Metallum Resources Inc. Commences Trenching and Channel Sampling On Its M-18 Gold and Silver Property
Toronto, ON – Metallum Resources Inc. (MRV-TSX.V) (“Metallum” or “Company”) is pleased to announce that following its recently completed geophysical program (see press release September 26, 2011) it has now commenced the geological campaign on its M-18 gold and silver property, comprising an extensive program of geological mapping, detailed outcrop channel sampling, and approximately 8 kilometres (“km.”) of trenching with channel sampling.
Metallum anticipates that the channel sampling programs from both the outcrop areas and trenches will be completed by early December, 2011. The first batch of analytical results from the sampling are expected to be returned from the laboratory by mid-November, 2011.
A recent visit by Greg Lipton, P.Geo., the Company’s President, CEO, and Qualified Person, to the M-18 property at the commencement of the trenching and channel sampling program is illustrated in a photo gallery, please click here.
The objective of the trenching with channel sampling program is to expose additional strike and width to the 1.2 km strike and 0.5 km width of the known gold/silver mineralization, which is covered by a thin veneer of gravels at its perimeter and remains open in all directions. Trenches are being dug at 50 metre (“m”) spacings perpendicular to the northwest-southeast strike of the mineralized zone, on both the northeast and southwest flanks of the mineralized zone, and extending approximately 100 m beyond the exposed mineralization along strike of the mineralized zone. The length of each planned trench averages approximately 150 m extending from outcrop, however, the ultimate length will be dictated by any potential topographical and/or depth to bedrock impediments that may occur. Channel sampling of bedrock within the trenches will be at continuous 2 m intervals, with 1 m samples taken in areas of visually interesting geology.
The objective of the outcrop channel sampling program is to complete a systematic evaluation of gold, silver, and possible base metal mineralization occurring along the 1.2 km. strike and 0.5 km. width of the exposed gold/silver mineralization occurring within the low sulphidation epithermal vein system zone identified by Silver Standard Resources Inc. (“Silver Standard”) during a previous outcrop sampling program. Here, gold and silver values obtained by Silver Standard, with subsequent follow-up by Metallum, ranged up to 4.6 grams per tonne gold and 185.0 grams per tonne silver. Rock channels will be cut utilizing a pneumatic hammer at 25 m intervals perpendicular to the strike of epithermal veins with continuous 1 m intervals within the veins and at least 2 m into the wall rock hosting the veins. In zones of stockwork veining, sampling will be at continuous 1 m intervals for a minimum of 50 m across the zone.
Also, the geological campaign will evaluate the large untested zone of argillic alteration (mentioned in the September 26, 2011 press release) occurring within a few hundred metres of the known gold/silver mineralization in context with its associated strong IP chargeability/low resistivity response identified from the geophysical survey. Work here will entail detailed mapping and outcrop sampling.
The exploration program at the M-18 property is designed and coordinated by Metallum. Professional technical personnel, logistics, and daily project management is provided by Rojas & Asociados Mining Consultants of Mendoza, Argentina.
Results compiled from this geological campaign as well as the recently completed geophysical program will identify primary targets for a Phase 1 drilling campaign planned for Q-4, 2011/Q-1, 2012.
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. (“Silver Standard”). 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 53,803,828 common shares outstanding and in excess of $5 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.
This news release contains forward-looking statements including, but not limited to, comments regarding the timing and content of up-coming work programs, geological, geophysical, and geochemical interpretations, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those anticipated in such statements.
The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this news release.
Neither the TSX Venture Exchange Inc. 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.
Further details may be obtained from our website www.metallumresourcesinc.com
For more information, please contact:
Greg Lipton, President
Tel (416) 861-8351
Fax (416) 867-2298
Tel: (416) 577-9927