HALIFAX, Oct. 18, 2012 /CNW/ - Stockport Exploration Inc. (TSX: SPT) (OTC: LMTCF) is pleased to announce new targets on its Kenyan properties, and to provide an update on ongoing exploration activities.
"Our Kenyan property continues to demonstrate strong results as we advance our primary target SPL 214 expanding the anomalous gold zone to over 1.5km x 1.0km. We are also encouraged by the three new targets we have added during our regional reconnaissance program," said Stockport Exploration President and CEO, Jim Megann. "We believe this 2,020 km2 district-scale property package within Archean Greenstone rocks will continue to deliver multiple targets suitable for further advancement."
Ground exploration has continued on license SPL 214 ('214'). Recent work has included preliminary interpretation of the gradient Induced Polarization ('IP') program data, shallow auger drilling over IP targets and a detailed mapping and sampling program in an area of historic artisanal workings.
Auger sampling was completed using a powered auger that extracted overburden, soil and saprolite rock from holes up to 4 metres in depth. Individual samples were collected at intervals down holes from 10 centimetres to 1.7 metres in length. A total of 158 samples were collected from 81 holes, and anomalous results ranging from 0.1 to 1.17 g/t gold were returned from 22 samples. Initial review of these new results shows a direct correlation between anomalous sample results and a gradient resistivity high that occurs closely to artisanal workings.
The preliminary interpretation of gradient IP data for 214 shows a series of northwest-trending lineations that correlate with several previously mapped vein trends. Previously reported anomalous rock samples and artisanal workings also show a direct correlation with these vein trends and IP lineations. Exploration and detailed mapping is currently underway to fully evaluate the coincidence of these features.
Geologists have completed a systematic sampling program of artisanal workings and exposed quartz veins within 214. These include both bedrock and grab samples at numerous shaft locations. A total of 35 samples were collected on 214 to date and significant results are reported in Table 1.
Table 1: Significant Rock Sample Results 214
|Sample||UTM East||UTM North||Au g/t||Target||Type|
These significant quartz vein sample results show a direct correlation between the dominant northwest-trending vein and IP lineations and define a zone that is approximately 4 km long by 2 km wide. A detailed interpretation of the IP data is currently underway, and this information will be merged with detailed mapping and sampling results to identify new drill targets on 214 in the near future.
Stockport is pleased to announce three new target areas identified through a recently begun and ongoing reconnaissance program that will systematically collect data from the entire 2,020 km2 property concession area.
Reconnaissance mapping and sampling has outlined new artisanal workings within the central part of SPL 258. New workings display two parallel vein trends exposed over a strike length of 300 metres and to a depth of approximately 5 metres. Veins are up to 20 cm in thickness, and two grab samples of quartz veins from this site returned 22.79 g/t gold and 4.4 g/t gold. Company geologists are currently completing detailed mapping and systematic sampling of exposed veins within these workings. Stockport is currently mapping and sampling the full structure with an intention to identify drill targets and undertake a Reverse Circulation (RC) drilling program.
A Banded Iron Formation (BIF) has been identified in 231 Central, and eight grab samples were recently taken over an area of approximately 100m x 150m. All samples returned iron percentages that ranged from 26.4% - 40.5% iron. Minor quartz veining was also observed, and more work is needed to fully evaluate this occurrence. Stockport intends to enlarge the mapping and sampling area, as well as follow up on the quartz veins and expand the assay process with iron specific methods.
The reconnaissance program has identified a new target in the western part of SPL 258 and initial grab samples in the area of artisanal workings have returned significant results including 10.7 g/t gold, 10.0 g/t gold, 9.9 g/t gold and 3.4 g/t gold. The target lies within a previously mapped anomalous gold area of approximately 1.2 km x 1.0 km, and Stockport intends to expand mapping and sampling activities to outline target areas suitable for an RC drilling program.
"We are very encouraged by the results to date from these newly discovered areas," says Megann. "We hope a more detailed assessment of this area will help to identify favourable drill targets in the future."
Stockport completed a total of 21 diamond drill holes in 2011 on four targets areas. A complete list of all drill holes is presented in Table 2.
Table 2: 2011 Diamond Drilling
|HOLE ID|| UTM
Assays results from the drill program were previously reported by Stockport and significant assays are summarized in Table 3. No significant assays were returned from holes AW-11-01, AW-11-03, KE-11-03, KE-11-05, KE-11-08, KE-11-09, KE-11-10, KE-11-12 and KE-11-13.
Table 3: Significant Drill Hole Results
|Drill Hole||From (m)||To (m)|| Core
*True widths are not determined since vein orientations are not fully understood
About Stockport Exploration Inc.:
Stockport is focused on the exploration of a district-scale land package along a prolific gold-hosting greenstone belt in southwest Kenya. The 2,020 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 Peter Webster, M.Sc., P.Geo., who is President of Mercator Geological Services Limited and a Qualified Person as defined under National Instrument 43-101. Mr. Webster 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 Kisumu by Company vehicles and drivers, in numbered, tamper-proof tagged gunny sacks. Assays reported were performed by ALS Chemex Laboratories in Johannesburg, South Africa and Genalysis Laboratories in Johannesburg, South Africa or Perth, Australia.
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
SOURCE: STOCKPORT EXPLORATION INC.
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