Silvore Fox Minerals Corp. (the “Corporation” or “Silvore Fox” – TSX Venture – “SFX”) announces that further to its news releases issued September 15, 2011 and December 13, 2011 in relation to the letter of intent (the “Letter of Intent”) with Sinotech Mineral Exploration Chile Limitada (“Sinotech Chile”), a final agreement to acquire a 100% interest in both the Totoral Property and the Harvest Property has been entered into. The amended purchase price is set at CDN $1,000,000.00 with Sinotech Chile retaining a 3% net smelter returns royalty (NSR) on each property.
Mr. Harold Cabrita, President and CEO of Silvore Fox said, “Sinotech Chile’s willingness to re-structure this deal with the net smelter royalty clearly demonstrates their belief in the properties and their confidence in management to execute on the exploration and development of the properties.”
Golden Fox Resources SpA and Golden Eagle Resources SpA, which are indirectly wholly-owned subsidiaries of Silvore Fox, will be the purchasers of the properties and $500,000.00 will be advanced by Silvore Fox to each of Golden Fox Resources SpA and Golden Eagle Resources SpA to fund the purchase price for the properties.
Golden Fox has the right at any time to acquire up to (2/3 rds) of the Harvest NSR in tranches of one-third (1/3rd) for CDN $1,000,000.00 per one-third tranche.
Golden Eagle has the right at any time to acquire up to two-thirds (2/3 rds) of the Totoral NSR in tranches of one-third (1/3rd) for CDN $1,000,000.00 per one-third tranche.
The transaction is subject to the acceptance of the transaction by the TSX Venture Exchange.
About Silvore Fox Minerals Corp.
Silvore Fox Minerals Corp. is a Toronto, Ontario, Canada based public mineral exploration company, focused on base and precious metal exploration projects. On November 17, 2010, the Corporation entered into a Strategic Agreement with Beijing Donia Resources Co. Ltd. (“Donia”) at the China International Mining Conference, 2010. Donia is the single largest shareholder of Silvore Fox currently holding approximately 30% of the Corporation’s outstanding shares. This strategic partnership provides the Corporation with a strong platform for growth through mineral exploration expertise,
Harry Cabrita
President and CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDED (as that term is defined in the Policies of the TSX Venture Exchange) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The Coxheath Hills Claims are mainly underlain by a northeast-southwest trending belt of Precambrian plutonic-volcanic rocks in south eastern, Cape Breton Island, N.S. This is the westernmost of four plutonic-volcanic belts that forms part of the Avalon Terrane of the Canadian Appalachians and are considered to represent the remnants of an ancient, continental-margin volcanic/plutonic arc system in association with a west-ward dipping subduction zone.
A thick sequence of volcanic rocks consisting of rhyolite, andesite, basalt and tuff (Coxheath Group) in the north eastern portion of the property, are the oldest units. The volcanics have been intruded by a large coeval pluton (Coxheath Hills Pluton) of dioritic to granitic composition, in the western portion of the property. The entire sequence has been metamorphosed to greenschist or sub-greenschist facies and has undergone upright folding and tilting during the Middle Paleozoic and form topographic ridges across the property.
Two distinct areas are the focus of exploration work on these claims. The first area includes the historic Coxheath Copper Deposit and is located in the western portion of the claim area. Mine development was restricted to a series of shear zones in the Copper Brook Area. Significant mineralization also occurs around the old mine. Four main areas have been identified including the Mountain Mine Area, the Deep Pit Zone, the Aquitaine/Argyle Area and the Central Zone. Newly discovered mineralization in this area suggests that the Coxheath Deposit is a Cu-Mo-Au porphyry system.
The second area of exploration focus is in the eastern portion of the claim block approximately 4 km to the northeast of the main Coxheath Deposit.
Intensely altered shear zones in felsic volcanics contain extensive pyrophyllite mineralization. The combination of the regional geological setting, the structural geology and alteration patterns in this area suggests a genetic link with the Coxheath Deposit, which is consistent with deposit models linking porphyry copper and epithermal gold systems.
