Trading Symbol (TSX-V): YGI
VANCOUVER, June 26 /CNW/ - YAMIRI GOLD AND ENERGY INC. ("YAMIRI") is
pleased to provide an update of results from its Helvecia property located in
south-west La Rioja Province, Argentina where the company has been actively
exploring for the past 12 months.
1) Urcuschun Geophysical Anomalies
In late 2006, an initial program of Pole-Dipole Induced Polarisation (IP)
and Magnetics (10 line kms) was completed by Quantec Geoscience Argentina S.A.
over the Urcuschun ridge zone where Carboniferous siliceous meta-sedimentary
rocks overly Ordovician limestones along a regionally-prominent,
shallow-dipping unconformity surface. A collapse-breccia unit sitting on this
unconformity surface is a known host for high-grade "manto" lead-zinc-silver
mineralization on the property; for example at the historic Helvecia mine
approximately 3km to the north of Urcuschun, grades of 30-35% combined
lead-zinc and 100-200g/t silver over 3-4m widths were mined from underground
workings in the 1900s.
The late-2006 geophysics program identified a broad zone of anomalous
chargeability values ((greater than)7.5mV/V) along the Urcuschun ridge with a
surface footprint of approximately 1,000m north-south by 300m east-west, and a
thickness of typically 50m starting at a depth of approximately 100m (please
see our website). Within this broader anomaly, two higher chargeability zones
(15-20mV/V) can be identified. On Line 2, follow-up IP at a 50m electrode
spacing has now confirmed an anomalous 300m by 200m footprint of high
chargeability coincident on section with a sharp resistivity contrast clearly
marking the limestone unconformity surface. Further to the north, a 400m by
200m high-chargeability zone straddles Lines 5 and 6, displays the same
coincident resistivity features as seen on Line 2, and remains open to the
Although IP chargeability responses can be generated by either a sulphide
or non-sulphide source, the chargeability values at Urcuschun are consistent
with sphalerite-galena mineralisation similar to other Argentine and Mexican
(carbonate-hosted) mineral deposits. Furthermore, soil sampling of the creeks
immediately down-dip west and south from Urcuschun demonstrate anomalous zinc
values of 90-534ppm.
The Urcuschun exploration results suggest a model of lead-zinc-silver
mineralization occurring as pods and mantos in the limestone breccia zone that
marks the contact between lower limestones and the overlying package of
silicified metasediments. Successful discovery of lead-zinc-silver
mineralization at Urcuschun would open up a significant strike length of
favourable ground further north along the unconformity contact, offering
shallow targets that could be easily accessed for underground mining.
2) Sediment-hosted Gold Mineralization
Recent sampling has outlined a zone of gold mineralization in silicified
limestone with values of 0.3-0.4g/t Au associated with elevated levels of
As-Sb, plus barite, lead, zinc, and silver values. Coincident decarbonation
and silicification (jasperoid) alteration suggest sediment-hosted gold
mineralization similar to the geological setting at Yamana's Gualcamayo
developing gold mine located immediately to the south and in the same package
of Ordovician limestones as Helvecia.
Additional surface mapping and sampling will focus on the extent of
silicification/jasperoid alteration around this new gold zone as a vectoring
guide for defining other sediment-hosted gold zones on the property.
Detailed surface and underground mapping will be completed shortly on the
uranium targets at Urcushcun and Urcal where historical resources containing
1.35M pounds of U3O8 were estimated by the Argentine Atomic Commission (CNEA)
in the 1970s (see Note 1 below). YAMIRI's surface trenching around Urcushcun
in late 2006 returned values averaging 0.16% U3O8 while at Urcal values of
more than 1% U3O8 have been obtained from the shallow vertical shaft developed
in the 1980s.
4) Drill Program
YAMIRI is now planning a scout drill program for the fourth quarter of
2007 to test the several targets on the Helvecia property principally: (1) the
lead-zinc-silver targets along Urcuschun ridge and possibly further north;
(2) uranium mineralization at Urcal and Urcuschun; and (3) the
limestone-hosted gold zone where recent sampling has returned gold values of
0.3-0.4 g/t Au.
As Vice President Projects for YAMIRI, Callum Grant P.Eng. is the
Qualified Person for the purposes of this press release.
For more information on Yamiri Gold & Energy Inc., please visit our
website at www.yamirigold.com.
Note 1: Although not NI 43-101 compliant, YAMIRI considers the Urcal and
Urcuschun historical resource estimates to be relevant since they are
based on CNEA's extensive work program of drilling, underground
development, and surface sampling. YAMIRI has not independently verified
the resource and investors should not rely on the above historical
resource. There is no economic evaluation that demonstrates the potential
economic viability of the stated resources therefore none of the
geological resources should be considered "reserves" under current CIM
Yamiri (TSX-V: YGI) is an exploration and development company focused on
precious metals and energy-related commodities. It holds more than 100,000 ha
(1,000 square km) of favourable ground in the La Rioja province of Argentina
which is known for precious metals, base metals, and uranium occurrences.
Yamiri's strategy is to advance and add value through sequential exploration
and joint venture programs on its existing properties, and to acquire
additional precious metal and energy-related targets of merit.
Forward looking Statements
This press release contains forward looking statements concerning
Yamiri's objectives and exploration program. Examples of such risks,
uncertainties and other factors include, but are not limited to the following:
(1) Yamiri's ability to discover mineral resources through its exploration
program; (2) changing regulations regarding Yamiri's activities and other
risks associated with exploration and development of mineral properties;
(3) general business and economic conditions; and (4) political and economic
developments in Argentina. Mineral resources that are not mineral reserves do
not imply economic viability. Actual results and developments are likely to
differ, and may differ materially, from those expressed or implied in the
forward-looking statements contained herein.
For further information:
For further information: Marguerite Manshreck-Head, Vice President
Investor Relations, Phone: (647) 224-7882; Gordon Keep, Phone: (604) 609-6110