VANCOUVER, April 22, 2013 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR; Frankfurt: MHM1) ("Mediterranean") is pleased to announce further results from surface sampling in the far northern part of its Celtik concession. The Hilal Zone is located about four kilometers northeast of Taç Project and three kilometers northwest of the Çeltik project, and was discovered as a result of regional exploration activities in 2012 (see press release of 26 November 2012).
Hilal is interpreted to be a northerly extension of the same epithermal system that hosts the Company's Corak, Cevreli, Tac, and Celtik projects and extends for more than 16 kilometers along the Coruh Fault system.
Follow-up work carried out in the first months of 2013 on Hilal zone consisted of chip sampling in order to test the continuity of the mineralization.
Figure 1 - Area of sampling at Hilal zone of the Celtik concession
The mineralized zone is thought to be underlain by tightly-folded package of intermediate lavas and pyroclastics (Artvin-Bolnisi Series) where partially eroded overturned fold hinges at the expose mineralization in structurally prepared rocks. The allochtonous volcanics and pyroclastics are overthrusted by imbricated rocks of the Bayburt-Karabakh Series.
The NNE-trending main mineralized zone extends for approximately a kilometer manifesting quartz and quartz-barite vein up to 0.7 m thick within wide haloes of advanced argillic and silicic alteration.
A total of 29 rock-chip samples were collected to characterize surface occurrences of copper-silver-base metal mineralization. Most notable was the 29.11% Cu and 47.1 g/t Ag value obtained in rock-chip Sample 44266. The following table shows the assay of rock samples taken at Hilal zone in 2013:
|Sample||Au (g/t)||Ag (g/t)||Cu (%)||Sample (area/length)|
|44238||0.035||1.40||0.65||2.0 x 2.5 m|
|44241||0.024||1.50||0.15||1.5 x 2.0 m|
|44243||0.010||0.90||n/a||2.0 x 2.0 m|
|44244||0.029||1.90||0.40||2.0 x 1.0 m|
|44263||0.007||1.30||0.28||1.5 x 2.0 m|
|44264||0.025||5.90||1.83||4.0 x 2.0 m|
|44269||0.115||54.60||10.95||2.0 x 2.0 m|
|44270||0.044||14.90||6.23||2.0 x 1.0 m|
|44286||0.034||0.90||n/a||4.0 x 2.0 m|
|44287||0.093||0.80||n/a||1.5 x 2.0 m|
|44294||0.008||0.50||n/a||3.0 x 2.0 m|
|44295||0.005||0.50||n/a||3.0 x 2.0 m|
|44296||0.012||0.50||n/a||4.0 x 2.0 m|
|44297||0.017||5.70||0.10||4.0 x 2.5 m|
|44298||0.047||1.20||0.13||3.0 x 2.0 m|
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.
Christopher Ecclestone, CEO, said: "This is very exciting news. We believe that the Yusufeli epithermal system remains completely open in all directions and the company is working hard on generating and prioritizing drill targets."
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.
SOURCE: Mediterranean Resources Ltd.
For further information:
Chief Executive Officer