Signs Letter of Intent For Continuing Exploration Work – Outlines Areas Visible Gold in Soil Alluvium, and Outcrop in Tanzaniaadmin
Copper Cowboy Resources Inc. ("Copper Cowboy" or the "Company") reports that it has signed a Letter of Intent (LOI) to option two Prospecting Licenses (PLs) that were subject to 43-101 compliant acquisition reports in 2011 and the updated work done on them by the property vendor in the Handeni area of east central United Republic of Tanzania.
The properties consisting of two PLs which cover 279.16 km2 and 225.34 km2 and covers the area northwest of the rock formation that hosts the 1 million ounce zone identified on Canaco’s Magambazi (Handeni area) property. With similar rocks that host that zone located on to the PLs and on which recent exploration has indentified hard rock and placer (alluvial) coarse visible gold associated with both the geology and auriferous alluvium.
The property had been optioned to Declan Resources Ltd. in 2011 as part of that company (previously named as Kokanee Minerals Inc.) option and $7.5 million financing. Declan changed its focus from Tanzania, in early 2012 prior to reporting any exploration work on the property. AFGF (Tanzania) Ltd. continued a soil sampling and geological mapping program focusing on the area of the property where artesianal miners report "abundant" alluvial gold, tracing the mineralization into the associated rock ridges surrounding valley.
Exploration work completed in the last year, has identified at least 3 quartz veins/silicified zones either associated with artisanal placer gold workings or with visible gold on the PLs in the Handeni area. The geology of Amphibolitic and biotitic gniesses host the zones which are also present on ridges that have resisted erosion rising 50- 100 metres above the surrounding terrain.
Of particular note is the Bondo Area where visible gold was found in the soil above the outcrops of vein material up to 1 metre wide. Grab and 1 metre wide chip samples have returned values of 82 grams per tonne (g/t); and 20.4 g/t from pits along the east ridge (6 other grab samples reported 0.14 -0.95 g/t) and 58 g/t, 34 g/t and 40.7 & 36.9 g/t from pits along the west ridge (of the 5 other samples two returned 0; two in the 0.15 range and one 1.8 g/t).The locale that has been shown to have visible gold, covers an area of 1200 m by 400 m. and has been traced to another area 2000 m to the south west.
Subject to regulatory approval, Copper Cowboy will issue to AFGF, 7 million shares and $1.05 million and spend $2.25 million over the next 3 year for an 80% interest in PLs. Copper Cowboy will also receive 50% of the alluvial gold recovered as AFGF continue to explore and develop the placer gold potential in the Bondo area.
Trenching and bulk testing of the soils, in conjunction with the placer operations is being initiated to expand the geologic data base of the previous mapping of the favorable altered amphibolites with associated quartz veins on this part of the property.
The company also wishes to announce it has closed its non-brokered Private Placement of 4 million units (each unit containing a share at $0.10 and a purchase share warrant for $0.15) for $400,000. The warrants will expire on December 12, 2015.
The company President, Michael Mulberry is on site to observe the setup of the placer testing equipment and further the exploration of the adjacent hard rock veins.
This release has been reviewed by Laurence Stephenson , P.Eng. the designated Qualified Person.
Copper Cowboy Resources Inc. is a junior exploration company active in Tanzania.
On Behalf of the Board of Directors,
Copper Cowboy Resources Inc.
CEO, President and Director
Canadian National Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Not for Distribution in the United States or to U.S. Persons.
Posted: December 12th, 2013 under ACCESSWIRE.