Vancouver, BC – Decade Resources Ltd. (“Decade” or the “Company”) reports it has acquired through staking, purchase and option, a 100% interest in 1937.34 hectares within 10 mineral claims along the east edge of the former Premier Silbak mine area. The northern portion of the property is near the Premier Silbak mine which is located 2 kilometers west of the claim boundary.
The property is underlain by a belt of Hazelton Group rocks which consist of a series of volcanic and associated sedimentary rocks, intruded by a nearby Early Jurassic hornblende granodiorite pluton of the Texas Creek batholith. The intrusive rocks are located a short distance from the western portions of the property. Dykes of Premier Porphyry related to the above batholith are the most abundant intrusive rocks at the Premier Mine and are spatially associated with most of the mineralized zones in the general property area. Northwest of the property area, numerous gold-silver deposits are present along this belt of Jurassic volcanic rocks. These include the Premier, Big Missouri, Silver Coin, Martha Ellen, Northstar and Indian Mine. Total production reported from the underground workings, glory hole and open pit developed by operators at the Premier mine is about 2 million ounces of gold (24,000,000 grams) and 42.8 million ounces of silver (513,600,000 grams) from about 5,000,000 tons (4,545,454 tonnes) of ore.
Significant showing are present on the newly acquired claims including the Premier East as well as the historic Bayview and Franklin mineral occurrences. The Premier East mineralization consists of a galena, sphalerite, pyrite and tetrahedrite stockwork up to 5 metres wide along a sericite altered zone on strike with the Premier mine mineralization. Sulphides form approximately 15-20% of the zone exposed in a steep bluff.
Assay results for samples from the Premier East zone are as follows:
|
Sample No |
Sample Type |
Au g/t |
Ag g/t |
Cu % |
Pb % |
Zn % |
|---|---|---|---|---|---|---|
|
PE-1 |
Grab |
1.95 |
3780 |
0.42 |
8.76 |
4.43 |
|
PE-2 |
Grab |
0.14 |
112 |
0.10 |
1.7 |
0.19 |
|
PE-3 |
Grab |
0.22 |
321 |
0.08 |
1.75 |
0.27 |
|
PE-4 |
Grab |
0.14 |
741 |
0.98 |
5.91 |
3.0 |
Elevated gold and silver values occur with significant tetrahedrite and base metal values similar to the nearby Premier mine.
The Bayview occurrence is situated on the east slope of Mount Dolly, 3.5 kilometres north of Stewart. In 1983 and 1984, high grade ore was trenched from silver-lead-zinc veins, first explored in 1919. The Number 4 zone consists of a 1.2 metre wide vein which strikes northeast and dips 20 degrees southeast. The vein contains 0.6 metres of massive galena, sphalerite and tetrahedrite in the hangingwall and 0.6 metres of quartz with disseminated sulphides in the footwall. In previous assessment reports, a 0.61 metre chip sample across the vein assayed 2 grams per tonne gold, 8679.7 grams per tonne silver, 20.3 per cent lead and 20.2 per cent zinc. The Number 3 zone is reported as being located about 100 metres south of the Number 4 zone. This shear zone contains long lenses of quartz mineralized with pyrite, pyrrhotite, galena and sphalerite. These lenses are up to 1.8 metres wide associated with a stockwork of sulphide stringers, are hosted in schist which has a strike of 150 degrees. The lower Bayview showings, 300 metres east of the number 4 zone, consist of two quartz-sulphide veins. The southernmost vein lies along the contact between a large granodiorite dyke on the east and hornfelsed argillite to the west. The vein contains lenses of pyrrhotite, sphalerite, galena and tetrahedrite in a gangue of quartz. In a previous assessment report a 0.91 chip sample across the vein assayed 42.30 grams per tonne gold and 1273 grams per tonne silver A second vein 120 metres to the north assayed 15.96 grams per tonne gold and 2268 grams per tonne silver over a narrow width. Open pitting and high grading operations were carried out on these occurrences during the early 1980’s.
To acquire a 100% interest in the northern 5 claims, Decade paid $65,000.00. One of the northern claims was acquired by staking. The 4 southern claims were optioned from Teuton Resource Corp and Silver Grail Resources Ltd. under the following terms. To earn a 100% interest in the property, Decade must complete the following payment schedule:
(a) make payments to Teuton and Silver Grail totalling $120,000 under the following terms:
- seven thousand five hundred ($7,500) dollars on the execution of this Agreement;
- fifteen thousand ($15,000) dollars on or before February 21, 2012;
- twenty-two thousand five hundred ($22,500) dollars on or before February 21, 2013;
- thirty thousand ($30,000) dollars on or before February 21, 2014;
- forty five thousand ($45,000) dollars on or before February 21, 2015
On the fulfilment of the above obligations, Decade will earn a 100% interest in the property subject to the payment of royalties .On the exercise of the Option, the Decade option interest will be subject to a 2% Net Smelter Royalty due to Teuton and Silver Grail payable in accordance with the agreement and an advance royalty payment first due on Feb. 21, 2016 of $25,000. The advance royalty will thereafter be payable yearly on Feb. 21, with the advance payments deducted from the Net Smelter Return Royalty when due to Teuton and Silver Grail.
Decade is well financed with approximately $3 million in working capital. Drilling is scheduled to begin on this property group in late May or early June. Exploration plans for Red Cliff and other Decade held properties will be announced shortly.
Ed. Kruchkowski, P. Geo., a qualified person under National Instrument 43-101, is in charge of the exploration program on behalf of the company. All samples are assayed by SGS Canada of Vancouver, BC.
About Decade Resources:
Decade Resources Ltd. is a Canadian based mineral exploration company actively exploring its portfolio of projects in Northern BC. The Company holds an extensive portfolio of exploration projects including: 60% interest in the Red Cliff property; an option to earn a 100% interest in the Silver Crown 6 claim, adjoining the Red Cliff property to the north; 100% interest in a large property underlain by copper-gold mineralization in the Kitimat area; claims located over the former Goat Mine, a small producer in the 1970’s, approximately 34 kilometres northeast of Stewart and 5 kilometres north of the Stewart highway (37A) along the BA massive VMS horizon; 70% interest in the Stamp claims adjoining the BA claims hosting the BA massive VMS horizon.
For further information, please contact Investor Relations at 604-681-0710 or investor@decaderesources.ca
ON BEHALF OF THE BOARD
“Ed Kruchkowski”
Ed Kruchkowski, President
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“This news release may contain forward–looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.”