MEDITERRANEAN RESOURCES ANNOUNCES DRILL CAMPAIGN ON ITS CELTIK DEPOSIT

VANCOUVER, May 4 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR; Frankfurt: MHM1) ("Mediterranean") is pleased to announce that it has formulated an expanded drilling campaign for its Celtik deposit over the summer months. The Celtik Project is located at the Eastern end of MNR's 12 kilometer mineralized trend. This property has been the subject of previous drilling efforts in 2008 (seven holes) and late 2009 (five holes) that have sustained promising results. The new campaign will consist of 13 holes (with the targets shown in blue on the map below). The proposed drill campaign is divided into two stages:

  • First stage of drilling includes P1, P2, P3, P4, P5, P6, and P7 drill holes.

  • Second stage includes P8, P9, P10, P11, P12 and P13 drill holes.

When the P1, P2, P3 and P4 drill holes are completed, Mediterranean will have a visual observation for the mineralization corridor. The first seven holes of stage 1 are firm and the next six holes are conditional on results of first seven. If warranted by the results of these first 13 holes, a further 12 holes (making a total of 25 holes) will be proposed to complete the initial Celtik evaluation.

  HOLE ID EASTING NORTHING AZIMUTH DIP LENGTH
1st Campaign P1 713843,1 4518365,8 305,0 60,0 120,0
P2 713900,9 4518461,5 305,0 60,0 120,0
P3 713963,0 4518599,0 305,0 60,0 100,0
P4 713775,5 4518236,6 305,0 60,0 120,0
P5 713741,0 4518157,0 296,0 60,0 150,0
P6 713741,0 4518157,0 200,0 60,0 300,0
P7 713859,0 4518193,0 174,0 60,0 200,0
P8 713931,2 4518502,7 305,0 60,0 120,0
P9 713823,5 4518329,3 305,0 60,0 120,0
P10 713957,0 4518547,7 305,0 60,0 120,0
P11 713801,0 4518286,1 305,0 60,0 120,0
P12 713755,7 4518197,7 305,0 60,0 120,0
P13 714014,1 4518624,9 305,0 60,0 120,0

To view a map of the Celtik Drill Proposals, please click the following link: http://files.newswire.ca/957/Celtik_Drill.pdf

To recap on previous work on the Celtik deposit our news release of December 16th 2008 regarding our first drilling campaign reported:

  • Significant gold and copper values over multiple intervals in each hole were reported from surface to 314 metres depth.
  • Wide alteration and mineralization supporting a high sulphidation epithermal system.
  • Consistent gold grades along silicified and brecciated sections including 1.63 g/t gold from surface to 20.6 metres and 0.62 g/t gold over 40.5 metres (HD-02 drilled to 347 metres).

The exploration drill campaign in 2008 at Celtik comprised seven diamond core drill holes totaling approximately 1,900 metres. The three diamond core exploration drill holes reported in that release were conducted to follow up on targets identified from an extensive ground exploration program including detailed geological mapping, systematic rock sampling, grid soil sampling and a geophysical IP survey comprising 10 lines totaling 12.9 line kilometres. Assay results from three additional diamond drill holes are pending. The fourth drill hole, HD-3, returned mineralization to a depth of 88 metres at which point it entered a fault and drilling was discontinued.

Results are tabled below. True widths of the high-grade veins reported were indeterminable at that stage. Depths of the reported holes range from 217 to 347 metres with the average being 266 metres.

                 
HD-04 From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%)
  21.9 28.7 6.8 0.23 50.88 0.3 0.8 0.5
and 32.0 35.7 3.7 0.87 6.82 0.2 0.1 0.1
and 44.0 45.0 1.0 1.97 27.60 - 0.9 1.0
and 49.7 55.9 6.2 0.70 14.44 0.1 0.2 0.3
and 60.9 62.0 1.1 3.13 27.60 0.3 - 0.1
and 166.2 184.6 18.4 6.51 16.85 0.9 0.2 -

                 
HD-02 From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%)
  0.0 20.6 20.6 1.62 16.79 0.1 0.1 0.1
inc 8.5 11.0 2.5 2.35 21.36 0.1 0.2 0.1
inc 12.7 16.3 3.6 4.69 48.68 0.2 - -
and 157.9 181.5 23.6 0.40 11.17 - 0.3 0.7
and 243.4 283.9 40.5 0.61 7.60 0.1 0.1 0.1
inc 243.4 244.4 1.0 2.93 25.80 1.2 0.7 1.5
inc 264.0 265.5 1.5 4.71 17.10 0.1 0.2 0.1
inc 274.7 280.4 5.7 0.84 17.62 0.1 - -

                 
HD-01 From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%)
  1.5 6.9 5.4 0.75 2.81 - - -
and 14.5 15.5 1.0 3.27 4.20 - 0.2 0.2
and 83.0 95.8 12.8 0.62 5.43 - 0.1 0.2
inc 91.9 95.8 3.9 1.38 12.84 0.1 0.3 0.4
and 165.9 179.2 13.3 0.67 1.66 - - 0.1
inc 165.9 170.4 4.5 1.06 1.10 - - -
inc 176.4 179.2 2.8 0.86 1.30 - - 0.1

The second drill campaign was initiated in December 2009. MNR managed to drill five drill holes before suspending drilling due to unsafe ground due to weather conditions and landslides. A summary of that campaign's drill holes was provided in a news release on April 8th 2010 shown below:

Holeid Azimuth Dip Length m
HD-8 237 60 351,20
HD-9A 315 60 398,80
HD-10 145 60 191,90
HD-11 207 60 195,70
HD-12 190 45 217,00
  Total   1354,60

Drill results showed the continuity of mineralization along the main strike NE-SW. Close surface high grade intersections at HD-09 and encouraging results from HD-10, HD-11 and HD-12.

