Antofagasta Gold Confirms New Regional Scale Low Sulphidation Epithermal Gold Discovery, Capricornio Project, El Peñon Gold ...
14 Février 2013 - 11:00PM
Marketwired Canada
Antofagasta Gold Inc. ("Antofagasta" or the "Company") (TSX VENTURE:AN) has
received drill results from its initial drill program at the Company's
wholly-owned Capricornio Property ("Capricornio"), located approximately 80
kilometres northwest from the El Penon Gold Mine (Yamana Gold) and 20km west
from Xstrata's producing Lomas Bayas Mine.
The Capricornio project is under option from Sociedad Quimica y Mineral de
Chile, Chile's largest potash, lithium, iodine and nitrates producer. The
Capricornio project is two wheel drive road accessible, 7 km from a power source
and is located approximately 1,020 metres above sea level.
Initial drilling at Capricornio was designed to confirm historical near-surface
gold results by SQM along 3 of over 6 exposed north-south epithermal
gold-bearing quartz veins on surface. Highlights of the exploration campaign are
as follows:
- Antofagasta has confirmed a cumulative of 20 linear kilometres of gold -
bearing low sulphidation epithermal vein strike, with individual
mineralized veins having strike lengths between 500 metres and 2.0
kilometres.
- A ground magnetic survey completed to the north of the exposed vein
system indicates another 3 to 6 kilometres of potential host vein
structure strike below a shallow alluvial cover.
- The initial 9 drill holes were designed to test near-surface
mineralization and verify historical results, to a maximum depth of 150
metres from surface.
- 8 out of 9 intercepts returned a weighted average grade of 4.54 gpt
Au/equivalent over 4.13 metres with a drill intercept range between 2 and
17 metres.
- The 9 drill holes were spread out covering over 400 metres of the
cumulative 20 kilometres of known gold bearing vein strike; results from
additional holes are pending.
- The average gold equivalent per drill hole was 94% Au gold and 6% silver.
- All high grade intersections lie within, or flanked, by larger low grade,
0.1 to over 1.0 grams Au per tonne halos in hydrothermal breccias between
17 and 44 metre core length.
Veins trending north-south or near-north-south are consistently shown to be gold
bearing. The east-west veins appear to be later extensional structures and are
not considered priority drill targets. The drilling conducted to date has
confirmed a portion of the historical near-surface drill results and defines the
most prospective sections for the next phase of drilling.
To view the map of the project, please visit the following link:
http://media3.marketwire.com/docs/853177MAP.pdf.
The phase II drill program will target mineralization by a series of "fences" at
75 metre vertical intervals along the same section down to a minimum depth of at
least 350 metres below surface. This will allow for effective exploration of the
large system, testing for zoning and plunge direction at various locations in
the overall target area.
Only trace amounts of base metal mineralization has been identified. Veins
generally show low sulphide content with intense oxidation to a minimum depth of
150 metres from surface. Limited fluid inclusion studies conducted to date
indicate an emplacement temperature below 300 degrees Celsius and low
salinities, indicating the surface expression of the veins is towards the top
the system. The veins are considered low- to mid-sulphidation veins.
Details of drill intercepts can be found in Table 1. A map showing the spatial
distribution of the vein and drill hole collar locations can be found below.
Table 1- Capricornio Phase I drill results
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DDH Vein From To Interval Au (gpt) Ag (gpt) Au Eq (gpt)
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CAD-12-001 Ilusion 39.00 51.00 12.00 2.65 6.38 2.78
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incl. 49.00 51.00 2.00 4.98 2.65 5.03
----------------------------------------------------------------------------
CAD-12-002 Ilusion 10.00 27.00 17.00 3.60 20.70 4.01
----------------------------------------------------------------------------
incl. 15.00 20.00 5.00 6.20 57.78 7.35
----------------------------------------------------------------------------
CAD-12-003 Ilusion 73.00 85.00 12.00 0.37 0.68 0.38
----------------------------------------------------------------------------
CAD-12-004 Santa Rosa 24.00 27.00 3.00 5.00 3.17 5.06
----------------------------------------------------------------------------
CAD-12-005 Illusion 189.00 191.00 2.00 2.76 19.50 3.15
----------------------------------------------------------------------------
CAD-12-006 Esperanza 26.00 29.00 3.00 2.57 2.03 2.62
----------------------------------------------------------------------------
CAD-12-007 Illusion 82.00 90.00 8.00 2.14 6.66 2.28
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incl. 83.00 85.00 2.00 5.69 14.15 5.97
----------------------------------------------------------------------------
CAD-12-008A Esperanza 100.00 104.00 4.00 5.28 4.92 5.38
----------------------------------------------------------------------------
incl. 101.00 103.00 2.00 9.15 6.95 9.29
----------------------------------------------------------------------------
CAD-12-009 Illusion 120.00 122.00 2.00 5.07 42.8 5.92
----------------------------------------------------------------------------
Reported widths are cored widths and do not necessarily represent true
widths; insufficient work has been completed to adequately define true
widths.
Silver to gold ratios used to calculate gold equivalent (Au Eq) values is 50
to 1.
Antofagasta Gold Inc. (formerly Windamere Ventures Ltd.) is a Canadian mineral
exploration company currently focused on projects in Chile. The initial focus is
on advancing its wholly-owned Capricornio project near Antofagasta, Chile. The
Company will also actively seek out complementary growth opportunities that are
synergistic with its projects and management strengths. Antofagasta's board and
management have both significant technical knowledge and capital markets
experience that will assist in the Company's growth.
The technical and scientific aspects of this news release have been reviewed and
approved by Mr. Vern Arseneau, P.Geo, who is a qualified person in accordance
with NI 43-101. As the Vice President of Exploration of the Company, Mr.
Arseneau is not considered independent.
On behalf of the Board of Directors of Antofagasta Gold Inc.,
William Randall, President and CEO
Cautionary Note Regarding Accuracy and Forward-Looking Information
This news release may contain forward-looking information within the meaning of
applicable Canadian securities legislation. Forward-looking information
includes, but is not limited to, statements, projections and estimates relating
to the future development of any of the Company's properties, the future
financial or operating performance of the Company, its subsidiaries and its
projects, the development of and the anticipated timing with respect to the
Capricornio project, and the Company's ability to obtain financing. Generally,
forward-looking information can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words and phrases or
state that certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved". The statements made herein are
based on current expectations and assumptions that are subject to risks and
uncertainties. Actual results could differ materially because of factors
discussed in the management discussion and analysis section of the Company's
interim and most recent annual financial statement or other reports and filings
with the TSX Venture Exchange and applicable Canadian securities regulations.
Estimates underlying the results set out in this news release arise from work
conducted by previous owners and the Company. Forward-looking information is
subject to known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied by such
forward-looking information, including but not limited to: general business,
economic, competitive, geopolitical and social uncertainties; the actual results
of current exploration activities; other risks of the mining industry and the
risks described in the annual information form of the Company. Although the
Company has attempted to identify important factors that could cause actual
results to differ materially from those contained in forward-looking
information, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such
information will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking information. The
Antofagasta does not undertake to update any forward-looking information, except
in accordance with applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Antofagasta Gold Inc.
William Randall
President and CEO
(416) 309-2697
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