Vancouver, B.C., Canada, June 6 2013 - Vela Minerals Ltd.
(TSX-V: VLA) (the "Company") is pleased to announce it has acquired
a 100% interest in Mavis Bank and Port Antonio Special Exclusive
Prospecting Licenses ("SEPL") in Jamaica, which total 126 square
kilometres.
The Port Antonio and Mavis Bank Properties (the "Property" or
"Properties") are subject to a 2% net smelter royalty ("NSR"). The
major terms of the Agreement are: the Agreement supersedes the
option agreement dated March 1, 2013 to acquire a 90% interest in
the Mavis Bank property; the Company will have paid a total of
$140,000US to the Vendor to acquire a 100% undivided interest in
the Property; The NSR can be purchased at a rate of $1,000,000US
per percent per Property.
The Port Antonio Property covers several known prospects
including the Bellevue (Au-Ag-Cu). The concession area lies within
the foothills of the Blue Mountains and covers parts of the
catchments of Rio Grande and Back Rio Grande Rivers.
A total of 4 historical geophysical IP lines, each approx. 1,500
meters in length resulted in the definition of a high chargeability
and low resistivity anomaly with dimensions of about 1,500 meters
width in the south-central portion of the Bellevue gossan. The area
is hosted in Bellevue volcanics that are cut by
granodiorite-diorite and Trowell Gate intrusive breccia. Argillic
alteration is characterized by strong bleaching of country rock
accompanied by 3 - 8% limonite (goethite & jarosite), and
hematite as a result of supergene meteoric water, oxidation, and
chemical weathering. This argillic altered gossan contains
infilling and disseminated sericite, chlorite, and zeolite. The
bleached limonitic zone covers a 1,500 meter diameter, roughly
circular shaped area. Anomalous gold in bedrock samples occur
peripheral to the limonite cap.
High chargeability occurs approximately 100-200 meters below the
low resistivity anomaly. Historically, this geophysical response
has been interpreted to represent a buried porphyry target with the
overlying low resistivity blanket thought to represent a leached
cap. Historical airborne geophysics consisting of total field
magnetometer surveys over the Bellevue occurrence show a positive
anomaly in the area of the argillic altered gossan. The combined IP
chargeability and magnetometer positive response supports the
interpretation of a large buried hydrothermal system. In 1993
Kennecott explored the area north of Swinging Gate Spring and
discovered two occurrences that returned 2.59 g/t Au with 0.41% Cu,
and 0.86 g/t Au with 0.12% Cu in rock chip sampling. Historical
assaying of a sample taken in 1955 by Chesterfield is reported to
have yielded 1.87g/t gold, 185 g/t silver, and 14.13% copper.
The Mavis Bank Property covers several known prospects including
Epping Farm -Whitfield Hall (Cu-Ag-Au) and Mavis Bank
(Cu-Ag-Au-Fe-Co) areas.The Epping Farm - Whitfield Hallgroup of
mineral occurrences covers approximately 2 square kilometres
(elongated north-south) and are hosted in Upper Cretaceous Blue
Mountain and Main Ridge Group of sedimentary, volcanic, and
ultramafic rocks. Historical IP geophysics has defined two broad
>250 meters wide high chargeability and coincident low
resistivity anomalies. Historic soil sampling has outlined 3 areas
of multi-element Cu-Au-Ag-As-Co-Zn-Pb-Ba-Mn geochemical anomalies.
The 3 soil anomalies are approximately 100-200 meters wide, and are
400-800 meters long. The 2 multi-element soil anomalies in the
Epping Farm area are flanked to the east (about 50-200 meters
distance) by a north-south trending nickel-chromium in soil
anomaly, and approximately 250 meters further east, exists a
lead-zinc-barium soil anomaly.
.
The Mavis Bank area of mineral occurrences includes the Boxshaw
Hill - Water Tank (Fe-Cu), Orchard Spring (Fe-Cu-Ag-Co),
Tunbridge-Orchard Hill (Cu), and Dublin Castle (Cu) zones. At
Boxshaw Hill - Water Tank mineralization includes magnetite,
pyrite, specularite, azurite, bornite, chalcopyrite, and malachite
occurring in a 368 x 760 meter area. Histroical drilling of 446
meters intersected variable chalcopyrite with highlights that
include 0.61 meters at 4.31% Cu. The Tunbridge-Orchard Hill-Cu zone
features pyrite, bornite, chalcopyrite, chalcocite, and malachite
mineralization. A total of 70 meters of underground workings in 2
adits intersected vein/replacement zones of copper bearing
mineralization that gave an average of 0.78% Cu over 40 meters from
rock chip sampling. Sampling by MINEX in 1993 indicates gold values
of 1g/t and silver in excess of 20g/t associated with strongly
anomalous copper, cobalt, and arsenic values.
The Pueblo Viejo district of Dominican Republic, which hosts
approximately a 25 million ounce gold deposit, is a mining district
that shares geological similarities to the Mavis Bank area. The
structurally complex overprinting of Mesozoic country rock and
Upper Cretaceous/Eocene hydrothermal mineralization events are
superimposed on sediments and volcanics with quartz-magnetite
alteration, and minor pyroxenite mafic rocks with magnetite
alteration. The Mavis Bank area is adjacent to Eocene volcanic
center, and is likely to be a higher level environment of
deposition. Historical geological mapping of the Epping
Farm-Whitfield Hall area indicates that mineralized zones are
adjacent to a volcanic center of Cretaceous age.
Technical information in this news release has been reviewed by
Derrick Strickland P.Geo., a qualified person as defined in NI
43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
"Derrick Strickland P.Geo."
President
For further information please contact:
Telephone: 604.773.0992
Email: info@velaminerals.com
Suite 910 - 475 Howe Street, Vancouver, BC V6C 2B3, Tel
604.773.0992; www.velaminerals.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This press release contains certain forward-looking
statementswithin the meaning of the Canadian securities laws, which
are based on the opinions and estimates of management at the date
the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected. Forward-looking
information in this press release includes statements about the
potential existence and size of mineralization at the Epping Farm
and Mavis Bank areas, geological interpretations and potential
mineral recovery processes. Information concerning mineral reserve
and resource estimates also may be deemed to be forward-looking
information in that it reflects a prediction of the mineralization
that would be encountered if a mineral deposit were developed and
mined.
In connection with the forward-looking information contained in
this news release, the Company has made numerous assumptions,
regarding, among other things: the geological, metallurgical,
engineering, financial and economic advice that the Company has
received is reliable, and is based upon practices and methodologies
which are consistent with industry standards. While the Company
considers these assumptions to be reasonable, these assumptions are
inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could
cause the Company's actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
information contained herein. Known risk factors include, among
others: the actual mineralization may not be as favorable as
suggested, or at all; uncertainties relating to interpretation of
drill results and the geology, continuity and grade of mineral
deposits; and uncertainty as to timely availability of permits and
other governmental approvals.
Vela undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions
should change. The reader is cautioned not to place undue reliance
on forward-looking statements.
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