GreenLight Announces its second Joint Venture on its Gold, Silver and Base Metal Property Bathurst Mining Camp, New Brunswick Canada ___________________________________________________________________________________
___________________________________________________________________________________ (OTCBB: PRZCF) (FRANKFURT: PHO) (TSXV : GR)
VANCOUVER, British Columbia – March 2, 2012 – GREENLIGHT RESOURCES INC. (TSXV.GR), is pleased to announce that it has entered into a letter of intent with Everett Resources Ltd. (Everett) (TSXV.EAR) whereby Everett is granted an option to acquire up to an 80% interest in its gold, copper, and base metal Keymet Property located in New Brunswick. Greenlight acquired a 100% interest in the Keymet property which consists of 162 claims totalling 6,480 acres located in the Bathurst region.
The Deal
To earn an initial 70% interest, Everett will be required to make total cash payments of $250,000, issue a total of 2,750,000 post consolidation shares of the Everett and incur exploration expenditures of $2,000,000 over three years. A further 10% can be earned after completion of a bankable feasibility report. On execution of the letter of intent, a cash deposit of $25,000 is payable to Greenlight.
Chris Anderson, President, states " We look forward to working with our new partners on the Keymet property, after spending approximately $120,000 last fall, our team made significant progress. Congrats go to Sandy Chase our chief prospector who discovered a new gold zone that stretches over 450 meters with assays to date as high as 51.0 g/t Au. Being operators, we are eagerly looking forward to getting back on the ground in early April."
"This deal represents one more endorsement, in Greenlight’s ability to find and advance properties of merit in Atlantic Canada. We are taking this approach in order to enhance shareholder value and assist in offsetting the expense of building and expanding an early stage exploration team to continue exploring in the most mining friendly region in the world."
The Keymet Property
The Keymet Silver Project covers 6,480 acres and is named after a small past producing mine located on the property. The Keymet area first came to note in 1909 with the discovery of a 6.7meters wide quartzcarbonate-sulphide vein (galena, sphalerite, chalcopyrite, pyrite, arsenopyrite). In 1948 it was announced that the vein was drilled to 137 meters in depth with an average 2.4 meters in width and traceable over a strike length of 341 meters. Assays from surface exposure gave 4.2 meters of 8.48% Pb, 10.99% Zn, and 2.96opt (ounces per ton) Ag. In 1950 a shaft was sunk to the 274 meter level with drifts established on the 45, 91, and 137 meter levels. Production commenced in 1954 and by 1956, the shaft was down to the 366meter level. Production ceased in 1956 when a fire destroyed the mine buildings. A total of 56,000 tons @ 0.25% Cu, 2.44%Pb, 2.59% Zn and 0.99 opt Ag was produced between 1954 and 1956.
Gold Targets
Two new gold discoveries have been recently made by GreenLight's prospectors. The first is in outcrop 300 meters to the south west of the Keymet shaft where a 2 meter wide quartz-arsenopyrite (20% arsenopyrite) filled shear zone, which appears to be a splay fault off of the main Keymet shear, assayed 3.4 gpt Au. The second new discovery was made approximately 1,500 meters to the north west of the Keymet Shaft while investigating a series of historic Cu/Zn soil anomalies. In this area numerous large, angular boulders of silicified conglomerate and meta-wacke were found that contained 1-2% disseminated “needle” arsenopyrite. These boulders have been traced over a distance of 450 meters and appear to be aligned sub parallel to the strike of the Keymet vein system. No base metals are associated with this new showing which indicates that this is possibly a separate but parallel gold bearing zone within the overall Keymet base metal/silver vein system. Initial analysis indicates that the boulders run between 1.7 gpt to 51.0 gpt Au.
Base Metal Targets
The Company's geologists have recently taken grab samples from the dump rock at the Keymet shaft and a typical Pb/Zn sample from the ore dump ran 549 gpt Ag, 2.35%Cu, 33.90%Pb and 22.90%Zn. A specimen of massive pyrite with stringer chalcopyrite, galena, sphalerite and arsenopyrite assayed 415 gpt Ag, 4.22% Cu, 1.23% Pb, and 1.48% Zn. Currently, a 3D model of the underground workings has been put together based on historic level plans and sections. Based on historic geophysical and geochemical data, there is good evidence that a series of three and possibly four, parallel vein systems occur on the property. These are the North, Central, Keymet, and South veins.
