Miocene Metals Begins Exploration on Salal, MacKenzie and Rogers Creek Porphyry Projects in South-Western British Columbia
11 Agosto 2011 - 12:57PM
PR Newswire (Canada)
TORONTO, Aug. 11, 2011 /CNW/ -- TORONTO, Aug. 11, 2011 /CNW/ -
Miocene Metals Limited (TSXV: MII) (the "Company" or "Miocene
Metals") today announced that exploration has commenced on its
Salal, MacKenzie and Rogers Creek porphyry projects in
south-western British Columbia. Project expenditures will be funded
by net proceeds of the Company's initial public offering ("IPO"),
which was completed on August 5, 2011. Drilling is expected
to commence by August 18, 2011 on the Salal Property Bruce Jago,
President and CEO of Miocene Metals stated "We are very pleased to
have completed our IPO, which has provided funding for exploration
on these three key projects. The IPO was completed under very
difficult market conditions and a negative worldwide economic
outlook. Its completion is evidence of the positive exploration
potential of our property portfolio all of which are located within
three hours drive of the port of Vancouver". At Salal, up to 3,000
metres of drilling in 10 holes is planned to test surface showings
along the 15 kilometre trend of molybdenite occurrences established
by historic exploration on the property and confirmed in 2010 by
Miocene sampling (see Miocene press release dated August 12, 2010).
The 2011 drilling program will focus on defining targets for
resource drilling in 2012. A program of structural mapping and
prospecting will start by mid-August on Miocene's MacKenzie
copper-gold ("Cu-Au") property, The mapping program is focused on
defining one or more structural targets for drill testing. The
MacKenzie Property is located approximately 10 kilometres to the
northeast of Salal. Exploration work last year discovered three,
north-northwest trending, gently east-dipping, sub-parallel
structures, traceable for over a kilometer of strike length. These
structures are exposed on a west-facing arcuate cliff, and range
from 0.3 metres to 2.5 meters in thickness and consist of gossanous
quartz-sulphide veins and massive, siliceous, brecciated lenses of
quartz diorite with coarse disseminations and stringers of
chalcopyrite, malachite and chalcocite. Results of 2010 sampling of
these three parallel structures includes: Summary of 2010
MacKenzie Property Highlight Sample Results (14 of 35 Samples*)
Sample # Type Length Cu Au Ag Mo S (cm) (%) (ppm) (ppm) (ppm) (%)
1361580 Chip 100 23.4 0.186 14.35 19.8 10 1361581 Grab n.a. 1.035
0.101 9.19 26.4 0.59 1361582 Grab n.a. 0.903 0.064 3.5 2.42 0.35
1361583 Grab n.a. 3.06 0.11 7.83 4.85 0.15 1361592 Chip 60 1.635
0.077 3.1 30.5 0.1 1361596 Chip 40 0.251 0.664 6.45 20.7 0.17
1361599 Grab n.a. 0.674 0.202 6.68 21 0.53 1361602 Grab n.a. 0.854
0.343 12.9 1310 0.25 1361603 Grab n.a. 0.932 0.431 17.55 321 0.18
1361604 Float n.a. 4.25 1.65 73.8 8.34 1.16 1361605 Float n.a. 3.05
0.483 25.5 23 1.69 1361606 Float n.a. 0.331 0.153 3.56 1.08 0.09
1361610 Grab n.a. 2.51 0.109 10.95 78.5 1.81 1361611 Grab n.a. 2.19
0.111 7.87 49.5 0.43 *Results for samples ~1% Cu and/or 0.1 ppm Au
Permitting is in progress for 2011 drill testing of the Company's
gold-copper discovery made on its Rogers Creek property in early
July (see Miocene press release dated July 8, 2011). Drilling on
the Rogers Creek property is planned to start before the end of
September. Up to 1,200 meters of drilling in two holes is planned
to test the new discovery. At the same time as drilling,
prospecting for similar mineralization will be conducted up-slope
from the discovery area within the existing open-ended gold-copper
soil anomaly. Additional soil sampling is planned to delineate the
up-slope extent of the soil anomaly, which now covers an area of
200 x 800 metres as defined by copper-in-soil values greater than
100 ppm Cu (values greater than 95(th) percentile for entire
property) against a background of 33 ppm Cu (average of values less
than 95% percentile for entire property). The Qualified Person
responsible for the technical content of this press release is Jose
Sayo Garcia, P.Geo, Exploration Manager, Miocene Metals. About
Miocene Metals Limited Miocene Metals is focused on the exploration
and development of seven porphyry copper-gold-molybdenum properties
in south-western British Columbia that occur within the
Tertiary-aged Cascade Magmatic Arc. The Cascade Arc shares many
geological characteristics with Tertiary-age porphyry belts that
stretch the length of Chile and Peru in South America and hosts
some of the world's largest porphyry copper-gold-molybdenum
deposits. Neither the 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. FORWARD-LOOKING STATEMENTS This news
release contains forward-looking information that involves
substantial known and unknown risks and uncertainties, most of
which are beyond the control of the Corporation, including, without
limitation, those listed under "Risk Factors" and " Forward-Looking
Statements" in the Corporation's Final Prospectus (collectively,
"forward-looking information"). Forward-looking information in this
news release includes, but is not limited to, information
concerning the Corporation's expectations and estimates regarding
the Corporation's exploration and drilling program. The Corporation
cautions investors about important factors that could cause actual
results to differ materially from those projected in any
forward-looking statements included in this news release. Any
statements that express, or involve discussions as to,
expectations, beliefs, plans, objectives, assumptions or future
events or performance are not historical facts and may be
forward-looking and may involve estimates, assumptions and
uncertainties which could cause actual results or outcomes to
differ materially from those expressed in such forward-looking
statements. No assurance can be given that the expectations set out
in the Corporation's Final Prospectus or herein will prove to be
correct and accordingly, prospective investors should not place
undue reliance on these forward-looking statements. These
statements speak only as of the date of this press release and the
Corporation does not assume any obligation to update or revise them
to reflect new events or circumstances. The Corporation disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, save and except as may be required by applicable
securities laws. To view this news release in HTML formatting,
please use the following URL:
http://www.newswire.ca/en/releases/archive/August2011/11/c3173.html
p Please visit the Miocene Metal's website at a
href="http://www.miocenemetals.com"www.miocenemetals.com/a, or
contact: /p p Miocene Metals Limited /p table border="0"
valign="top" tr td Linda Zubal, Investor Relationsbr/ Tel: (705)
682-9297 ext. 247br/ Email: a
href="mailto:lzubal@miocenemetals.com"lzubal@miocenemetals.com/abr/
/td td Ron Poirier, Investor Relationsbr/ Tel: (705) 682-9297 ext
263br/ Email: a
href="mailto:rpoirier@miocenemetals.com"rpoirier@miocenemetals.com/a
/td /tr /table p /p
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