HOLE ID   from to interval Au Ag Cu Pb Zn
HD-8   13,9 17,0 3,1 3,40 18,89 0,01 0,00 0,00
HD-8 and 37,4 38,4 1 0,32 1,80 0,02 0,00 0,00
HD-8 and 119,4 123,1 3,7 0,46 2,59 0,02 0,02 0,03
HD-8 and 218,1 219,1 1 0,43 76,40 0,13 3,10 2,91
HD-8 and 338,2 339,4 1,2 0,57 6,20 0,60 0,04 0,03
                   
HOLE ID   from to interval Au Ag Cu Pb Zn
HD-9A   44,9 56,9 12 1,32 18,87 0,09 0,03 0,10
HD-9A and 70,8 87,6 16,8 2,00 24,03 0,14 0,18 0,66
HD-9A and 123,4 130,5 7,1 1,51 23,35 0,11 0,26 1,12
HD-9A and 216,8 218,8 2 0,61 11,50 0,06 0,21 0,56
HD-9A and 224,2 225,2 1 0,49 6,90 0,00 0,00 0,01
HD-9A and 348,4 349,4 1 0,31 1,60 0,01 0,02 0,05
                   
HOLE ID   from to interval Au Ag Cu Pb Zn
HD-10   5,0 6,0 1 4,17 6,60 0,02 0,15 0,69
HD-10 and 48,0 62,2 14,2 0,37 17,72 0,02 0,27 0,20
HD-10 and 86,1 87,1 1 0,33 21,40 0,01 0,02 0,10
HD-10 and 95,1 96,2 1,1 2,10 10,00 0,05 0,01 0,03
HD-10 and 108,0 111,1 3,1 0,40 11,09 0,01 0,09 0,09
HD-10 and 176,5 177,5 1 0,51 7,20 0,02 0,15 0,27
                   
HOLE ID   from to interval Au Ag Cu Pb Zn
HD-11   31,3 33,3 2 0,37 0,65 0,00 0,01 0,07
HD-11 and 44,6 60,6 16 0,43 8,44 0,04 0,19 0,17
                   
HOLE ID   from to interval Au Ag Cu Pb Zn
HD-12   27,6 28,6 1 1,04 26,20 0,18 0,06 0,34
HD-12 and 68,4 72,6 4,2 0,52 49,05 0,24 0,69 1,34
HD-12 and 127,9 140,4 12,5 0,52 9,84 0,03 0,33 0,62
HD-12 and 147,0 148,0 1 0,36 0,20 0,01 0,02 0,11
HD-12 and 169,4 177,7 8,3 0,54 17,19 0,08 0,71 0,97
HD-12 and 184,8 190,9 6,1 0,75 2,20 0,12 0,00 0,00
HD-12 and 205,0 210,0 5 0,50 1,40 0,03 0,00 0,00

To view the following Appendixes (1- 6), please click this link: http://files.newswire.ca/957/MNR_App_1-6.pdf

App. 1 shows Celtik compilation map, which includes all studies.

App. 2 shows Celtik zoom drill map, which shows only drill locations with cross sections.

App. 3 shows Section 1.

App. 4 shows section 2.

App. 5 shows section 3; and,

App. 6 shows section 4.

Details of the Cevreli drill campaign shall be provided in a separate release.

About Mediterranean Resources

Mediterranean is an advanced gold exploration company operating in north-eastern Turkey.  It controls a contiguous 12km mineralized trend known as the Yusufeli project.  The Company has a 100% interest in the Tac and Corak deposits where an NI 43-101 compliant resource estimate established an indicated resource of 49.5 million tonnes grading 0.99 g/t Au containing 1.58 million ounces of gold and an inferred resource of 11.0 million tonnes grading 0.83 g/t Au containing 290,000 ounces of gold.  Approximately $16 million in cumulative expenditures have been made to date on the project.

Signed on behalf of the Board of Directors,

"Christopher E. Ecclestone"

Interim CEO

This press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections.  This forward-looking information includes, among other things, statements with respect to the Company's mineral properties, plans, outlook and business strategy.  The words "may", "would", "could", "should", "will", "likely", "expect," "anticipate," "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information.  Such factors include, but are not limited to: uncertainties related to the ability of the Company to obtain or maintain an interest in its mineral properties; changes in economic conditions or financial markets; changes in prices for mineral products or increases in costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters.

This list is not exhaustive of the factors that may affect our forward-looking information.  These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information.  Except as required by law, the Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

The TSX does not accept responsibility for the adequacy or accuracy of this release.

 

 

 

 

SOURCE Mediterranean Resources Ltd.

For further information:

Christopher Ecclestone
Interim Chief Executive Officer
604-669-3397
cecclestone@medresources.ca
www.medresources.ca

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Mediterranean Resources Ltd.

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