TORONTO,
Feb. 8, 2013 /CNW/ - Miocene
Metals Limited (TSX-V: MII) (the "Company" or "Miocene Metals")
today provided the following Shareholder Update and outlined its
plans for 2013.
The downturn in the junior resource market that
began in 2011 continued through 2012. In spite of this,
Miocene Metals, with the continued support of its major
shareholder, Wallbridge Mining Company Limited ("Wallbridge"), was
able to complete an active summer exploration program. This
work led to the discovery of widespread copper mineralization on
the western part of the MacKenzie property. Limited work was
carried out on the Rogers Creek property, where the large
alteration/mineralization system defined by work to date remains
open to the north and south.
The Company's current properties and assets are
100% owned and sufficient assessment work has now been completed
and filed to hold the key parts of the Rogers Creek, and MacKenzie
properties until 2019 and 2021 respectively.
There are signs that global markets are starting
to recover with signs of renewed growth in China, a stronger US economy and housing
market, and some stability in the European Union. Throughout the
current downturn in the mining markets, base and precious metal
prices have remained strong, and with the downturn, input costs for
exploration and mining projects are starting to decline; setting
the stage for a recovery in the junior resource markets.
In January, the Company announced it had reached
an agreement with its major shareholder, Wallbridge, on an
extension of the terms of the line of credit ("LOC") facility with
Wallbridge until September 30, 2014.
In addition to the extension of the LOC, the Company also announced
its intention to complete a non-brokered private placement to raise
gross proceeds totalling up to $300,000 to finance general working capital.
These two initiatives will allow the Company to meet corporate
needs for the rest of the year and into 2014.
The Company continues in its efforts to secure
major partner financing for its exploration efforts on its B.C.
properties. Large mineralized porphyry copper-gold alteration
systems have been identified on both the MacKenzie and Rogers Creek
properties, and these properties will be the focus of future
exploration programs, funded either by joint venture partners or
further equity issuances.
The fact that:
- after the current financing we will have the funds in place to
meet corporate needs; and,
- the large size of the mineralized systems on our properties;
will, we believe, make us attractive to major partners, or
flow-through investors should efforts to secure major partner
funding prove unsuccessful.
Currently, subject to securing the necessary
financing without unduly diluting our existing shareholders, we
plan to conduct work programs on both our Rogers Creek and
MacKenzie properties. Work on Rogers Creek will focus on
extending and testing the mineralized system to the north of the
2011 drilling which intersected wide zones of anomalous copper/gold
values within what was interpreted as the pyritic shell of a
porphyry system.
MRC-006 and MRC-007, the last holes drilled in
2011, both intersected elevated copper and gold values within
sparsely disseminated pyrite-chalcopyrite mineralization and
porphyry-style alteration (propylitic and chloritic/argillic)
assemblages along substantial core lengths (up to 150 metres). (see
Press Release dated January 12,
2012). As with holes WRC-001 and WRC-002, alteration
assemblages and the intensity of Cu-Au mineralization are
consistent with an intersection through the outer pyritic halo of a
buried porphyry system. The most interesting mineralization to date
was observed in hole MRC-007 (the last hole in the 2011 program),
which intersected 380 ppm Cu over 150.9 metres from 345.60 to
496.50 metres, including:
- 0.050% Cu over 14.7 metres from 365.0 to 379.7 metres
- 0.172% Cu over 12.1 metres from 422.2 to 434.3 metres
- 0.067% Cu over 6.0 metres from 447.0 to 453.0 metres
The proposed 2013 program will focus on the area
northeast of hole MRC-007, and north of the post-mineral breccia
pipe which contains clasts of potassic altered mineralized
material, more indicative of the central part of a porphyry
system. Planned work consists of induced polarization
geophysical surveying and geologic mapping and sampling, followed
by diamond drilling.
On MacKenzie, work will focus on the copper-gold
mineralization discovered on the western part of the property
during the latter part of the 2012 exploration season. This
mineralization, discovered late in the 2012 exploration season
consists of scattered quartz-bornite-malachite ± chalcopyrite ±
tetrahedrite veins and stringers up to 20 centimetres wide which
occur over a strike length of 7.5 kilometres along the edge of the
Miocene-age Bridge River pluton and within the host Coast Plutonic
Complex. Fourteen of the 27 grab samples collected in this area
during the initial reconnaissance of this area last summer have
copper values in excess of 0.25% copper with values ranging up to a
maximum of 4.34% Cu with gold and silver values ranging from 0.001
to 0.445 g/t Au, and from 3.34 to 4,170 g/t Ag, respectively. (see
Press Release dated September 13,
2012).
Planned work in this area, which has never seen
modern systematic exploration, includes an airborne
magnetic/resistivity survey, mapping and sampling, IP surveys and
follow-up drilling.
We look forward to an active and successful 2013.
Alar Soever
Chairman and CEO
The Qualified Person responsible for the
technical content of this press release is Shannon Baird, P.Geo., Project Geologist for
Miocene Metals.
About Miocene Metals Limited
Miocene Metals is focused on the exploration of
six porphyry copper-gold-molybdenum properties in south-western
British Columbia that occur within
the Tertiary-aged Cascade Magmatic Arc. The Cascade Arc shares many
geological characteristics with Tertiary-age porphyry belts that
stretch the length of Chile and
Peru in South America and hosts some of the world's
largest porphyry copper-gold-molybdenum deposits. The Cascade
Magmatic Arc hosts a number of significant porphyry Cu-Au and Mo
deposits in Washington State, and
Alaska (Glacier Peak and Margaret,
and Quartz Hill respectively) but remains largely unexplored in
British Columbia.
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking
information (including "forward-looking information" within the
meaning of applicable Canadian securities legislation and
"forward-looking statements" within the meaning of the US Private
Securities Litigation Reform Act of 1995) that involves substantial
known and unknown risks and uncertainties, most of which are beyond
the control of the Company, including, without limitation, those
listed under "Risk Factors" and " Forward-Looking Statements" in
the Company's Final Prospectus (collectively, "forward-looking
information"). Forward-looking information in this news release
includes, but is not limited to, information concerning the
Company's expectations and estimates regarding the Company's
drilling program, working capital requirements and market outlook.
The Company cautions investors about important factors that could
cause actual results to differ materially from those projected in
any forward-looking statements included in this news release. Any
statements that express, or involve discussions as to,
expectations, beliefs, plans, objectives, assumptions or future
events or performance are not historical facts and may be
forward-looking and may involve estimates, assumptions and
uncertainties which could cause actual results or outcomes to
differ materially from those expressed in such forward-looking
statements. No assurance can be given that the expectations set out
in the Company's Final Prospectus or herein will prove to be
correct and accordingly, prospective investors should not place
undue reliance on these forward-looking statements. These
statements speak only as of the date of this press release and the
Company does not assume any obligation to update or revise them to
reflect new events or circumstances. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, save and except as may be required by applicable
securities laws.
SOURCE Miocene Metals Limited