|  
| | Thu Jul 10, 2008
Maxy Completes Acquisition Of 15 Gold, Silver And Base Metal Exploration Properties In Peru
|
| | VANCOUVER, BRITISH COLUMBIA July 10, 2008 --- Maxy Gold Corp. MXD.TSXV ("Maxy" or "the Company") advises that it has closed the acquisition, announced March 17, 2008, of a 100% interest in 15 gold and base metal mineral exploration properties totaling 139,070 hectares in central and southern Peru.
Andre Gauthier, President and CEO of Maxy said,
"We are extremely pleased with this acquisition of a high quality exploration property package. Our team in Peru has already mobilized to start field exploration, which is slated to include drilling on the Chocos and Condoroma properties near the end of August."
Peru Property Portfolio
All 15 Properties are located in Central and Southern Peru in well defined prospective mineralization belts. Ten properties are high sulphidation gold and silver targets, 1 a low sulphidation gold and silver target and 4 are base metal targets.
Six of the properties have had sufficient positive work on them to be near drill stage, being the Chocos (which contains the Candel target), Condoroma, Sumaq, Corina, Picha, and Canta properties. Maxy has started a full field evaluation of these properties in order to identify priority drilling targets as soon as possible. The other
properties are at grass roots stage, staked on data base information targeting high sulphidation gold - silver epithermal systems, and will also be assessed in the upcoming program.
Significant results previously obtained by the operator, Minera del Suroeste S.A.C., include:
- On Chocos: 179 samples where taken from 4 veins. 13 samples returned assay values from 5% to
13% zinc (Zn); 17 samples assayed from 5% to 20% lead (Pb), and 4 samples assayed from 30
grams per tone (g/t) silver (Ag) to 261 g/t Ag.
- On Condoroma, a first pass sampling program returned copper values to 1.29%, gold (Au) values to
1.79 g/t and anomalous molybdenum values.
- On Picha, 156 samples have been taken and returned both copper (Cu) and Ag anomalies (up to
12% Cu and 169 g/t Ag).
- On Canta, 73 samples where collected one sample returned 2.23 g/t Au and up to 3,220 g/t Ag,
0.254%Cu, 3.96% Pb and up to 2.97%Zn.
- On the Sami property, wide drill intersections of low grade gold mineralization have been reported by
Penoles..
On the Sumaq property, 90 samples gave up to 0.898 grams per tone gold. Other reported values ranges
between 0.1 up 8.98 g/t Au.
- On the Corina property, 67 samples returned values ranging between 0.1 up 6.67 g/t Au.
NI 43-101 reports on the Chocos and Condoroma properties are nearing completion. Maxy will start field work as soon as possible and has already secured a technical operating team. Maxy is planning to bring Chocos and Condoroma properties to drill stage at the end of August 2008.
Consideration for the properties, paid to the vendor, Southwestern Resources Corp. ("Southwestern"), is US $200,000 and the issuance of 1,000,000 shares, which will bring Southwestern's holding to 3,909,600 shares, or 11.3% of Maxy's issued capital. Southwestern will retain a 2% net smelter royalty payable on any commercial production from the Chocos and Condoroma properties.
About Maxy Gold Corp.
Maxy Gold is focused on the acquisition, exploration and responsible development of precious and base metal properties in China and Peru. In China the Company has an exploration program underway on the MIDU joint venture in Yunnan Province where gold mineralization has been identified, and has a strategic joint venture alliance in Qinghai Province with Western Mining Group, Ltd. one of China's largest mining and development companies, where it is working two promising Au--Cu--W-Mo properties, Duoba and Danbolongwa. The Peruvian acquisition will bring different areas of opportunity and diversifies the Company's exploration focus.
For further information:
Maxy Gold Corp.
Andre Gauthier, President
Tel: (604) 688-8811
Cel: (778) 999-1578
Email: info@maxygoldcorp.com
Paul Simpson, Chairman
Tel: (604) 633-4286
Email: sps@armlaw.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties
inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statement. |
| |
| | You can view the Next News Releases item: Thu Feb 19, 2009, Maxy Gold Corp Provides Corporate And Exploration Update
You can view the Previous News Releases item: Mon Mar 17, 2008, Maxy Gold Acquires 15 Gold, Silver And Base Metal Exploration Properties In Peru
You can return to the main News Releases page, or press the Back button on your browser.
|
|
