MTB Metals Corp (MBYMF)

[canucklehead]

Mountain Boy Minerals Ltd.
Box 859 Stewart, BC V0T 1W0
Phone [phone]
Fax [phone]
Web page: www.mountainboyminerals.ca
April 26, 2010
Corporate Update - 2010 Exploration Programs
Stewart, BC – Mountain Boy Minerals Ltd. (TSX.V Symbol – MTB) is pleased to provide investors and shareholders with an update on the company’s project portfolio and planned exploration and development programs for 2010.
BA Property– Kuroko type VMS Mineralization.
On January 12, 2010, Mountain Boy Minerals (the Company), granted Great Bear Resources Ltd. (Great Bear) an option to acquire up to a 70% interest in the Company’s BA and George Copper projects both located 30 kilometres east of Stewart, British Columbia. Great Bear can earn an initial 50% interest in a joint venture on the BA project by paying $158,000 in cash and incurring $5,500,000 in exploration expenditures on or before December 31, 2013. Great Bear can earn an additional 20% interest (for a total of 70% interest) by completing a bankable feasibility study on or before December 31, 2015.
In their March 18th press release, Great Bear stated that the company’s board of directors had approved a $5.3 million dollar exploration budget for the BA property in 2010. Great Bear is well financed, having recently closed over $10 million in financing.
To date, 13,571.41 meters of diamond drilling has been completed in 93 holes testing approximately 400 meters of strike length of a zone defined over at least 1500 meters in the central area of the property. Drilling indicates that the zone is at least 20-80 meters in true thickness to a depth of at least 300 meters. Drilling on the BA property has intersected numerous sections of silver-lead-zinc mineralization such as:
•
57.93 metres of 140.44 g/t Ag, 1.66% Pb and 2.51% Zn in DDH 2007-BA-1,
•
12.20 metres of 145.3 g/t Ag, 3.13% Pb and 2.30% Zn in DDH 2007-BA-5,
•
28.96 metres of 203.5 g/t Ag, 2.50% Pb and 1.00% Zn in DDH 2007-BA-15
•
18.29 metres of 246.5 g/t Ag, 0.78% Pb and 1.71% Zn in DDH 2007-BA-17.
Two other areas of significant mineralization are indicated just north and south of this drilled central area. See the Company press release of March 18, 2010 for more details.
Assay results are pending for the final 12 holes of the 2008 exploration season. Results are expected shortly.
Silver Coin Project
The Company has received a revised NI 43-101 Preliminary Economic Assessment Report for its 30 % owned Silver Coin gold project located near the town of Stewart, in NW British Columbia. The report, which was produced by the engineering firm Tetra Tech based in Golden, Colorado, reports a Preliminary Economic Assessment (PEA) including a resource calculation based on a total of 714 drill holes totaling 85,844 meters. The project is a joint venture with Pinnacle Mines Ltd. and includes 26 contiguous claims with a net area of 1255 Ha. Pinnacle owns 70% of the project with the option to earn a further 10 % by incurring $4,000,000.00 in exploration expenditures.
