Miocene Metals Updates Progress on Grassroots Gold-Base Metal Vein Properties
20 Gennaio 2012 - 9:07PM
PR Newswire (Canada)
TORONTO, Jan. 23, 2012 /CNW/ - Miocene Metals Limited (the
"Company" or "Miocene Metals") today announced exploration results
from its grassroots gold-base metal vein projects in south-western
British Columbia. The summer 2011 work program, which included
prospecting, rock, silt, and soil sampling on the Shulaps, Custer
Ridge and Mount Barr properties, discovered new mineralization and
generated specific targets for follow-up in 2012. Highlights (full
results are given below) are as follows: Shulaps - La Rochelle Grab
samples of float from massive, en-echelon quartz veins and massive,
quartz-rich dykes up to 20 metres wide returned maximum values of
0.82% copper ("Cu"), 3.68 g/t gold ("Au"), 0.96% molybdenum ("Mo")
and 1.655 g/t rhenium ("Re"). Custer Ridge - Custer Ridge East
Maximum values of 0.873 g/t Au, 301 g/t Ag, 0.48% Cu, 0.93% Pb and
4.13% Zn were returned from grab samples taken from car-sized
blocks of float mineralized by quartz-sulphide veins. - Custer
Ridge West A sample of shattered hornblende diorite outcrop with
porphyry-style alteration and disseminated chalcopyrite, pyrrhotite
and pyrite mineralization returned 721 ppm Cu and 1.21 g/t Au. The
sample was taken in the headwaters of a stream, which yielded silt
sample values of 1.205 g/t Au in 2011 and 2.32 g/t Au in 2010.
Mount Barr - Mount Barr North A Au-in-silt value of 0.093 g/t Au
was returned from a stream draining a 600 x 2,000 metre east/west
trending magnetic low with coincident, high radiometric signature;
the same area returned 0.081 g/t Au from a silt sample collected in
2010. - Mount Barr South 0.133 g/t Au was returned from a silt
sample draining the intersection of north and north-northeast
trending regional faults. Commenting on the results Bruce Jago,
President and CEO of Miocene Metals stated, "This is excellent
progress as the majority of these properties, which cover the core
of Tertiary-aged intrusions, have seen little focused exploration
for porphyry-related mineralization in the past. In addition, all
of these properties have reasonable access and are located
remarkably close to power and transportation infrastructure. 2011
sampling results have provided a focus for exploration in 2012 with
the goal of producing drill-ready targets. These outstanding
results nicely complement results from our more advanced projects,
Rogers Creek, MacKenzie and Salal and represent the next projects
in Miocene's project pipeline." Shulaps The La Rochelle target is a
6 kilometre long by 1.4 kilometre wide north-west trending
structural zone delineated by en-echelon quartz veins, massive
quartz-rich dykes up to 20 metres wide and linear groupings of
anomalous soil and grab samples. Veins, dykes and grab samples are
mineralized by fracture-fillings, clots and blebs of chalcopyrite
and molybdenite. The zone is located 6.2 kilometers along strike to
the south-east of Anglo Canadian Mining Corporation's Rex Mountain
or Zeus property, which hosts an historic, inferred resource of
189,453 tonnes grading 8.57 g/t Au and 0.92% Cu (British Columbia
MinFile No 092JNE034) within structurally-controlled, sheeted
quartz-sulphide veins. The La Rochelle trend is defined by 30 soil
samples, which returned values from 24.5 to 766 ppm Cu, 0.011 to
0.267 ppm Au, 0.04 to 3.92 ppm Ag and 0.54 to 79.5 ppm Mo.
Highlight samples from a total of 22 float and grab samples
collected along the trend returned the following results:
________________________________________ |Sample #|Copper|Gold
|Molybdenum|Rhenium| | |(ppm) |(ppm)| (ppm) | (ppm) |
|________|______|_____|__________|_______| |K881062 | 11 |3.680|
4,840 | 0.978 | |________|______|_____|__________|_______| |K881063
| 36 |0.551| 9,570 | 1.655 |
|________|______|_____|__________|_______| |K880741 |8,180 |0.060|
117 | 0.024 | |________|______|_____|__________|_______| |K880745
|1,700 |0.019| 131 | 0.037 |
|________|______|_____|__________|_______| |K880747 |2,710 |0.025|
285 | 0.080 | |________|______|_____|__________|_______| |K881953 |
7 |0.008| 2,040 | 0.209 |
|________|______|_____|__________|_______| |K881954 | 306 |0.002|
3,010 | 0.878 | |________|______|_____|__________|_______| Custer
Ridge Custer Ridge East was recognized in 2010 as prospective for
strike-persistent, mesothermal base metal ± Au-Ag mineralized
quartz-sulphide veins as prospecting in the lower reaches of the
host drainage discovered up to car-sized boulders of
quartz-sulphide vein mineralization. Prospecting and sampling in
2011 discovered additional boulders further up-drainage that point
to a 3.5 x 1 kilometre source area. Highlight samples of 15 grab
samples collected in 2011 returned:
_________________________________________ |Sample #|Copper|Gold
|Silver| Zinc |Lead | | |(ppm) |(ppm)|(ppm) |(ppm) |(ppm)|
|________|______|_____|______|______|_____| |K880254 |4,820 |0.002|
46 |2,120 |5,350| |________|______|_____|______|______|_____|
|K881076 | 659 |0.085| 23 |9,670 |4,200|
|________|______|_____|______|______|_____| |K881083 |1,615 |0.001|
3.0 | 61.0 |10.0 | |________|______|_____|______|______|_____|
|K880153 | 79.0 |0.272| 34 |1,480 |5,940|
|________|______|_____|______|______|_____| |K880154 | 569 |0.400|
53 |41,300|4,950| |________|______|_____|______|______|_____|
|K880156 |1,800 |0.873| 301 |38,600|4,850|
|________|______|_____|______|______|_____| |K880157 |1,330 |0.751|
166 |22,900|9,350| |________|______|_____|______|______|_____|
Custer Ridge West was highlighted in 2010 for follow-up on the
basis of a silt sample in the lower reaches of a drainage that
returned 2.32 g/t Au. Follow-up sampling in 2011 corroborated the
anomalous nature of the drainage, with an anomalous silt sample in
the lower reaches of the drainage returning 1.205 g/t Au.
