VANCOUVER, BRITISH COLUMBIA, Jul 22 (MARKET WIRE) --
Maestro Ventures Ltd. (TSX VENTURE: MAP)("Maestro" or the "Company")
today announced that the Company has signed a lease agreement with RSGold
LLC to acquire 100% of the Star Point project, located in Pershing
County, Nevada. The property package consists of 292 unpatented claims
covering approximately seven square miles.
"I am particularly excited about the addition of this project to our
portfolio," comments Hans Rasmussen, Director, "it has all the
characteristics of a large, multi-age, porphyry Cu-Au system.
Additionally, we have several very active neighbors, including Midway
Gold who is drilling at their Spring Valley Project, Newmont and Fronteer
Development Group."
"While Star Point falls outside of our specific belts we have identified
for acquisitions in central Nevada and western Utah, it represents a
great opportunity for a company-maker discovery and cannot be passed on,"
adds Ann Carpenter, Director. "The extensive amount of alteration and
good geochemistry in prospect pits that are spread over at least a
5-kilometer strike length are telling me that we are in a very strong
mineralizing system that has affected numerous square kilometres of
ground."
The Star Point project lies about 35 miles (50 kilometres) northeast of
Lovelock, Nevada, about 10 miles (22 kilometres) northwest of the Spring
Valley Mining District, and about 10 miles (16 kilometres) west of the
Goldbanks Mining District. The target for Maestro is gold-copper
mineralization and gold-only mineralization hosted in a porphyry system
or within phyllites and quartz-rich sandstones of the surrounding wall
rocks.
Prospect pits outcrop for 5 kilometres in a north-south trend, thus
prompting Maestro to stake a large seven-square mile claim block. Only
limited prospect put sampling has been completed. Assay results by
American Assay Labs for 30 rock chip samples include from below detection
to 4.4 grams/tonne gold, 22 grams/tonne to 4.97% copper, and from 0.3 to
89.7 grams/tonne silver. Anomalous arsenic and antimony suggest the
mineralization is related to a hydrothermal system, probably higher
temperature, while anomalous molybdenum and very well-developed stockwork
quartz veining in some of the prospect pits suggest there is a porphyry
heat source for at least one of the mineralization events. Regional
geologic maps have Jurassic, Cretaceous and Tertiary intrusive stocks
mapped in the region, each age of which could have had its own
mineralization event and all could be overlapping at the Star Point
project.
The Lease Agreement
The Star Point lease has a 20 year term. At signing Maestro agreed to a
claim maintenance and/or filing fees for the 2008 assessment year. Annual
lease payments, or advanced royalty payments, include $5,000 on the first
anniversary of this agreement, $30,000 in cash or shares on the second
anniversary, $40,000 in cash or shares on the third anniversary, and
there after payments shall increase to $50,000 annually for the remainder
of the 20 year lease. The Company has the right to purchase 100% interest
in the property subject to a 3% Net Smelter Royalty (NSR), which
increases to 4% NSR when gold exceeds $1,000 per ounce, 2% of which can
be purchased for US$3 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 11
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.
The 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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