VANCOUVER, June 4, 2012 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR) (Frankfurt: MHM1) ("Mediterranean") is pleased to announce further results from surface sampling in the western sector of the new Cevreli North zone that was first highlighted in early January of 2012.
The discovery was originally made during the construction of a forestry road in the summer of 2011 when an extensive zone of argillic alteration was exposed in the underlying andesitic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, known as Cevreli North, is located within the limits of Concession 20069647 and comprised over 150m of what is interpreted to be gold-copper high-sulphidation epithermal mineralization.
Through surface rock sampling and mapping in recent months the newly discovered Cevreli North zone has been extended 1 kilometre to the west. The gold, silver and base metal mineralization (Zone-1, Zone-2, Zone-3) is associated with quartz veins (up to 0.7 m wide) and veinlet swarms. To view the Cevreli North sampling, please see Fig.1. in the following link :-
High grade gold and silver assays, up to 6.1 g/t, and significant base-metal values have been generated by rock sampling at Zone 3. The results are summarized in the following table:
|SAMPLE||Au g/t||Ag ppm||Cu ppm||Pb ppm||Zn ppm|
Rock sampling at Zones 1 and 2 produced particularly high zinc assays. Elevated silver grades have been found to occur in continuous zones of mineralization.
|SAMPLE||Au g/t||Ag ppm||Cu ppm||Pb ppm||Zn ppm|
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 further occurrences at Cevreli North provide evidence for the high-sulphidation 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 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.
Signed on behalf of the Board of Directors.
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 estimates of sales and revenue of MNR. 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:
Chief Executive Officer