TORONTO, Sept. 13, 2012 /CNW/ - Miocene Metals Limited (TSX-V: MII) (the "Company" or "Miocene Metals") today announced that its summer drilling and prospecting program had discovered widespread, scattered copper ("Cu"), gold ("Au"), silver ("Ag") and molybdenum ("Mo") mineralization on its expanded MacKenzie property located about 70 kilometres north of Pemberton, BC. Copper-Au-Ag-Mo mineralization was also intersected in two holes completed on the original MacKenzie showing.
Bruce Jago, President and CEO of Miocene Metals stated, "We are pleased with the results of our MacKenzie exploration program and particularly excited about widespread bornite mineralization that was discovered in quartz veins and stringers along the edge of the Miocene-age Bridge River pluton on the western edge of the property. This work demonstrates the considerable exploration potential of this property, which has seen little exploration in the past. We are continuing with our efforts to secure joint venture funding for our Rogers Creek, Salal and MacKenzie properties.
The reconnaissance work was highly successful, identifying three Cu-Au-Ag mineralized structural trends, which from west to east were named the Bornite Trend, Tillworth Trend and Breccia Trend. The locations of the three mineralised structural trends, regional geology and samples described in this press release are given on Figure 1, which can be found on the Company's website at www.miocenemetals.com immediately following a copy of this press.
Mineralization in the westernmost Bornite Trend (See Figure 1), which has an open-ended strike length of 7.5 kilometres, consists of scattered quartz-bornite-malachite ± chalcopyrite ± tetrahedrite veins and stringers up to 20 centimetres wide. These occur along the edge of the Miocene-age Bridge River pluton and within the host Coast Plutonic Complex and therefore are interpreted to be of Miocene age. Fourteen of the 27 grab samples (Table 1) collected along the Bornite Trend during the initial reconnaissance of this area this summer have copper values in excess of 0.25% copper with values ranging up to a maximum of 4.34% Cu with gold and silver values ranging from 0.001 to 0.445 g/t Au, and from 3.34 to 4,170 g/t Ag, respectively. Grab samples collected during reconnaissance represent rocks in which mineralization is readily observable and therefore are highly selective by nature and are unlikely to represent average grades of the mineralization.
Table 1: Selected* Bornite Trend Rock Sample Geochemical Analyses
|Sample ID||Location||Sample Type||Cu (%)||Au (ppm)||Ag (ppm)|
|* results for 14 of 27 samples collected along Bornite Trend with >0.25% Cu|
|** Contains tetrahedrite; has elevated As, Bi, Pb, Sb and Zn contents|
The Tillworth trend (Figure 1), with an open-ended strike length of 13 kilometres, hosts the main MacKenzie showing as well as quartz-chalcopyrite ± bornite ± molybdenite veins and stringers up to 30 cm wide along strike to the northwest and southeast. At the main MacKenzie showing Cu-Au-Ag-Mo mineralization occurs in high-grade, mineralized structures ranging in thickness from 0.3 metres to 9 metres, and as disseminated chalcopyrite, bornite and molybdenite mineralization in potassically-altered Coast Range plutonic rocks (see Miocene press releases dated August 12, 2010 and December 9, 2011). The mineralized structure is spatially associated with younger, fine-grained granodioritic and dioritic rocks of possible Miocene age similar to the age of the Bridge River Pluton. Of the 38 grab samples collected along the Tillworth Trend in 2012 (Table 2), the 26 samples with copper values ranging from 0.1% to a maximum of 17% Cu have gold and silver values from 0.001 to 1.46 g/t Au and 0.120 to 78 g/t Ag, respectively.
