TORONTO, Feb. 15, 2012 /CNW/ - Celtic Minerals Ltd. (CWE) ("Celtic" or the "Corporation") wishes to announce that drilling results for drill hole NEV031 have been released on the Crater Mountain project by the project operator, Gold Anomaly Limited (ASX: GOA). Further to a settlement agreement, Celtic is expected to own a 2% free carried interest in the Crater Mountain Project.
Some highlights of this latest drilling (excerpt from February 13th, 2012 press release by Gold Anomaly Limited) are as follows:
- NEV031 in new mineralised zone characterised by gold and copper
- NEV031 drilled 100m to 200m to the NE of the current mixing zone resource boundary
- Broad intersections of 228m @ 0.57 g/t Au and 0.07% Cu and 32m @ 0.73 g/t Au and 0.08 % Cu including several +1.0 g/t Au intersections with best 24m @ 1.30 g/t Au and 0.09% Cu
- Elevated copper values throughout most of hole
- Results indicate potential to increase existing resource significantly from current 790koz Au
- Future infill drilling between NEV019 and NEV031 to test for higher grades where mineralised phases potentially overlap similar to Link Zone at Wafi
- NEV031 interpreted as closer to potential source of copper gold mineralisation
- Nevera tonnage potential further enhanced with 11 of 13 holes drilled by GOA now identifying significant gold zones
- Results to date indicate that Nevera is a typical large and complex New Guinea Orogen mineralised hydrothermal system, with excellent potential to host a number of economic deposits within its bounds.
|Table 1: NEV031 Significant Results|
|30m to 48m||18m @ 0.27 g/t Au|
|62m to 66m||4m @ 0.36 g/t Au|
|92m to 124m||32m @ 0.73 g/t Au & 0.08% Cu|
|including:||94.9m to 100m||5.10m @ 1.38 g/t Au & 0.31% Cu|
|106m to 116m||10.0m @ 1.10 g/t Au & 0.02% Cu|
|182m to 206m||24m @ 0.51 g/t Au|
|including:||200m to 204m||4m @ 1.57 g/t Au|
|228m to 454m||228m @ 0.57 g/t Au & 0.07% Cu|
|including:||318m to 342m||24m @ 1.30 g/t Au & 0.09% Cu|
|360m to 364m||4m @ 1.43 g/t Au|
|442m to 452m||10m @ 1.23 g/t Au & 0.14% Cu|
|532m to 540m||8m @ 0.22 g/t Au|
|572m to 580m||8m @ 0.31 g/t Au|
|594m to 602.9m end of hole||8.9m @ 0.23 g/t Au|
The above intercepts were calculated using a 0.20g/t Au COG, using a minimum intercept width of 2m, and a maximum of 4m of internal dilution. The intercept was calculated using a weighted average, whereby the summation of the individual sample grade is multiplied by the sample width then divided by the intercept length. Each sample if of half core and each sample length is 2m. High grade intercepts are calculated using a 0.50 g/t Au COG, using the same methodology as the 0.20 g/t Au COG.
The operator, Gold Anomaly, is an Australian Stock Exchange reporting issuer, which utilizes the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The full text of results can be accessed at : (Ctrl Click to follow link)
As previously announced on January 25, 2012, Celtic has reached a settlement with respect to its ownership interests in the Crater Mountain Project. Pending receipt of final documentation, Celtic has agreed to convert to a 2% carried interest in the Crater Mountain Project, along with the payment of CND$108,159 in cash to Celtic; by Triple Plate Junction PLC (TPJ:AIM). Celtic would like to clarify the statement made in the previous press release which stated "Mr. Cullingham would like to affirm that the situation arose from earlier negotiations among past administration of which neither the current management of Celtic or Triple Plate were involved with at that time." In fact, the underlying Joint Venture Agreements were negotiated and entered into previously by past administration; however, the dispute over the respective ownership interest arose recently.
Proposed Private Placement
Celtic is also pleased to announce that it is proposing to issue, by way of private placement (the "Private Placement") 102,000 common shares ("Common Shares") of the Corporation at a purchase price of $0.07 per Common Share for gross proceeds of $7,140.00, subject to regulatory approval. The net proceeds of the Private Placement will be used to effect payment for previously provided geological services on the Dawson Project.
The Common Shares will be sold on a private placement basis and will be subject to a hold period of four months plus one day from the date of issue. Closing of the Private Placement is expected to occur on or about February 17, 2012 and is subject to regulatory approval.
Additional information regarding Celtic Minerals Ltd. is available on the company's website at www.celticminerals.com.
The estimates provided are not necessarily in compliance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Corporation provides no assurance that such estimates should be relied upon. Moreover, work required to verify and classify the resource and reserve estimates as current mineral resources or minerals reserves in accordance with NI 43-101 has not been carried out by the Corporation and the Corporation is not treating these estimates as current mineral resources or mineral reserves as defined in sections 1.2 and 1.3 of NI 43-101. Finally, the Corporation does not make any representation or warranties as to the accuracy of such estimates. Dr. Wayne Ewert, Ph.D., P.Geo is the qualified person who has reviewed the technical contents of this news release. Dr. Ewert has not verified the data disclosed, including sampling, analytical and test data underlying the information or opinions contained in the written disclosure. Dr. Wayne Ewert is a qualified person who is not independent as Dr. Ewert is a director of the Company.
Forward Looking Statements:
Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"). Although the forward-looking statements contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, the Corporation cannot be certain that actual results will be consistent with these forward-looking statements. In particular, this release contains forward looking information relating to expectations as to interests held in the Crater Mountain Project and future infill drilling expectations, the intended use of net proceeds of the Private Placement, the receipt of applicable regulatory approvals and the anticipated use of the net proceeds. A number of factors could cause events and achievements to differ materially from the results expressed or implied in the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause the Corporation's actual results, event, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Corporation has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Any forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law.
For further information:
Paul Cullingham, President and Chief Executive Officer
Celtic Minerals Ltd.
Phone: (416) 435-5282
Fax: 1(888) 678-7396
Email: [email protected]
Garth Douglas, Investor Relations
Phone: (416) 785-0176
Fax: 1(888) 678-7396
Email: [email protected]