Prospecting up to the head of the drainage in 2011 discovered
in-situ Au-Cu mineralization in altered, rusty weathering diorite.
A grab sample from a shattered, altered and mineralized outcrop in
the upper reaches of the drainage returned 1.201 g/t Au and 721 ppm
Cu. Mount Barr Silt sampling in the eastern half of Mount Barr in
2010 highlighted a linear trend of five anomalous Au-in-silt
samples distributed along a 10 kilometre long north-south trending
zone. The linear zone is interpreted as fault-related on the basis
of airborne magnetic surveys conducted in 2010 and 2011, and
appears to part of a regional, roughly north-south trending fault
swarm, with related splays, that hosts numerous gold and base metal
occurrences within and parallel to the Fraser River Canyon. Mount
Barr North Two areas were defined by silt sampling in 2011 for
follow-up in 2012. At Mount Barr North, 10 silt samples from a 600
x 2,000 metre east/west trending magnetic low with a coincident,
high radiometric signature returned values from 0.001 to 0.093 g/t
Au and 40.6 to 109.5 ppm Cu; the same structure returned 0.081 g/t
Au in a silt sample collected in 2010. Mount Barr South Five silt
samples on Mount Barr South returned values from 0.001 to 0.133 g/t
Au and 43.7 to 63.6 ppm Cu in drainages from the intersection of
north and north-northeast trending regional faults as interpreted
from airborne magnetic surveys. Stream sediment and rock samples
were collected by Miocene Metals personnel and delivered directly
to ALS Chemex Ltd. Laboratories in Vancouver for preparation and
analysis. The grab sample assay results quoted above represent
samples of mineralization collected from outcrop by Miocene Metals
staff. Grab samples are selective by nature and are unlikely
to represent average grades on the property. In each case samples
of mineralized outcrop weighing approximately 0.5 to 2 kg were
collected using a rock hammer. Rock samples were crushed to 70%
passing 2 mm, after which a split was taken with a riffle splitter
and pulverized to 85% passing 75 microns. The samples were
then analyzed for 48 elements using Chemex's ME-MS61 package, which
is an inductively-coupled plasma mass spectrometry (ICP-MS) method
utilising a near total four acid digestion. The samples were
assayed for Au by standard lead collection/fire assay fusion
(Au-ICP21) using a 30 gram pulp split and an inductively coupled
plasma atomic emission spectrometry (ICP-AES) finish. Silt samples
were screened to minus 200 microns, and analysed by the same
techniques as described above for the rocks. The Qualified Person
responsible for the technical content of this press release is Jose
Sayo Garcia, P.Geo, Vice President Exploration of Miocene Metals.
About Miocene Metals Limited Miocene Metals is focused on the
exploration and development of seven porphyry
copper-gold-molybdenum properties in south-western British Columbia
that occur within the Tertiary-aged Cascade Magmatic Arc. The
Cascade Arc shares many geological characteristics with
Tertiary-age porphyry belts that stretch the length of Chile and
Peru in South America and hosts some of the world's largest
porphyry copper-gold-molybdenum deposits. The Cascade Magmatic Arc
hosts a number of significant porphyry Cu-Au and Mo deposits in
Washington State, and Alaska (Glacier Peak and Margaret, and Quartz
Hill respectively) but remains largely unexplored in British
Columbia. Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release. Please
visit the Miocene Metal's website at www.miocenemetals.com, or
contact: FORWARD-LOOKING STATEMENTS This news release contains
forward-looking information that involves substantial known and
unknown risks and uncertainties, most of which are beyond the
control of the Corporation, including, without limitation, those
listed under "Risk Factors" and " Forward-Looking Statements" in
the Corporation's Final Prospectus (collectively, "forward-looking
information"). Forward-looking information in this news release
includes, but is not limited to, information concerning the
Corporation's expectations and estimates regarding the
Corporation's drilling program. The Corporation cautions investors
about important factors that could cause actual results to differ
materially from those projected in any forward-looking statements
included in this news release. Any statements that express, or
involve discussions as to, expectations, beliefs, plans,
objectives, assumptions or future events or performance are not
historical facts and may be forward-looking and may involve
estimates, assumptions and uncertainties which could cause actual
results or outcomes to differ materially from those expressed in
such forward-looking statements. No assurance can be given that the
expectations set out in the Corporation's Final Prospectus or
herein will prove to be correct and accordingly, prospective
investors should not place undue reliance on these forward-looking
statements. These statements speak only as of the date of this
press release and the Corporation does not assume any obligation to
update or revise them to reflect new events or circumstances. The
Corporation disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, save and except as may be
required by applicable securities laws. Miocene
Metals Limited CONTACT: Miocene Metals LimitedBruce C. Jago, Ph.D.,
P.Geo Miranda BerukoffPresident and CEO of Miocene Metals
Vice-President Investor Relations(604) 654-2581 or (604) 654-2585
orbjago@miocenemetals.com mberukoff@miocenemetals.com
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