Lago Dourado Provides Exploration Update; Rock Grab Samples at New Novo Astro Target Return 263.8 g/t Au and 101.7 g/t Au
11 9월 2013 - 11:46PM
Marketwired Canada
Lago Dourado Minerals Ltd. (TSX VENTURE:LDM), (the "Company") today announces
exploration updates on its Juruena project and its new Novo Astro target, a
prolific set of artisanal workings positioned 28km along trend from Juruena.
Juruena Project - Drilling at the Juruena project was halted in May 2013 upon
the completion of the Phase 2 diamond drill program. The Phase 2 drill program
was focused on conceptual porphyry targets, in particular the central IP
anomaly, bounded by the Crentes, Uiliam & Chico mineralized zones, and the
Arrastro Hills target, an extensive lithocap in the northwest of the property.
The lack of gold mineralization and associated porphyry-related elements in the
assays from these target zones downgraded the probability of intersecting a
mineralized porphyry at a shallow to intermediate depth at both the central IP
anomaly and the Arrastro Hills Complex. Despite this, the Phase 2 program was
successful in identifying a new high grade structure within close proximity to
the Uiliam Zone, where hole JRND062 returned an intercept of 9m @ 15.39g/t, and
in confirming the presence of a broad and persistently mineralized zone at
Uiliam, where JRND059 returned an intercept 158m @ 0.59g/t Au.
The Company has now completed two diamond drill programs at Juruena totaling
22,000 metres and one RC drill program totaling 6,600 metres. These drill
programs in conjunction with 15,000 metres of historical drilling have resulted
in the discovery of six distinct mineralized zones, including five near-surface
zones all with excellent resource potential, and returned more than 20
intercepts with greater than 50 gram-metres gold. For a summary of highlight
intercepts from these drill programs please refer to Figure 1. -
http://media3.marketwire.com/docs/LDMFigure_1.pdf.
The recent market deterioration in the mining space has severely restricted
access to capital for junior exploration companies and as a result the Company
has reduced expenditures to minimum subsistence levels. This will allow the
Company to weather the current downturn for as long as possible whilst ensuring
exploration licences are preserved and project optionality is maintained.
Further work at Juruena will be dependent on either an improvement in the
current market environment or through the engagement of a joint venture partner.
Juruena boasts multiple near-surface high-grade zones, in particular Querosene
and Donna Maria, which may be appealing to outside parties who have a mining
focus. Querosene is a high-grade structure with more than 400 metres strike
length that has returned intervals of 4m @ 32.5 g/t Au and 2m @ 47.1 g/t Au.
Only eight shallow (less than 200m) diamond holes have been drilled at this
zone. Donna Maria is a high-grade structure adjacent to the Crentes Zone.
Historic drilling at Donna Maria returned 5.8m @ 52.4 g/t Au and 10.5m @ 14.6
g/t. The Company has drilled only one diamond drill hole at Donna Maria which
returned two intervals of 1.0m @ 101.1 g/t Au and 16.0m @ 2.1g/t Au. Given the
giant size of the mineralized system, Juruena also holds blue sky exploration
appeal as there are numerous targets that have received limited to no drilling.
Novo Astro - Over the last 12 months the Company has been steadily advancing the
Novo Astro target, a prolific set of artisanal workings positioned 28km
southeast and along trend from Juruena. Novo Astro is interpreted to be a
classical lode-style structural system with gold hosted within intensely formed
shear zones and sheeted veins. The mineralized system is large, based on a
contiguous gold-in-soil anomaly of 2km by 2km, and hosts high-grade gold zones,
based on assay values of rock chip samples (13 samples returned values greater
than 10 g/t Au with one sample returning 263.8 g/t Au - see table below and
Figures 2, 3 and 4 for further details). Novo Astro has not been previously
drill tested. Moving forward, the Company will evaluate further investment at
Novo Astro in the context of the market environment.
