Oceanus Confirms High Grade Gold at Third Zone on the La Lajita Property in Mexico
12 Jun, 2013, 10:35 ET
/NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
HALIFAX, June 12, 2013 /CNW/ - Oceanus Resources Corporation (TSXV:OCN) ("Oceanus" or the "Company") announces the initial results from underground and surface channel samples collected within the Santo Nino zone, one of seven mineralized zones on the La Lajita property, have returned high grade gold over significant widths. Highlighted assay results include the following;
- 10.64 g/t gold and 41.0 g/t silver over a length of 10 meters from underground channel SPML-015
- 3.46 g/t gold and 42.3 g/t silver over a length of 16 meters from surface channel SPML-016
Santo Nino Zone
The current work has confirmed gold and silver mineralization at the Santo Nino for a strike length of 120 meters and up to 15 meters in width on surface exposed in surface trenches and small underground workings. The Santo Nino zone is located about 600 meters along strike to the north of the Dos Hermanos zone and is situated on the same fault system as Dos Hermanos.
Santo Nino is the third of seven known zones of the La Lajita property which has been sampled and checked by Oceanus since the start of the 2013 field program. All three zones (Guadalupe, Dos Hermanos and Santo Nino) have confirmed the presence of high-grade gold mineralization.
A total of 57 channel samples averaging 2.0 meters in length were collected from eight (8) channels cut perpendicular to the strike of the mineralization over a strike length of 95 meters (2561000N to 2561075N). Significant results from the underground and surface channel samples at Santo Nino are presented in the following table.
|Channel #||Description||Comment||Length* (m)||Au (g/t)||Ag (g/t)||EqAu50** (g/t)|
- Not reported as true thickness
- EqAu50** = Ag grade/50 + Au grade
Like the Dos Hermanos zone, Santo Nino mineralization appears to be associated with a northwest striking fault zone that dips approximately 45o-55o to the southwest. Weakly disseminated sulphide and isolated visible gold mineralization were observed at this location, hosted by brecciated, maroon, andesitic pyroclastic rocks showing hematitic and silicic alteration.
In 2004, International Northair Mines released gold and silver assay results for surface channel and reverse circulation drill samples at Santo Nino which returned the following results;
- 8.3 g/t Au and 64.5 g/t Ag (or 9.56 g/t eqAu50**) over 8.0 meters in channel sample CSL-14;
- 8.5 g/t Au and 36.0 g/t Ag (or 9.23 g/t eqAu50**) over 8.0 meters in channel sample CSL-38;
- 6.1 g/t Au and 39.3 g/t Ag (or 6.9 g/t eqAu50**) over 8 meters in channel sample CSL-40; and
- 2.74 g/t Au and 19.4 g/t Ag (or 3.13 g/t eqAu50**) over 6.1 meters in RC drill hole TRC-04-009.
Oceanus is continuing to complete a thorough mapping, sampling and survey of the surface and underground workings, and have identified drill targets. Core drilling of the zone is currently in progress.
Current Exploration Program
Oceanus mobilized an experienced exploration team to the La Lajita property in April 2013 to map and sample the known gold and silver prospects; to complete a structural analysis of the NW-SE trending fault structures on the property and to carry out a diamond drilling program to verify the results obtained in legacy reverse circulation drill holes at the Guadalupe, Dos Hermanos and Santo Nino prospects. Oceanus has contracted SPM Perforacion of Hermosillo, Mexico to drill 1000 meters of NQ size core. A bulldozer is preparing the drill roads and drill pads for the rig. Oceanus has also contracted MPX Geophysics to fly a helicopter borne magnetics and radiometric survey over the property to assist with the geological interpretation of the intrusive rocks and structures.
Lab Preparation and Assay
Oceanus samples are prepared and assayed by Activation Laboratories Ltd. ("Actlabs"). Actlabs is a CAN-P-1579, CAN-P-4E (ISO/IEC 17025:2005) accredited laboratory and independent of Oceanus. The sealed and tagged sample bags are turned over to ActLabs personnel at the site who transport them to the ActLabs facility in Zacatecas, Mexico. ActLabs crushes the samples and prepares 200-300 gram pulp samples with ninety percent of the pulp passing Tyler 150 mesh (106μm).
The pulps are assayed for gold/silver using a 30 g charge by fire assay (Codes 1A2) and over limits greater than 3 g/t are re-assayed using a gravimetric finish (Code 1A3). Silver analysis is performed using atomic absorption spectrometry (Code ME-AR) after multi-acid digestion. Over limit values greater than 100 g/t silver are re-assayed using fire assay with a gravimetric finish (Code 8-Ag). Copper, lead, zinc and other element analysis is completed using the ICP-41 (Code IF2) for all the other elements.
Quality Assurance/Quality Control and Data Verification
Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the sample strings. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data. All results stated in this announcement have passed Oceanus's quality assurance and quality control ("QA/QC") protocols.
David R. Duncan, P. Geo., a director of the Company, is the Qualified Person for Oceanus as defined under National Instrument 43-101. Mr. Duncan has reviewed the scientific and technical information in this press release.
About Oceanus Resources Corporation
Oceanus Resources Corporation is a well-financed gold exploration and development company run by a team of mining professionals with international experience in discovering open pit gold mines. Oceanus is exploring the 3200 km2 La Lajita Property located in the Sierra Madre Mountains of Durango, Mexico. Epithermal, low-sulphidation gold and silver mineralization associated with considerable hematite and silica alteration is hosted along NW-SE trending fault/breccia structures that have been traced over a strike length of 2 km and to known depths of 150 meters. The mineralization is exposed on surface in numerous small scale "gambusino" workings and in underground workings at the Mina la Guadalupe deposit.
Neither 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.
This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Oceanus, are forward-looking 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. Important factors that could cause actual results to differ materially from Oceanus's expectations are exploration risks detailed herein and from time to time in the filings made by Oceanus with securities regulators.
SOURCE: OCEANUS RESOURCES CORPORATION
For further information:
Richard Gordon, President, Oceanus Resources Inc., T: 902 441-6700 F: 902 446-2001
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