TORONTO, Dec. 10, 2012 /CNW Telbec/ - Strait Minerals Inc. (TSXV: SRD) is pleased to report results of recent chip sampling from a previously unexplored area of its Alicia property in Peru. Highlights include 15.12% zinc, 989 grams per tonne (g/t) silver, greater than 30% lead, 3.27 g/t gold and 5.8% copper (see table below).
The sampling program was conducted in the vicinity of old workings in the southeast quadrant of the 26-sq.-km property. High-grade polymetallic veins were noted in this area by the Company in a NI 43-101 technical report dated October 17, 2009, but no further work was conducted here by the Company until now. The results indicate significant values of gold, silver, lead, zinc and copper associated with breccias and mantos in altered limestone over an area of approximately 1,500 by 1,000 metres.
"This polymetallic mineralization appears to be quite significant in its own right, but it is also consistent with the geological model of the central intrusive complex at Alicia, a porphyry copper-gold system about 1.5 km to the north, where we have focused our efforts to date," said Strait Minerals President Jim Borland. "We are in an area of Peru where some very large mineral deposits have been outlined and this newly identified zone is encouraging."
A total of 73 chip samples from mantos and breccias were taken over widths of 0.5-6.0 metres. Quartz diorite porphyry dikes and sills that appear to be related to the mineralization were also sampled. Assay results show high values of lead (<0.01 to >30%), zinc (0.01 to 15.12%) and silver (0.3 to 989 grams per tonne) as well as significant values of gold (<0.1 to 3.27 grams per tonne) and copper (<0.01 to 5.8%).
Mantos are typically 1.0-2.5 metres wide, but can reach up to eight metres in width. Breccias are generally 1-2 metres wide but can reach up to six metres. Mantos are typically spaced 6-10 metres apart, with thinner bands in between. Both mantos and breccias are composed of granular silica, chalcedony and jasper with realgar and well crystallized barite in places.
The mineralization trends northeast-southwest and remains open in both directions.
The Company has been conducting a sampling program over the entire Alicia concession as part of a work program funded by Teck Peru S.A. ("Teck"), a wholly owned subsidiary of Teck Resources Limited. Under the terms of its option agreement with the Company, Teck must spend $30 million on exploration (or spend $10 million on exploration plus deliver a prefeasibility study) to earn a 75% interest in the property.
|Sample #||UTM Coordinates||width||Au||Ag||Pb||Zn||Cu|
Quality Control and Quality Assurance
All sampling at Alicia is supervised by Strait Minerals personnel. Samples are placed in plastic sample bags that are closed with single use plastic ties. Samples are securely stored in a locked room prior to transportation to Cusco by Strait Minerals personnel. Samples are sent to AcmeLabs in Lima for preparation before being couriered to the AcmeLabs in Santiago for assay. Acme's Santiago facility is an ISO 9001:2000 registered laboratory. Samples are analyzed for gold by fire assay followed by atomic absorption spectroscopic (AAS) finish and by gravimetric finish for samples exceeding the upper limit of analysis (over limit). Silver, copper, molybdenum, lead and zinc, together with 30 other elements, were assayed by inductively coupled plasma-atomic emission spectrometry (ICP-AES) following aqua regia dissolution. Samples with silver, lead, zinc and copper assays above the upper limit for the ICP-AES technique were re-assayed by atomic absorption (AA). Strait Minerals routinely carries out a program of quality assurance/quality control (QA/QC) that includes insertion of blanks, standards and duplicates into the sample stream to verify results prior to dissemination.
All of the Company's exploration programs are prepared by, or prepared under the supervision of, Dr. Roger Moss, P.Geo., who serves as the Qualified Person as defined by NI 43-101 and is a director of the Company. Dr. Moss has reviewed and approved the technical content of this news release.
About Strait Minerals Inc.
Strait Minerals Inc. is a Canadian mineral exploration company active solely in Peru since 2003 and listed on the TSX Venture Exchange. It holds a 55% interest with an option to increase that interest to 100% in the Alicia copper-gold property which lies within the Andahuaylas-Yauri copper belt approximately 500 km southeast of Lima. Strait has granted Teck Peru S.A., a wholly owned subsidiary of Teck Resources Limited, an option to earn up to a 75% interest in the property by, among other things, spending $30 million on exploration or by spending $10 million on exploration and delivering a pre-feasibility study. The Company also holds an option to earn a 100% interest in the Caribe copper-molybdenum property approximately 80 km west of Alicia and holds a 100% interest in both the Letra Rumi South base metals property and the Culebrilla precious metals property approximately 250 km north of Lima. The Company continuously reviews exploration opportunities in Peru and is actively seeking additional projects. Please visit our web site at www.straitminerals.com.
Forward Looking Statement: Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Strait undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change, except as required by law. The reader is cautioned not to place undue reliance on such forward-looking statements.
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.
SOURCE: Strait Minerals Inc.
For further information:
Jim Borland, President