April 5, 2013 - Winnipeg, Manitoba - Cougar Minerals Corp. -
TSX-V: COU ("Cougar" or the "Company") is pleased to announce it
has earned an initial 25% interest in the Geel gold and silver mine
property, located near Virginia City, Montana. In addition, the
Company is pleased to report it has intersected high-grade gold and
silver mineralization on its initial 19-hole drill program on the
property.
Highlights from the drill program include:
-Hole G3 - intersected 5.25 ft (1.6 metres) (true width)
averaging 0.28 opt gold (9.60 g/t Au) and 0.85 opt silver (29.14
g/t Ag).
-Hole G7 - intersected 5 ft (1.5 metres) (true width) averaging
1.23 opt gold (42.17 g/t Au) and 1.88 opt silver (64.46 g/t Ag).
This included a 1 ft (0.3 m) interval averaging 5.9 opt gold
(202.29 g/t Au) and 8.8 opt silver (301.71 g/t Ag).
Please refer to Table 1. below for more results from the drill
program.
With the completion of this initial 19-hole drill program Cougar
Minerals has now earned an undivided 25% interest in the Geel Gold
and Silver mining lease and holds an option to purchase an
additional 25% for a total undivided 50% interest.
The Geel gold and silver mine property covers a portion of the
Geel trend, a quartz vein system, that has been traced for over 4
miles (6.4 km). Cougar Minerals' Geel property hosts a small high
grade gold and silver mine that has seen limited historical
production. There are no records available to quantify the tonnage
and grade produced.
At the mine site, an old adit follows the strike of the vein for
about 85 ft. (26 metres) and a mined out stope is situated 50 ft
(15 metres) from the portal. The vein measures on average, about
4.5 ft (1.37 metres) wide. A total of 45 chip samples were taken By
Cougar Minerals along a 50 ft (15 metre) section of the vein at 5
ft (1.5 metre) intervals. The average grade of these samples was
0.23 opt (opt) gold (7.89 g/t Au) and 1.03 opt silver (35.31 g/t
Ag).
"We are very excited about the mining potential of this new
property," commented Murray Nye, President of Cougar Minerals. "The
results from our drill program have not only confirmed the
high-grade nature of the Geel vein system but have also confirmed
mineralization over a strike length 300 ft (91metres). Based on the
data we have acquired so far we believe that a short 340 ft (104
metre) long decline would reach the high-grade vein system and
enable the Company to test mine about 150 ft (46 metres) of strike
length of the vein."
Property Description
Quartz veins at the Geel trend occur in a 50 foot (15 metre)
thick layer of talc rich schist within a package of
Proterozoic-aged marble, schist, and gneiss over a strike of 4
miles (6.44 km). This favorable unit strikes north and dips 45
degrees to the west. The quartz veins occur as lenses and can be up
to 15 feet (4.57 metres) thick.
In 1989, Noranda Exploration Inc. drilled a number of rotary
holes along the Geel trend. The drill data that follow are
historical in nature and have not been verified by the Company and
should not be relied upon. Hole BC-89-6 was drilled about 50 feet
(15 metres) west of the Geel Portal at a - 60 degree dip back
towards the east. This drill hole encountered 10 feet (3.04 metres)
averaging of 0.20 opt gold (6.86 g/t Au) starting 40 feet (12
metres) down-hole. Hole BC-89-5 was located another 150 feet (45.7
metres) to the west and was also drilled at - 60 degrees towards
the east. It intercepted 5 feet (1.5 metres) averaging 0.169 opt
gold (5.79 g/t Au) at about 140 feet (42.67 metres) down-hole.
Cougar Minerals Drill Results
In 2013 Cougar Minerals completed a 19 hole core drill program
to the north and south of the old Noranda holes. Assays are pending
for three core holes from this program. The best intercepts to date
are highlighted in the Table1.
The sampling in the adit and the drilling results indicate good
grades over a strike length of at least 200 feet (61 metres) and
down-dip 140 feet (42.6 metres) below the surface. Mineralization
on this vein still remains open for expansion at depth and to the
south.
Table 1. Highlights of Drilling
-------------------------------------------------------------------
|DRILL |FROM |TO |WIDTH (True |GOLD |SILVER |
|HOLE | | |Widths) | | |
|-----------------------------------------------------------------|
|G-3 |58.75 |64 ft |5.25 ft|1.6 m |0.28 |9.60 |0.85 |29.14 |
| |ft | | | |opt |g/t |opt |g/t |
|-----------------------------------------------------------------|
|G-7 |113 ft|118 ft|5 ft |1.5 m |1.23 |42.17 |1.88 |64.46 |
| | | | | |opt |g/t |opt |g/t |
|-----------------------------------------------------------------|
|Includes|113ft |114 ft|1 ft |0.30 m|5.90 |202.29|8.8 opt|301.71|
| | | | | |opt |g/t | |g/t |
|-----------------------------------------------------------------|
|G-8 |134 ft|135 ft|0.75 ft|0.23 m|0.33 |11.31 |2.77 |94.97 |
| | | | | |opt |g/t |opt |g/t |
|-----------------------------------------------------------------|
|G-8 |171 ft|172 ft|0.75 ft|0.23 m|0.22 |7.54 |1.02 |34.97 |
| | | | | |opt |g/t |opt |g/t |
|-----------------------------------------------------------------|
|G-9 |113 ft|115 ft|1.8 ft |0.55 m|0.32 |10.97 |5.26 |180.34|
| | | | | |opt |g/t |opt |g/t |
|-----------------------------------------------------------------|
|G-11 |203.5 |204.5 |1 ft |0.30 m|0.15 |5.14 |0.40 |13.71 |
| |ft |ft | | |opt |g/t |opt |g/t |
|-----------------------------------------------------------------|
|G-14 |125.4 |128 ft|2.6 ft |0.79 m|0.125|4.29 |0.04 |1.37 |
| |ft | | | |opt |g/t |opt |g/t |
|-----------------------------------------------------------------|
|G-15 |144 ft|145 ft|1 ft |0.30 m|0.96 |32.91 |0.36 |12.34 |
| | | | | |opt |g/t |opt |g/t |
|-----------------------------------------------------------------|
|G-17 |121 ft|125 ft|3 ft |0.91 m|0.066|2.26 |0.36 |12.34 |
| | | | | |opt |g/t |opt |g/t |
-------------------------------------------------------------------
Additional Potential along the Geel Trend
In addition to the Geel mine target, Cougar Minerals holds the
ground known as the Pioneer Pit target located three miles (4.8 km)
to the south. Historical work completed by Noranda indicates that
there were numerous good drill intercepts in the Pioneer Pit
target. Mineralization is exposed at the surface and two historical
bulk samples were taken out and shipped to a smelter in the 1980's
(No data is available regarding the tonnage and grade of these bulk
samples). Cougar Minerals hopes to drill this target in the
spring.
