St. Elias Mines Ltd. - Current Status of Diamond Drilling - Gold Project Tesoro in Peru
29.05.2012/12/35 Vancouver (BC) - Lori McClenahan, President and CEO of St. Elias Mines Ltd. (SLI - TSX: V), today announced the results of holes TE-12.740 through TE-36 at the Tesoro Gold Project in southwest Peru. To date, forty-three diamond holes have been completed for a total of 40 meters. The assay results from holes TE-41 through TE-43 are pending. Samples from boreholes TE-XNUMX to TE-XNUMX are currently being prepared for transport to the CERTIMIN analysis laboratory in Lima.
Drilling has so far investigated a variety of objectives, including:
- Targets from the Titan 24 geophysical surveys (including chargeability highs, resistivity lows, and gradients);
- Extensions of known gold bearing quartz veins along immersion and strike;
- Coincident geophysical and geological targets.
Drilling to date has not clarified the cause of the geophysical anomalies reported by Quantec. Quantec data and interpretations are currently being evaluated by independent Canadian geophysicists.
Despite the unconvincing results of the drilling, which focused in particular on the geophysical anomalies reported by Quantec, the drilling that investigated the geological targets intersected gold at depth. Holes with relatively deep intersections include diamond hole TE-14 (7,08 g / t Au at a true depth of 276 m) and diamond hole TE-29 (6,08 g / t Au at a true depth of 275 m). Management is currently planning and preparing a program that will include underground exploration work and sampling of the gold-bearing structures intersected during the surface drilling program. This strategy is consistent with the old rule of thumb of gold mining, "drilling for structure and raising for grade". This ancient adage is still fitting today, as the gold distribution in many vein systems is unpredictable and high grade gold often occurs only in steeply submerged "foothills" of veins.
In the following two tables, the drill intercepts at Tesoro with more than 1,0 g / t gold (table 1) as well as the drill intersections that resulted between 0,5 and 1,0 g / t gold are listed (table 2). Note that the sections in table 1 are separated from the sections in table 2.
TABLE 1: COOKING CUTS WITH GOLD CONTENT OF MORE THAN 1 PPM (1 g / t)
The gold assay results in Table 1 and Table 2 are uncut and the indicated thickness of the sections is the apparent thickness measured parallel to the core axis. The true widths of the intersected structures may be equal to or less than the apparent powers given in the tables.
At the end of May, the Company will temporarily suspend drilling on the Tesoro Project pending the completion of the independent evaluation of the existing geophysical data, completion of the formal collection of all available historical, geochemical, geological and structural data, as well as detailed geological surveys covering a number of historical mining areas. expose. The planning and preparation of a program that will include underground exploration and bulk sampling is currently underway. One of the key objectives of this program is to compare the grades and thicknesses of the structures intersected by the drilling with the higher grade data obtained from the bulk sampling of the same underground structures.
The drill program ran smoothly, without interruptions and on budget. The management is extremely satisfied with the professional way in which Energold Drilling Peru SAC implemented and supported the program.
The company uses an industry standard QA / QC program (Quality Assurance / Control). The HQ and NTW diamond core is sawn in half lengthwise. One half is sent for fire assay and ICP-MS analysis to the ISO certified analytical laboratory of CERTIMIN SA in Lima. To monitor the performance of the laboratory, one blank, double and certified reference standard sample for each 30 to 50 core sample is added randomly to the sample stream.
Gold Project Tesoro Gold Project
The Tesoro Gold Project is 100% owned by the Company and is not subject to any royalties. The property covers an area of approximately 6.974 hectares (17.436 Acre) and is part of the mineral-rich gold belt Nazca-Ocoña, which covers 300 km 30 km parallel to the Pacific coast in southwestern Peru. Mining has a long tradition in the gold belt of Nazca-Ocoña, dating back to before the Incas. Gold is associated with disrupted sulfides that have penetrated the quartz veins and cracks within the intrusive orebody. The Nazca Ocoña Belt is known for the continuity of brushing many of its quartz vein systems and associated faults. While the veins are rather narrow (less than one meter), the gold content is considerable, especially in the localized "foothills" that occur where the vein geometry changes.
The Company has previously demarcated five mineralized zones with more than 50 quartz veins from the Tesoro project, and carried out three underground exploration and development operations (C1, C2 and A4 veins) underground. So far, a total of 1.157 tonnes of material averaged 0,93 ounces of gold per tonne has been sampled at the underground exploration and development sites at several locations, including:
• 643 tonnes averaging 0,77 ounces of gold per tonne of A4 vein;
• 451 tonnes averaging 0,99 ounces of gold per tonne of C1 vein;
• 63 tonnes averaging 2,04 ounces of gold per tonne of C2 vein.
Certain areas on the Tesoro property have been meticulously inspected and explored through geophysical surveys, excavations and drilling; however, most of the property is still under-explored, except for prospecting. Most of the northern, eastern and southern parts have never undergone geological surveys, in-depth prospecting, excavation or drilling. Furthermore, large areas (up to 20 to 30 square kilometers) of prospective granitic rocks in the north-central and southeastern portions of the concession area are covered by ash streams and late Tertiary crystal tufa. These young, flat-lying volcanic units have a thickness of several to tens of meters and completely obscure the prospective rock strata of the deep rock complex Coast. The zones where the stretches of strike of the known gold-bearing structures subject the volcanic topcoat are targets for geophysical exploration and drilling.
The technical content of this news release has been verified by George Sivertz (P.Geo), a Canadian geologist and part-time resident of Peru. Mr. Sivertz is a Qualified Person as defined by the National Instrument 43-101 (Standards of Disclosure for Minerals Projects).
Additional information about St. Elias and its projects are available on the Company's website at www.steliasmines.com or by calling 1-888-895-5522 (toll-free in the US and Canada) or via:
IR consultant USA
Herbert imprisonment
The Haft Group, Inc.
Phone: + 1 (212) 759 8865
E-mail: [email protected]
[email protected]
ST. ELIAS MINES LTD.
(signed "Lori McClenahan")
Lori McClenahan,
President
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This news release may contain forward-looking statements and includes, but is not limited to, statements regarding the timing and content of future work programs, geological interpretations, potential methods of extracting raw materials, etc. Forward-looking statements relate to future events and circumstances thus typically subject to risks and uncertainties. Forward-looking statements relate to future events and circumstances and are therefore typically subject to risks and uncertainties. Actual results may differ materially from those in the forward-looking statements.
