Metallum Resources Inc. Announces High Grade Gold Results From Channel Sampling And Trenching Program On Its M-18 Gold Property, Argentina.
Tuesday, February 14, 2012
Toronto, Canada-Metallum Resources Inc. (MRV-TSX.V) (“Metallum” or “Company”) announces that it has completed its four month program of systematic bedrock channel sampling, trenching, and geologic mapping over its previously identified zone of high grade epithermal gold mineralization on its M-18 property in Argentina. The objective of the program was to systematically map and sample in detail, as well as expose additional strike and width, to the known gold/silver mineralization.
Results of the program showed multiple high grade gold zones (with minor silver values) over significant lengths. Table 1 (below) illustrates some of the more impressive gold grades/widths of both the channel sampling and trench sampling distributed along a 1.4 kilometer (“km.”) strike length, and approximately 0.4 km. width. Two such highlights are Trench 15 showing 38.5 meters(“m”) of 1.26 grams/tonne (“g/t”) gold and Trench 12 showing 2.0 m of 15.4 g/t gold. A total of 3,555 bedrock samples were taken from this mapping and sampling program – 2,881 samples were taken from the trenches and 674 samples were taken from the outcrop.
Metallum’s President and CEO, Greg Lipton, states “Metallum is excited by the results of the trenching and channel sampling program. It shows that there is continuity of gold mineralization on surface for over a kilometer in strike with the zone being wide open in both directions. We are looking forward to testing these impressive gold values at depth, as well as our significant geophysical targets, in our phase 1 drilling program planned for Q2, 2012. It is also noteworthy that Metallum has still only explored less than 10 % of its 6,300 hectare M-18 property.”
The trenching and sampling program completed to date is centrally located within Metallum’s 9km. X 7 km. M-18 property. The juxtaposition of the local geology, trenches, channel sampling, and gold grades is shown on a compilation map here png | pdf:
| TABLE 1: SELECTED SAMPLE INTERVALS IN TRENCHES & CHANNELS (at 0.2 g/t cut-off) | |||||
| Trench (TR) /Channel (Ch) | from (m) | to (m) | Interval (m) | Au g/t | |
| Ch1 | 0.0 | 5.0 | 5.0 | 1.06 | |
| Ch2 |
incl. |
9.0 | 12.0 | 3.0 | 1.23 |
| Ch3 | 0.0 | 6.0 | 6.0 | 1.25 | |
| Ch3 |
Incl. |
1.0 | 5.0 | 4.0 | 1.75 |
| Ch7 | 9.0 | 14.5 | 5.5 | 2.89 | |
| Ch8 | 0.0 | 3.0 | 3.0 | 3.60 | |
| Ch9 | 0.0 | 3.5 | 3.5 | 3.51 | |
| Ch17 | 36.2 | 41.7 | 5.5 | 1.11 | |
| Ch22 | 233.0 | 240.0 | 7.0 | 1.00 | |
| Ch27 | 0.0 | 27.0 | 27.0 | 1.07 | |
|
incl. |
1.0 | 7.0 | 6.0 | 1.24 | |
|
incl. |
20.0 | 27.0 | 7.0 | 1.88 | |
| TR_0 | 336.00 | 340.00 | 4.00 | 0.89 | |
| TR_03 | 146.00 | 152.00 | 6.00 | 0.90 | |
| TR_03 | 176.00 | 182.00 | 6.00 | 0.90 | |
|
incl. |
177.00 | 180.00 | 3.00 | 1.49 | |
| TR_03 | 198.00 | 202.00 | 4.00 | 1.90 | |
| TR_03 | 214.00 | 218.00 | 4.00 | 0.95 | |
| TR_06 | 302.00 | 306.00 | 4.00 | 0.76 | |
| TR_09 | 39.00 | 73.00 | 34.00 | 0.56 | |
| TR_09 | 282.00 | 287.00 | 5.00 | 1.29 | |
| TR_12 | 25.00 | 30.00 | 5.00 | 1.12 | |
| TR_12 | 39.00 | 43.00 | 4.00 | 1.68 | |
| TR_12 | 214.00 | 240.00 | 26.00 | 1.15 | |
|
incl. |
224.50 | 226.00 | 1.50 | 5.45 | |
| TR_12 | 246.00 | 255.50 | 9.50 | 1.13 | |
| TR_12 | 263.00 | 265.00 | 2.00 | 15.4 | |
| TR_12 | 296.00 | 306.00 | 10.00 | 1.32 | |
|
incl. |
296.50 | 301.00 | 3.50 | 2.49 | |
| TR_7 | 39.50 | 48.00 | 8.50 | 0.75 | |
| TR_7 | 45.00 | 48.00 | 3.00 | 2.10 | |
| TR_7 | 184.00 | 187.00 | 3.00 | 1.21 | |
| TR_8 | 114.00 | 118.00 | 4.00 | 1.38 | |
| TR_8 | 221.50 | 225.50 | 4.00 | 1.02 | |
| TR_21 | 53.00 | 66.00 | 13.00 | 1.21 | |
|
incl. |
63.00 | 65.00 | 2.00 | 1.48 | |
| TR_15 | 126.00 | 164.50 | 38.50 | 1.26 | |
| TR_15 |
incl. |
126.00 | 131.00 | 5.00 | 1.99 |
|
incl. |
132.00 | 139.00 | 7.00 | 1.54 | |
| TR_10 | 19.00 | 24.00 | 5.00 | 1.35 | |
| TR_16 | 119.00 | 137.00 | 18.00 | 1.09 | |
|
incl. |
126.50 | 128.50 | 2.00 | 3.50 | |
| TR_17 | 103.00 | 123.00 | 20.00 | 1.04 | |
|
incl. |
103.50 | 106.50 | 3.00 | 1.68 | |
|
incl. |
112.00 | 116.50 | 4.50 | 2.85 | |
|
incl. |
II7.50 | 120.00 | 2.50 | 2.69 | |
| TR_18 | 96.00 | 111.50 | 15.50 | 1.06 | |
|
incl. |
100.00 | 105.00 | 5.00 | 2.21 | |
| TR_19 | 96.00 | 104.00 | 8.00 | 1.68 | |
