GLOBAL MINERALS LTD. PLANS COMPREHENSIVE EXPLORATION AT STRIEBORNA SILVER PROJECT, SLOVAKIA
January 26 2011 - 8:00AM
PR Newswire (Canada)
VANCOUVER, Jan. 26 /CNW/ -- VANCOUVER, Jan. 26 /CNW/ - Global
Minerals Ltd. ("Global", the "Company" TSX-V: CTG); is pleased to
announce comprehensive exploration plans for its Strieborna silver
deposit located in eastern Slovakia. Exploration plans
include: -- Explore the upper projection of the Strieborna vein, an
area which is not included in the current resource estimate with
shallow drill holes. Approximately 10 fanned, angled drill holes
totaling 3800 meters are planned; -- Drilling from surface will
also explore some of the three known veins which are parallel to
Strieborna. One hole drilled (by previous operators) from Level 6
underground assayed 667 grams/tonne Ag, 5.1% Cu, and 3.4% Sb over
2.2 meters, on what appears to be a parallel vein. No mineral from
these veins are included in the current resource ; -- Dewater the
existing underground workings. Applications for a water discharge
permit have been submitted and are being processed; -- Once the
upper levels of the mine are dewatered the existing underground
drill stations will be reestablished and drilling will begin. The
purpose of this drilling will be to delimit the size of the
Strieborna system and re-define the resource estimate. The goal
being to move the inferred resources into the measured and
indicated categories, expand the known boundaries of the Strieborna
vein and further explore known parallel veins; -- Concurrent with
the exploration drilling, a regional program is being conducted to
assess the over 90 known vein systems in the district. Compilation
of regional data is well underway. Global anticipates that surface
drilling and dewatering will begin during the current Quarter.
Underground drilling should begin during the third quarter. About
Strieborna Strieborna is located in eastern Slovakia, a
fully-fledged member state of the European Union. It is in a
historic mining district near the town of Roznava, known for iron
production. A NI 43-101 compliant resource calculation by AMC Ltd.
(April 2008) calculated 1.925 million tonnes (Measured and
Indicated) grading 231.7 grams per tonne silver, 1.1 percent
copper, and 0.7% antimony; 1.50 million tonnes (Inferred) grading
180.0 grams per tonne silver, 0.9 % copper and 0.7% antimony. (AMC
Pty, April 2008) The full details of such resources were announced
on April 23, 2008 and a complete NI 43-101 Technical Report can be
found on SEDAR at www.sedar.com. The Strieborna deposit is the only
silver-copper-antimony mine in Europe which could be brought into
production in the near future. The mineralized zone has been
outlined underground by a series of horizontal drifts, and measures
600 meters vertically by 1.2 kilometers along strike. The
mineralization is open in all directions. Strieborna was first
discovered in 1981, and roughly parallels the important
iron-bearing vein deposit at the Maria Mine, located approximately
500 meters to the west. Strieborna is currently accessed
underground by cross cuts from the nearby Maria workings. It was
systematically explored on four underground levels totaling 3,000
meters in length (Levels 8, 9, 10, and 13). Infrastructure at
Strieborna is excellent, with electrical power, rail, highways, and
a nearby workforce, many of whom have had underground experience in
nearby underground iron mines, now shut down. In compliance
with National Instrument 43-101, George W. Heard, P. Geo., is the
Qualified Person responsible for the accuracy of this release. On
behalf of the Board of Directors of Global Minerals Ltd. "George
Heard" George Heard President, CEO and Director Forward-Looking
Statements: This press release contains forward-looking
statements, which address future events and conditions, which are
subject to various risks and uncertainties. The Company's actual
results and financial position could differ materially from those
anticipated in such forward-looking statements as a result of
numerous factors, some of which may be beyond the Company's
control. Forward-looking statements include that the Company
expects to be in production within 12 months. These factors
include: results of exploration activities and development of
mineral properties, fluctuations in the marketplace for the sale of
minerals, the inability to implement corporate strategies, the
ability to obtain financing, currency fluctuations, general market
and industry conditions and other risks disclosed in the Company's
filings with Canadian Securities Regulators. Forward-looking
statements are based on the expectations and opinions of the
Company's management on the date the statements are made. The
assumptions used in the preparation of such statements, although
considered reasonable at the time of preparation, may prove to be
imprecise and, as such, undue reliance should not be placed on
forward-looking statements. The Company expressly disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise. RESOURCES: The terms "measured resource", "indicated
resource" and "inferred resource" used in this news release are
Canadian geological and mining terms as defined in accordance with
National Instrument 43-101, Standards of Disclosure for Mineral
Projects of the Canadian Securities Administrators under the
guidelines set out in the Canadian Institute of Mining, Metallurgy
and Petroleum (the "CIM") Standards on Mineral Resources and
Mineral Reserves, adopted by the CIM Council as may be amended from
time to time by the CIM. Mineral resources that are not mineral
reserves do not have demonstrated economic viability. We advise U.
S. investors that while such terms are recognized and permitted
under Canadian regulations, the SEC does not recognize them. U. S.
investors are cautioned not to assume that any part or all of the
mineral deposits in the measured, indicated, and inferred
categories will be converted into reserves. Neither The TSX Venture
Exchange nor The Investment Industry Regulatory Organization of
Canada has reviewed nor accepts responsibility for the adequacy or
accuracy of the content of this news release. To view this news
release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/January2011/26/c5365.html
pGeorge W. Heard, President, Tel: (604) 632-0085, Fax: (604)
605.0009, Email: a href="mailto:gwheard@shaw.ca"gwheard@shaw.ca/a/p
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