VANCOUVER, Jan. 3, 2012 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR; Frankfurt: MHM1) ("Mediterranean" or the "Company") is pleased to announce the discovery of two new areas of gold-copper mineralization in previously unexplored sections of its extensive Red Mountain project in Artvin province in northeastern Turkey.
Fig. 1. MNR tenements at the Red Mountain Project including Concession 20063647 (hatched) can be found at the following link: http://www.medresources.ca/news/2012/january03/maps/index.php#fig1
A new mineralized zone has been identified through surface rock sampling approximately 2.2 km to the northwest of the central part of the Corak deposit, within the boundaries of Concession 200809778. The gold-copper and base metal mineralization occurs within a 350 m by 200 m northwest-trending argillic alteration zone (Fig. 2).
The rock sampling at Corak West has produced the following significant results:
|Sample No||Sample Type||Au, g/t||Cu, %||Pb, %||Zn, %|
The Corak West zone further extends the potential of the previously known mineralization at Corak and represents an opportunity for generating new drill targets for expanding the Corak resource.
Fig. 2. Rock sampling at Corak West can be found at the following link:
The discovery was made during the construction of a forestry road in the summer of 2011 when an extensive zone of argillic alteration was exposed in the underlying andesitic volcanics.
The new mineralized zone, henceforth to be known as Cevreli North, is located within the limits of Concession 20069647 (Fig. 01) and comprises of over 150m of what is interpreted to be gold-copper high-sulfidation epithermal mineralization.
The Company executed a limited field program comprising channel sampling at the outcrop along the new road at Blocks 2 and 3 and rock sampling at Block 1 (Fig. 3).
Fig. 3. Cevreli North sampling and location of the new forestry road can be found at the following link: http://www.medresources.ca/news/2012/january03/maps/index.php#fig3
Block 1 is situated some 215 m to the west of Blocks 2 and 3, about 40 m higher within the same lithological sequence. Block 1 was sampled with 13 rock samples from surface.
The sampling at Concession 20063647 included significant assays as follows:
|Sample No||Zone||Sample Type||Sample Length||Au, g/t||Cu, %||Zn, %|
The Company views these results as a discovery of significant new potential as it further demonstrates the extensive scale of the Red Mountain mineralized system and suggests an opportunity for substantial lateral expansion of the Tac-Corak resource. The Cevreli North mineralized zone occurs along the general strike of the Tac-Corak trend, some 6.8 km northeast of the Corak deposit and 2.7 km west-northwest of the Tac deposit.
These two new discoveries at Corak West and Cevreli North provide evidence for the high-sulfidation epithermal mineralization in the areas where no drilling or surface sampling has been done before and suggest promising targets for the 2012 drilling program.
Mediterranean Resources and its subsidiaries adhere to industry standard quality assurance and quality control procedures for all samples. The QA/QC program includes the insertion of blanks, duplicates and certified standards into the sample stream. Gold and multi-element assaying is undertaken by ALS at its laboratories in Izmir, Turkey and Vancouver, Canada.
Alex Gostevskikh, MMSA (QP), a Director of the Company, is a Qualified Person as defined by National Instrument 43-101. Mr. Gostevskikh has reviewed and consents to the publication of all technical information included in this news release.
On behalf of the Board of Directors,
President and CEO
Neither Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company in any jurisdiction. The securities to be issued pursuant to the Unit Offering by the Company have not and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.
Certain information set out in this News Release constitutes forward-looking information, which may include information relating to the exploration and development of the Company's properties. Forward-looking statements (often, but not always, identified by the use of words such as "expect", "may", "could", "anticipate" or "will" and similar expressions) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties. Forward-looking statements are based upon the opinions, expectations and estimates of management of the Company as at the date the statements are made and are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Those factors include, but are not limited to risks, uncertainties and other factors that are beyond the control of the Company, risks associated with the industry in general, commodity prices and exchange rate changes, operational risks associated with exploration, development and production operations, delays or changes in plans, risks associated with the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. In light of the risks and uncertainties associated with forward-looking statements, readers are cautioned not to place undue reliance upon forward-looking information. Although the Company believes that the expectations reflected in the forward-looking statements set out in this press release or incorporated herein by reference are reasonable, it can give no assurance that such expectations will prove to have been correct. The forward-looking statements of the Company contained in this press release, or incorporated herein by reference, are expressly qualified, in their entirety, by this cautionary statement.
For further information:
President and CEO