VANCOUVER, Feb. 20, 2012 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR) (Frankfurt: MHM1) ("Mediterranean") announces results from five infill diamond core holes drilled enhancing the continuity of base metal values at the Corak property. Mediterranean owns 100% of the Corak and Tac advanced exploration properties together with six other properties situated along a continuous 12 kilometer mineralized trend in northeastern Turkey. Drilling continues at Tac where assay results are expected shortly.
- High grade gold values up to 40.7 g/t over short intervals.
- Multiple intercepts in each hole reported, from surface to 254 metres depth.
- Reported holes CD-205 and CD-206 were drilled approximately 450 metres and CD-207 and CD-208 were drilled approximately 300 metres northwest of the Village and South. CD-209 was drilled at the East zone (250m east of village zone) and tested valley zone between main (Village) zone and East zone.
- High grade Au intercepts from drill hole CD-209 (one metre of 40.7 g/t) and from drill hole CD-208 (0.7 metres of 23.3 g/t).
- Associated silver, lead and zinc values up to 102 g/t silver, 21 % zinc and 7.8 % lead.
- An updated Corak resource estimate incorporating current results is expected in the first half of 2012.
Current Corak Drilling Program
Some 1,100 metres of the 2011 Corak drill campaign have been completed. The five diamond core drill holes reported in this release are all drilled as infill holes along the Western side of the main deposit. Holes CD209 and CD208 confirm the continuity of high grade gold and base metal mineralization along the East and Northwest zones. The attached map (or link to http://www.medresources.ca/images/projects/maps/map-corak-lrg.jpg) correlates the mineralized zones with the new drill holes.
An Indicated Resource of 630,000 ozs Au (plus 1.30mn ozs Ag, 141 mn lbs Pb and 340.34mn lbs Zn) has already been established at Corak in an NI 43-101 compliant report released in 2008. Current drilling will be the basis of an updated resource estimate, expected in the first half of 2012.
Results are tabled below. True widths of the high grade veins reported are indeterminable at this stage. Depths of the reported holes range from 150 to 254 metres with the average being 206 metres.
|CD-209||From (m)||To (m)||Interval (m)||Au (g/t)||Ag (g/t)||Cu (%)||Pb (%)||Zn (%)|
|CD-208||From (m)||To (m)||Interval (m)||Au (g/t)||Ag (g/t)||Cu (%)||Pb (%)||Zn (%)|
|CD-207A||From (m)||To (m)||Interval (m)||Au (g/t)||Ag (g/t)||Cu (%)||Pb (%)||Zn (%)|
|CD-206||From (m)||To (m)||Interval (m)||Au (g/t)||Ag (g/t)||Cu (%)||Pb (%)||Zn (%)|
|CD-205||From (m)||To (m)||Interval (m)||Au (g/t)||Ag (g/t)||Cu (%)||Pb (%)||Zn (%)|
Qualified Person and QA/QC
Alex Gostevskikh is the qualified person who has reviewed the data in this news release. The ALS Chemex Izmir laboratory used standard fire assay and atomic absorption methods in performing all gold and multi-element analyses.
NI 43-101 compliant resource estimates (Indicated: 1.5mn ozs of Au, 64mn lbs Cu, 141mn lbs Pb and 340mn lbs Zn and Inferred: 290,000 ozs Au, 9.81 mn lbs Cu, 34.76mn lbs Pb and 82mn lbs Zn) have been established at the Tac and Corak properties; drilling has also been undertaken on the Celtik property on targets identified by surface exploration programs including soil geochemistry and IP geophysical surveys. Ground exploration to develop drilling targets is ongoing at the Cevreli property and for the new Copper Zones at North Corak. Additional exploration licenses have been obtained which allow a continuous property holding along a 12 kilometre mineralized trend.
About Mediterranean Resources
Mediterranean acquired an undivided interest in the Tac and Corak properties from Teck Cominco in 2006. Approximately $18 million in cumulative expenditures have been made to date. The Cevreli and Celtik properties were acquired directly by Mediterranean. Mediterranean is well financed for continued exploration.
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.
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President and CEO