Table 2: Selected* Tillworth Trend Rock Sample Geochemical Analyses
|TILLWORTH TREND SAMPLES*|
|Sample ID||Location||Sample Type||Cu (%)||Au (ppm)||Ag (ppm)|
|* results for 26 of 38 samples collected all with >0.10% Cu|
|** also contains 1.82% Mo|
A deeply weathered, silicified, gossanous breccia and several smaller gossans located to the south-southeast define the eastern Breccia Trend, which has an open-ended 5 kilometre strike length. The breccia is exposed on the side of a mountain over an area of about 150 x 500 metres and consists of 30-50 metre wide vuggy silicified zones in contact with a north-northwest-trending dioritic dyke. These zones are characterized by intensely silicified pebble- to cobble-sized, sub-rounded to sub-angular fine-grained intrusive rock fragments cemented by a vuggy siliceous groundmass. Anastomosing veinlets with gray silica and copper-bearing sulphides cross-cut both fragments and groundmass. Streams draining this area show elevated values of copper to 108 ppm, or 2 to 3 times background and elevated levels of arsenic (to 29.5 ppm As), antimony (to 25 ppm Sb) and zinc (to 108 ppm Zn). The outcrop is deeply weathered and highly leached and very little fresh rock is exposed, but two silicified grab samples (M487778 and M487779) returned values of 0.174% Cu and 0.211% Cu respectively, with elevated levels of arsenic (693 and 419 ppm As), indium (0.108 and 0.16 ppm In), antimony (346 and 331 ppm Sb), and zinc (284 and 239 ppm Zn), respectively, typical of the geochemistry of some epithermal systems.
Grab samples (M487761 and M487775) from a highly weathered gossan located 4 kilometres to the south-southeast returned 0.215% and 0.06% Cu, respectively, whereas two samples (M487751 and M487752) from a highly weathered gossan six kilometres to the east returned 0.871 % and 0.641 % Cu, respectively.
Sample locations are shown on Figure 1, which can be viewed on the Company's website at www.miocenemetals.com immediately following this press.
The two drill holes completed at the main MacKenzie showing intersected the down-dip projection of fracture-controlled Cu-Au-Mo mineralization that is exposed in the cliff face near the MacKenzie showing (see Miocene press releases dated August 12, 2010 and December 9, 2011) indicating the mineralization is controlled by what appears to be a single strike and dip persistent mineralized structure. Although the drilling confirmed the continuity of the structure down-dip, widths and grades encountered were less than those observed in the cliff face with drill hole MMK-001 intersecting 0.24% copper over 0.2 metres and MMK-002 intersecting 4.47% copper, 0.059 g Au/t and 595 ppm Mo over 0.36 metres within a wider interval of 4.3 m grading 0.83% copper, 0.043 g Au/t and 96 ppm Mo.
The Qualified Persons responsible for the technical content of this press release are Jose Sayo Garcia, P.Geo, Vice President for Exploration of Miocene Metals and Bruce Jago, Ph.D. and P. Geo, President and CEO of Miocene Metals.
The grab sample assay results quoted above represent samples of mineralization collected from outcrop by Miocene Metals staff. Grab samples are selective by nature and are unlikely to represent average grades on the property. In each case samples of mineralized outcrop weighing approximately 0.3 to 4 kg were collected using a rock hammer. Both the drill core and rock samples for which assay results are reported in this press release were crushed to 70% passing 2 mm, after which a split was taken with a riffle splitter and pulverized to 85% passing 75 microns. The samples were then analyzed for 48 elements using Chemex's ME-MS61 package, which is an inductively-coupled plasma mass spectrometry (ICP-MS) method utilizing a near total four acid digestion. The samples were assayed for Au by standard lead collection/fire assay fusion (Au-ICP21) using a 30 gram pulp split and an inductively-coupled plasma atomic emission spectrometry (ICP-AES) finish.
About Miocene Metals Limited
Miocene Metals is focused on the exploration and development of six 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.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information (including "forward-looking information" within the meaning of applicable Canadian Securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of the Company, including, without limitation, those listed under "Risk Factors" and "Forward-Looking Statements" in the Company's Final Prospectus (collectively, "forward-looking information"). Forward-looking information in this news release includes, but is not limited to, information concerning the Company's summer 2012 drilling and prospecting 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 Company'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 Company does not assume any obligation to update or revise them to reflect new events or circumstances. The Company 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.
SOURCE: Miocene Metals Limited
For further information:
Please visit the Miocene Metal's website at www.miocenemetals.com, or contact:
Miocene Metals Limited
Bruce C. Jago, Ph.D., P.Geo
President and CEO of Miocene Metals Limited