| TR_22 | 57.00 | 58.50 | 1.50 | 0.83 | |
Notes on Table 1:
1. Samples were sent to ALS Chemex in Mendoza for standard preparation. Original rock samples are reduced to a 250 gram charge. Analytical procedures for samples were 32-element ICP-AES except for gold analysis which underwent Fire Assay with an AA finish on a 50 gram charge. The ICP-AES package included epithermal pathfinders (As, Sb), and common base metals (Pb, Zn, Cu).
2. 71 certified standards and 71 certified blank samples, as well as 29 duplicated samples were randomly inserted every 20-25 samples. Standards, blanks and duplicates comprised 5% of the samples submitted for analysis. The blanks, certified standards and duplicate assays confirm that all assays used to compile the intersections quoted here have passed Metallum’s rigorous QA/QC checks.
3. “m” defines “metres”, “g/t” defines “grams per ton”, “Au” defines “gold”
Details of Sampling Program:
A total of 26 trenches comprising 9.78 km. were dug over a strike length of approximately 1.4 kilometres straddling the outcropping ridge of the known gold zone. Trench spacing along strike was at approximately 50 metres (“m”) intervals and the depth of trenches varied from approximately 0.5 m to 3.5 m. Rock sample intervals ranged between 0.5 m in areas of visually interesting geology (alteration, quartz veining, etc.) to 3.0 m in less visually interesting geology. Continuous bedrock channel samples were taken in all trenches whereby every third trench was sampled and mapped over its entire length and the remaining trenches were completely mapped but selectively sampled in areas of visually interesting geology.
Similarly, channel samples were taken perpendicular to geologic strike at 25 m spacings for a distance of approximately 1.2 km., covering areas of exposed veining as well as the host rock to the veining. Channel samples were continuous with intervals generally ranging between 0.5 m in areas of visually interesting geology (quartz veining, stockwork veining) to 3.0 m in less visually interesting geology.
The strike potential on the known gold mineralized zone described above is wide open in both directions. Younger, consolidated sedimentary rock partially covers the mineralized zone to the northwest. Inliers of veining and stockwork veining have been discovered by recent reconnaissance mapping by Metallum several hundreds of metres from the nearest outcropping of the known mineralized zone. Detailed mapping and sampling is currently underway in this area. Likewise, the south-eastern strike extent of the gold mineralized zone is covered by these same younger sediments as well as by younger basalt lava flows. This area will become a priority for Metallum’s upcoming drilling program as an attempt to extend the gold zone beneath the lavas.
Also, Metallum is continuing its evaluation of the area of broad argillic alteration within a dacite/ rhyolite porphyry with its large (approximately) 2 km. X 600 m. coincident Induced Polarization geophysical anomaly, occurring a few hundred metres to the southwest of the main gold mineralized zone (see Metallum’s press release September 26, 2011). Detailed mapping and sampling is underway at this time.
Nivaldo Rojas, of Rojas & Asociados, Mendoza, Argentina is the qualified person for the M-18 project as required under National Instrument 43-101. He is a certified mining engineer and a member of AusIMM.
About Metallum Resources Inc.
Metallum is earning a 70% interest in the M-18 property under an Option and Joint Venture Agreement from Silver Standard Resources Inc.. Previous geological mapping and rock outcrop sampling by Silver Standard identified a gold/silver-bearing epithermal vein system with intense alteration over a strike length of at least 1.2 km with widths of 0.5 km.
Metallum Resources Inc. has 67,574,260 common shares outstanding and in excess of $7 million in cash, with no debt, as of today’s date.
Greg Lipton, P.Geo., the Company’s President, CEO, and Qualified Person has reviewed and approved the contents of this press release.
Further details may be obtained from our website www.metallumresourcesinc.com
For more information, please contact:
Greg Lipton, President
Telephone (416) 861-8351,
Fax (416) 867-2298
greg.lipton@metallumresourcesinc.com
or
Andreas Curkovic, Investor Relations.
Telephone: (416) 577-9927
