LeBoldus Capital Inc. files 43-101 Report

CALGARY, June 1 /CNW/ - Further to its news release of March 17, 2010, LeBoldus Capital Inc. ("LeBoldus") (TSX VENTURE: LEB.P), is pleased to provide an update regarding its proposed qualifying transaction (the "Proposed Transaction"). LeBoldus previously announced that it had entered into an option agreement ("Option Agreement") with Duran Ventures Inc. ("Duran"), whereby LeBoldus can earn a fifty percent (50%) beneficial interest in the Corongo Property in Peru (the "Corongo Property").

Filing of NI 43-101 Report

Gateway Solutions S.A.C. ("Gateway"), an independent, geosciences and exploration consulting firm, was retained by LeBoldus to prepare an independent technical report on the Corongo Property (the "Technical Report"). The Technical Report dated March 25, 2010 conforms to National Instrument 43-101 Standards of Disclosure for Mineral Projects and has been filed under LeBoldus's corporate profile, on SEDAR (www.sedar.com). The references to the Technical Report contained in this press release have been reviewed and approved by Gateway.

Initial limited sampling, comprised of eleven (11) surface and four (4) underground samples, was completed by Gateway to independently confirm the occurrence of anomalous metal contents within the Corongo Property on the Descubridora and Santa Rosa East zones, and confirmed the presence of anomalous mineral contents that assayed on average 1.90 grams per tonne ("g/t") Au, 81.1 g/t Ag and 0.33% Cu. One 3 metre channel sample (CO-07) collected by Luc Pigeon, P.Geo. of Gateway within the Descubridora gallery returned 14.4 g/t Au, 563.0 g/t Ag and 0.22% Cu. Details regarding the characteristics of the samples taken and analytical results are summarized in the following tables. The confirmation sampling indicates that the historic assay results reported by Duran are consistent with those obtained by Gateway and demonstrates the existence of several mineralized zones characterized by anomalous metal contents within the Corongo Property boundaries.

    
    -------------------------------------------------------------------------
                   Gateway Sample Results and Support Table
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
              Au     Ag   Cu                                     Mass  Length
    Sample  (g/t)  (g/t)  (%)       Zone          Type    Method (Kg)   (m)
    -------------------------------------------------------------------------
    CO-01    0.52   42.7  0.50  Santa Rosa E     Surface   Chip   2.7   1.0
    -------------------------------------------------------------------------
    CO-02    0.53   18.7  0.54  Santa Rosa E     Surface   Chip   3.5   0.5
    -------------------------------------------------------------------------
    CO-03    0.06    0.9  0.08  Santa Rosa E     Surface   Chip   2.8   0.6
    -------------------------------------------------------------------------
    CO-04    0.31    7.5  0.01  Santa Rosa E     Surface   Chip   3.1   0.6
    -------------------------------------------------------------------------
    CO-05    2.95   30.2  0.23  Santa Rosa E     Surface   Grab   4.0   n/a
    -------------------------------------------------------------------------
    CO-06    2.25   14.4  0.01  Santa Rosa E     Surface   Chip   3.6   0.8
    -------------------------------------------------------------------------
    CO-07    14.5  563.0  0.22  Descubridora  Underground  Chip   2.7   3.0
    -------------------------------------------------------------------------
    CO-08    1.26   10.1  0.01  Descubridora  Underground  Chip   4.7   3.0
    -------------------------------------------------------------------------
    CO-09    1.40    9.3  0.01  Descubridora  Underground  Chip   2.9   3.0
    -------------------------------------------------------------------------
    CO-10    2.47  373.0  0.29  Descubridora  Underground  Chip   3.0   3.0
    -------------------------------------------------------------------------
    CO-11    0.27   22.3  0.02  Descubridora     Surface   Chip   3.6   0.5
    -------------------------------------------------------------------------
    CO-12    0.88   21.5  0.01  Descubridora     Surface   Chip   2.7   0.4
    -------------------------------------------------------------------------
    CO-13    1.01   86.3  0.58  Santa Rosa E     Surface   Chip   1.8   0.4
    -------------------------------------------------------------------------
    CO-14    0.05    1.3  0.03  Santa Rosa E     Surface   Chip   2.5   0.5
    -------------------------------------------------------------------------
    CO-15    0.11   16.0  2.37  Santa Rosa E     Surface   Chip   3.4   0.4
    -------------------------------------------------------------------------
    Average  1.90   81.1  0.33
    -------------------------------------------------------------------------
    

Samples collected by Gateway were delivered to the laboratories of Inspectorate Services Peru S.A.C. ("Inspectorate") located in the Constitutional Province of Callao, on Faucett Avenue, near Jorge Chavez International Airport in Lima, Peru. Each sample submitted for chemical determination underwent Inspectorate's standard preparation procedure (Prep 1) and a 50 gram sub-sample was diluted using the Total Digestion preparation procedures.

