VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 10, 2012) - Blue River Resources Ltd. ("Blue River" or the "Company") (TSX VENTURE:BXR) announces it has commenced drilling on its 100%-owned Castle Copper Project, located 12 km northeast of Princeton BC.
The Castle Project totals over 18,000 acres in size, covering an estimated 8 km strike length of the north/south trending Nicola Fault. The Nicola Fault has been interpreted to regionally control copper mineralization found at the Copper Mountain Mine and in the Princeton area.
A drilling program in 2011 identified strong epidote-chlorite and quartz-sericite alteration, which is consistent with a copper porphyry mineralized system, similar to Copper Mountain Mining's operating Copper Mountain mine, located 25 kilometers south of the Castle Property. The last hole drilled, BXR-11-9, intersected 200 metres (~600 feet) of copper porphyry-style alteration and mineralization, indicating the potential for a large, near surface, porphyry system.
Earlier this year, Blue River uncovered historic drilling information from a 1972 drilling program on the Property. This information indicates that copper mineralization may extend to the north and west of the 2011 drilling campaign on the Castle Project. This area, called the Christian Zone, will be the focus of the upcoming diamond drill program.
Highland North Copper Project
Blue River has filed for a B.C. Mines Act exploration permit application and expects to commence diamond drilling on the Highland North Project once the permit is approved (expected by October 2012).
The Company announces that it has arranged, subject to TSX Venture Exchange approval, a private placement totalling $700,000, consisting of flow through shares at $0.15 per share and non-flow through units at $0.10 per unit. Each unit will consist of one common share and one-half share purchase warrant. One full warrant is exercisable into one share at $0.20 per share, for a period of five years.
The technical information contained in this news release was reviewed and approved by Paul D. Gray, P. Geo, Company Director, and a qualified person as defined under National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
Griffin Jones, President
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.
All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com) and in other reports on our website at www.blueriv.com.
Neither 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.