Geo Minerals Approves Work Program at Silver Bell West, Arizona
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VANCOUVER, BRITISH COLUMBIA, Apr 06 (MARKET WIRE) --
GEO MINERALS LTD. (TSX VENTURE: GM) ("GEO" or the "Company") has approved
the work program for 2010 at the Silver Bell West property in southern
Arizona. The Silver Bell West property is located in the historic Silver
Bell District, which has produced more than 176 Mt at an average grade of
0.63% copper from skarn, secondary enrichment blankets, and oxide copper
deposits associated with a Laramide porphyry copper system, and had 1990
reserves of 185 Mt at 0.61% copper (reported in Long, 1995, Arizona Geol.
Soc. Digest, v. 20).
The company's Silver Bell West property is under lease option from Bronco
Creek Exploration (see News Release August 27, 2009), and is targeting
porphyry copper and copper skarn mineralization in structurally
down-dropped blocks lying adjacent to mineralization currently being
exploited by Asarco. Field work in 2007 revealed several target areas
within a largely untested zone for potential skarn and porphyry-style
copper mineralization. The zone lies in the southeastern portion of the
property, where areas of suspected skarn and related porphyry-style
mineralization are projected to underlie outcrops containing
quartz-chalcopyrite vein swarms in igneous rocks adjacent to gold-bearing
copper veins in sedimentary rocks comprising the contact aureole. Ten
drill sites are permitted on this portion of the property on the basis of
geological mapping. A ground geophysical survey using magnetics and/or IP
will be implemented to prioritize the drill sites, with drilling
anticipated late in the second quarter.
The Silver Bell West lease option with Bronco Creek Exploration requires
Geo to incur $2,000,000 in work expenditures, pay cumulative advanced
royalty payments of $705,000, and issue a total of 800,000 common shares
over a 5 year term. A royalty of 2.5% is included, with a provision to
buy back 0.5% for $1 million by the seventh anniversary.
The technical contents of this release were approved by Geo Minerals'
board member and qualified person as defined by National Instrument
43-101, Marvin Mitchell, P. Eng.
Geo Minerals is a junior exploration company actively seeking mineral and
energy opportunities for the benefit of all our stakeholders, with four
active porphyry copper projects in Arizona. For further information we
invite you to visit us at www.geominerals.ca.
Bronco Creek Exploration is a wholly-owned subsidiary of Eurasian
Minerals with exploration properties in key mining districts of Arizona,
Nevada, and Wyoming. Eurasian Minerals is exploring and investing in a
first class mineral property and royalty portfolio in some of the most
prospective, but under-explored mineral belts of the world.
ON BEHALF OF THE BOARD
Michael England, President
Forward-Looking Statement:
Some of the statements in this news release contain forward-looking
information that involves inherent risk and uncertainty affecting the
business of Geo Minerals Inc. Actual results may differ materially from
those currently anticipated in such statements. Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Contacts:
Geo Minerals Ltd.
Mike England
President
1-604-683-3995 or Toll Free: 1-888-945-4770
1-604-683-3988 (FAX)
www.geominerals.ca
Copyright 2010, Market Wire, All rights reserved.
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