News Column

Excalibur Resources Reports More High Grade Gold Intersections From Underground Sampling at Catanava

Mar 8 2013 12:00AM



TORONTO, ONTARIO -- (Marketwire) -- 03/08/13 -- Excalibur Resources Ltd. (CNSX: XBR)(FRANKFURT: X9CN)(WKN A0YJNV) ("Excalibur" or the "Company") is pleased to provide an update on the sampling program at the Catanava property in Pinos, Zacatecas State, Mexico. Pinos has been mined since 1546 and was one of only three bonanza gold districts discovered by the Spanish in Mexico. It is located along the historic Fresnillo -- Guanajuato Trend of Mexico, characterized by world-class precious metals mines. The program includes mapping and sampling of old mine workings, surface mapping and re-logging and sampling of drill holes completed by previous operators. The program is directed at expanding the resources at the Catanava property and in providing data for mine development planning.

Highlights of the current sampling program are listed in Table 1. Assay results from the San Miguel Mine and the Tanous Mine show that significant gold mineralization remains in the old historic workings. The San Miguel and Tanous Mines belong to the Cinco Estrellas-Tanous vein system, a major mineralized trend that extends over a 5 km distance within the Pinos District and 700 meters on the Catanava property. The continuity of these high grades zones over significant strike lengths support the potential and continuity of mineralization.

Table 1: Highlights of assaying results from the current sampling program,Catanava Project, Pinos, Zacatecas State, Mexico.-------------------------------------------------------------------------- Au AgMINE/AREA WORKING SAMPLE WIDTH DESCRIPTION g/t g/t-------------------------------------------------------------------------- Oxidized quartz vein, crustiform quartzSan Miguel Level 4 31519 0.85 veinlet 4.97 24-------------------------------------------------------------------------- Oxidized quartz vein,San Miguel Level 3 31523 0.8 brecciated 4.67 17--------------------------------------------------------------------------San Miguel Level 3 31525 1.2 Quartz vein brecciated 11.8 48--------------------------------------------------------------------------San Miguel Level 3 31529 0.56 Oxidized quartz vein 2.74 36-------------------------------------------------------------------------- Oxidized quartz vein,San Miguel Level 2 31533 0.9 blade 5.23 70-------------------------------------------------------------------------- Oxidized quartz vein,San Miguel Level 2 31535 0.9 blade 5.52 91-------------------------------------------------------------------------- Oxidized quartz vein,San Miguel Level 1 31538 0.5 blade 7.56 106-------------------------------------------------------------------------- Oxidized breccia,San Miguel Level 1 31540 0.5 angular, quartz 4.91 91-------------------------------------------------------------------------- Greenish quartz veinSan Miguel Level 1 31544 0.5 ginguro 5.89 50-------------------------------------------------------------------------- Oxidized breccia,San Miguel Level 1 31551 0.3 angular, quartz 7.56 44--------------------------------------------------------------------------San Miguel Level 1 31553 0.94 Oxidized quartz vein 3.49 41--------------------------------------------------------------------------San Miguel Level 1 31554 0.63 Oxidized quartz vein 2.93 42--------------------------------------------------------------------------San Miguel Level 1 31555 0.82 Oxidized quartz vein 3.80 24--------------------------------------------------------------------------Tanous Level 01 31565 0.78 Oxidized quartz vein 3.57 22--------------------------------------------------------------------------

San Miguel Mine: The current sampling program continues to confirm high grade gold mineralization at Levels 01, 02 and 03 of the past producing mine. This mineralization is located ranging 20 to 75 meters below surface. The zone is best illustrated in the middle portion of the workings, where intersections up to 1.2 m @ 11.80 g/t Au and 48 g/t Ag were obtained. This mineralized ore shoot may correlate with all levels of the San Miguel Mine and subsurface. The San Miguel Mine has the most extensive old workings on the Catanava Property and extends to at least 95 meters depth and over 120 meters of horizontal drifts.

Tanous Mine: Sampling carried out previously by Romarco and confirmed by Excalibur Resource consultants show continuity of high grade gold mineralization, mainly on Level 03. Intersections up to 0.78 m @ 3.57 g/t Au and 22 g/t Ag were obtained from sampling.

"Results from the underground sampling of the historic adits of the Cinco Estrellas - Tanous structure have provided us with an increased level of confidence in the grade and continuity of the zones of high grade gold mineralization within the Catanava Property" said Tim Gallagher, Chairman and CEO of Excalibur Resources. "Further exploration is needed to properly map and sample the better zones so that we can plan and prioritize the mine development to access these areas with the objective of providing a uniform and predictable stream of broken material to the mill for processing".

The current exploration results at Catanava have provided valuable information including:

1. Support of continuity of the high grade mineralization on the Cinco Estrellas - Tanous vein structure between the old mine workings.2. Distribution of gold and silver within the mineralized zones on the mineralized structure.3. Mineralization controls, both structural and geological.4. Ground conditions for mine development planning and economics.

Next Steps

Going forward the principal focus of the mining geology department will be to provide accurate mapping and sampling of all surface exposures of the known veins along with surveying, mapping and systematic sampling of all the accessible underground workings. This will provide the basis of a mineral inventory that will be used in mine development planning and will be used to help improve our geological understanding of the mineralized veins so as to better predict the location of bonanza grade ore shoots within the property. To accomplish this, a mine grid will be established on the Catanava Property and all surface features will be relocated using differential GPS. All the surface entrances to shafts, adits and declines will be surveyed along with all accessible underground workings to provide adequate location accuracy for mine planning purposes.

Sampling Program Description and QA/QC

Sampling within the underground workings includes continuous channel sampling, taken in compliance with the Company's QA/QC protocol. Samples are analyzed for gold, silver and trace elements at the ALS Chemex laboratory. The vein exposures are sampled in channels perpendicular to the strike of the structure, with the widths of the individual samples determined by the mineralization and alteration. Sample stations include one to four continuous channel samples, with the hanging wall, vein and footwall mineralization separated into individual samples. Minimum sample width was 0.3 meters and maximum was 2.4 meters. Sample widths reported are true thicknesses except for horizontal crosscut samples which are approximately 80-100% of true thickness. Duplicate channel samples were occasionally collected and blanks and certified pulp standards were inserted as per the company's protocol.

Charles Beaudry, P.Geo. is a "Qualified Person" for the purpose of National Instrument 43-101, and has reviewed and approved the technical contents of this news release.

Excalibur Resources Ltd. is a junior exploration mining company focused on the discovery, development and mining of economically viable precious metal mineral resources.

On behalf of the Board of Directors:

Tim Gallagher, Chairman & CEO

Neither the Canadian National Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Excalibur Resources Ltd.
Tim Gallagher
Chairman & CEO

Source: Marketwire

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