VANCOUVER, BRITISH COLUMBIA, May 12 (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 Big Fault project, located in Nye
County, Nevada.
"The Big Fault project is the type of high-caliber project that we
continue to look for to build our portfolio at Maestro," comments Hans
Rasmussen, Director. "We have been working with a number of high-quality
geologists that have great track records for gold discovery in the Great
Basin - the Big Fault project is the product of working with these
top-tier geologists; it is a project with all the right characteristics
for a classic sediment-hosted gold system. 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 project was originally identified by JR Exploration because of the
extensive jasperoid development and silica stockwork along a strong
north-south fault zone, hosted in lower plate Devonian limestones.
Preliminary mapping indicates the presence of Baystate Dolomite,
Guilmette Limestone and Devils Gate Limestone, thus presenting several
Devonian-age gold host rock opportunities throughout the project area.
The jasperoids appear to be untested by prior exploration companies
except for the assays provided by JR Exploration. There is no evidence of
drilling and very little evidence of prior rock chip sampling. JR
Exploration rock chip sampling results have anomalous arsenic, antimony,
mercury and tellurium, which are all indicative of a strong
gold-mineralizing hydrothermal system.
A soil survey is currently underway to evaluate gold-mineralized faults
around the outcropping jasperoid mentioned above. Along with the soil
sampling, a detailed geologic interpretation will be made to identify
areas of focused gold mineralization for future drill targeting.
The Lease Agreement
The Big Fault lease covers 40 claims and has a 20 year term, or 100% of
the mineral title can be purchased from JR Exploration by payment of US$2
million. At signing Maestro agreed to a one-time cash payment of $8,200
and shall reimburse claim maintenance and/or filing fees for the 2008
assessment year. Annual lease payments include $15,000 on the first
anniversary of this agreement, $20,000 on the second anniversary, and
there after payments shall increase by 10% annually. A 3% Net Smelter
Royalty (NSR) remains after the purchase of the project and Maestro has
the option to purchase 2% of the NSR for US$2 million, which will reduce
the NSR to 1%.
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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