Resource Calculation
Tetra Tech reports the following revised gold resource which now includes an additional Cutoff Grade case at 0.30 Au (g/t):
TABLE 1-1: SILVER COIN TOTAL CLASSIFIED RESOURCES
MOUNTAIN BOY MINERALS LTD. – SILVER COIN GOLD PROJECT
December 2009
MEASURED RESOURCES
ROCK
TYPE
Cutoff Grade
Au (g/t)
TONNES
Avg. Grade
Contained Metal
(‘000)
(000)
Au
(g/t)
Ag
(g/t)
Zn
(%)
Au
(oz)
Ag
(oz)
Zn
(lb)
ALL
0.25
8,895
1.28
7.04
0.29
365
2,012
55,967
ALL
0.30
8,091
1.38
7.30
0.30
358
1,899
53,833
ALL
0.50
5,957
1.73
8.16
0.35
331
1,562
46,569
ALL
0.75
4,308
2.16
8.96
0.40
299
1,241
38,246
ALL
1.00
3,219
2.59
9.64
0.44
268
997
31,140
ALL
1.25
2,505
3.01
10.27
0.47
243
827
26,017
ALL
1.50
2,052
3.38
10.93
0.50
223
721
22,723
INDICATED RESOURCES
ROCK
TYPE
Cutoff Grade
Au (g/t)
TONNES
Avg. Grade
Contained Metal
(‘000)
(000)
Au
(g/t)
Ag
(g/t)
Zn
(%)
Au
(oz)
Ag
(oz)
Zn
(lb)
ALL
0.25
18,385
1.02
5.99
0.20
602
3,544
82,522
ALL
0.30
16,617
1.10
6.21
0.21
586
3,318
78,580
ALL
0.50
11,811
1.38
6.92
0.25
526
2,627
65,174
ALL
0.75
8,009
1.75
7.54
0.28
451
1,942
49,527
ALL
1.00
5,608
2.13
8.13
0.30
384
1,465
37,511
ALL
1.25
4,073
2.51
8.56
0.32
329
1,121
28,949
ALL
1.50
3,048
2.90
9.17
0.35
284
898
23,297
MEASURED + INDICATED RESOURCES
ROCK
TYPE
Cutoff Grade
Au (g/t)
TONNES
Avg. Grade
Contained Metal
(‘000)
(000)
Au
(g/t)
Ag
(g/t)
Zn
(%)
Au
(oz)
Ag
(oz)
Zn
(lb)
ALL
0.25
27,279
1.10
6.33
0.23
967
5,556
138,441
ALL
0.30
24,708
1.19
6.57
0.24
944
5,217
132,420
ALL
0.50
17,767
1.50
7.33
0.29
857
4,189
111,750
ALL
0.75
12,317
1.89
8.04
0.32
749
3,184
87,762
ALL
1.00
8,827
2.30
8.68
0.35
652
2,462
68,635
ALL
1.25
6,578
2.70
9.21
0.38
572
1,949
54,962
ALL
1.50
5,101
3.09
9.88
0.41
507
1,620
46,029
INFERRED RESOURCES
ROCK
TYPE
Cutoff Grade
Au (g/t)
TONNES
Avg. Grade
Contained Metal
(‘000)
(000)
Au
(g/t)
Ag
(g/t)
Zn
(%)
Au
(oz)
Ag
(oz)
Zn
(lb)
ALL
0.25
49,189
0.76
6.60
0.22
1,209
10,433
243,019
ALL
0.30
41,302
0.86
7.12
0.25
1,140
9,460
229,184
ALL
0.50
24,861
1.17
8.50
0.28
937
6,792
154,999
ALL
0.75
15,343
1.52
8.43
0.30
750
4,158
99,920
ALL
1.00
10,380
1.84
9.47
0.33
612
3,160
76,363
ALL
1.25
6,787
2.22
10.89
0.38
484
2,375
57,217
ALL
1.50
5,031
2.51
12.04
0.41
407
1,948
45,508
In addition to this basic calculation of the resource based on the several cutoff grades listed above, Tetra Tech estimated the costs to develop the Silver Coin project into a mine. This cost estimate includes costs of construction, mining and milling as reported in the Company’s January 15, 2010 news release. Tetra Tech used these costs as inputs to running a Whittle pit to estimate the pit shape and calculate the tonnages of potentially economically processable material plus the waste material. The result of the Whittle pit run suggested that based on the input cost parameters, the internal pit cutoff grade for processable material would be approximately 0.30 Au (g/t) and based on this estimate, included the new cutoff case of 0.30 Au (g/t) as reported above.
Development work on the Silver Coin during 2010 is planned to focus on environmental and feasibility studies in anticipation of making a permit application for mining of the property.
Dunwell Property
The Dunwell mine is located 7.5 kilometres northeast of Stewart BC on the north side of Glacier Creek and 2 kilometers off paved highway 37A. Between 1926 and 1937, 45,657 tonnes were produced averaging 6.63 grams per tonne gold, 23.91 grams per tonne silver, 1.83 per cent lead, 4.01 per cent zinc and 0.056 per cent copper. The Company has completed 5504.9 meters of drilling in 40 holes to date. At present assay results for 5 holes have been received and released in a press release dated February 4, 2010. Highlights of the first 5 holes includes 3.04 meters of 6.76 g/t gold, 111.1 g/t silver, 2.13 % lead and 4.36 % zinc.