The North vein, which lies approximately 500 meters to the northeast of the Keymet Vein, has been identified over a strike length of 2400 meters by trenching on the southeast and drilling on the northwest. Grab samples taken at the discovery trench in 1989 assayed 57.5%Pb, 6.12% Zn and 20.5 opt Ag. Drilling on the northwest extension in 1965 hit 2 narrow veins which assayed 0.53% Cu, 4.48% Pb, 3.70% Zn and 1.7 opt Ag over 0.4 meters and 7.72%Cu, 0.49%Pb, 11.37%Zn, 13.62 opt Ag over 0.9 meters. Soil geochemistry indicates that this vein(s) is traceable over a strike length of at least 1,585 meters.
The Central vein system, 250 meters north of the Keyment vein, has been drilled at three locations outside of the mine area. The first is 850 meters northwest of the Keymet mine whereas single hole intersected a narrow vein within a wide zone of silicification and bleaching that ran 0.64% Cu, 14.6% Pb, 5.6% Zn, 5.1 opt Ag over 0.15 meters. Additional drilling 500 meters further to the northwest intersected the same alteration zone which ran 0.15%Cu, 3.68%Pb, 2.02%Zn and 3.68 opt Ag over 3.5 meters. Drilling carried out in 1965, located a further 1,000 meters northwest hit a number of narrow vein systems ranging from 0.15 meters of 4.14%Cu, 15.6%Pb, 17.8%Zn, 4.2 opt Ag to 1.2 meters of 15.9%Cu, 0.91%Pb, 9.95%Zn and 30.91 opt Ag. As with the North vein system, soil geochemistry indicates that the Keymet vein is traceable for a total of 2,400 meters. This is confirmed by airborne EM and IP.
The Keymet vein has been traced by drilling (1947-1952) with wide spaced holes over a distance of 2,400 feet from the shaft area and continues for a further 1,600 feet to the "Old Silver Mine" vein. This vein was discovered in 1882 at which time reports indicated grab sample assays of 71.1% Pb, 33.75 opt Ag and 1.28 opt Au. Sometime around 1909 a shaft was sunk to a depth of 20.1 meters and a drift put in along the vein. No further development was recorded. Assays of the vein were taken on the exposure in the bed of the Elmtree River at this time and reports indicate a grade of 7.20 opt Ag over 2.1 meters. Samples from outcrop and float taken by GreenLight's geologist at the Old Silver Mine ran up to 139 gpt Ag, 1.51%Cu, 6.27%Pb and 3.26%Zn including one sample of the outcrop that assayed 14.5%Zn. This showing has never been drilled.
The South vein system is located 650 meters southwest of the Keymet Vein and is defined by two showings and soil geochemistry over a strike length of 1,900 meters. The eastern occurrence is described as a series of veins and breccias carrying galena and sphalerite. Drilling was carried out in 1970 and the best intersection was 3 feet of 13% combined Pb/Zn and 1.8 opt Ag. Nineteen hundred meters to the northwest, grab samples taken in the early 1960’s ran as high as 0.5%Cu, 5.85%Pb, 7.41%Zn and 4.52 opt Ag.
Readers are warned that "historical records" referred to in this release have been examined but not verified by a "Qualified Person". Further work is required to verify that the historical assays referred to in this release are accurate. Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.
Related deposits
The Keymet shaft is located 6 km north east of the Castle Resources Ltd (under option from StrataboundMinerals ) Elmtree gold/silver/base metal deposit. A Preliminary Economic Assessment has been completed on an open pit, 1.117 million tonne deposit grading 2.41 gpt Au (with Ag+Pb+Zn credits) deposit and Castle Resources Ltd. is currently engaged in an ongoing Feasibility study prior to moving on to the Environmental Assessment stage.
Options granted
The Company also announces that it has granted options to buy 800,000 shares to certain officers, consultants and directors of the Company. The options shall be exercisable at a price of $0.15 cents per share and shall have a term of two years.
On Behalf of the board of directors
“Chris Anderson”
Christopher R Anderson, CEO – President
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