Adroit Resources Inc.’s Red Vein Property - Grassy Lake NI 43-101 Report Received, New Director, Vice President Exploration and Qualified Person for Italy and Acquisition Shares Issued.
News Release – November 1st, 2012 ADROIT RESOURCES INC.’S RED VEIN PROPERTY - GRASSY LAKE NI 43-101 REPORT RECEIVED, NEW DIRECTOR, VICE PRESIDENT EXPLORATION AND QUALIFIED PERSON FOR ITALY AND ACQUISITION SHARES ISSUED.
Vancouver, Canada, November 1st, 2012. Adroit is pleased to announce that it has completed a NI 43-101 Report on the Grassy Lake portion of the Red Vein property. Since acquiring the property in June 2008, Adroit has carried out an extensive exploration programme on the Grassy Lake project, comprising magnetic and induced polarization (chargeability and resistivity) and VLF-EM ground geophysical surveys and Mobile Metal Ions (MMI) soil geochemical surveys, which is recognised as a reliable method of detecting mineralization from surface. The results revealed several new anomalous areas as well as confirmed and/or extended previously recognized EM anomalies (News release 17th May 2010). The anomalies consist of clusters of samples that have response ratios that exceed 25 for copper, zinc, nickel and silver. The MMI survey also corresponded to separate airborne electromagnetic anomalies carried out by the Ontario Geological Survey (OGS survey, 1989).
Given the potential for base metal massive sulphide-type and precious metal mineralization on the Grassy Lake property, the report recommends a two stage exploration programme. The first stage of the exploration program will include a compilation stage of work that will integrate all geoscientific data and establish priorities for the second stage of exploration including a mix of ground geophysics, soil geochemical surveys and diamond drill testing of multivariate anomalies.
Grassy Lake is situated in the South West corner of the Red Vein property, it was subdivided from Red Vein in 2012, the property consists of 11 contiguous claims and 139 claim units, (2,224 hectares) and stretches from Kemp to Kelvin township. The Red Vein property is a highly prospective land package along the Larder Lake fault, strategically located between the Young Davidson Mine and the Côté Lake (IAMGOLD) deposit. There are 30 VMS deposits within 200km of the Red Vein property, including the Kidd Creek in Timmins with 147,880,000 tonnes grading 2.31% copper, 6.18% zinc and 87 g/t silver, and the Horne, H&G Orebodies in Noranda with 53,700,000 tonnes grading 2.2% copper and 6.10 g/t gold. Grassy Lake is also adjacent to the Little Pigeon Lake (LPL) project, again within Adroit’s Red Vein property. A recent NI 43-101 Report on LPL, described a 6.25 kmlong, 0.8-5.0 m wide, high-grade copper-gold quartz vein on the property, with compelling similarities to the Hollinger-McIntyre-Coniarum Complex in Timmins (News release, 18th January 2012).
The NI 43-101 was carried out by Dr. Mark Fedikow, PhD., P.Eng, P.Geo C.P.G, a Qualified Person under the guidelines of National Instrument 43-101.
New Director and Vice President Exploration. Adroit is delighted to announce the appointment of Dr. Mark Fedikow PhD., P.Eng, P.Geo C.P.G, as a Director and Vice President Exploration, this will take effect from 1st November. In addition to being the Qualified Person for Canada, Dr. Fedikow will also become the Qualified Person for Italy. Dr. Fedikow brings over 35 years of experience as a professional geologist. Dr. Fedikow has run his own resource consulting company, Mount Morgan Resources Ltd. since 2002. He has worked globally, including North and South America, Mexico, Portugal, Greenland, Argentina, Peru, Venezuela and Israel. Dr. Fedikow has been a proponent and leader in the use of Mobile Metal Ion analysis in exploration programmes, in a wide variety of mineral deposit types. Since 2008, he has been a Director for VMS Ventures, becoming Vice President of Exploration & Technical Services in 2010. VMS Ventures recently saw its Reed Copper Project in Manitoba achieve production. Dr. Fedikow was awarded the Provincial Geologists Medal, a Canadian national award for outstanding geoscientific achievement in 2001.
Graeme Rowland, President and Chairman, stated: ‘As a Company we have worked with Dr. Fedikow over many years and he is already familiar with our management and our properties, particularly those in Canada, where he has prepared two NI 43-101 reports. Dr. Fedikow brings a wealth of expertise in exploration and geochemical techniques; his unparalleled experience will be a great asset as we move our projects forward.’
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Adroit management is pleased to report that it has satisfied the terms for the acquisition of a 100% interest in nine claims, by the issuance 200,000 shares. The nine claims, 52 claim units (832 Ha), are contiguous to the Company’s properties in the Shinning Tree and Timmins South mining camps (News release 22nd October 2012). The acquisition will further extend the Company’s land position in the Shinning Tree and South Timmins mining camps to a total of 361 km2, consolidating the Company’s large and highly prospective land package along the Larder Lake fault.
Adroit Resources Inc. is a mineral exploration company currently exploring for Gold, Silver and the strategic metal Antimony in Central Italy and diamonds, precious and base metals in the Timmins South/Shinning Tree/Temagami/Cobalt and Bancroft areas of Ontario, Canada. The issued and outstanding shares of the Company is 158,707,209.
On behalf of the Board of Directors, Graeme Rowland Chairman and President
Adroit Resources Inc. 510 – 1190 Melville Street, Vancouver, B.C., V6E 3W1 (604) 688-3304 [email protected] web site: www.adroitresources.ca
Blackwell (Corporate Advisor)
(416) 364-3123 [email protected]
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