Yahoo Finance Millstream Has Eyes on Tamarack Gold Mine Property
TORONTO, ON / ACCESSWIRE / October 13, 2015 / Millstream Mines Ltd. (the "Company" or "MLM") (TSX-V: MLM & Frankfurt: NJD.F ) announces that the Company has entered into late stage negotiations with a private financial group concerning the Tamarack Gold Mine Property and its associated capital assets. In broad terms, the contemplated deal focuses on a financial arrangement that will raise the necessary funding to drill test the several geophysical anomalies derived by a ground magnetometer survey ("MAG") done on the Property in 2007. (please see PR dated Nov. 26, 2007 and link: http://www.millstreammines.com/minemag2.JPG)
Previous drill programs on the property have turned out high grade gold and silver assay results over significant widths. Highlights of past programs include the following results from these 2 vertical holes drilled with a 10.66 m horizontal distance between them into one of the MAG anomalous zones:
Image: https://www.accesswire.com/uploads/Millstream%2010-13%201.jpg
In order to further assess the anomalous zone intercepted by the above drill intervals, a decline (-10%) from surface was driven. A reported channel sample of a .457 m wide seam across the drift face located approximately 7.62 m past DDH 04-01 assayed Au 371.66 g/t and Ag 7.2 g/t with a check assay of 372.93 g/t over 7 ft. from drift right wall to left wall.
As well, a reported 2.44m length channel sample taken off the left wall, located at the DDH 04-01 area of intersection, assayed Au 15.43 g/t and Ag 5.14 g/t from the roof to the floor of the drift.
With the closing of the envisaged deal and the realization of the ensuing drill testing program, Millstream will be in a better position to ascertain the potential for near surface, mine proximate resources at Tamarack.
The Tamarack Gold Property is a former past producing, high-grade gold operator in the Tobacco Root Mountains of Madison County, Montana. The Property is presently permitted to operate as a gold mine under the Small Mines Exclusion Act of Montana. It is accessible year round, 4 miles from the town of Sheridan, on a well maintained gravel road.
About Millstream Mines Ltd.:
Millstream Mines Ltd. is a Canadian-based mineral exploration company whose principle objective is to enhance and develop known mineral properties to production potential. The Company has projects in the Province of Ontario, Canada and in the State of Montana, USA. The past producing Potter Mine Property is host to a presently known quantity of eleven (11) copper-zinc-cobalt-gold-silver "stacked" mineralized zones located in the highly prolific Abitibi Greenstone Belt and more specifically in the Kidd-Munro Assemblage near the town of Matheson in north eastern Ontario. A published initial NI 43-101 compliant resource estimate on the Potter, utilizing only seven (7) of the eleven total known mineralized zones, revealed an indicated resource of 3,028,767 tonnes at 1.45% copper, 1.19% zinc, 389.7 ppm cobalt, 11.1 ppm silver, and 127.5 ppb gold along with an inferred resource of 2,071,101 tonnes at 1.08 % copper, 1.05 % zinc, 301.4 ppm cobalt, 8.7 ppm silver, and 81.7 ppb gold.
For a more thorough synopsis on the Company please visit the following link: http://www.millstreammines.com/Millstream_brochure.pdf.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Millstream seeks safe harbour with regard to forward looking statements.
For further information contact:
Mr. Ernest Harrison, EM, Chairman and CEO
Phone: 705-474-7282
Mr. Robert Chase, CFA, President and CFO
Phone: 416-368-9595
Email: info@millstreammines.com
Web: www.millstreammines.com
SOURCE: Millstream Mines Ltd.
