Izok Corridor drilling extends mineralisation at Hood

MELBOURNE, Sept. 13, 2012 /CNW/ - A ten-hole diamond drilling program recently completed at the Hood 10 deposit, located 50 kilometres north of the Izok deposit at Nunavut, Canada, has extended known mineralisation by 175 metres to a depth of 400 metres.

The drilling results significantly increase the potential of the deposit to add value to the Izok Corridor Project.

The Hood 10 prospect is a polymetallic volcanic hosted massive sulphide deposit consisting of two steeply dipping, northerly plunging lenses. Hood 10 is one of 3 deposits identified to date at the Hood Prospect, which was first drilled by other companies intermittently between 1974 and 1993, when copper and zinc mineralisation was delineated over a strike length of 250 metres and to a depth of 220 metres.

A total of ten diamond drill holes were drilled into Hood 10 in the 2012 season to test for down dip and strike extensions of the known mineralisation. Eight of the ten holes intersected high grade copper mineralisation with the most significant intervals listed below (all intervals are true widths of mineralised zones):

H10-12-035:  9.5m @ 2.3% Cu, 3.9% Zn, and 34g/t Ag from 274m
H10-12-036:  5.7m @ 12% Cu, 1.9% Zn and 53g/t Ag from 366m
H10-12-037:  24m @ 11% Cu, 1.1% Zn and 43g/t Ag from 345m
H10-12-038:  3.8m @ 6% Cu, 0.4% Zn and 19g/t Ag from 393m
H10-12-040:  3m @ 6.9% Cu, 1.9% Zn and 43g/t Ag from 375m and
6.6m @ 2.4% Cu, 0.9% Zn, and 24g/t Ag from 416m

The results show good continuity of high grade massive sulphide mineralisation in the central portion of the Hood 10 deposit, over 100 metres in strike length and to a depth of 400 metres. Two holes drilled at the northern end of the deposit did not intersect significant mineralisation.

"These are exciting results", said Mr Steve Ryan, Executive General Manager - Exploration. "When considered alongside last year's discovery of new mineralisation at High Lake East, they reinforce our view that MMG's exploration licenses in the Slave district of Nunavut provide significant opportunities to increase the mineral inventory of this project."

MMG is currently undertaking the Izok Corridor Project feasibility study that includes polymetallic base metal resource inventories from the Izok and High Lake deposits. Although not part of the current feasibility study, Hood 10 could potentially add additional resources and economic benefit to the project due to its proximity to the Izok deposit. MMG is considering further exploration activities at Hood in 2013.

Izok Corridor

The Izok Corridor encompasses zinc-copper deposits located near Izok Lake and High Lake.  The Company has approximately 2,000 square kilometres of exploration tenements in the region including the High Lake East, Gondor and Hood projects.

 

PDF available at: http://stream1.newswire.ca/media/2012/09/13/20120913_C6247_DOC_EN_17815.pdf

SOURCE: MMG (Minerals and Metals Group)

For further information:

Media enquiries: 

Sally Cox
Group Manager - Communications
T +61 3 9288 0850
M +61 417 144 524
sally.cox@mmg.com

Investor enquiries: 

Colette Campbell
Group Manager Investor Relations
T +61 3 9288 9165
M +61 422 963 652
colette.campbell@mmg.com 

Canada enquiries:

Ian Hamilton
T: (416) 206-0118 x.222
M: (905) 399-6591
E: ian@dfhpublicaffairs.com

Chinese language investor and media enquiries: 

Maggie Qin
Corporate Affairs Officer - HK & CHina
T +61 9288 0818
M +61 411 465 468
maggie.qin@mmg.com

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MMG (Minerals and Metals Group)

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