Rock Samples Assaying Greater Than 10 g/t Au
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Sample Sample Au
# Type (g/t) Zone Description
----------------------------------------------------------------------------
Central Shear zone plus quartz vein with pyrite and
408769 Grab 263.8 anomaly iron staining
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Central
408791 Float 101.7 anomaly Schist rock with pyrite and iron staining
----------------------------------------------------------------------------
Sheared rock foliated with quartz veinlets
368558 Chip 92.9 Wolney plus pyrite
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408754 Float 79.2 Wolney Rock rich in mica and iron oxides
----------------------------------------------------------------------------
Pale red rock weakly deformed, silicified
408701 Chip 41.4 Wolney with pyrite boxworks
----------------------------------------------------------------------------
Central Shear zone within granite containing
412217 Grab 40.9 anomaly sulfides
----------------------------------------------------------------------------
Very fine rock sheared and foliated with
368557 Float 34.5 Wolney quartz-sericite-muscovite
----------------------------------------------------------------------------
Central
408770 Grab 31.8 anomaly Schist rock with pyrite and iron staining
----------------------------------------------------------------------------
408707 Chip 20.7 Wolney Quartz vein with fine disseminated sulfides
----------------------------------------------------------------------------
Quartz veinlet parallel to foliation in
408706 Chip 18.4 Wolney granites
----------------------------------------------------------------------------
Central Quartz veinlet with strong sulfidation
348781 Grab 18.2 anomaly (pyrite)
----------------------------------------------------------------------------
Central Shear zone with disseminated pyrite and
348767 Grab 13.6 anomaly iron staining
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368570 Grab 12.7 Astro SW Quartz veinlet with disseminated pyrite
----------------------------------------------------------------------------
Figure 2: http://media3.marketwire.com/docs/LDMFigure_2.pdf
Figure 3: http://media3.marketwire.com/docs/LDMFigure_3.pdf
Figure 4: http://media3.marketwire.com/docs/LDMFigure_4.pdf
The Company has compiled the following data sets for Novo Astro: detailed
geological mapping, two lines of IP, regional aeromagnetic survey, tightly
spaced multi-element soil geochemistry, multi-element rock chip samples and
whole rock samples. The regional air magnetics shows Novo Astro as a distinct
magnetic low some 3km by 3km in dimension within highly varied granitic host
rocks. Six principal gold-in-soil anomalies extending up to 2 km long have been
identified within the main central gold-in-soil anomaly. Immediately south of
the gold-in-soil anomaly and artisanal workings is an interpreted large and well
defined magmatic heat source (based on geological mapping and a coherent
Cu-Mo-Bi-W soil anomaly). The rare presence of Chromium with some of the gold
bearing quartz veins suggest the mineralized system is associated with major
deep tapping structures and intense ductile deformation thus enhancing the gold
bearing potential of the Novo Astro system.
Mineralisation at Novo Astro is predominantly gold only, hosted within
high-grade sub-meter and 1-5m wide shear zones. Shear zones range from steep to
flat lying which may result in the stacking and thickening of mineralization.
The majority of the gold trends are orientated west-northwest which corresponds
to the dominant regional structural direction known to host gold elsewhere in
the Alta Floresta gold belt.
Qualified Person
Murray Paterson, P.Geo, Vice President Exploration and Development for Lago
Dourado Minerals Ltd, is the Qualified Person, within the meaning of NI
43-101,who reviewed the technical data in this news release. Rock samples were
fire assayed by Acme Analytical Laboratories S.A. in Santiago, Chile.
About the Company:
Lago Dourado Minerals Ltd. is a Canadian mineral exploration company focused on
advancing its 100%-owned Juruena gold project in the state of Mato Grosso,
Brazil. Extensive gold mineralization has been identified over 15 square
kilometres of the property, and at least 450,000 oz of gold has been mined from
surface workings. The Company has conducted systematic exploration programs over
portions of the property including two diamond drill programs totaling 22,000
metres and one RC program totaling 6,600 metres.
For further information about the company, please visit www.lagodourado.com or
www.sedar.com.
Forward-Looking Statements
This news release contains certain forward-looking statements and
forward-looking information (collectively referred to herein as "forward-looking
statements") within the meaning of Canadian securities laws. All statements
other than statements of historical fact are forward-looking statements. Undue
reliance should not be placed on forward-looking statements, which are
inherently uncertain, are based on estimates and assumptions, and are subject to
known and unknown risks and uncertainties (both general and specific) that
contribute to the possibility that the future events or circumstances
contemplated by the forward-looking statements will not occur. Although Lago
Dourado believes that the expectations reflected in the forward looking
statements contained in this press release, and the assumptions on which such
forward-looking statements are made, are reasonable, there can be no assurance
that such expectations will prove to be correct. Readers are cautioned not to
place undue reliance on forward-looking statements included in this document, as
there can be no assurance that the plans, intentions or expectations upon which
the forward-looking statements are based will occur. By their nature,
forward-looking statements involve numerous assumptions, known and unknown risks
and uncertainties that contribute to the possibility that the predictions,
forecasts, projections and other forward-looking statements will not occur,
which may cause Lago Dourado's actual performance and results in future periods
to differ materially from any estimates or projections of future performance or
results expressed or implied by such forward-looking statements. The
forward-looking statements contained in this news release are made as of the
date hereof and Lago Dourado does not undertake any obligation to update
publicly or to revise any of the included forward-looking statements, except as
required by applicable law. The forward-looking statements contained herein are
expressly qualified by this cautionary statement.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Lago Dourado Minerals Ltd.
Forbes Gemmell
President and Chief Executive Officer
(416) 368-5005 or 1-855-368-5005
investor@lagodourado.com
www.lagodourado.com
Lago Dourado Minerals Ltd. (TSXV:LDM)
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Lago Dourado Minerals Ltd. (TSXV:LDM)
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