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Oxford Resources Inc.: Detailed Assessment Program Commences at Aley Creek Niobium Property, BC
|By Marketwired .
|May 13, 2014 09:18 AM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/13/14 -- Oxford Resources Inc. (TSX VENTURE: OXI) ("Oxford" or the "Company") is pleased to announce it has retained APEX Geoscience Ltd. ("APEX") to conduct a detailed assessment of their 100% owned Aley Creek Niobium Property that is contiguous and virtually surrounding Taseko Mines Ltd. Aley Niobium Project - currently believed to be the largest undeveloped Niobium deposit in the world. Oxford's Aley Creek Niobium property host's similar geological characteristics to Taseko's neighboring niobium deposit and contains multiple anomalies identified through government airborne surveys and ground based geochemical surveys. A work program to test these high priority anomalies will be established following the detailed assessment now underway.
Mitchell Adam, President of Oxford Resources Inc. states, "We are excited to begin uncovering the vast potential of our Aley Creek Niobium property surrounding such a large and advanced niobium deposit. The combination of the correct underlying geology, multiple identified anomalies and strategic location make our Aley Creek property highly prospective for Niobium. With over $25,000,000.00 in testing and infrastructure already spent by Taseko in close proximity and Niobium prices growing at 5-7% annually with only 3 producers worldwide we feel our Aley Creek property could be the key to Oxfords future success."
Oxford's Aley Creek Niobium Map: www.oxfordres.com/s/aley_niobium.asp
In March 2012, Taseko reported a NI 43-101 compliant Resource Estimate for their Aley Niobium Project. Using a 0.2% Nb2O5 cut-off, the Measured and Indicated Resource totals 286 million tonnes, grading 0.37% Nb2O5, plus an Inferred Resource of 144 million tonnes grading 0.32% Nb2O5. The combined Measured and Indicated Resource contains 739 million kilograms of Niobium. An additional 323 million kilograms of Niobium are contained in the Inferred Resource. (http://www.tasekomines.com/aley/ID539906)
About the Aley Creek Niobium Property
Oxford's Aley Creek property is comprised of eight mineral claims in two separate blocks (North and South) totaling over 3,360 hectares within the Omineca Mining Division, approximately 140 kilometres (km) north of Mackenzie, British Columbia, Canada.
The Aley Carbonatite, which hosts Taseko's Aley Niobium Deposit, is associated with a prominent regional airborne magnetic high anomaly within rocks of the Ordovician Kechika Formation. Rock and soil samples collected by APEX during 2013 encountered anomalous niobium values in Kechika Formation rocks on the Aley Creek North claim block indicating the potential for rare earth element (REE) bearing lamprophyre and carbonatite occurrences within the Property.
Within the Aley Creek South claim block, 6.5 km south of Taseko's Aley Niobium Deposit, a distinct 2 x 2 km magnetic anomaly occurs. Based on similarities between the Aley Creek South anomaly and the magnetic signature of the Aley Niobium Deposit there is the potential for the existence of an undiscovered carbonatite intrusion within Oxford's claims. Currently no carbonatite occurrences are known on the Aley Creek South claim block and no known surface geological work or diamond drilling has occurred within the claims.
APEX is currently in the process of planning a follow-up program including but not limited to: a detailed ground magnetic survey to better define the geometry of the airborne anomaly, as well as follow-up rock and soil sampling, and geological mapping to identify the presence of carbonatite dykes or fenitized host rock suggestive of a proximal carbonatite intrusion. Contingent on the results of the planned Phase 1 exploration, diamond drill testing of the Aley Creek South magnetic anomaly may be warranted.
Qualified Person Statement
Kristopher J. Raffle, B.Sc., P.Geo, Principal; and Consultant of APEX Geoscience Ltd. is the "Qualified Person" as defined by National Instrument 43-101. Mr. Raffle has reviewed the technical content of this news release as it relates to the Aley Creek Niobium Property.
About APEX Geoscience Ltd.
APEX Geoscience Ltd. is an international consultancy with over 40 geological staff based out of offices in Canada, Australia and Peru. APEX provides worldwide exploration services, including but not limited to: exploration project management (grassroots to feasibility); NI 43-101 compliant reports and resource estimates; structural geology and geophysical analysis; data interpretation and 3D modelling; historic data / GIS compilations and target generation; and independent property evaluations.
About Oxford Resources Inc.
Oxford Resources Inc. is a Tier 2 natural resource company, listed on the TSX Venture Exchange, trading under the symbol OXI. The Company currently holds a 100% interest in the Aley Creek Niobium Property, located northeastern British Columbia, which encircles the Taseko Aley Carbonatitite deposit, which is known to be one of the world's largest undeveloped resources of Niobium. The Company also owns an interest in the Chilcotin Belle property (formerly, the Tasco Claims) located in British Columbia. The property was recently optioned to Amarc Resources Ltd., as disclosed in the Company's news release dated December 13, 2013.
ON BEHALF OF THE BOARD OF DIRECTORS
OXFORD RESOURCES INC.
Mitchell Adam, President & Director
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Oxford Resources Inc. Actual results may differ materially from those currently anticipated in such statements. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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