Pacific Comox Resources is focused on the exploration of the Mabel gold-silver property in northern Sonora State, Mexico. Previous sampling on the property has returned an average of 1.8g/t gold and 58g/t silver from 109 surface 3 meter chip samples. Drilling is underway. 

Pacific Comox Resources Ltd.   PCM   (TSV-X)

Mabel Au & Ag Property, Sonora. Pacific Comox Resources Ltd. has an agreement to acquire a 100% interest in the 424 hectare Mabel gold & silver exploration property in northern Sonora State, Mexico, through a five year option to purchase agreement subject to a net smelter return royalty to the vendors. Over the five year period Pacific Comox would make lease payments totaling US$386,000, and issue 3.5 million shares to the vendors and satisfy minimum work commitments of US$2.3 million. The net smelter return is three percent rising to four percent when the price of gold is over US$400/oz. The Company can purchase up to 1.5% of the NSR from the vendors for US$4.5 million. The property is situated about 60 kilometers southwest of Nogales which is a main border crossing point south from Tucson, Arizona. It has good road access and the topography is characterized by gently rolling hills. Previous outcrop chip sampling, on the property, returned average values of 1.8g/t gold and 58g/t silver from 109 sample sites each three meters in length. Six samples taken by the author of the Technical Report, in proximity to several previously sampled sites, returned gold assays ranging from 1.3g/t to 18.3 g/t and silver assays ranging from 29g/t to 392 g/t. The property is located in the southern Arizona Mesozoic volcanic and plutonic province. Variably altered granodiorite intrusion underlies most of the property, and hosts numerous auriferous southeast and south trending, low, moderate and steep west dipping quartz veins. These veins appear "stacked" on one another and are at times separated by only a few meters. Three potential targets exist on the property. The primary and current target of interest is the low, moderate, and high angle stacked quartz veins. A secondary target occurs where two vein sets intersect. The third is mineralization associated with a porphyry or detachment system at depth. A similar geologic setting is found at the Herradura mine about 100 kilometers to the west. This gold-bearing system is producing approximately 150,000 ounces of gold per year (total 1.3 million ounces of gold contained) and is operated by Penoles and Newmont.

Pacific Comox has acquired the 625 hectare Mabel 1 concession which is contiguous to the Mabel concession to the south. In addition the Company has acquired the four small interior claims in the Mabel concession. A Phase I program consisting of mapping, sampling and trenching is underway. A diamond drilling program is currently planned for March.

A diamond drilling program of approximately 1,500m owas begun in early June, 2003. Major Drilling de Mexico will perform the drilling utilizing HQ sized equipment. About 10 to 15 holes will be drilled to depths of -75 to -150m.

The purpose of the drill program is to test the continuity of auriferous and silver bearing veins located in the Carmelitas area. Previous trenching in this area (trenches 1, 4, 5, and 6) returned strong gold and silver mineralization. Trench 1 returned 46m averaging 1.7 g/t Au and 52.0 g/t silver including 18m of 2.96 g/t gold and 76.2 g/t silver. Trench 4 located about 200m northwest of trench 1 returned 10m of 4.09 g/t Au and 195.4 g/t Ag including 6m of 6.37 g/t Au and 313.8 g/t Ag. Both trenches 5 and 6 also returned strongly anomalous gold and silver. One or two holes will be drilled to the west of the Carmelitas area to test its possible westward extent.

Two holes will be drilled in the PC-79 area in north central portion of the property where current information suggests northwest-southeast and north - south trending veins might merge. A 5m chip sample (PC-79) returned 46.91 g/t Au and 940.6 g/t Ag in this area.

A number of holes will also be drilled for the sole purpose to gain information about structure and geology to improve the understanding of the geological setting of the property.

Drilling in other highly prospective areas such as the Ridge Zone, 1910 zone and the Gate Zone will be deferred to a later date. Recent mapping has uncovered other areas that appear to hold promise but assays are pending.

Assay results from the drilling program should start to be available in late June.

Press Release 30May03
Press Release 24Feb03