VANCOUVER, BRITISH COLUMBIA, Jun 02 (MARKET WIRE) --
Maestro Ventures Ltd. (TSX VENTURE: MAP) ("Maestro" or the "Company")
today announced that the Company has signed a lease agreement with JR
Exploration LLC to acquire 100% of the Wallace Canyon project, located in
Eureka County, Nevada.
"The Wallace Canyon project is another high-caliber project with
outcropping, gold-mineralized Roberts Mountains Formation limestones -
the same limestones that are found on the Carlin Trend," comments Hans
Rasmussen, Director. "This is the second of our latest new acquisitions
in a belt of rocks that includes good host rocks, intrusive activity for
all the major mineralizing intervals in Nevada and outcropping gold
mineralization. Maestro is focused on acquisition of high-quality
prospects in the Great Basin whether they are options to joint venture or
lease arrangements. We are currently focused on central and eastern
Nevada, and western Utah."
The Wallace Canyon project consists of a total of 34 claims and is
located on the western side of the Monitor Range, northeast of the
multi-million ounce Northumberland project. Historical work included
random localized soil sampling, rock chip sampling and 3,600 feet of
drilling in nine reverse circulation drill holes in 1986. Jasperoid
outcrops associated with altered Roberts Mountains Formation limestone
was the original target, and this limestone continues to be an important
mineralized host rock for high-grade gold mineralization on the Carlin
Trend. Four high-quality targets have been identified based on previous
drilling and geochemical sampling. Further sampling and mapping is
planned over the summer, to optimize and define the best targets to drill
in a preliminary drilling campaign.
Geologically the area consists of local gold-bearing jasperoid
development along northwest and northeast trending structures within the
Ordovician Antelope Valley and the Silurian Roberts Mountain Formation.
In addition, up to 20 dikes have been identified that fill east-west high
angle structures. These dikes contain anomalous gold and may be the
conduits for the surface mineralization. Historical surface rock chip
sampling has returned gold assays results from below detection to 0.058
ounce/ton, silver from below detection to 0.526 ounce/ton, arsenic from
below detection greater than 1,000 parts per million (ppm), antimony from
below detection to 275 ppm, mercury from below detection greater than 5
ppm and barite from below detection to 8.5%. This suite of elements is a
strong indicator of a classic Carlin-style system.
The Lease Agreement
The Wallace Canyon lease has a 20 year term. At signing Maestro agreed to
a one-time cash payment of $4,281 and shall reimburse 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 eastern Great
Basin. The Company currently controls mineral title to nine 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.
On behalf of the Board of Directors,
Kris Kottmeier, CEO, Maestro Ventures Ltd.
TSX Venture Exchange has not
reviewed and is not responsible for the information contained in this
release.
Contacts:
Maestro Ventures Ltd.
Benjamin H. Curry
Head of Investor Relations
1-877-689-2881
Website: www.maestroventures.com
Copyright 2008, Market Wire, All rights reserved.
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