This is a clarification of the Company's July 28, 2010 news release, retracting disclosure of gross value information and non-compliant disclosure of a quantified target.
Symbol: LCO - TSXV
VANCOUVER, July 28 /CNW/ - LAGASCO CORP. ("Lagasco" or the "Company") is pleased to announce the first assay results from the ongoing exploration program on the Anchaca Project in southern Peru.
Results from the first two surface trenches confirm significant outcropping mineralization over potentially mineable widths, including:
- Basilia Sur 6.35 meters 2.1 gm/t Au with 1.45% Cu at a 1.0 gm/t Au
- Basilia Norte 3.45 meters 2.4 gm/t Au with 0.046% Mo at a 1.0 gm/t Au
Importantly, the gold-copper and gold-moly reported in these first two trenches is associated with porphyritic intrusive rock. This supports the interpretation that outcropping gold-copper-moly mineralization represents the surface expression of a buried porphyry system and is consistent with geology, geophysics, alteration and geochemistry. Within this system our initial exploration program will focus on high grade chutes exploitable by surface and low-cost bulk underground mining. The Company would have an option to truck early production to a number of nearby mills.
The exploration program is now in full-swing. A second drill commenced work at the Anchaca project mid-month, and with its addition the Company is now at target productivity of +50 meters per day. In addition to the drilling program, surface sampling of outcropping gold, silver and copper mineralization is continuing and proving to be very efficient. Many hundreds of samples from both the trenching and drilling program are currently in the assay lab for analysis. Initial surface sampling as well as drilling focused on the newly discovered Basilia area. With multiple sampling crews and two drills, work is also ongoing in the Condor area, the site of initial discovery.
Quoting Leigh Freeman, President and CEO of Lagasco: "We are very pleased with our progress, and thrilled with the creative geological and execution acumen of our team. Our efficient execution of a drilling and trenching program in the middle of the Andean winter at high elevation is a testament to the quality of people we bring to bear on exploration projects. And initial assay results confirm Bernie Bernstein's geological premise. While the first trench sample results may not appear to be as spectacular as some, they confirm mineralization consistent with that premise. As promised, the Company is executing on its plans."
The Company anticipates completion of this phase of the exploration program by the end of August leading to a decision to exercise a purchase option for 100% of the Anchaca project before mid-October. The current exploration program is designed to confirm the geological model that outcropping mineralization represents the surface expression of an underlying porphyry gold-copper mineral system.
A site visit by an independent geologist is scheduled in the second half of August for an updated NI 43-101 report to be filed shortly thereafter.
About Lagasco Corp.
Lagasco Corp. is a newly constituted minerals exploration company focused on the discovery of large precious- and base-metal mineral systems in stable political terrains. The Company's first project is Anchaca, a 2,200 hectare gold-copper property in southern Peru.
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.
SOURCE LAGASCO CORP.
For further information: For further information: D. Barry Lee, Chairman, (604) 689-8336