Concordia Intersects 4 Meters at Over 3 kg (100 Ounces) Silver Per Tonne as Part of a 3,500 Meter Core Drilling Program at It...
02 Mars 2012 - 1:30PM
Marketwired Canada
Concordia Resource Corp (TSX VENTURE:CCN) ("Concordia" or "the Company") is
pleased to announce the results of its first-stage drilling program at the
Providencia silver property in northwestern Argentina, where highlights included
4 meters of mineralization at a grade of 3,112 g/t silver (DPR-0004); 1,788 g/t
over 7 m (DPR-005) and 60.2 g/t over 44 m (DPR-033).
The drilling program targeted near surface sediment-hosted silver mineralization
within the historic pit area of the former producing Providencia Mine, with the
aim of delineating an initial resource in line with National Instrument 43-101
guidelines. A total of 3,589.4 meters of core were drilled in 39 holes.
The program has confirmed that mineralization continues under the mined areas
and peripheral to the pits, extending for up to 150 m down-dip to the east, 600
m along strike and has been intersected over down-hole thicknesses averaging
some 17 m (above 25 g/t Ag). Mineralization is open to the north and at depth.
Significant highlights of the program to date are shown below.
From To Interval Silver
Hole (m) (m) (m) (g/t)
----------------------------------------------------------------------
----------------------------------------------------------------------
DPR-001 0 19 19 76.5
Including 5 16 11 101.7
DPR-002 0 18 18 85.3
Including 0 14 14 102.2
DPR-003 0 18 18 73.3
Including 0 12 12 100.0
DPR-004 18 27 9 818.9
Including 22 27 5 1,435.6
DPR-005 19 26 7 1,788.2
Including 22 26 4 3,111.5
DPR-014 31 51 20 54.6
Including 32 35 3 152.7
DPR-015 27 44 17 60.2
Including 27 31 4 159.0
DPR-016 24 31 7 284.1
Including 27 30 3 519.0
DPR-017 19 23 4 131.8
DPR-018 0 3 3 182.0
DPR-019 3 26 23 85.2
Including 15 21 6 200.9
DPR-024 15 22 7 99.9
Including 18 21 3 203.5
DPR-026 0 4 4 92.3
DPR-027 9 31 22 85.1
Including 15 30 15 100.6
DPR-028 13 52 39 51.1
Including 13 19 6 105.7
Including 21 24 3 111.7
DPR-033 0 44 44 60.2
Including 9 21 12 104.2
Including 32 38 6 104.1
DPR-034 40 59 19 91.8
Including 48 53 5 200.4
DPR-036 57 63 6 25.9
70 77 7 27.2
DPR-035 48 55 7 81.6
Including 49 52 3 127.1
DPR-039 149 183 34 59.7
Including 168 174 6 107.5
----------------------------------------------------------------------
----------------------------------------------------------------------
Concordia Chairman and CEO, Edward Flood, stated, "We are satisfied that our
initial program has succeeded in delineating significant mineralization at
Providencia, with the potential for substantial upside as we progress our
exploration activities over the coming months."
The results are currently being interpreted and Concordia plans to announce an
initial resource in April 2012. The Company has retained Roscoe Postle
Associates Inc ("RPA") of Vancouver, Canada to review and report on the results
of the drilling program. A second phase of drilling will be considered and
planned with the aim of expanding known mineralization along strike after the
completion of an IP survey, which is planned for March 2012.
ABOUT LA PROVIDENCIA
Over the course of production (1985-95), four shallow open pits were developed,
during which an estimated five million ounces were produced, at an average grade
of approximately 250 g/t silver. Mineralization is hosted by a distinctive,
gently dipping, poorly consolidated, green conglomerate unit floored by pink
mudstones. The host rock is easily identifiable in the core. Compilation of
previous exploration data as well as confirmation mapping and sampling had
indicated the presence of a number of mineralized lenses that are present below
the depth of the historic drilling and constitute targets for the phase II
program.
QUALIFIED PERSON
Field work at Providencia was undertaken by a team of geologists and technicians
under the direction of Project Geologist Jose Antonio Cires BSc, and all
activities were supervised by Dr Willem Fuchter, PGeo. Mr Fuchter is a Member of
the Association of Professional Geoscientists of Ontario ("APGO"), and is a
qualified person in accordance with National Instrument 43-101 Standards of
Disclosure for Mineral Projects ("NI 43-101"). He is responsible for the
exploration program on the Providencia property. He has verified the data
disclosed in this news release. Drilling was undertaken by Major Perforaciones
SA, the Argentine subsidiary of Major Drilling Group International Inc. Triple
tube core barrels were utilized, and recovery was further enhanced with the
addition of bentonite and bio-degradable organic polymers to the drilling
fluids.
