TORONTO, Jan. 12, 2012 /CNW/ - Miocene Metals Limited (TSX-V: MII) (the "Company" or "Miocene Metals") today announced the final results from its 2011 surface exploration and drilling programs on its Rogers Creek property located 40 kilometers south of Pemberton, in southwestern British Columbia.
Highlights of the work completed in the summer include:
- Confirmation of structurally controlled high-level copper-gold mineralization, indicative of the edge of a porphyry system, in two holes drilled on the northwestern edge of Target 1. Best results were from WRC-007, which intersected 380 ppm Cu over 150.9 metres from 345.60 to 496.50 metres, including 12.3 metres of 0.172% Cu.
- Identification of a 200 x 800 metre copper and gold soil geochemical anomaly on the western flank of the 2 x 6 kilometre area of alteration and mineralization comprising Targets 1 and 2;
- Discovery of surface gold/copper mineralization within the southern part of the soil anomaly with channel sample values of 9.12 metres of 1.958 g/t gold ("Au"), 0.573% copper ("Cu") and 13.7 g/t Ag ("Ag"), similar to the average of the 11 grab samples (2.679 g/t Au, 0.820% Cu and 19.23 g/t Ag) collected over the 80 x 100 metre discovery area;
Commenting on the results Bruce Jago, President and CEO of Miocene Metals stated, "We achieved quite a lot in a very short field season, which really only got into full swing in mid-August after successful completion of our IPO. We extended the mineralized area associated with Targets 1 and 2, and our drilling confirmed our mineralization model. This has identified a number of high quality targets for our 2012 drill program. This is excellent progress considering that the Rogers Creek area was not even identified as having any mineralization a few years ago."
At Target I, drill holes MRC-006 and MRC-007 were drilled to test IP anomalies in the area north of the mineralization encountered in drill holes WRC-001 (scattered copper mineralization over 178.45m, including 0.105% copper over 7.0 m ) and WRC-002 (0.2 g/t Au over 120 m including 1.05 g/t Au over 13.5 m and 0.51 g/t Au over 16.0 m) drilled by Wallbridge Mining Company Limited in 2009 (See Wallbridge press release dated December 9, 2009). The mineralization in these historic holes is interpreted as being part of an outer pyritic shell that typical occurs on the margins of a buried porphyry system.
MRC-006 and MRC-007 both intersected elevated copper and gold values within sparsely disseminated pyrite-chalcopyrite mineralization and porphyry-style alteration (propylitic and chloritic/argillic) assemblages along substantial core lengths (up to 150 metres). As with holes WRC-001 and WRC-002, alteration assemblages and the intensity of Cu-Au mineralization are consistent with intersections in the outer pyritic halo of a buried porphyry system.
The most interesting mineralization was observed in Hole MRC-007 (the last hole in the 2011 program), which intersected 380 ppm Cu over 150.9 metres from 345.60 to 496.50 metres, including:
- 0.071% Cu over 3.0 metres from 200.4 to 203.7 metres
- 0.089% Cu over 8.0 metres from 222.0 to 230.0 metres
- 0.05% Cu over 16.7 metres from 363.0 to 379.7 metres
- 0.172% Cu over 12.3 metres from 422.2 to 434.2 metres
- 0.067% Cu over 6.0 metres from 447.0 to 453.0 metres
Soil sampling early this summer on the northwestern end of a gold/copper soil geochemical anomaly on the western flank of Target 2 extended the size of the soil anomaly, which is open to the north-east, to an area of over 200 x 800 metres. The soil anomaly is defined by gold-in-soil values of between 25 and 542 ppb gold and copper-in-soil values between 100 and 1,115 ppm copper.
Mapping, prospecting and surface sampling within this soil geochemical anomaly located surface gold/copper mineralization within an 80 x 100 metre area located in the southern part of the anomaly. The mineralization consists of up to several percent disseminated chalcopyrite and lesser pyrite with rare chalcopyrite and pyrite veins up to 1 cm wide.
Channel sampling of the surface mineralization returned 9.12 metres of 1.958 g/t gold ("Au"), 0.573% copper ("Cu") and 13.7 g/t silver ("Ag") similar to the average of 11 grab samples (2.679 g/t Au, 0.820% Cu and 19.23 g/t Ag) collected over the 80 x 100 metre discovery area in June 2011 (See Miocene press release dated July 8, 2011). Shallow drilling beneath the surface mineralization intersected only weakly anomalous gold and copper values, but did demonstrate that the altered and mineralized host rock of the surface showing and related structures continued to the north beneath the northern extent of the copper and gold soil geochemical anomaly, which has not been drill tested at this time.
Drill core samples reported in this press release were logged, marked for sampling and halved using a diamond saw cutting machine at Miocene's Rogers Creek drill camp. Representative half cores were collected and placed in individually labeled bags, the bagged samples inserted in sample number sequence with certified reference materials and delivered by Miocene personnel to SGS Minerals analytical facility located in North Vancouver, British Columbia. At SGS, samples were dried, crushed to 75% passing 2 mm, after which a 250 gram split was taken and pulverized to 85% passing 75 microns. For each sample, a 20-gram pulp was then analyzed for 49 elements using SGS's ICM40B method, which utilizes Inductively-Coupled Plasma Mass Spectrometry (ICP-MS) and Inductively-Coupled Plasma Optical Emission Spectrometry (ICP-OES) and a near-total, four acid digestion. For Au, a 30 gram pulp split was assayed by standard lead collection/fire assay fusion (FAA313). The dore bead was acid-digested and analyzed for gold content using Atomic Absorption Spectrometry (AAS). Over-limit values for Ag and Cu were reconciled using SGS methods AAS42E and ICP90Q, respectively.
The Qualified Person responsible for the technical content of this press release is Jose Sayo Garcia, P.Geo, Vice President Exploration of Miocene Metals.
About Miocene Metals Limited
Miocene Metals is focused on the exploration and development of seven porphyry copper-gold-molybdenum properties in south-western British Columbia that occur within the Tertiary-aged Cascade Magmatic Arc. The Cascade Arc shares many geological characteristics with Tertiary-age porphyry belts that stretch the length of Chile and Peru in South America and hosts some of the world's largest porphyry copper-gold-molybdenum deposits. The Cascade Magmatic Arc hosts a number of significant porphyry Cu-Au and Mo deposits in Washington State, and Alaska (Glacier Peak and Margaret, and Quartz Hill respectively) but remains largely unexplored in British Columbia.
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This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of the Corporation, including, without limitation, those listed under "Risk Factors" and " Forward-Looking Statements" in the Corporation's Final Prospectus (collectively, "forward-looking information"). Forward-looking information in this news release includes, but is not limited to, information concerning the Corporation's expectations and estimates regarding the Corporation's drilling program. The Corporation cautions investors about important factors that could cause actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that the expectations set out in the Corporation's Final Prospectus or herein will prove to be correct and accordingly, prospective investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this press release and the Corporation does not assume any obligation to update or revise them to reflect new events or circumstances. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
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