The Gateway samples were first analyzed using the ISP-142 and ISP-330 analytical methods and re-analyzed using ISP-140, ISP-201 and ISP-202 analytical methods if the samples concentrations were above the accepted detection ranges. No quality control program was implemented by Gateway to support this summary sampling program. Inspectorate, an International Organization for Standardization ("ISO" 9001:2000) certified laboratory, has a well defined internal quality control protocol. All of the reported results were within acceptable detection ranges (less than 2 standard deviation variation).

Description of Report and Recommendations

The Corongo Property is situated in the Department of Ancash in the Republic of Peru on the continent of South America, approximately 400 km north-northwest of Lima. The eleven (11) subject claims ("Claims") are centered on Universal Transverse Mercator coordinate system, Provisional South American Datum 1956, zone 18L, 198797 meters East and 9054173 meters North; or geographic coordinate system 77 degrees 44' 00" of west Longitude and 8 degrees 33' 00" of south Latitude.

The Claims cover an area of 3100 hectares and are named: KFC, PASACANCHA 09, PASACANCHA 13, PASACANCHA 14, PASACANCHA 15, PASACANCHA 16, PASACANCHA 19, PASACANCHA 20, PASACANCHA 21, PASACANCHA 22 and PASACANCHA 23. The Claims are 100%-held by Minera Aguila de Oro S.A.C., a Peruvian corporation, the subsidiary of Duran (TSXV: DRV), a Canadian corporation.

LeBoldus may acquire a 50% interest in the Corongo Property by: (i) paying Duran an amount of $25,000 (which has been paid); (ii) incurring an aggregate amount of $1,000,000 in exploration expenditures on the Corongo Property; and (iii) issuing Duran an aggregate amount of 1,000,000 common shares in the capital of LeBoldus, by March 10, 2012.

The Corongo Property is located in north central Peru, east of the Coastal Batholith along a NW-trending thrust and fold belt affecting the Mesozoic sedimentary cover. It is located within the Miocene Cu-Mo (Au,W) deposit belt and within the Cordillera Occidental morpho-structural and tectonic settings.

The Corongo Property area is underlain by Jurassic and Cretaceous quartzite, siltstone, and shale sedimentary rocks members of the Chicama and Chimu Formations. The sedimentary rocks are strongly folded and faulted, with a dominant north-west strike direction.

The Corongo Property's geological setting (proximity to the Aguila Cu-Mo porphyry and the occurrence of small monzonitic stocks) is favourable for several types of intrusion-related hydrothermal deposits such as vein, manto and porphyry deposit types.

In 2009, Duran completed a phase I Exploration program including geological mapping, trenching and underground sampling which identified four prospective zones that are characterized by contrasting geochemical signatures consistent with intrusion-related mineralization and possibly related to epithermal Au-Ag, Porphyry Cu +/- Au +/- Mo, and polymetallic Ag, Pb, Zn +/- Au deposit types.

The Descubridora Zone is the most prospective zone of the Corongo Property. Both surface and underground samples returned significant grades. Initial underground along strike sampling has outlined two mineralized zones characterized by elevated precious metal concentrations. The A mineralized zone is characterized by anomalous mineral contents which assay on average 3.954 g/t Au, 335.6 g/t Ag and 0.3331% Cu. The B zone is characterized by anomalous mineral contents which assay on average 1.416 g/t Au, 67.8 g/t Ag, 0.4387% Pb and 0.0379% Cu. These zones possibly represent high-grade ore shoots which may continue at depth. Furthermore, surface sampling (89 samples) returned anomalous metal contents that reach up to 14.600 g/t Au, 483.0 g/t Ag, 0.6332% Cu, 2.0700% Pb and 1.8100% Zn. The Descubridora mineralized structure offers good precious metals and copper potential and should be drilled if the geophysical studies are positive. A systematic sampling of the surface outcrop should be performed in order to identify the extent of the anomaly.

