Business & Finance
Wed, March 28, 2012Tue, March 27, 2012Mon, March 26, 2012Sun, March 25, 2012Sat, March 24, 2012Fri, March 23, 2012Thu, March 22, 2012Wed, March 21, 2012Torch to Option High Grade Magnesite Property in B.C.
Published in Business and Finance on Monday, March 26th 2012 at 5:35 GMT by Market Wire
March 26, 2012 08:30 ET
Torch to Option High Grade Magnesite Property in B.C.
CALGARY, ALBERTA--(Marketwire - March 26, 2012) - Torch River Resources Ltd. ("Torch" or the "Corporation") (TSX VENTURE:TCR) (FRANKFURT:WNF) (PINKSHEETS:TORVF) is pleased to announce that it has entered into a Letter of Intent to purchase 100% of the Driftwood Magnesite Property (the "Property") located in central British Columbia. The option covers three years with cash payments totaling $60,000, 3 million shares of TCR, a work commitment of $450,000 and a Royalty to the three owners totalling $3.00 per tonne produced. Dr. Pfaffenberger, President of Torch says, "Driftwood fits well with Torch's goal of finding properties with near term cash flow potential."
The Property has two main occurrences of high grade magnesite; the East Zone which was drilled in 1989 by Canadian Occidental Petroleum Ltd and the West Zone which was drilled in 2008. A series of reports are available on the ARIS system of the Mineral Tenures Branch in British Columbia. Whole rock geochemical analysis was obtained ranging from 88-97% magnesite (corresponding to 42-46.5% MgO).
An NI 43-101 compliant report does not exist for the Property, however four diamond drill holes were placed on the East Zone in 1989, and seven on the West Zone in 2008. Various estimates on the total size of the occurrence exist, however none is NI 43-101 compliant.
The goal of Torch River Resources is to concentrate on areas which have been sampled with grades above 88% magnesite content.
Torch will do whole rock assays on sampling from the seven holes drilled in 2008, (692 meters in total) and report these results along with plans for a targeted trenching program in summer 2012.
The geological model being used for this project is the Baymag high grade magnesite deposit near Radium Hot Springs, B.C. Baymag has been highly successful and in production since 1984.
Interpretation of data for Torch River Resources was carried out by Andris Kikauka, P. Geo., a Qualified Person with respect to National Instrument 43-101 who has also reviewed this release.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
