GMML - USA OTCBB company very bullish in gold property in British Columbia, Canada
Tuesday September 5, 10:30 am ET
Gemco completes its first phase work program at its Burns Mountain gold property
Gemco Minerals Inc., (GMML:OTCBB)
VANCOUVER, Sept. 5 /PRNewswire-FirstCall/ - Gemco Minerals Inc. is pleased to announce the completion of the first phase of trenching, gridding, sampling and geological mapping in the targeted Fosters Ledge area of its 100% owned Burns Mountain property. The 12,685 acre property is located on the edge of the interior plateau in the Northern Quesnel Highlands in the East-Central region of British Columbia. This area is known as the Cariboo Gold Belt, where more than 3.83 million ounces of gold have been extracted over the past 60 plus years.
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Gemco completed its 43-101 geologist report for the Burns Mountain property in March 2005, prepared by Geologist, Robert "Ned" Reid P.Eng., Geo., and filed with the SEC. On Mr. Reid's recommendation and under his supervision, Gemco contracted out a D6 Caterpiller and 225 Cat. excavator to perform clearing, road-works and trenching onsite. Soil sampling and gridding were conducted in the targeted area of interest, being the juncture zone between NE and NW trending faults in the Fosters Ledge area. Once contoured, an anomalous area that converged on this juncture zone was revealed. Visible pyrite was observed (one of the minerals known to carry gold in the area). During the trenching and gridding, more pyrite was observed as well as other formations which warrant further investigation. This potential fault is expressed on the surface by a straight steep sided gully about 1,000 ft long where rock samples were taken and have been shipped to Eco-Tech Labs in Kamloops, BC for assaying. One significant feature is that much of the gold produced in the area has come from benches on Burns Creek as well as other creeks draining from the Burns and Nelson Mountains. Previous assayed samples from the Fosters Ledge have indicated up to 3 ounces of gold per tonne. Another significant note is the fineness of the Burns Mountain gold which is consistently recorded at 920+ fine in historical records. Tom Hatton, company President who placer mined in the area for many years, also reports that all gold he recovered was 920+ fine. The fineness is above that of most other local areas which generally range from 680 fine up to 870 fine. Tom Hatton also discovered an 8.5 oz gold nugget which is the largest gold nugget recorded in this area in recent years.
Further reconnaissance will continue on the Fosters Ledge and Perkins Gulch areas. Forestry roads provide good access and only a short trail is to be constructed into the permitted drill site. A cabin exists on the property and with very little work, can be made habitable. Gemco's Burns Mountain claims are surrounded by one of the largest exploration companies in the region, with proven gold reserves of over 60,000 ounces at the Bonanza Ledge discovery which was made in 2001. This company is in the process of permitting an open pit mine to process 500,000 tonnes per year. The planned mill will be located within a few miles of Gemco's property and near the Bonanza Ledge discovery. The mill will be the first new gold mill erected in British Columbia in several years.
Gemco's exploration program to date encompasses less than 20% of its entire holdings on the Burns Mountain Property. With the encouraging results, Gemco's mandate is to increase its budget and take a much more aggressive approach in carrying out its exploration and drilling program.
On behalf of the board of Directors,
Gemco Minerals Inc.
"Thomas Hatton"
Thomas Hatton
President
Safe Harbor Statement under the United States Private Securities Litigation Act of 1995: This release made may contain forward-looking statements that are affected by known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed, implied or anticipated by such forward-looking statements. The Company does not intend to update this information and disclaims any legal liability to the contrary.
CONTACT: on Gemco Minerals Inc. please contact Investor Relations: Tangent Management Corp., Steve Smith, Tel: (604) 642-0115, Toll: 1-866-345-0115, Email: info@gemcominerals.net, Website: www.gemcominerals.net, Gemco Toll free: 1-866-848-2940
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Source: Firstline Environmental Solutions Inc.