Oceanus Resources Corporation (TSXV:OCN) (OTCQB:OCNSF) ("Oceanus"
or the “Company”) has intersected the high grade Caleigh vein in
the first hole of the Fall 2017 drilling program at its 100% owned
El Tigre Property in Sonora, Mexico.
A map accompanying this announcement is
available
at http://www.globenewswire.com/NewsRoom/AttachmentNg/f9fe8818-86f9-46ba-b396-9ecb164c2462
Hole ET-17-145 returned 0.75
meters of 48.7 grams per tonne (“g/t”) gold
equivalent from a depth of 28.50 meters
to 29.25 meters consisting of 10.91 g/t
gold and 2,830.4 g/t silver.
The hole also encountered the low grade hanging
wall alteration zone adjacent to the Caleigh Vein. The overall
intersection returned 25.75 meters of 1.88
g/t gold equivalent from a depth of 3.50 to 29.25
meters consisting of 0.65 g/t gold and
91.9 g/t silver. The true width has not been
calculated for the intercepts, however true width is generally
estimated at 75% to 90% of drilled width. The gold equivalent ratio
is based on a gold-to-silver price ratio of 1:75.
Drill hole ET-17-145 is located on the same
section as the step-out hole ET-17-144 (see Appendix A) and was
located to cut the Caleigh Vein approximately 40 meters up-dip from
hole ET-17-144. The Caleigh vein in hole ET-17-145 is hosted by a
brecciated, dark grey fragmental tuff of the El Tigre Formation.
The mineralized zone consists of a 0.75 meter wide vuggy quartz
vein carrying stromeyerite and pyrite. As was reported June 7,
2017, hole ET-17-144 intersected high-grade gold and silver
mineralization in the Protectora vein and returned 3.15 meters of
36.6 g/t gold equivalent from a depth of 88.25 meters to 91.40
meters consisting of 10.1 g/t gold and 1,990.9 g/t silver. This
intercept included 0.85 meters of 135.1 g/t gold equivalent
consisting of 37.2 g/t gold and 7,338.9 g/t silver. Hole ET-144
also returned 1,107.36 g/t silver and 0.024 g/t gold over 1.5
meters from a depth of 188.65 meters to 190.15 meters.
“The high gold and silver grades intersected in
drill holes ET-17-145 and ET-17-144 have defined the Caleigh and
Protectora veins as high priority targets to develop new mineral
resources on El Tigre,” stated Glenn Jessome, President and CEO,
Oceanus Resources. “Furthermore, hole ET-17-145 has provided
Oceanus with initial evidence of the wide, low-grade alteration
zone located along the Caleigh vein and this target seems to
replicate what we see at the El Tigre mine located 800 meters to
the south,” continued Mr. Jessome.
2017 Summary and El Tigre Fall Drilling
Program
The Fall 2017 drilling program at El Tigre will
test the Caleigh vein with 10 to 15 HQ-size diamond drill holes
totalling approximately 1,500 meters and is expected to be
completed by mid-December 2017. The purpose of this drill
program is to define the strike and dip of the high-grade Caleigh
vein and the low-grade alteration zone in the hanging wall.
Geological mapping on surface suggests the Caleigh vein strikes in
a north to south orientation and dips steeply to the west. The goal
of the drilling program is to follow the Caleigh vein along strike
to the north and south at depths from 25 to 75 meters below
surface. The Company will continue to update the market regularly
as results become available.
To date in 2017, 28 holes have been drilled for
a total of 5,712 metres inclusive of today’s reported hole
ET-17-145. A maiden resource estimate for the El Tigre project was
reported on September 13, 2017 and filed on SEDAR on October 26,
2017 containing indicated resources of 661,000 gold
equivalent ounces at 0.77 g/t (21 g/t
silver and 0.51 g/t gold) and inferred resources of 341,000
gold equivalent ounces at 1.59 g/t (88 g/t silver and 0.52
g/t gold). The full National Instrument 43-101 technical report is
posted to the Company’s website, and by clicking here.
