Correction - Oceanus Confirms High Grade Gold At the La Lajita Property in Mexico

/NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/

HALIFAX, May 8, 2013 /CNW/ - Oceanus Resources Corporation (TSXV: OCN) ("Oceanus" or the "Company") is re-issuing this news release to correct the interval reported in underground channel sample SPML-033 issued earlier today.  The interval in the first bullet point below should read 8 meters.

Initial results from underground and surface channel samples collected at the Mina la Guadalupe zone on the La Lajita property have returned high grade gold over significant widths.  Highlighted assay results include the following;

  • 13.7 g/t gold and 71.5 g/t silver over a length of 8 meters from underground channel SPML-033
  • 11.0 g/t gold and 65.1 g/t silver over a length of 13.5 meters from underground channel SPML-023

Mina la Guadalupe

Work to date has defined the mineralization at the Mina la Guadalupe for a strike length of 175 meters and up to 25 meters in width on surface.  The mineralization is exposed underground for a strike length of 105 meters on the 1360 level where historic small scale miners drifted on the principle vein / breccia structure.  Oceanus intends to complete a thorough mapping, sampling and survey of the workings.

Significant results from the underground and surface channel samples at Mina la Guadalupe are presented in the following table.

Channel # Description Comment  Length* (m) Au (g/t) Ag (g/t) EqAu50** (g/t)
SPML-021 underground   34.0 2.37 33.9 3.05
SPML-021 underground including 12.0 4.69 41.3 5.52
SPML-022 underground   22.0 5.61 39.7 6.41
SPML-022 underground including 10.0 11.86 63.8 13.13
SPML-023 underground   13.5 11.03 65.1 12.33
SPML-024 underground   20.0 2.81 27.2 3.36
SPML-024 underground including 10.0 4.38 37.8 5.13
SPML-025 underground   20.0 2.98 24.4 3.47
SPML-025 underground including 6.0 5.87 36.7 6.60
SPML-026 underground   14.0 1.86 19.1 2.25
SPML-026 underground including 6.0 3.97 28.7 4.54
SPML-027 surface   14.0 0.30 14.6 0.59
SPML-028 surface   6.0 1.67 37.7 2.42
SPML-029 underground   8.0 1.59 18.5 1.96
SPML-030 underground   8.0 2.79 29.0 3.37
SPML-031 underground   6.0 12.99 63.7 14.27
SPML-032 underground   8.0 5.48 50.8 6.49
SPML-033 underground   26.0 4.96 34.8 5.66
SPML-033 underground including 8.0 13.68 71.5 15.11
SPML-034 surface   12.0 0.06 8.0 0.22
SPML-035 surface   8.0 0.19 12.8 0.45
SPML-036 surface   12.0 1.26 19.3 1.65
SPML-037 surface   8.0 5.12 38.3 5.89
SPML-038 surface   16.0 3.89 34.0 4.57
SPML-038 surface including 12.0 5.01 39.3 5.80
SPML-039 surface   6.0 2.25 18.0 2.71
  • Not reported as true thickness
  • EqAu50** = Ag grade/50 + Au grade

Dos Hermanos and Santo Nino

Oceanus is also sampling and mapping the six other known gold zones on the La Lajita property including the Dos Hermanos and Santo Nino zones, located in close proximity to Mina la Guadalupe, where International Northair Mines Ltd. ("Northair") completed channel sampling and reverse circulation drilling a decade ago.   Historical results at Dos Hermanos include the following;

  • 13.0 m averaging 4.02 g/t Au and 44.8 g/t Ag or 4.92 g/t EqAu50** from surface channel CSL-30;
  • 9.0 m averaging 23.2 g/t Au and 603.7 g/t Ag or 35.3 g/t EqAu50** from underground channel CSL-24; and
  • 10.7 m averaging 8.19 g/t Au and 46.2 g/t Ag or 9.14 g/t EqAu50** from RC drill hole TRC-04-006.

