
President and CEO
Dr. Jingbin Wang
Chairman