Torch River Options B.C. Copper Property
CALGARY, ALBERTA, Apr 12, 2010 (Marketwire via COMTEX News Network) --
Torch River Resources Ltd. ("Torch" or the "Corporation") (TSX VENTURE:TCR) (FRANKFURT:WNF) (PINK SHEETS:TORVF) is pleased to announce that it has signed an option agreement (the "Omineca Option Agreement") with a private vendor under which Torch may earn a 100% interest in the 12 mineral claims comprising 1,611.5 hectares located in the Omineca Mining Division, Specularite Lake, B.C (the "Fort-Elden Property"). The Fort-Elden Property is in the Babine Lake porphyry belt region of British Columbia. This region is known for its potential for large porphyry copper, copper/gold and copper/molybdenum deposits some of which having been developed as producing mines such as the Granisle and Bell Copper Mines. The Omineca Option Agreement is subject to the final acceptance of the TSX Venture Exchange.
Terms of the Omineca Option
Under the terms of the Omineca Option Agreement, Torch shall earn up to a 100% interest in the Omineca Property by a one time payment to the vendor in the amount of $10,000, spending up to $250,000 on work programs on the Omineca Property over a period of forty-two (42) months and issuing up to an aggregate of 2 million shares to the vendor over the same time period. No finders' fee was payable with respect to the Omineca Property. Torch shall be the operator for the projects conducted on the Omineca Property.
The Omineca Property
The Fort-Elden Property is comprised of 12 mineral tenures that total 1,611.5 hectares in area. The mineral claims are located 100 km west of Fort St James, BC in an area underlain by a complex geological sequence of Permian-Triassic Takla Group/Asitka Assemblage which includes biotite metasediments/metavolcanics, peridotite, pyroxenite, and gabbro that are cut by Jurassic monzonite, diorite, and foliated quartz diorite as well as Tertiary age quartz-feldspar porphyry, monzonite, diorite, latite, extrusive equivalents and hydrothermal breccia. The property features copper-silver-molybdenum-lead-zinc-gold bearing sulphide minerals which include chalcopyrite, pyrrhotite, pyrite, molybdenite, sphalerite, galena and covelite. Associated alteration minerals include K-feldspar, sericite, kaolinite, biotite, silica, magnetite, hematite, chlorite, muscovite, jarosite, ankerite, epidote, garnet, sphene, apatite, and trace amounts of lucoxene and zircon. Mineral deposit types present on the Fort-Elden property are classified as porphyry and epigenetic characterized by disseminated, vein and breccia hydrothermal systems. Defining this target are two plus 12.5 mV chargeability anomalies flanking either side of a resistivity high with coincident copper-silver-molybdenum soil geochemical anomalies. The anomalies measure 300 m by 90 m and 300 m by 600 m, and the Elden breccia occupies a portion of one of the anomalies. The Fort-Elden Breccia mineral showings feature 8 rock chip samples (taken in a 700 X 400 m Area) that average 0.34% Cu, 72.3 g/t Ag, 0.017% Mo (with 3 of 8 rock chip samples averaging 0.41% Pb, 0.69% Zn). The Elden breccia features abundant secondary K-spar alteration, secondary green biotite, and hydrothermal silica.
The Owl showings are located 4 km east of the Elden breccia. The Owl volcanic hosted sulphide showings feature 3 Rock Chip Samples (taken in a 25 X 400 m area) that average 0.69% Cu, 13.1 g/t Ag, 0.16 g/t Au. The Owl mineral zones feature abundant secondary K-spar alteration, sericite, and hydrothermal silica. Mineralization includes chalcopyrite, pyrite, magnetite, bornite, sphalerite, galena (in quartz gangue). In 1992, Cominco carried out IP geophysics north of Owl Lake and identified a 15 mV/Volt anomaly in an area underlain by chlorite-sericite altered mafic crystal tuff, cut by crowded feldspar micro-porphyry dykes.
The Recce showings are located 1 km southeast of the Elden breccia showing. The ridge crest where the soil grid is centered has numerous anomalous copper-molybdenum geochemical anomalies (up to 371 ppm Cu and 108 ppm Mo in soil samples). There is very little outcrop in this area and may represent an extension of the Elden grid anomalies.
Torch River Resources Ltd is planning to perform mechanized trenching of the Elden breccia and related geochemical and geophysical anomalies. Additional work will include detailed geological mapping, geochemical sampling and magnetometer geophysical surveys in 2010.
Andris A. Kikauka, P. Geo. is a Qualified Person under NI 43-101 and has reviewed and approved the technical data in this press release.
