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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Maple Peak Investments Inc | TSXV:MAP | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.01 | 0.01 | 0.075 | 0 | 00:00:00 |
VANCOUVER, BRITISH COLUMBIA ("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
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