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MAP Maple Peak Investments Inc

0.01
0.00 (0.00%)
07 Jun 2024 - Closed
Delayed by 15 minutes
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 0.045 0 01:00:00

Maestro Strengthens Position in Emerging Gold Region of Nevada

26/08/2008 2:41pm

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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 Twin Springs SS project, located in Pershing County, Nevada. The property package consists of 162 unpatented claims covering approximately five contiguous square miles.

"We are positioning Maestro into a newly emerging gold region with our latest acquisition of Star Point and now Twin Springs SS," comments Hans Rasmussen, President and Director. "We have several very active neighbors, including Midway Gold who is drilling at their Spring Valley Project, Golden Predator, Newmont and Fronteer Development Group. SS has the characteristics of a large, multi-age, epithermal Au system hosted in Triassic limestone rocks."

"Twin Springs SS represents another great opportunity for a company-maker discovery in an area that is emerging as one of Nevada's new area plays," adds Ann Carpenter, Director "particularly as we watch the consolidation of companies in the district and new drill results from all the active players here. Based on my field visit, it is apparent that Twin Springs SS is a very large mineral system mineralization is spread in sub-crop over a large area and the project has abundant north-south and northeast-trending structural controls, which are both prolific trends in this region."

The Twin Springs SS project lies about 30 miles (45 kilometres) east of Lovelock, Nevada, about 15 miles (24 kilometres) east of Rochester and the Spring Valley Mining District. The target for Maestro is gold mineralization and gold-silver mineralization hosted in Triassic silty and sandy limestones.

The project area extends for 5 kilometres in a north-south by 3 kilometres east-west. Throughout the area, topographic relief is low, but multiple mineralized outcrops and sub-crops of mineralized Triassic limestone were sampled. The alteration on surface and geochemical results suggest the exposures are probably the highest level of an epithermal precious metals system, and the entire system remains intact beneath the surface.

Recent assay results by American Assay Labs for 56 rock chip samples include from below detection to 0.68 grams/tonne gold and from below detection to greater than 1,500 grams/tonne silver, with low levels of lead, zinc and copper. The samples were also anomalous in epithermal indicator elements; for example, mercury ranged from below detection to 8.6 parts per million mercury, arsenic ranged from 6 to 995 parts per million and antimony was very anomalous, from 1.2 to over a percent; all three anomalous elements provide evidence of a strong hydrothermal system. Regional geologic maps have Jurassic, Cretaceous and Tertiary intrusive stocks mapped in the region, thus suggesting that multiple mineralization events are possible in this area. Fault zones are dominantly north-south with a strong northeast-southwest regional fault zone trend cutting the claim block.

The Lease Agreement

The Twin Springs SS lease has a 20 year term. At signing Maestro agreed to claim maintenance and/or filing fees for the 2008 assessment year, and a $5,000 cash payment plus 5,000 Maestro common shares. Annual lease payments, or advanced royalty payments, include $10,000 cash payment and 1,000 Maestro common shares on the first anniversary of this agreement, $20,000 in cash or shares on the second anniversary, $30,000 in cash or shares on the third anniversary, $40,000 in cash or shares on the fourth 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 12 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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