HALIFAX, May 15, 2012 /CNW/ - Based on results of a second round of quartz vein pebble lag sampling, Stockport Exploration Inc. (TSX: SPT) (OTC: LMTCF) is advancing its testing on the Kamwango Grid, centrally located within the company's 2,000 km2 Kenyan property package. The second round returned similar results to the first, with 45 of 67 samples reporting relatively consistent gold grades greater than 0.01 g/t gold, and individual samples grading up to 8.11 g/t gold within an area of at least one km2 of surface quartz vein pebble lag deposits.
"Based on these results, we'll be advancing our test program to a stage that will allow us to estimate the true size and grade of this potential deposit," said Stockport Exploration President and CEO Jim Megann. "The test program will measure if the pebble lag could add significant and immediate value to our Kenyan property."
Quartz pebble lag deposits are formed by the direct erosion of outcropping quartz veins and accumulate as rubble at or near the surface in the area of the host quartz reef. As such, the pebble lag can vector exploration towards the host vein, and can also be considered a mineralized asset in its own right.
Stockport Vice-President of Exploration Matt Rees said, "The pebble lag at Kamwango is remarkably similar in occurrence to the lag found at the Migori-Nyanza mine in the mid-sixties, just 40 kms south of our location. That resource was recovered by CDC-Falconbridge, and led to identifying the host vein which was located under the pebble lag."
Stockport's first test-phase collection of 25 samples demonstrated an average grade of 1.3 g/t gold over total thicknesses from 0.3 metres to 1.6 metres (m), with an average thickness of 0.71 m. The results released today are from an additional 67 samples collected on a 100-metre x 100-metre grid over the mapped pebble lag The first test batch was collected from complete exposures of the lag thickness, the second batch reflects only minimum width and not necessarily true grades, as sampling was limited to a maximum depth of approximately 0.4 to 0.7 m.
Of the total 88 samples, only 25% returned gold values below the detection limit (<0.01 g/t gold), 10.2% returned grade greater than 2.0 g/t gold, while the highest grade sample returned 8.11 g/t gold. Overall, samples indicate relatively consistent gold values with:
- 5.7% of samples returning greater than 4.0 g/t gold
- 20.1% of samples returning greater than 1.0 g/t gold
- 33.0% of samples returning greater than 0.5 g/t gold
- 50% of samples returning greater than 0.1 g/t gold
A table of all grade results is available on the company website.
In both test batches, samples were composed only of quartz pebbles in order to standardize the sample media and speed up the collection process, although as indicated in the previous press release of May 3rd, the fine fraction matrix to the pebbles can carry significant gold values.
Stockport anticipates conducting an auger drill-based, tighter-spaced second stage assessment of the potential pebble lag grade and tonnage in the near future, which will include recovery of both the coarse and fine fractions of the pebble lag horizon.
About Stockport Exploration Corporation Inc.:
Stockport is focused on the exploration of a district-scale land package along a prolific gold-hosting greenstone belt in southwest Kenya. The 2,000 km2 property package has the potential to host multiple mineral deposits, including Lode-Au and Cu-Zn-Au-Ag massive sulphide types. Stockport also holds the La Morena Copper-Silver property in Coahuila, Mexico, the Seymour Lake Tantalum-Lithium-Beryllium property near Armstrong, Ontario, and the KM61 property, which hosts a 43-101 Compliant Molybdenum-Copper-Silver Resource, also near Armstrong, Ontario.
This press release was prepared under the supervision of Matthew Ian Rees, M.Sc., P.Geo., VP Exploration for Stockport, who is a Qualified Person as defined under National Instrument 43-101. Mr. Rees has reviewed the scientific and technical information in this press release. Standards, duplicates and blanks are submitted with the samples for QA/QC monitoring. Samples are stored in a locked building onsite, and delivered to the prep-lab in Mwanza by Company vehicles and drivers, in numbered, tamper-proof tagged gunny sacks. All assays reported were performed by ALS Chemex Laboratories in Johannesburg, South Africa.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, continuity of mineralization, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. The likelihood of future mining at the Nyanza Project is subject to a large number of risks and will require achievement of a number of technical, economic and legal objectives, including obtaining necessary mining and construction permits, completion of pre-feasibility and final feasibility studies, preparation of all necessary engineering for pits and processing facilities as well as receipt of significant additional financing to fund these objectives, as well as funding mine construction. Such funding may not be available to the Company on acceptable terms or on any terms at all. There is no known ore at the Nyanza Project and there is no assurance that the mineralization at the Nyanza Project will ever be classified as ore. For more information on the Company and the risk factors inherent in its business, investors should review the Company's Annual Information Form at www.sedar.com
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