Core samples were sent to the accredited facilities of ALS Chemex Laboratory in
Mendoza, Argentina, for sample preparation and analysis. Sample shipment was
facilitated by an arrangement between ALS and Andesmar, which includes formally
established chain-of-custody protocols. At the lab, the total sample was crushed
and a 1kg portion split-off and pulverized. From this, Ag was analyzed by a fire
assay fusion and gravimetric analysis finish procedure (FA) on a 50g nominal
sample weight, and an additional 33 elements were analyzed for using inductively
coupled atomic emission spectroscopy (ICP-AES) after four acid digestion to
dissolve most minerals. Any ICP-AES analytical result for Cu, Pb, or Zn
exceeding 10,000ppm, was re-analyzed by FA procedures on a 30g charge. Quality
assurance and quality control (QA/QC) samples were included with the core
samples, and these data are currently being reviewed by Ms Lynda Bloom MSc PGeo
of Analytical Solutions Ltd of Toronto Canada, and a Qualified Person as defined
by Canada's National Instrument 43-101.
ABOUT CONCORDIA
Concordia is a well-financed junior exploration company with an emphasis on
developing mineral deposits in Africa and South America. Concordia has an
extensive exploration portfolio in the resource-endowed regions of Burkina Faso,
Gabon, the Democratic Republic of Congo (the "DRC") and Zimbabwe, with a land
package in Africa totalling over 12,400 km2. In addition, Concordia has acquired
an option to purchase 100% of the historic La Providencia silver mine located in
the Puna of northwestern Argentina and has also acquired an option to purchase
the 14,000 ha Cerro Amarillo-Cajon Grande copper-gold-molybdenum property
located in the Malargue District of Argentina. The Company has an experienced
management team and board of directors with extensive expertise across the
globe.
On behalf of the Board of Concordia Resource Corp.
R. Edward Flood, Chairman
Certain of the statements made and information contained herein is
"forward-looking information" within the meaning of the British Columbia
Securities Act. When used in this news release, the words "anticipate",
"believe", "estimate", "expect", "target", "plan", "forecast", "may", "schedule"
and similar words or expressions, identify forward-looking information. The
forward-looking information relate to, among other things, the receipt of
necessary permits to conduct exploration and construction, timing of anticipated
exploration program and results of current exploration program, the number of
the holes and meters to be drilled and future plans of the Company.
Forward-looking information is subject to a variety of risks and uncertainties
which could cause actual events or results to differ from those reflected in the
forward-looking information, including, without limitation, risks and
uncertainties relating to risks inherent in mining including environmental
hazards, industrial accidents, unusual or unexpected geological formations,
ground control problems and flooding; risks associated with the estimation of
mineral resources and reserves and the geology, grade and continuity of mineral
deposits; the possibility that future exploration, development or mining results
will not be consistent with the Company's expectations; the potential for and
effects of labour disputes or other unanticipated difficulties with or shortages
of labour or interruptions in production; actual ore mined varying from
estimates of grade, tonnage, dilution and metallurgical and other
characteristics; the inherent uncertainty of production and cost estimates and
the potential for unexpected costs and expenses, commodity price fluctuations;
uncertain political and economic environments; changes in laws or policies,
delays or the inability to obtain necessary governmental permits; and other
risks and uncertainties, including those described in each management discussion
and analysis.
Forward-looking information is in addition based on various assumptions
including, without limitation, the expectations and beliefs of management, the
assumed long term price of metals; appropriate equipment and sufficient labour
and that the political environment where the Company operates will continue to
support the development and operation of mining projects. Should one or more of
these risks and uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those described in the
forward-looking information. Although the Company has attempted to identify
important factors that could cause actual results to differ materially, there
may be other factors that cause results not to be anticipated, estimated or
intended. The Company does not intend, and does not assume any obligation, to
update the forward-looking information to reflect changes in assumptions or
changes in circumstances or any other events affecting such information, other
than as required by applicable law. Accordingly, readers are advised not to
place undue reliance on forward-looking information.
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