Quia Resources Announces Further Drill Results That Support the Potential Discovery Of A New Gold District
31 Mai 2012 - 6:04PM
Marketwired Canada
Quia Resources Inc. ("Quia" or the "Company") (TSX VENTURE:QIA) announced today
further drill results from its San Lucas project in Colombia and provided an
updated interpretation of the potential of the Guamoco district in the San Lucas
gold belt.
Highlights:
-- SL1215A and SL1217, spaced approximately 290 metres apart along strike
at Rueda South, intersected 2.85 m of 2.72 g Au/t including 0.89 m of
5.87 g Au/t and 0.25 m of 7.35 g Au/t, respectively;
-- SL1217, the southern-most hole at Rueda, was drilled 1,300 m south-west
and along strike from drill holes SL1102 and SL1103 at Rueda North,
which intersected 1.5 m of 1.87 g Au/t and 0.6 m of 3.46 g Au/t at Rueda
North, respectively;
-- The drilling at Rueda establishes a second mesothermal system (Libertad
being the first) with potential continuity over a significant strike
length, known to contain high-grade zones based on previous chip
sampling in tunnels which reached as high as 2,342 g Au/t;
-- Four other north-east trending vein systems have been identified based
on the location of artisanal mines, underground sampling and
geochemistry, all with significant strike potential, in addition to the
north-south trending Libertad system, with the majority of the property
still to be explored;
-- Altogether the Phase 1 program has demonstrated the potential for a
district-scale mesothermal gold discovery with further drilling, as well
as the porphyry potential of the area.
Yannis Banks, Quia's CEO, said: "These results support our hypothesis that a
large mesothermal gold system is being discovered, whose closest analogue is the
Frontino mine, Colombia's largest historical producer located 70 km to the south
of us, which has reportedly produced over 5 million ounces. These types of
deposits are typified by occurrences of intense nuggety mineralization with more
diffused mineralization surrounding them. As we have progressed in our work at
Rueda and Libertad, we have demonstrated that both of these systems are
potentially continuous over significant strike lengths and which we know contain
zones of bonanza grade gold mineralization and visible gold based on our
underground sampling. We believe that a large-scale drill program, which we are
planning following our phase 2 surface program, will define the broader
dimensions of the system and as drilling progresses the probability for
discovering high grade shoots within the system increases."
For updated maps showing the drilling and sampling completed to date and the
systems which have been outlined, please click on the following link:
http://media3.marketwire.com/docs/QuiaResources.pdf.
Below is a summary of significant results from holes 15 through 20
Drill Hole From (m) To (m) Length (m) g Au/t g Ag/t
----------------------------------------------------------------------------
SL1115A 19.81 25.90 6.09 0.01 10.57
and 51.81 54.66 2.85 2.72 0.94
incl. 52.60 53.49 0.89 5.87 1.70
and 121.40 125.58 4.18 0.24 0.30
----------------------------------------------------------------------------
SL1116 5.20 13.71 8.51 0.29 0.91
and 41.22 42.70 1.48 0.52 1.00
and 77.55 78.15 0.60 0.69 1.10
and 148.15 154.06 5.91 0.24 0.32
----------------------------------------------------------------------------
SL1117 29.40 29.65 0.25 7.35 2.90
and 37.59 38.34 0.75 0.93 0.30
and 47.80 48.67 0.87 0.54 0.60
and 126.40 128.00 1.60 1.22 0.40
----------------------------------------------------------------------------
Intervals do not necessarily indicate true widths. True widths are estimated to
be approximately 80% to 100% of the reported intervals. Mineralized intervals
intersected in holes SL1215A and SL1217 are generally comprised of
quartz-carbonate veins and veinlets which contain varying amounts of pyrite,
sphalerite, galena, and specularite. Localized alteration surrounding the
mineralized intervals consists of serecite, chlorite, and calcite. Holes 18 and
19 were drilled to test a north-west cross-cutting structure at Rueda South and
Hole 20 was drilled to test a possible shear zone target. Alteration was
observed in all three holes but they did not contain significant gold values.
The company is planning a Phase 2 surface exploration program to better define
the Libertad and Durmiente targets as well as the other significant mineralized
trends which have been identified, and to complete reconnaissance exploration
over other parts of the property. The company plans to follow the phase 2
surface program with a phase 2 drill program to focus on Libertad and Durmiente
(which contains both high-grade and porphyry targets) and potentially to test
other targets, subject to the results of the phase 2 surface program. In
addition to mesothermal vein systems, the district is prospective for porphyry
deposits, and the Company plans to incorporate both the mesothermal and porphyry
models into its exploration approach.
About Quia Resources Inc.
Quia Resources is a gold exploration Company focused in Colombia and its
100%-owned San Lucas property in the San Lucas gold belt. The San Lucas gold
belt is among the least explored and most prospective gold belts in Colombia.
Quia is an early-mover into this belt and has established a key property
position and a strong base of technical knowledge in the area. The exploration
completed to date has begun to define the potential discovery of a new gold
district in Colombia.
Iain Kelso, P. Geo., is the Qualified Person for the information contained in
this press release and is a Qualified Person within the terms defined by
National Instrument 43-101.
Samples were fire assayed by Acme Analytical Laboratories S.A. in Vancouver,
Canada.
Forward-Looking Statements
This press release contains or refers to forward-looking information, including
statements regarding exploration results, potential mineralization, exploration
plans and timing of the commencement of drilling, and is based on current
expectations that involve a number of business risks and uncertainties. Factors
that could cause actual results to differ materially from any forward-looking
statement include, but are not limited to, delays in obtaining or failures to
obtain required governmental, environmental or other project approvals,
political risks, uncertainties relating to the availability and costs of
financing needed in the future, changes in equity markets, inflation, changes in
exchange rates, fluctuations in commodity prices, delays in the development of
projects and the other risks involved in the mineral exploration and development
industry. Forward-looking statements are subject to significant risks and
uncertainties, and other factors that could cause actual results to differ
materially from expected results. Readers should not place undue reliance on
forward-looking statements. These forward-looking statements are made as of the
date hereof and the Company assumes no responsibility to update them or revise
them to reflect new events or circumstances other than as required by law.
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