VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 28, 2015) – Squire Mining Ltd. (the “Company” or “Squire Mining”) (CSE:SQR) announces the results of the 2015 Phase 1 geochemistry program on the Star Property in central British Columbia.
The Star Property is an early stage mining exploration program that centres on a prominent magnetic low identified in a Geological Survey of Canada airborne magnetic survey. There are currently no known mineralized showings on the property however stream sediment samples gathered as part of Geoscience BC’s Quest Project have defined a gold, antimony and mercury anomaly that drains the magnetic anomaly. The property is also believed to lie along a major northwest trending structure that includes the Blackwater Davidson gold deposit currently being developed by New Gold. Due to a scarcity of outcrop and extensive overburden in the area the property is located in an underexplored area of British Columbia.
Due to the extensive overburden in the area, an MMI™ soil geochemistry program was proposed for the first phase of exploration. MMI™ is propriety technology developed by SGS Mineral Services. MMI™ measures mobile metal ions that are released from mineralized material and travel upwards to unconsolidated surface materials such as soil, till and sand. The proposed program consisted of 8 lines, 800 metres apart that cover most of the property. Sample spacing was 50 metres. The 2015 program collected 221 soil samples and completed 3 of the 8 proposed lines.
The samples were analyzed for 53 elements. Response ratios for each element were calculated as follows; results that are below detection limit are assigned a value of one half of the detection limit. The mean is then calculated for the lowest quartile (25%). This is then treated as the background for that element. For each sample the element assay is divided by the calculated background and then rounded to a whole number (the response ratio).
Numerous anomalies have been identified on the property including multi-element lead-zinc-silver-cadmium anomalies. These anomalies will need more detailed sampling around them before any size or trend can be determined. Response ratios of up to 216 for zinc, 114 for lead, 96 for cadmium, 21 for silver, 11 for copper and 6 for gold have been calculated.
Management is encouraged by the results as the lead-zinc-silver-cadmium anomalies might be the geochemical signature of a vein hosted silver-lead-zinc deposit or a disseminated gold-silver-lead-zinc deposit.
Current plans include the completion in 2016 of the first phase MMI™ soil geochemistry program, followed by more detailed sampling surrounding identified anomalies. MMI™ results and maps of the 2015 program can be found on the Squire Mining website.
The Company also announces the launch of its website, which can be found at www.squiremining.com. We invite current and potential shareholders and other interested parties to visit our website. You may register on the website in order to be provided with updated Company news.
Mr. Andrew L. Wilkins, P.Geo., Manager of Exploration, is the qualified person responsible for the technical content of this news release.
ON BEHALF OF THE BOARD
Ian H. Mann, President and Director
Neither the Canadian Securities Exchange nor its Regulation Services Providers accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of Squire Mining Ltd. The forward-looking information is based on certain key expectations and assumptions made by the Company’s management. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this news release and the Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.