At least one, Cu, Mo +/- Au, Ag, W vein has been identified within the Pucapampa Zone where the previous owners operated an underground mine (Pothorin, 2009). The vein has an apparent length that reaches up to 150 m and has mineralized widths that reach up to 3.0 m. Initial underground sampling indicates that the mineralization is characterized by anomalous mineral contents which assay on average 0.174 g/t Au, 4.5 g/t Ag, 0.1410% Cu and 0.0400% Mo. Furthermore, limited surface sampling also returned anomalous metal contents that reach up to 2.962 g/t Au, 121.7 g/t Ag, 0.5700% Cu and 0.0436% Mo. The Pucapampa mineralized structure offers good copper potential with Au, Mo as an added value. It should be drilled if the geophysical studies are positive. A systematic sampling project of the surface outcrops within the zone should be performed in order to identify the extent of the Mo anomaly.

The Breccia Zone is at an early exploration stage and only reconnaissance studies and sampling has been performed. However, initial limited surface sampling (23 samples) performed by Duran indicates that the mineralization is characterized by anomalous mineral contents which assay up to 0.289 g/t Au, 75.5 g/t Ag, 0.416 % Cu and 0.0300 % Mo. Further studies including geological mapping, sampling, trenching and geophysics are needed in order to properly estimate the potential of this zone.

The Santa Rosa East mineralized zone comprises shallow to steeply dipping vein and breccia structures that are considered the continuation of the Descubridora vein system (Pothorin, 2009). Initial surface sampling is characterized by anomalous mineral contents which assay on average 0.942 g/t Au, 53.9 g/t Ag and 0.204% Cu; however, the average grade is biased by one anomalous sample that returned 6.350 g/t Au, 586 g/t Ag and 0.688% Cu.

In 1998, Rio Tinto carried out a regional exploration program aimed at identifying new porphyry targets in the area. An exploration drilling campaign was performed within the Santa Rosa East zone. Rio Tinto drilled 8 diamond drill holes for a total of 1465.9 m. Holes SRD-002, SRD-006, SRD-007 and SRD-008 intersected copper mineralization.

The Corongo Property offers good short-and long-term potential as it contains Au-Ag-(Cu) vein mineralization and the potential for large volume Au-Ag-(Cu) breccia- and manto-type mineralization. This is especially the case at Descubridora where economic gold and silver grades exist both on surface and underground. Further exploration work is warranted.

A two-phase exploration program (Phase II and III) is recommended.

The Phase II exploration program goals are to technically prepare the Descubridora and Pucapampa Zones for drilling while advancing the surface exploration within the Breccia and Santa Rosa East Zones. Phase II exploration should include 1:1000 geological mapping of the mineralized structures as well as a 1000 sample geochemical survey focused at defining the continuity of the mineralized zones and identifying new mineralization within the underexplored regions of the Corongo Property. A 25 line-km geophysical survey including magnetometry and Induced-Polarization should be performed over the Descubridora and Pucapampa Zones.

The Phase III program is contingent on the Phase II results. The Phase III exploration program should include 3500m of diamond drilling to test the down-dip continuity of the Descubridora and Pucapampa mineralized Zones. Furthermore, geological, topographic and geophysical surveys as described in the Phase II program should be carried out at the Santa Rosa East and the Breccia Zones. Geophysics may also be warranted in other newly discovered mineralized zones.

The Phase II program is expected to cost approximately US$250,000 and the Phase III program is expected to cost approximately US$757,000.

The Technical Report was carried out by Luc Pigeon, B.Sc., M.Sc., P.Geo, Senior Geoscientist and Founder of Gateway and a Qualified Person as defined by National Instrument 43-101. The information in this release was prepared under the direction of Paul Davis, H.B.Sc., M.S., P.Geo., a Qualified Person as defined by National Instrument 43-101.

Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to TSXV acceptance and, if applicable pursuant to TSXV requirements, sponsorship requirements and majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required sponsorship and shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative. The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Statements in this press release may contain forward-looking information, including expectations of the results of future exploration and the ability to find suitable targets, future production, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information, including the ability of LeBoldus to complete the Proposed Transaction, may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the company. These risks include, but are not limited to, the risks associated with the mining industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. There is also a risk that the TSXV does not approve the Proposed Transaction. The reader is cautioned not to place undue reliance on this forward-looking information.

%SEDAR: 00026745E

SOURCE LEBOLDUS CAPITAL INC.

For further information: For further information: Evatt Merchant, President, Chief Executive Officer and Director, LeBoldus Capital Inc., Suite 400, 2710 - 17th Avenue S.E., Calgary, AB, T2A 0P6, Telephone: (403) 237-9777, Facsimile: (403) 237-9775, E-mail: emerchant@merchantlaw.com

Organization Profile

LEBOLDUS CAPITAL INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890