HALIFAX, NOVA SCOTIA - (Marketwire - Sept. 8, 2008) - Silvor Foxx Capital Corp. (TSX VENTURE:SFX): Mr. Harold Cabrita, President & CEO of the Silvor Foxx Capital Corp. ('SFX' or the 'Corporation') is pleased to announce that on September 4th, 2008 SFX entered into a transaction to acquire a 50% Working Interest in 196 mineral claims known as the "Oceanview Claims" located approximately 27km south of Sydney, Nova Scotia and 27km Southeast of SFX's Coxheath property claims.
The terms and conditions summary are as follows:
- Option payment of $100,000 paid to 3228463 Nova Scotia Limited (the Optionor)
- Work commitment of $100,000 in exploration expenditures on the claims to be completed on or before August 31, 2009.
- Upon completion of the above, SFX will have earned a 50% Working Interest subject to a 2% Net Smelter Return (NSR).
- In addition, SFX has the right to purchase 50% of the NSR from the Optionor for the sum of $1 million.
- SFX is the operator for the project.
- SFX has a "First Right of Refusal" on the sale of any or all of the remaining 50% Interest owned by the Optionor.
SFX management is excited about the acquisition of the Oceanview property as it is a complimentary prospect to the multi-element Coxheath deposit. This transaction strengthens SFX's position as a regional mineral exploration company.
Copper Lake Prospect:
Four-five meter thick calc-silicate layers within folded clastic sediments (Middle Cambrian) contain zones of mineralization.
A shaft was sunk in late 1800's to a depth of 30.5 meters on a narrow well mineralized base metal gossan exposed in outcrop. Grab samples from the ore dump ran 3-6% Cu. One recent analysis returned 6% Cu, 40g Ag, elevated Co and Au.
Drilling by French Road Exploration cut 3m of .70%Cu, .43% Bi, .14 Co, .6oz Ag, .03 Sn, (DDH FR81-2); Tusk Minerals in 1988 cut a 15cm chalcopyrite rich vein (Approximately 86m) that ran 7.6% Cu and also cut 4.1m of .66% Cu and .46% Bi between 89.6m to 93.7m (DDH TSK 88-1).
Twelve holes were drilled around the shaft by various companies. The average depth of drilling was approximately 100m or less.
A recently completed IP survey shows two chargeability anomalies that extend from surface to more than 500m (maximum depth surveyed). One anomaly coincides with known mineralization at the surface around the shaft and extends laterally for more than 650m (the extent of the survey).
A narrow, vertical resistivity low also corresponds to the chargeability anomaly under the shaft, suggesting a fault controlled mineralized zone.
McIntyre/MacLeod Lake Prospect:
Highly favorably geological setting includes a major fault underlying the property and potential 'metalgenerating' plutons lie nearby (for example Amax drilled off a ore body of Cu, Mo, Bi and Ag 7 km to the east).
The property has numerous elevated till anomalies that have not been traced to bedrock sources to date. In 1977 St. Joe Minerals drilled 4 holes, one of which intersected mineralization.
A recent IP survey identified a new and significant chargeability anomaly immediately south of the soil anomaly drilled by St. Joe. It now appears that the mineralization intersected by St Joe's southernmost hole, lies on the margins of this chargeability anomaly and was drilled to the northwest (away from the IP anomaly.)
This chargeability anomaly spans the entire width of the survey (200m) and is open to the east and west. Furthermore it extends from the surface to more than 300m depth (limit of survey).
The chargeability anomaly may represent the source of the soil anomalies.
About the Corporation;
Silvor Foxx Capital Corp. is a Bedford, Nova Scotia, Canada based public mineral exploration company. On June 4th, 2008, SFX acquired 3214399 Nova Scotia Limited as a wholly owned subsidiary, including its 100% earned mineral rights to the claims at Coxheath, Cape Breton Island, Nova Scotia (known as the 'Coxheath Deposit') along with the experienced management and geological team.
The 'Coxheath Deposit' property consists of 118 contiguous claims (Approximately1910 ha) and includes underground workings in the Copper Brook Zone that were mined to a limited extent between the late 1800's and the late 1900's. There has been approximately 18,000 meters of historic and recent shallow drilling in five main zones on the property. All zones are actively being explored for their multi-element (Cu, Au, AG, Co, Mo) mineral potential.
Drilling programs in 2006 and 2007 extended known mineralized zones in the Copper Brook Zone along strike and depth. SFX is currently preparing to apply for permission to re-enter the underground workings to establish a NI 43-101 compliant resource study.
Prior to the acquisition in 2007, an extensive Induced Polarization (IP) survey was conducted covering approximately 2.0 km2 (39 line-kilometers) that identified 29 high priority IP targets and 26 secondary priority IP targets, with anomalies that extended from the surface to more than 500m (the maximum depth surveyed) in some areas. SFX is currently drilling these targets.
The Coxheath deposit model is believed to be analogous to Pacific Rim volcanogenic porphyry copper deposits. Alteration patterns in association with the regional geological setting further suggest a possible model linking the diorite-hosted porphyry-style mineralization at Coxheath and an epithermal system approximately 4 km to the east.
Lyndon Jensen, P. Geo., is responsible for the management and supervision of the Corporation's exploration program and is the qualified person as defined by National Instrument 43-101 who has reviewed and approved the technical information of this news release.
Certain information regarding Silvor Foxx Capital Corp. (SFX) contained herein may be deemed forward looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although SFX believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. SFX cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what SFX currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements could include exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.