Please visit our NI 43.101 for further details.
The Coxheath Hills Claims are mainly underlain by a northeast-southwest trending belt of Precambrian plutonic-volcanic rocks in south eastern, Cape Breton Island, N.S. This is the westernmost of four plutonic-volcanic belts that forms part of the Avalon Terrane of the Canadian Appalachians and are considered to represent the remnants of an ancient, continental-margin volcanic/plutonic arc system in association with a west-ward dipping subduction zone.
A thick sequence of volcanic rocks consisting of rhyolite, andesite, basalt and tuff (Coxheath Group) in the north eastern portion of the property, are the oldest units. The volcanics have been intruded by a large coeval pluton (Coxheath Hills Pluton) of dioritic to granitic composition, in the western portion of the property. The entire sequence has been metamorphosed to greenschist or sub-greenschist facies and has undergone upright folding and tilting during the Middle Paleozoic and form topographic ridges across the property.
Two distinct areas are the focus of exploration work on these claims. The first area includes the historic Coxheath Copper Deposit and is located in the western portion of the claim area. Mine development was restricted to a series of shear zones in the Copper Brook Area. Significant mineralization also occurs around the old mine. Four main areas have been identified including the Mountain Mine Area, the Deep Pit Zone, the Aquitaine/Argyle Area and the Central Zone. Newly discovered mineralization in this area suggests that the Coxheath Deposit is a Cu-Mo-Au porphyry system.
The second area of exploration focus is in the eastern portion of the claim block approximately 4 km to the northeast of the main Coxheath Deposit.
Intensely altered shear zones in felsic volcanics contain extensive pyrophyllite mineralization. The combination of the regional geological setting, the structural geology and alteration patterns in this area suggests a genetic link with the Coxheath Deposit, which is consistent with deposit models linking porphyry copper and epithermal gold systems.
Please visit our NI 43.101 for further details.
Silvore Fox optioned claims in the Winston Lake area near Schreiber, ON from Orebot Inc on February 8, 2011. In the months following this event we analyzed existing geological and geophysical data to determine possible trends and high priority target areas surrounding the optioned Orebot properties and staked additional claims in the area (see map below) that bring the total land package under our control to 9,760 Hectares (610 total claims) of potentially favorable geology, all with 100% interest and no NSR (net smelter royalty).
This area hosts the highest grade Zinc deposit registered in Ontario (http://www.mndm.gov.on.ca/mines/ogs/resgeol/rfe/documents/zinc.pdf). VMS systems such as exists in the Winston Lake area can typically produce clusters of deposits in relatively close proximity to each other. Our goal is to find large tonnage deposits of a similarly high grade to the Winston and Pick Lake deposits.
As there were 2 underground mines working within 1.3 km of each other in this area during the 1990's (Winston Lake mine and Pick Lake mine) extensive infrastructure is already in place.
Note that Inmet Mining retains control over the area indicated in the map below which includes the Winston Lake mine, which has been mined out.
Silvore Fox optioned claims in the Winston Lake area near Schreiber, ON from Orebot Inc on February 8, 2011. In the months following this event we analyzed existing geological and geophysical data to determine possible trends and high priority target areas surrounding the optioned Orebot properties and staked additional claims in the area (see map below) that bring the total land package under our control to 9,760 Hectares (610 total claims) of potentially favorable geology, all with 100% interest and no NSR (net smelter royalty).
This area hosts the highest grade Zinc deposit registered in Ontario (http://www.mndm.gov.on.ca/mines/ogs/resgeol/rfe/documents/zinc.pdf). VMS systems such as exists in the Winston Lake area can typically produce clusters of deposits in relatively close proximity to each other. Our goal is to find large tonnage deposits of a similarly high grade to the Winston and Pick Lake deposits.
As there were 2 underground mines working within 1.3 km of each other in this area during the 1990's (Winston Lake mine and Pick Lake mine) extensive infrastructure is already in place.
Note that Inmet Mining retains control over the area indicated in the map below which includes the Winston Lake mine, which has been mined out.