Option Agreement Details
According to the option agreement, Cougar Minerals has the right
to earn a 25% interest in consideration for a US$250,000 cash
payment and completing US$400,000 in exploration (Now Completed).
An additional 25% interest can be earned by making further
expenditures totalling US$1 million on exploration and development
of the property on or before April 14th 2014. Once a 50% interest
has been earned, all expenses will be shared on a pro-rata basis
with the underlying vendor.
Table 2. Drill hole location and orientation data
----------------------------------------------------------------
|Hole|Northing|Easting |Elevation (ft)|Azimuth|Dip|Length (ft)|
|--------------------------------------------------------------|
|G-1 |45:4497 |112:01959|7520 |90 |45 |298 |
|--------------------------------------------------------------|
|G-2 |45:4497 |112:01959|7520 |0 |90 |158 |
|--------------------------------------------------------------|
|G-3 |45:44876|112:01976|7496 |135 |60 |158 |
|--------------------------------------------------------------|
|G-4 |45:44876|112:01976|7496 |0 |90 |199 |
|--------------------------------------------------------------|
|G-5 |45:44876|112:01976|7496 |90 |45 |95 |
|--------------------------------------------------------------|
|G-6 |45:44876|112:01976|7496 |45 |45 |142 |
|--------------------------------------------------------------|
|G-7 |45:44821|112:02013|7493 |90 |45 |145 |
|--------------------------------------------------------------|
|G-8 |45:44821|112:02013|7493 |0 |90 |188 |
|--------------------------------------------------------------|
|G-9 |45:44821|112:02013|7493 |135 |45 |150 |
|--------------------------------------------------------------|
|G-10|45:44823|112:02013|7493 |12 |60 |172 |
|--------------------------------------------------------------|
|G-11|45:44876|112:01976|7496 |180 |60 |213 |
|--------------------------------------------------------------|
|G-12|45:44821|112:02013|7493 |12 |70 |181 |
|--------------------------------------------------------------|
|G-13|45:44823|112:02013|7493 |10 |60 |199 |
|--------------------------------------------------------------|
|G-14|45:44821|112:02013|7493 |50 |70 |174 |
|--------------------------------------------------------------|
|G-15|45:44821|112:02013|7493 |112 |70 |172 |
|--------------------------------------------------------------|
|G-16|45:44821|112:02013|7493 |112 |45 |172 |
|--------------------------------------------------------------|
|G-17|45:44876|112:01976|7496 |45 |70 |232 |
|--------------------------------------------------------------|
|G-18|45:44876|112:01976|7496 |157 |70 |244 |
|--------------------------------------------------------------|
|G-19|45:44876|112:01976|7496 |135 |45 |156 |
----------------------------------------------------------------
Methodology and QA/QC
Analyses of the drill core were performed by Norris Lab in
Norris Montana. All samples were fire assayed for gold and silver
using a gravimetric finish. All core samples are split and half
retained on site. The other half is crushed and pulverized and a 15
gram split is fire assayed for gold and silver. Norris Lab uses
certified reference material samples provided by CDN Resource
Laboratories Ltd. in Delta, BC, and also by CCRMP-CANMET. Also,
every batch of assays will contain one or more duplicate assays.
Check assays are periodically submitted to ALS Minerals in Reno, NV
and/or American Analytical Services in Osburn, ID. Twenty three
percent of the samples, half pulps and half coarse rejects, were
sent to an outside lab. These samples were re-pulverized and a 30
gram split fire assayed for gold and silver using a gravimetric
finish.
Richard C. Capps, PhD., SME registered Professional Geologist,
is the qualified person responsible for reviewing this press
release for content and accuracy.
COUGAR MINERALS CORPORATION
s/ "Murray Nye"
Murray Nye
President
For more information, please contact:
Cougar Minerals Corporation
Murray Nye, President/CEO
(204) 989-2434
www.cougarminerals.com
Cautionary Note
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein. This news release may contain "forward-looking
information", within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, but is not
limited to, statements with respect to Cougar's exploration program
and plans. Generally, forward-looking information can be identified
by the use of forward-looking terminology such as "believes",
"plans", "seeks", "expects", "budget" or variations of such words
or statements that certain actions, events or results may, could,
will, will be, would be or are expected to be. Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of Cougar to be materially
different from those expressed or implied by such forward-looking
information. There can be no assurance that such statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on
forward-looking information. Cougar does not undertake to update
any forward- looking information, except in accordance with
applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy and
accuracy of this release.
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