MONTRÉAL, QUÉBEC–(Marketwired – March 17, 2015) – Bowmore Explorations Ltd. (the "Company" or "Bowmore") (TSX VENTURE:BOW) (FRANKFURT:0B5) is pleased to provide a 2015 exploration update following the fall work programs, as well as a Corporate update.
The Company recently announced the results of its late fall exploration program on the Victoria Lake Tin property located in southwestern New Brunswick, Canada (see February 25, 2015 PR). The Property is composed of 126 claims covering approximately 3,100 hectares and is located in Charlotte County along the south west part of New Brunswick and 17.5 km SW of the Mount Pleasant Mine. An extensive soil sample program was conducted totalling over 600 samples that returned encouraging results with soil anomalies of up to 566 ppm tin (Sn). The Company intends to pursue exploration work with additional soil sampling, mainly along the North and South extensions of the two main zone "A (Keer East lake) and B area of (Mert Stuart and Mahood Brook showings) where numerous tin (Sn) anomalies were discovered to prepare for an eventual drill program in 2015. The Company acknowledges and would like to thank the assistance under the New Brunswick Junior Mining Assistance Program.
La Scie Gold
The Property is composed of 60 claims covering over 1,500 hectares and is located along the eastern-most extent of the Baie Verte Peninsula, roughly 45 km east of the town of Baie Verte in the White Bay South District. The Company has done extensive sampling and mapping that led to the discovery of a high purity silica zone and 3 gold zones of which only one has been drilled-tested, returning 0.68 g/t Au over 28.8 meters and 0.56 g/t Au over 15.5 meters (see press release dated August 7, 2014). The Company has completed the work with the help of the Newfoundland & Labrador Junior Exploration Assistance program. Even though the Silica zone seems to be narrow at relatively shallow depth, the Company is continuing to assess this mineralized zone in conjunction with a third party supplier of silica products. The Company is also evaluating the possibility of drill testing the remaining two gold zones.
The 100% owned St-Victor property is located 15 km east of the town of Asbestos in south-eastern Quebec. The mineralized gold zone is referred to the Wotton NW zone where two drill programs have intersected relatively homogenous gold mineralization hosted by bedded/disseminated pyrite in a unit of black slate (best intersection of 115 metres grading 0.35 g/t Au in DDH V11-01; see December 14, 2011 PR) and 142 metres grading 0.34 g/t Au in DDH V12-11 ( see August 23, 2012 PR). The Company has reduced the size of the property to approximately 5,854 hectares, retaining a sufficient area of influence surrounding the mineralized gold bearing horizon discovered in previous work programs. No work is planned on the Wotton NW in 2015.
The iron carbonate alteration zones on the Duverny property cover a total of approximately 18 square kilometers and are similar to what surrounds the historical, world-class Larder Lake, Timmins and Red Lake gold camps in Ontario. The company recently completed a 3 hole drill program targeting the SW part of a large magnetic anomaly (~2200 x 550meters) within the carbonate alteration zone near the mineralized Montpas Shear, where historical drill holes were performed by Noranda in the 80's. No significant gold mineralization was intersected on this target. No further work is planned on the Duverny property in 2015.
The Chivas Property is composed of 2 claims covering over 24,841 hectares and is located within the Sierra Madre Occidental gold belt (the property has been optioned from Amex Exploration). In 2012, a drill program outlined a new hydrothermal mineralized breccia structure at Mesa Blanca, and extended laterally and at depth, the Piedra Rodante high grade low-sulfidation structure discovered by Minerales X-ore in mid 2000. Since then, the Company has conducted very little exploration work on the property due to the economic downturn and the increased capital requirement needed to operate in Mexico. In early 2013, the Government of Mexico implemented a tax reform whereby the cost of maintaining a claim and the required work commitments increased significantl. Most recently, an increase in violent crimes and insecurity targeting mining companies has made working in this jurisdiction difficult. Due to these factors the Company is seeking other alternatives for its Mexican assets.
As a result of a continuous disclosure review by the British Columbia Securities Commission, the Company would like to clarify its disclosure made in the September 30, 2014 Consolidated Financial Statements and the MD&A for the same period. The Company has amended its September 30, 2014 Consolidated Financial Statements due to the following errors. The Company does not disclose in its interim financial report an unreserved statement of compliance with International Accounting Standard 34 Interim Financial reporting. The Company incorrectly calculated the carrying value of its investments in GRIT. The value should have been $575,916; for the three-month and nine-month period respectively, the unrealized loss on available for sale investments was adjusted from a gain of $463,401 and $60,151 to a loss of $15,593 and $418,843. The Company also adjusted the accounting treatment for the grants. The comparative information presented in the September 30, 2014 financial statements has also been restated to reflect the accounting treatment of the deferred taxes related to flow-through shares. The current and deferred income taxes should have been $40,238, and the net loss $1,136,184 for the year ended December 31, 2013 and the accumulated deficit $9,895,692as at December 31, 2013. Refer to notes 25 and 26 of the September 30, 2014 financial statements. The MD&A was revised to clarify the disclosure in discussions in liquidity and capital resources, transaction between related parties, and updated for subsequent events.
BOWMORE is a Canadian exploration mining company focused on precious metal exploration in Canada and Mexico. The Company trades on the TSX Venture Exchange under the symbol "BOW".
For further information on BOWMORE, visit www.bowmorexploration.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.
Forward-looking statements: Except for statements of historical facts, all statements in this news release regarding, without limitation, new project acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; Actual results and future events could differ materially from those anticipated in such statements.
President & CEO
BOWMORE Exploration Ltd.