Maestro Adds Significant Polymetallic Project in Western Nevada - MarketWire
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Sep 29, 2008 -- Maestro Ventures Ltd. (CDNX:MAP.V - News) ("Maestro" or the "Company") today announced that the Company has signed a lease agreement with JR Exploration Inc. to acquire 100% of the Gold Ore project, located in Churchill County, Nevada. The property package consists of 144 unpatented claims covering four square miles.
"Gold Ore is an opportunity to significantly strengthen our project portfolio," comments Hans Rasmussen, President and Director. "The addition of Gold Ore demonstrates to our shareholders that we are not only focused on gold in the Great Basin, but also on those types of mineral systems that have potential to deliver long-life, company maker styles of large base metal and precious metal mines. Gold Ore has significant lead, zinc, silver, copper and gold with elements such as bismuth and tellurium that point to a strong porphyry heat source at depth driving the entire mineral system."
"Gold Ore is another great opportunity in an area with increasing exploration activity along what we are identifying as a new emerging mineral trend in Nevada," adds Ann Carpenter, Director. "While this area has seen phases of precious metal focused exploration, Maestro is focusing on the potential for a large poly-metallic system."
The Gold Ore project lies 53 miles (85 kilometres) northeast of Reno, near the historic Jessup Mining District. The project area extends for five miles (8 kilometres) in a north-south by 8 miles (13 kilometres) east-west. Throughout the area, topographic relief is low, but multiple mineralized outcrops and sub-crops of mineralized volcanic rocks were sampled. The alteration on surface and geochemical results suggest the exposures could be the highest level of two poly-metallic porphyry systems.
First pass rock chip sampling has returned values from less than 0.005 ounces per ton (opt) to 0.268 opt gold, less than 0.005 opt to 10.8 opt silver, 14 parts per million (ppm) to 3,390 ppm (0.3%) copper, 30.6 ppm to 272,000 ppm (27.2%) lead and 12 ppm to 353,000 ppm (35.3%) zinc. All assaying was completed by ALS Chemex.
The Lease Agreement
The Gold Ore lease has a 20 year term. At signing Maestro agreed to pay the claim maintenance and/or filing fees for the 2008 assessment year. Annual lease payments include $10,000 on the first anniversary of this agreement, $15,000 on the second anniversary, and there after payments shall increase by 10% annually. The Company has the right to purchase 100% interest in the property subject to a 3% Net Smelter Royalty (NSR), 2% of which can be purchased for US$2 million.
About Maestro Ventures
Maestro Ventures Ltd. is an exploration company focused on the discovery of high-value precious and base metal deposits in the Great Basin of Nevada and Utah. The Company currently controls mineral title to 13 projects in the Great Basin. While the company is focused on expanding the gold resource at its Kings Canyon, Utah project, the new Board of Directors and exploration staff are focused on evaluating and adding high-quality projects to the portfolio. Project generation is focused on two major metal-rich trends that cross the eastern Great Basin as well as opportunities that arise in new emerging mineral trends where competitors are intersecting significant precious metal mineralization.
On behalf of the Board of Directors,
Kris Kottmeier, CEO, Maestro Ventures Ltd.
The TSX Venture Exchange has not reviewed and is not responsible for the information contained in this release.
Contact:
Contacts:
Maestro Ventures Ltd.
Benjamin H. Curry
Head of Investor Relations
1-877-689-2881
Website: http://www.maestroventures.com
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