Discussion of Drilling Program and Results
The Phase I drilling program began drilling near the western most exposure of the Sabana Blanca zone near the Sabana Blanca adit where surface and underground sampling indicates the mineralized zone varies from 9 to 30 meters in estimated true width. Drilling will generally progress along trend to the east toward Trench number 2 located roughly 180 meters to the east of the Sabana Blanca adit, where surface, saw cut channel sampling returned a composite interval of 68 meters averaging 4.7 g/T Au, 6.2 g/T Ag, 0.5% Cu and .5% Zn that contained a high grade sub-interval as reported in the Company's press release of May 11, 2011 averaging 58.6 g/T Au, 14.6 g/T Ag, 0.26% Cu and 0.81% Zn over 3 meters.
Hole D13-01A is a re-drill of D13-01 that was abandoned in a fault zone before reaching significant mineralization. D13-01A was drilled from the same drill pad as D13-01 at an inclination of -45 degrees below horizontal at an azimuth of 237 degrees to a total depth of 151 meters with HQ diameter core. D13-01A passes approximately 30 meters vertically below the Sabana Blanca adit, and successfully intersected high grade sulfide mineralization projected down dip from the adit. The results corroborate results from the channel sampling of the Sabana Blanca adit and are an important first step to verify the vertical continuity of mineralization in the Sabana Blanca zone.
D13-01A encountered multiple zones of mineralization as shown in Table 1 above. Within the projected target zone, two sulfide rich intervals of mineralization were intersected. The first, from 69.2 to 86.25 meters averaged 2.38 g/T Au (5.16 g/T Au_Eq) over the entire 17.05 meter drill length, including higher grade subintervals that averaged 7.28 g/T Au (15.57 g/T Au_Eq) from 81.4 to 86.25, and also included an interval averaging 15.6 g/T (29.53 g/T Au_Eq) from 81.4 to 83.5 meters. The second zone averaged 7.00 g/T Au (9.31 g/T Au_Eq) from 114.75 to 120.85 meters including a higher grade sub zone from 114.75 to 117.7 meters averaging 13.77 g/T Au (16.48 g/T Au_Eq).
Mineralization in the first interval consists of multi-phased, coliform banded quartz, with abundant chalcopyrite, sphalerite and pyrite, and in the second interval is comprised of coliform banded, multiphased quartz with abundant pyrite and sphalerite, and trace amounts of chalcopyrite. Photos of representative mineralization are available on the Company's web site.
The hole also intersected previously unknown mineralization from 26 to 30 meters averaging 2.26 g/T Au in oxidized vein quartz with no visible sulfide minerals. The oxide character suggests the response to flotation metallurgy could be very different than unoxidized mineralization. No gold equivalent has been calculated for this interval.
For the purposes of this press release the Company has not applied any "capping" or "top cutting" to the drill results. The presence of numerous high grade samples in the grade range of 30 to 104 g/T Au in the surface channel sampling results and the apparent continuity of high grades zones does not justify capping or top cutting at this time. The drill intercept lengths reported here, are the actual drilled length and may be longer than the true width of mineralization. At this point there is insufficient information as to the overall dip of the structure to estimate the true width in the drill holes. The Company will continue to assess the possible need for capping of high grade and the apparent true width of the mineralized system as sufficient data is developed.
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