Drill Program Resumes at Mayville Property
02 Juin 2011 - 2:00PM
Marketwired
Mustang Minerals Corp. (TSX VENTURE: MUM)(FRANKFURT:
NJF)("Mustang") today announced that exploration drilling for
platinum group metals is resuming at its Mayville Property in
southeast Manitoba. The Company also updated other exploration
information from the project including results from May11-28 which
was drilled 100 meters to the west of the discovery drill section
which returned highly anomalous PGE results and plans for a
concerted drill out of the PGM Zone.
Drill Update
Drilling has commenced on the Road Anomaly which is located to
the east of the PGM discovery area. This target was identified
during a recent survey and consists of a prominent (480m x 240 m)
induced polarization (IP) and magnetic anomaly. This anomaly is
also featured on the VTEM airborne survey flown at Mayville in
2005. The target is situated 620 meters northeast of the PGM
discovery hole and 1700 meters east of the Mayville M2 Cu+Ni
Deposit. A series of holes will be completed to test and explain
the anomaly. The Road Anomaly is readily accessible by road even
with spring break up conditions.
Mayville Project Exploration
Mustang is planning a systematic drill out of the PGM Zone
target area as well as related exploration at the Mayville Property
during the remainder of 2011. In addition to drilling exploration
will include ground and airbone geophysics, litho-geochemical and
bio-geochemical surveys and further geological mapping of areas of
interest. Further details will be forthcoming from the Company as
plans are implemented. Carey Galeschuk P. Geo. will be the
supervising site geologist.
Drill results were also received for drill hole MAY11-28 which
was drilled 100 meters west of MAY11-07 (see Mustang Minerals news
release March 22nd, 2011). MAY11-28 intersected several zones of
anomalous mineralization with values of 1.9 g/t pgm+Au, 0.29%
nickel and 0.35% copper ( over 1.2m ) with 1.4 g/t pgm+Au over
1.5m. The geology of MAY11-28 consisted of an alternating package
of ultramafic, peridotite and gabbro. Elevated PGM values were
noted throughout the rock units. Mineralization is different is
this hole compared with the others in the PGM Zone as it contained
elevated copper and nickel values. Anomalous intervals of PGM
included 3.0m at 0.7 g/t from 57.0m; 5.9m at 0.6 g/t pgm from
160.6m and 4.2m at 0.9 g/t from 180.8m.
Makwa Feasibility Study
The feasibility study for Makwa is proceeding with contracts
awarded for feasibility level metallurgical testing, pit slope
design, tailings and waste management design and Environmental
Impact Assessment and Permitting. The mill components purchased
from Bouchard Hebert are being dismantled and moved off site by
third party contractors.
QAQC
All core samples were sent to Accurassay Laboratories in Thunder
Bay, Ontario. Analysis was completed for nickel, copper, cobalt and
silver using an Aqua Regia digestion followed by AAS/ICP finish.
For gold, platinum and palladium, fire assay of 30g aliquots
followed by combination fire assay and AAS finish was employed.
Drill core is logged and split on site at the Makwa site with half
the core retained and stored. Mustang conducts an ongoing QA/QC
program on drill core including inserting blanks, duplicates and
standards at regular intervals with all sample submissions to the
laboratory.
Performance Options
The Company also announced that it is issuing a total of 920,000
incentive stock options to employees of the Company pursuant to the
stock option plan of the Company. The term of the options is for 5
years. The exercise price of the options are a minimum of $0.30 per
share and are subject to regulatory approval.
About Mustang Minerals
In addition to conducting exploration at the Mayville Property
for platinum group metals Mustang Minerals has two open pit
mineable deposits located in Southeast Manitoba. Both have
excellent infrastructure.
1. The Makwa Project has a NI 43-101 reserve estimate completed
in Feb. 2010 by Micon International Limited outlined 9.855 million
tonnes in the Probable category containing 0.541% nickel, 0.113%
copper and 0.433 g/t PGM. Work on a feasibility study is ongoing
and the permitting process is beginning with operations planned to
start in late 2012.
2. The Mayville Project's M2 Deposit is located approximately 35
km by road from Makwa and has a NI 43-101 Indicated Resource of
9.227 million tonnes containing 0.61% copper, 0.23% nickel and
0.174 g/t palladium.
Western Areas NL, an Australian based nickel producer owns 19.9%
of the common shares of Mustang.
Carey Galeschuk P.Geo is the National Instrument 43-101
Qualified Person for Mustang Minerals Corp.
We seek safe harbour.
This news release contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 and forward-looking information within the meaning of
the Securities Act (Ontario) (together, "forward-looking
statements"). Such forward-looking statements may include the
Company's plans for its mineral projects in Manitoba, the overall
economic potential of its properties, the availability of adequate
financing and involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements expressed or implied by such forward-looking
statements to be materially different. Such factors include, among
others, risks and uncertainties relating to potential political
risk, uncertainty of production and capital costs estimates and the
potential for unexpected costs and expenses, physical risks
inherent in mining operations, currency fluctuations, fluctuations
in the price of nickel and other metals, completion of economic
evaluations, changes in project parameters as plans continue to be
refined, the inability or failure to obtain adequate financing on a
timely basis, and other risks and uncertainties, including those
described in the Company's Management Discussion and Analysis for
the most recent financial period and Material Change Reports filed
with the Canadian Securities Administrators and available at
www.sedar.com.
Shares Outstanding: 157,228,233
To find out more about Mustang Minerals Corp. (TSX VENTURE: MUM)
visit our website at www.mustangminerals.com.
Contacts: Mustang Minerals Corp. David Black Investor Relations
416-955-4773 info@mustangminerals.com www.mustangminerals.com
Mustang Minerals Corp. (TSXV:MUM)
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