Assay results are pending for diamond drilling recently completed during the winter exploration program. Results are expected shortly for several holes drilled deep into structures several hundred metres beneath the historic underground workings of the Dunwell mine.
Red Cliff Property
The Red Cliff property is a former producing copper and gold property originally staked in 1908 located about 20 kilometers north of Stewart, British Columbia in the Skeena Mining Division. It consists of 8 Crown Granted claims along Lydden Creek. In June to November 2009, Decade Resources Ltd completed a total of 5,227.49 meters of drilling in 36 holes on drill roads and drill pads constructed during the field season. Drilling tested the Montrose zone in three areas, namely north of the previous mining activities in Lydden Creek, in the Lydden Creek canyon just west of the previous mining activities and along the possible south extension. Drilling extended the zone well below the lowest working as well as indicating that it extends to the north from the adit in Lydden Creek. In addition, drilling intersected a wide zone of intensely silicified and pyritic rocks to the west of the Montrose zone.
Some of the drilling intersection highlights on the Montrose zone include values up to 7.5 g/t gold over 32.5 meters in DDH-2009-MON-1, 4.17 g/t gold over 48.48 meters in DDH-2009-MON-2, 7.3 g/t gold over 28.4 meters in DDH-2009-MON-3, 5.78 g/t gold over 28.17 meters in DDH-2009-MON-4, 4.75 g/t gold over 39.63 meters in DDH-2009-MON-5 and 20.87 g/t gold over 24.7 meters in DDH-2009-MON-6. This drilling indicated a zone of higher grade mineralization that has should be defined in further programs.
A total of 50 drill holes have been recommended for 2010 with diamond drilling planned to extend the Montrose zone both to the south and in the area of 2009 drilling particularly DDH-2009-MON 1 to 11. Diamond drilling is recommended to extend the Red Cliff zone above and west of the Red Cliff workings as well as diamond drilling below the south extension of the Montrose zone. Diamond
drilling will also test between the Montrose and Red Cliff zones to check for continuity of the zones in talus covered areas.
Pending receipt of necessary government permitting, operator, Decade Resources, plans to begin drilling in late May.
MB Property
The company owns a 100 % interest in four reverted crown grants and thirty-seven units in three modified grid claims located approximately twenty-two kilometers north of Stewart, BC. The property is a high grade silver prospect with a long history of prior exploration which commenced in 1910 and resulted in 8 adits exploring different vein systems. Mountain Boy plans to test the south side of the Mann vein in the area of the Cameron adit. A total of 5- 6 drill holes in 2010 will test for the continuity of mineralization sampled below.
Results for the Cameron adit sampling are as follows:
South Mann Zone
Chip Line No. Width Copper Lead Zinc Silver
(m) (%) (%) (%) g/t
1(first zone
Cameron adit) 3.4 0.151 0.80 2.16 398.8
2(second zone
Cameron adit) 3.0 0.024 0.254 3.62 45.5
Sampling across part of the first zone approximately 30-40 meters above the Cameron adit has yielded assays as follows:
Chip Line No. Width Copper Lead Zinc Silver
(Meters) (Per cent) (Per cent) (Per cent) grams/t
1 3.65 0.129 2.5 0.18 1200
Grab sampling further along the zone at surface has yielded 0.15 % copper, 3.5 % lead, 0.61 % zinc and 300 gram silver per tonne as well as 0.33 5 copper, 0.79 % lead, 0.36 % zinc and 1300 gram silver per tonne. The Cameron portion of the South Mann zone has been traced for at least 200 meters on surface.
About Mountain Boy Minerals
Mountain Boy Minerals Ltd. is a Canadian based mineral exploration company with diverse property and resource holdings around the Stewart region in British Columbia’s golden triangle. It owns 30 % of the Silver Coin project, a gold-silver-base metals project with a 43-101 defined 944,000 ounces gold in the measured and indicated category and 1,400,000 ounces in the inferred category. It also is
exploring silver-base metals on their American Creek and Bear Valley properties as well as copper-gold in their Stewart area claims.
For further information, please contact Company investor relations at 604-681-0710, Ed Kruchkowski at 250-636-9232 or visit the website at http://www.mountainboyminerals.ca
ON BEHALF OF THE BOARD
“Ed Kruchkowski”
Ed Kruchkowski, Director
“Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
“This news release may contain forward–looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.”