At the Santo Nino zone, Northair followed the mineralization for 120 meters along strike and observed the zone was up to 20 meters wide at surface.  Historical results at Santo Nino include the following;

  • 9.0m averaging 6.18 g/t Au and 35.4 g/t Ag or 6.89 g/t EqAu50** from channel sample CSL-39;
  • 8.0m averaging 8.27 g/t Au and 64.5 g/t Ag or 9.56 g/t EqAu50** from channel sample CSL-14;
  • 6.1m averaging 2.74 g/t Au and 19.4 g/t Ag or 3.13 g/t EqAu50** from RC drill hole TRC-04-009; and
  • 2.5m averaging 28.5 g/t Au and 130 g/t Ag or 31.1 g/t EqAu50**from underground sampling.

Current Exploration Program

Oceanus mobilized an experienced exploration team to the La Lajita property in April 2013 to map and sample the known gold and silver prospects; to complete a structural analysis of the NW-SE trending fault structures on the property and to carry out a diamond drilling program to verify the results obtained in legacy reverse circulation drill holes at the Guadalupe, Dos Hermanos and Santo Nino prospects.  Oceanus has contracted SPM Perforacion of Hermosillo, Mexico to drill 1000 meters of NQ size core.  A bulldozer is preparing the drill roads and drill pads for the rig.  Oceanus has also contracted MPX Geophysics to fly a helicopter borne magnetics and radiometric survey over the property to assist with the geological interpretation of the intrusive rocks and structures.

Lab Preparation and Assay

Oceanus samples are prepared and assayed by Activation Laboratories Ltd. ("Actlabs").  Actlabs is a CAN-P-1579, CAN-P-4E (ISO/IEC 17025:2005) accredited laboratory and independent of Oceanus. The sealed and tagged sample bags are turned over to ActLabs personnel at the site who transport them to the ActLabs facility in Zacatecas, Mexico.  ActLabs crushes the samples and prepares 200-300 gram pulp samples with ninety percent of the pulp passing Tyler 150 mesh (106μm).

The pulps are assayed for gold/silver using a 30 g charge by fire assay (Codes 1A2) and over limits greater than 3 g/t are re-assayed using a gravimetric finish (Code 1A3).  Silver analysis is performed using atomic absorption spectrometry (Code ME-AR) after multi-acid digestion.  Over limit values greater than 100 g/t silver are re-assayed using fire assay with a gravimetric finish (Code 8-Ag). Copper, lead, zinc and other element analysis is completed using the ICP-41 (Code IF2) for all the other elements.

Quality Assurance/Quality Control and Data Verification

Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the sample strings. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data. All results stated in this announcement have passed Oceanus's quality assurance and quality control ("QA/QC") protocols.

David R. Duncan, P. Geo., a director of the Company, is the Qualified Person for Oceanus as defined under National Instrument 43-101.  Mr. Duncan has reviewed the scientific and technical information in this press release.

About Oceanus Resources Corporation

Oceanus Resources Corporation is a well-financed gold exploration and development company run by a team of mining professionals with international experience in discovering open pit gold mines.  Oceanus is exploring the 3200 km2 La Lajita Property located in the Sierra Madre Mountains of Durango, Mexico.  Epithermal, low-sulphidation gold and silver mineralization associated with considerable hematite and silica alteration is hosted along NW-SE trending fault/breccia structures that have been traced over a strike length of 2 km and to known depths of 150 meters.  The mineralization is exposed on surface in numerous small scale "gambusino" workings and in underground workings at the Mina la Guadalupe deposit.

CAUTIONARY STATEMENT:

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.

This News Release includes certain "forward-looking statements".  All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Oceanus, are forward-looking statements that involve various risks and uncertainties.  There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.  Important factors that could cause actual results to differ materially from Oceanus's expectations are exploration risks detailed herein and from time to time in the filings made by Oceanus with securities regulators.

 

SOURCE: OCEANUS RESOURCES CORPORATION

For further information:

Richard Gordon, President, Oceanus Resources Inc., T: 902 441-6700    F: 902 446-2001

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OCEANUS RESOURCES CORPORATION

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