TORONTO, Feb. 16, 2012 /CNW/ - Martina Minerals Corp. (the "Company") (TSX.V: MTN) is pleased to announce the receipt of new assay data by its affiliate Comval Tribal Resources Corporation ("CTRC"), pertaining to the TRIMA 2 project near Monkayo, Compostela Valley, Eastern Mindanao, Philippines. Full background information was filed by the Company on 29 August 2011 as a Technical Report by ACA Howe International Limited ("ACA Howe") on www.sedar.com.
CTRC is exploring for epithermal gold and porphyry-style copper-gold mineralization. A prospectivity sketch map of TRIMA 2 based on CTRC MapInfo files is attached below. The map is an interpretive compilation of geological, geochemical and geophysical data. A version of this map which will locate the individual prospects briefly mentioned below, will be available on the company website and on SEDAR. Interested parties may also request a copy by contacting the email addresses noted below.
In December 2011, the internationally accredited Intertek-McPhar Laboratories Philippines, reported to CTRC multi-element assay results (Cu, Pb, Au, Ag, Mo, As, Ba, Sr, Ti and V) of 104 rock samples collected in September-October 2009. All of these are from channel sample locations on TRIMA 2. Interpretation of the significance of the results is ongoing. Threshold values were determined by calculating the geometric mean plus one standard deviation (Cu ≥ 57 ppm, Au ≥ 0.12 ppm, Ag ≥ 0.99 ppm). Anomalous values are regarded as those results having greater than the geometric mean plus two standard deviations (Cu ≥ 88 ppm, Au ≥ 0.23 ppm, Ag ≥ 126 ppm).
- The copper results show 20 samples in several locations above a threshold of 57 ppm Cu including 6 anomalous samples with 89 to 225 ppm Cu.
- The gold results show 4 samples above a threshold of 0.12 ppm Au including 1 anomalous sample with 0.98 ppm Au.
The attached map indicates the locations of those rock samples with threshold and anomalous Cu, Au and Ag, together with locations of those rock samples with threshold and anomalous values in other elements. It is believed that the geochemical signatures are depressed by tropical leaching of hydrothermally clay-altered exposures. More sensitive analytical techniques will be utilized to detect precious metals down to parts per billion, to define geochemical anomalies in future surveys. Nearsurface leaching suggests that there may be a supergene enrichment zone at depth, such as that which occurs at the Hinoba-an deposit in Negros, Philippines, which can only be tested by future drilling.
Previously, CTRC carried out a soil geochemical survey on TRIMA 2 on four east-west lines 400 metres apart using 50 metre sample spacing (Line 6400N, 8000-10450E; Line 6800N, 8000-10400E; Line 7200N, 8000-10550E; Line 7600N, 8000-10250E).
Soil geochemical survey threshold values were determined by calculating the geometric mean plus one standard deviation (Cu ≥ 104 ppm, Au ≥ 0.04 ppm). Anomalous values were regarded as those results having greater than the geometric mean plus two standard deviations (Cu ≥ 146 ppm, Au ≥ 0.06 ppm).
- The copper results show 24 samples in several locations above a threshold of 104 ppm Cu including 9 anomalous samples with 146 to 259 ppm Cu.
- The gold results show 20 samples above a threshold of 0.04 ppm Au including 6 anomalous samples with 0.06 to 0.122 ppm Au.
In order to put the rock sample results into perspective, ACA Howe has checked and corrected the CTRC MapInfo data and plotted threshold and anomalous CTRC soil copper and gold on these lines in the attached map. Including historical geochemical copper anomalies, this indicates a copper anomaly located in the northeast part of TRIMA 2 measuring 900 metres east-west by up to 700 metres northsouth that is open to the north.
The new rock sample data complement results described in the Technical Report. These new data and soil geochemical data of CTRC on lines 400 metres apart, generally confirm historic copper and gold geochemical anomalies identified by previous operators. Historic geochemical anomalies identified by previous operators are currently under review and the results will be released as soon as they are available.
CTRC ground geophysical surveys (dipole-dipole induced polarisation (IP) and ground magnetics) and detailed mapping of the geology, silica caps and clay-alteration, confirm the potential for the discovery of epithermal gold and possibly deeper, porphyry-style, copper-gold mineralization, which is summarized on the attached map. These ground geophysical surveys indicate two large areas of high prospectivity:
|CENTRAL A large central area with high chargeability at depth, coincident with an extensive magnetic low anomaly, coincident with a large clay-alteration zone and CTRC and historic gold geochemical anomalies and gold anomalous CTRC rock samples.|
|EASTERN An extensive magnetic low anomaly coincident with another large clay-alteration zone with CTRC copper and gold soil geochemical anomalies and an historic arsenic geochemical anomaly in the southern part.|
As mapped, the CENTRAL area is cut by a west-northwest trending fault and the EASTERN area is cut by a northeast trending fault. These faults may be of metallogenetic significance and may also be the conduits of geochemical dispersion from mineralisation at depth.
Nine closely focused exploration targets have been identified, so far, which will be further refined when the interpretation of the combined geophysical results from Southern Geoscience Consultants (SGC) of Perth, Western Australia, is completed. A comprehensive fill-in and extension exploration program is being planned to fill gaps in the available data prior to the selection of drill targets.
Commenting on the results to date, Mr Willie McLucas, President and CEO of the Company said "These early stage results from TRIMA 2 have lifted our confidence that we have good indications for several epithermal gold targets, with potential for an underlying porphyry copper target".
Mr. J.G. Langlands, BSc, FGS, FIMMM, CEng., Principal Geologist and Qualified Person with ACA Howe, has reviewed and approved the technical information contained in this news release.
The Company also wishes to announce that, subject to TSX Venture Exchange approval, it has agreed to issue 4,600,000 shares in settlement of a total of $230,000 of outstanding debt owing in respect of legal, book-keeping and administrative services rendered to the Company. The proposed debt settlement will enable the Company to invest more of its available cash resources in mineral exploration and development initiatives in the Philippines.
This press release includes certain "forward-looking statements". All statements regarding the ability of the Company to successfully delineate new resources in proposed drilling programs are forwardlooking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward looking statements" involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such risks and uncertainties include risk factors as discussed in the Company's filings with Canadian securities regulatory agencies. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The foregoing statements expressly qualify any forward-looking information contained in this news release.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
Willie McLucas, President and CEO, + 44 7881 816 980, or by email at [email protected]
Neil Murray Lyon at MI3 in Montreal, + 1 514 904 1333 or by e-mail at [email protected]