Miocene Metals Begins Exploration on Salal, MacKenzie and Rogers Creek Porphyry Projects in South-Western British Columbia |
| Newswire.ca - Aug 11, 2011 |
TORONTO, Aug. 11, 2011 /CNW/ - Miocene Metals Limited (TSXV: MII) (the "Company" or "Miocene Metals") today announced that exploration has commenced on its Salal, MacKenzie and Rogers Creek porphyry projects in south-western British Columbia. Project expenditures will be funded by net proceeds of the Company's initial public offering ("IPO"), which was completed on August 5, 2011. Drilling is expected to commence by August 18, 2011 on the Salal Property
Bruce Jago, President and CEO of Miocene Metals stated "We are very pleased to have completed our IPO, which has provided funding for exploration on these three key projects. The IPO was completed under very difficult market conditions and a negative worldwide economic outlook. Its completion is evidence of the positive exploration potential of our property portfolio all of which are located within three hours drive of the port of Vancouver".
At Salal, up to 3,000 metres of drilling in 10 holes is planned to test surface showings along the 15 kilometre trend of molybdenite occurrences established by historic exploration on the property and confirmed in 2010 by Miocene sampling (see Miocene press release dated August 12, 2010). The 2011 drilling program will focus on defining targets for resource drilling in 2012.
A program of structural mapping and prospecting will start by mid-August on Miocene's MacKenzie copper-gold ("Cu-Au") property, The mapping program is focused on defining one or more structural targets for drill testing.
The MacKenzie Property is located approximately 10 kilometres to the northeast of Salal. Exploration work last year discovered three, north-northwest trending, gently east-dipping, sub-parallel structures, traceable for over a kilometer of strike length. These structures are exposed on a west-facing arcuate cliff, and range from 0.3 metres to 2.5 meters in thickness and consist of gossanous quartz-sulphide veins and massive, siliceous, brecciated lenses of quartz diorite with coarse disseminations and stringers of chalcopyrite, malachite and chalcocite. Results of 2010 sampling of these three parallel structures includes:
Summary of 2010 MacKenzie Property Highlight Sample Results
(14 of 35 Samples*)
Sample #
Type
Length
Cu
Au
Ag
Mo
S
(cm) (%) (ppm) (ppm) (ppm) (%)
1361580
Chip
100
23.4
0.186
14.35
19.8
10
1361581
Grab
n.a.
1.035
0.101
9.19
26.4
0.59
1361582
Grab
n.a.
0.903
0.064
3.5
2.42
0.35
1361583
Grab
n.a.
3.06
0.11
7.83
4.85
0.15
1361592
Chip
60
1.635
0.077
3.1
30.5
0.1
1361596
Chip
40
0.251
0.664
6.45
20.7
0.17
1361599
Grab
n.a.
0.674
0.202
6.68
21
0.53
1361602
Grab
n.a.
0.854
0.343
12.9
1310
0.25
1361603
Grab
n.a.
0.932
0.431
17.55
321
0.18
1361604
Float
n.a.
4.25
1.65
73.8
8.34
1.16
1361605
Float
n.a.
3.05
0.483
25.5
23
1.69
1361606
Float
n.a.
0.331
0.153
3.56
1.08
0.09
1361610
Grab
n.a.
2.51
0.109
10.95
78.5
1.81
1361611
Grab
n.a.
2.19
0.111
7.87
49.5
0.43
*Results for samples >~1% Cu and/or 0.1 ppm Au
Permitting is in progress for 2011 drill testing of the Company's gold-copper discovery made on its Rogers Creek property in early July (see Miocene press release dated July 8, 2011). Drilling on the Rogers Creek property is planned to start before the end of September. Up to 1,200 meters of drilling in two holes is planned to test the new discovery. At the same time as drilling, prospecting for similar mineralization will be conducted up-slope from the discovery area within the existing open-ended gold-copper soil anomaly. Additional soil sampling is planned to delineate the up-slope extent of the soil anomaly, which now covers an area of 200 x 800 metres as defined by copper-in-soil values greater than 100 ppm Cu (values greater than 95th percentile for entire property) against a background of 33 ppm Cu (average of values less than 95% percentile for entire property).
The Qualified Person responsible for the technical content of this press release is Jose Sayo Garcia, P.Geo, Exploration Manager, 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.
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.
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 exploration and 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.
For further information:
Please visit the Miocene Metal's website at www.miocenemetals.com, or contact:
Miocene Metals Limited
Linda Zubal, Investor Relations
Tel: (705) 682-9297 ext. 247
Email: lzubal@miocenemetals.com
Ron Poirier, Investor Relations
Tel: (705) 682-9297 ext 263
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- Posted: 2011-08-11 11:29:12
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