VANCOUVER, BRITISH COLUMBIA, April 2 /CNW/ - Lori McClenahan, President
of St. Elias Mines Ltd. (TSX VENTURE:SLI) (U.S. Clearing Symbol:SELSF) (the
"Company"), is pleased to announce the discovery of high-grade gold on the A-4
Vein System within the Zona Central area of the Tesoro Gold Project (the
"Property") located in southwestern Peru. Channel sample results from the 12-m
level of the A-4 shaft include 1.0m of 71.6g/t Au (2.08 oz/t) and 60cm of
33.2g/t Au (0.97 oz/t). The discovery was made as a result of cleaning out a
short, rubble-filled shaft. The Company has subsequently deepened this shaft
from approximately 7m to 35m (115 feet).
Zona Central is located approximately 750m southeast of the ZCV#1 Vein. A
map showing the location of the Zones within the Property can be viewed at
http://www.steliasmines.com/properties/PeruFig3.pdf. Zona Central, located
within the northern area of the Property, is one of five gold-bearing zones
identified to date on the Property.
The A-4 Vein System, comprised of two know veins, is part of eight other
main veins (or vein swarms) with an aggregate length of approximately 3,000m,
within an area measuring 1,000m x 1,200m, that comprise Zona Central. On
surface, the A-4 Vein System extends for at least 650 meters, has a
northwesterly strike and varies in width between 25cm and 43cm.
The A-4 shaft was originally sunk by informal miners to follow a single
quartz vein hosted within a shear zone. Much to Company's delight, at the 8-m
level, a second vein was encountered that is up to 1.0 meter wide and commonly
contains coarse visible gold. The two veins are separated by a sheared
andesite dyke that is generally 40cm in width. Both the original vein and the
new vein have been traced continuously to the current base of the A-4 shaft
(35-m level). These two veins are now referred to as the East Vein (original
vein) and the West Vein (new vein), and the overall structure is referred to
as the A-4 Vein System.
So far, the A-4 shaft has been completed utilizing a 75kg hoist system. A
500kg capacity hoist system is enroute to the project for installation at the
Additional channel samples collected from the 12-m level returned 60cm of
28.9g/t Au (0.84 oz/t) from the West Vein and 33cm of 14.85g/t (0.43 oz/t)
from the East Vein. In addition to gold occurring within the quartz veins,
samples collected at the 12-m level revealed that gold also occurs within the
sheared granodiorite foot-wall of the West Vein (55cm grading 8.45g/t Au (0.25
oz/t) and in the sheared andesite hanging-wall of the West Vein (40cm grading
3.19g/t (0.09 oz/t) with 0.86% Copper.
At Zona Canchete, the ZCV#1 shaft has been deepened to 60 meters and a
drift is being developed on this level. Three vein samples have been collected
to date from the shaft between the 40-m and 60-m levels. These returned
13.8g/t gold (0.39 oz/t) across 10cm, 35.2g/t (1.03 oz/t) across 14cm, and
43.3g/t (1.26 oz/t) across 15cm.
To date, a total of 233.3 tonnes of bulk sample material from the ZCV#1
Vein has been processed at the Dynacor milling facility. The average gold
grade of the bulk samples was 0.98 opt and 90% gold recovery was reported by
Sample preparation and analytical work was undertaken at ALS Chemex SA
laboratory (an ISO certified 9002 facility) in Lima, Peru using standard
industry practice fire assay with AA finish. Samples believed to contain
higher gold grades are assayed by process Au-SR21 (Screen Coarse Metallics).
All technical work is being supervised by, and the contents of this news
release have been verified by, John Brophy, P.Geo, a Canadian geologist
residing in Peru, who is an independent qualified person as defined in
National Instrument 43-101, Standards of Disclosure for Mineral Properties.
The Tesoro Gold Property is 100% owned by the Company with no underlying
royalties. The Property, located in the prolific 300km x 30km Nazca-Ocona gold
belt of southwestern Peru, hosts multiple epithermal gold-bearing veins which
have been traced for a strike length of over 6.5km. To date, more than 70 gold
deposits have been exploited in this region. The Property is located between
two gold deposits/mining camps. Dynacor Mines Ltd. (T-DYN) , the owner of the
claims located immediately northwest of the Property, published a gold
resource of +606,611 oz at 16.4g/t (on only 3 of 10 veins discovered to date)
and has subsequently announced the discovery of additional veins carrying
comparable gold grades.
For additional information on St. Elias and its projects, please visit us
at www.steliasmines.com or call 1-888-895-5522 (toll free US and Canada).
ST. ELIAS MINES LTD.
(signed "Lori McClenahan")
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of the contents of this
This news release contains forward-looking statements regarding the
ongoing and upcoming exploration work and expected geometry of geological
formations and structures. Actual results may differ materially from those
currently anticipated in such statements.
For further information:
For further information: St. Elias Mines Ltd. Lori McClenahan, President
Telephone: 604-669-4677 Facsimile: 604-669-9626 Toll Free: 888-895-5522 Web