Superior Mining Announces Property Ownership Update and Encouraging Gold-Uranium Drilling Results on its Mangalisa Project in So
30 Juin 2011 - 2:30PM
Marketwired
Superior Mining International Corporation, (the "Company" or
"Superior") (TSX VENTURE: SUI) announced today the following
ownership and exploration updates after the completion of the Phase
2 drilling at its Mangalisa Project in South Africa, which returned
encouraging gold-uranium drilling results from the Erfenis Reef
Zone.
Pursuant to an April 2010 agreement, Minco Mineral Holdings
(Pty) Limited ("Minco") had an option to acquire an effective 66.6%
interest in the Company's Mangalisa Project by spending USD $10
million on the project, of which USD$5 million had to be spent by
April 2011. By the April 2011 milestone date, Minco had failed to
meet the minimum exploration expenditure requirement and as a
result they have forfeited the right to acquire an interest in the
Mangalisa property.
The Company has now received the results of the drilling carried
out by Minco pursuant to the option agreement. The results confirm
the presence of high gold and uranium values in a Witwatersrand
quartz pebble conglomerate reef, north east of Welkom. Phase 1
drilling included reopening the Gencor discovery hole (PG.1) and
drilling a number of deflections. The Phase 2 drilling program was
a follow-up to determine the geological and structural setting of
this mineralisation. Six holes were drilled, each to a depth of
approximately 1,000 m, with four holes intersecting the Erfenis
Reef Zone, including hole PG.1.
Significant intersections are described below:
ERF.7 874.10 - 84.39 (0.29 m) @ 36.6 g/t Au & 0.24 kg/t U
PG.1/12 776.32 - 776.77 (0.45 m) @ 45.8 g/t Au & 3.79 kg/t U
(including) 776.56 - 776.77 (0.21 m) @ 91.8 g/t Au & 7.24 kg/t U
PG.1/13 776.13 - 776.45 (0.32 m) @ 51.1 g/t Au & 4.27 kg/t U
PG.1: Re-opened 1998 drill hole (UMT: 35J, X: 3,080,224, Y:
0,011,792, elevation: 1,395 m AMSL, Direction: 263 degrees,
Inclination: 85 degrees).
Deflections 0 to 10 were drilled in 1988. Core was not recovered
from Deflection 11.
At least ten individual conglomerate bands were intersected,
over a core width of some 11 m; the true width is approximately 5.5
m. This is commonly encountered in the Elsburg geological
environment. These intersections confirmed the belief held by
Superior that the Erfenis Reef intersected in PG.1 was not an
isolated occurrence and that further drilling could extend the
high-grade reef. The gold-uranium association noted in the previous
drilling program appears to persist in the Phase 2 drilling.
The boreholes were piloted by percussion drilling to depths
between 330 and 400 m. Some 30 m of Karoo sediments were
intersected, followed by Ventersdorp Super Group volcanic rocks,
which are ubiquitous in the area. This was followed by exploratory
diamond drilling with two diamond drill rigs. Once the target
mineralization was intersected, the pilot holes were supplemented
with a series of deflections to produce multiple reef
intersections. A total of 25 deflections were drilled from the PG.1
and the Phase 1 and Phase 2 mother holes.
The drilling program was funded by Goldcorp Incorporated (a
private company incorporated under the laws of Guernsey), a wholly
owned subsidiary of Minco. The Phase 2 drilling program was managed
by Kernow Exploration of Randburg, South Africa, a subsidiary of
Minco.
Qualified Person and Quality Control and Assurance
Brent Butler, President and CEO of Superior Mining International
Corp., is the qualified person under National Instrument 43-101 and
has reviewed the contents of this news release.
On behalf of the Board of Superior Mining International
Corporation,
John Proust, Executive Chairman
Forward Looking Statements
This news release contains forward looking statements relating
to expected or anticipated future events and operations, timing of
projects and anticipated results that are forward looking in nature
and, as a result, are subject to certain risks and uncertainties,
such as general economic, market and business conditions, the
regulatory process and actions, technical issues, new legislation,
competitive and general economic factors and conditions, the
uncertainties resulting from potential delays or changes in plans,
the occurrence of unexpected events, and the Company's capability
to execute and implement future plans. Actual results achieved may
vary from the information provided herein as a result of numerous
known and unknown risks and uncertainties and other factors. There
is no representation by the Company that actual results achieved
during the forecast period will be the same in whole or in part as
that forecast.
To view the Map associated with this release, please visit the
following link: http://media3.marketwire.com/docs/sui_Map.pdf
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as such term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Superior Mining International Corporation John Proust
Executive Chairman (604) 601-2005 (604) 488-0319 (FAX)
info@superiormining.com www.superiormining.com
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