VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/29/13 -- Citation Resources Inc. (the "Company") (TSX VENTURE: CTT) is pleased to announce that four priority drill target areas have been defined and a 7,000 meter drill program has been designed for the Biricu Gold Project located in Mexico's prolific Guerrero Gold Belt (GGB).
The four target areas identified have been outlined based on an integration of geologic, geochemical and geophysical data collected during field exploration programs conducted during 2012. Further to the preliminary results of its airborne versatile time-domain electromagnetic ("VTEM") survey completed by Geotech Ltd. (news release December 5, 2012),, the Company has received the final detailed interpretation of the results prepared by Condor Consulting Inc., recognized experts in the field of airborne electromagnetics. A 5-day geologic field review of the target zones ("TZ") identified in Condor's interpretation report was completed in late December 2012 under the supervision of the Company's consulting geologist, David M. Jones. The field review involved the consideration of all geologic, geochemical and geophysical data gathered to date in evaluating the VTEM survey results and finalizing a first round exploration drill program. Further details of the Condor report are available on the Company's website www.citationresources.com.
The Company is in the process of initiating the environmental permitting process and plans to launch a financing to raise the necessary funds to enable it to commit to a drilling contract during the first quarter.
Matthew Watson, Chairman of Citation commented, "Preliminary field work, consisting of reconnaissance mapping and geochemical sampling is completed in most of the highest priority areas of the property. We have received very encouraging EM results from the survey which, combined with the equally encouraging ground activities and geochemical sampling, have enabled Citation to identify a number of priority drill targets. The target areas each show strong similarities in geologic setting, alteration, and geochemical patterns to those of the numerous gold skarn deposits of the Guerrero Gold Belt. We are excited to now be planning the next phase of our exploration activities on the Biricu Project that will involve drill testing of the target areas identified to date."
Target Area I - Punto Rojo (Condor TZ-8)
The Punto Rojo area lies in the north-central portion of the Project along the main Mezcala- Chilpancingo highway. The Punto Rojo target presents the most concentrated area of consistently anomalous gold values and is a high priority exploration target area based on the coincidence of important geologic features (e.g. a porphyry with mineralized blocks), consistently anomalous gold and pathfinder element geochemistry, and modestly strong magnetic-VTEM anomalies with the favorable Morelos-Mezcala contact zone projected at depth below this target.
The target area consists of an approximate one kilometer diameter porphyry granodiorite-diorite stock exposure hosted entirely within sandstones and siltstones of the Mezcala Formation. Large loose blocks of marbleized and skarned limestone were found within the exposure, suggesting that the blocks may have been entrained in the intrusion and brought up from deeper stratigraphic levels. This intrusion is thus, in part, an 'intrusion breccia' and shows evidence of explosive emplacement.
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