Minaurum Gold Inc. ("Minaurum") is pleased to report that it has regained 100% control of the 12,291-ha Adelita gold-silver-copper project in southern Sonora, Mexico from its joint venture partner, Ocean Park Ventures Corp. ("OCP").
Located 6 km east of Pan American Silver Corp's Alamo Dorado silver mine, Adelita hosts near-surface high-grade copper, gold and silver skarn mineralization that continues intermittently for 4 kilometres along the contact of the previously unrecognized Mezquital Copper-Molybdenum Porphyry.
The remaining results from OCP's 2012 drilling of the Cerro Grande skarn target and initial drilling at the Mezquital porphyry will be reported as assay reports and core are received. The results from drilling on the property by Minaurum and OCP to date are presented in the tables below.
The Cerro Grande skarn zone can be traced for over 800 m on surface and measures 4km along strike. The Cerro Grande skarn forms part of a favorable contact zone with the Mezquital Porphyry. OCP's drilling at Cerro Grande concentrated on a 120-m long segment of Cerro Grande and demonstrated 300 m of down-dip continuity of mineralized skarn. The similar but as yet un-drilled "Andalucia" skarn zone lies 2.5 km south of Cerro Grande and has been exposed in trenches along 70 m of strike length. Trench samples at Andalucía grade up to 4.19% copper, 9.22 g/t gold and 162 g/t silver. Andalucia is permitted and drill-ready. Another undrilled skarn zone is the "Cerro Grande West" target lying 200-700m west of the main Cerro Grande discovery. Surface mineralization at Cerro Grande West has been identified over more than a kilometer of strike, roughly parallel to the main Cerro Grande zone and surface sampling has returned values grading up to 2.23% copper, 0.62 g/t gold and 209 g/t silver.
"We are very pleased to recover 100% control of Adelita, which has potential for both near-surface and readily exploitable high-grade copper-silver-gold skarn mineralization and an adjoining Copper-Molybdenum porphyry system" stated Darrell Rader, Minaurum President and CEO. "The results generated by Ocean Park's considerable investment reinforce our initial discovery of high-grade skarn mineralization and indicates it may continue to depth and laterally along the margins of the emerging Porphyry system. We look forward to aggressively exploring the skarn to test for high-grade mineralization between Cerro Grande and Andalucia and at Cerro Grande West."
Minaurum optioned the project to OCP in February 2011 (see Minaurum press release dated 15 February, 2011). OCP invested over $1,500,000 in an extensive ground geophysical survey, follow-up drilling of the Cerro Grande skarn zone, and initial drilling on the adjoining 10 km2 Mezquital Porphyry Copper target. OCP did not meet financial obligations of the option agreement due in late 2012, resulting in the termination of the Agreement by Minaurum.
Highlights from Minaurum's (2010) drill program at the Cerro Grande skarn target. (see Minaurum news release dated October 6, 2010)
|Drill Hole||From (m)||To (m)||Interval (m)||Cu %||Au g/t||Ag g/t|
Highlights from OCP's 2012 drill program at the Cerro Grande skarn target. (see Minaurum news releases dated May 31, 2012 and May 3, 2012)
|Drill Hole||From (m)||To (m)||Interval (m)||Copper %||Gold g/t||Silver g/t|
*This hole was drilled down the dip of the mineralized trend to determine vertical continuity.
Minaurum Gold is primarily focused on its projects in the Guerrero Gold Belt, Mexico. Surface work continues at the Vuelcos del Destino, El Porfido, and Jackie Projects. For more information, please visit our website at www.minaurum.com and our You Tube Minaurum Video Channel.
Qualified Person: Mr. Stephen R Maynard, M.S., C.P.G., is a qualified person as defined in National Instrument 43-101 and supervised the preparation of the technical information in this release.
ON BEHALF OF THE BOARD
"Darrell A. Rader"
Darrell A. Rader
President and CEO
For more information, please contact:
Sunny Pannu -- Investor Relations Manager
(778) 330 0994 or via email at firstname.lastname@example.org
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Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release, including statements regarding the drilling results and geological interpretations and exploration plans for the Adelita project constitute forward-looking information. In making the forward-looking statements in this release, Minaurum has applied certain factors and assumptions that are based on Minaurum' s current beliefs as well as assumptions made by and information currently available to Minaurum, including that drilling results will be received as expected, that financing will be available if and when needed on reasonable terms, that supplies, equipment, personnel, permits and approvals required to conduct Minaurum' s planned exploration activities will be available on reasonable terms, that results of exploration activities will be consistent with management's expectations and that Minaurum will not experience any material accident, labour dispute, or failure of equipment. Although Minaurum considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors may include, among others, risk that drilling results will not be received as expected, actual results of exploration activities will be different than anticipated, that cost of labour, equipment or materials will increase more than expected, risk of accidents, labour disputes and other risks generally associated with mineral exploration and unanticipated delays in obtaining or failure to obtain required approvals or financing. Readers are cautioned not to place undue reliance on forward-looking statements. Minaurum does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. Resource exploration, development and operations are highly speculative, characterized by a number of significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate, including, among other things, unprofitable efforts resulting not only from the failure to discover mineral resources but from finding mineral deposits which, though present, are insufficient in quantity and quality to return a profit from production.