El Tigre Property
The El Tigre Property lies at the northern end
of the Sierra Madre gold belt which hosts many of the larger
multi-million ounce epithermal gold and silver deposits including
Ocampo, Pinos Altos, Dolores and Palmarejo. In 1896, gold was first
discovered on the property in the Gold Hill area and mining started
with the Brown Shaft in 1903. The focus soon changed to mining
high-grade silver veins in the area with the majority of the
production coming from the El Tigre vein. Underground mining on the
El Tigre vein extended 1,450 meters along strike and mined on 14
levels to a depth of 450 meters. By the time the mine closed in
1938, it is reported to have produced a total of 353,000 ounces of
gold and 67.4 million ounces of silver from 1.87 million tons
(Craig, 2012).
The El Tigre Property is approximately 35
kilometers long and comprises 21,842.78 hectares. The El Tigre gold
and silver deposit is related to a series of high-grade epithermal
veins controlled by a north-south trending structure cutting across
the andesitic and rhyolitic tuffs of the Sierra Madre Volcanic
Complex within a broad gold and silver mineralized prophylitic
alternation zone. The veins dip steeply to the west and are
typically 1 meter wide but locally can be up to 5 meters in width.
The veins, structures and mineralized zones outcrop on surface and
have been traced for a distance of 5.3 kilometers along
strike. Historical mining and exploration activities focused
on a 1.5 kilometer portion of the southern end of the deposits,
principally on the El Tigre, Seitz Kelly and Sooy veins. Four veins
in the north (Aguila, Escondida, Fundadora and Protectora) were
explored with only limited amounts of production.
Lab Preparation and Assay
The diamond drill core (HQ size) is geologically
logged, photographed and marked for sampling. When the sample
lengths are determined, the full core is sawn with a diamond blade
core saw with one half of the core being bagged and tagged for
assay. The remaining half portion is returned to the core trays for
storage and/or for metallurgical test work.
The sealed and tagged sample bags are
transported to the ActLabs facility in Zacatecas, Mexico. ActLabs
crushes the samples and prepares 200-300 gram pulp samples with
ninety percent passing Tyler 150 mesh (106μm). The pulps are
assayed for gold using a 50 gram charge by fire assay (Code 1A2-50)
and over limits greater than 10 grams per tonne are re-assayed
using a gravimetric finish (Code 1A3-50). Silver and multi-element
analysis is completed using total digestion (Code 1F2 Total
Digestion ICP).
Quality Assurance / Quality Control and
Data Verification
Quality assurance and quality control ("QA/QC")
procedures monitor the chain-of-custody of the samples and includes
the systematic insertion and monitoring of appropriate reference
materials (certified standards, blanks and duplicates) into the
sample strings. The results of the assaying of the QA/QC material
included in each batch are tracked to ensure the integrity of the
assay data. All results stated in this announcement have
passed Oceanus’ QA/QC protocols.
Qualified Person
David R. Duncan, P. Geo., V.P. Exploration of
the Company, is the Qualified Person for Oceanus as defined under
National Instrument 43-101. Mr. Duncan has reviewed and
approved the scientific and technical information in this press
release.
About Oceanus Resources
Corporation
Oceanus Resources Corporation is a gold
exploration company operating in Mexico. Oceanus is managed by a
team of mine finders with extensive experience in exploring and
developing large hydrothermal gold projects in Mexico.
Oceanus is currently drilling and exploring the El Tigre Property
in the Sierra Madre Occidental.
For further information, please
contact:
Tania ShawVice President, Investor Relations416
419 2750tshaw@oceanusresources.ca
CAUTIONARY STATEMENT: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. This
News Release includes certain “forward-looking statements”.
All statements other than statements of historical fact included in
this release, including, without limitation, statements regarding
potential mineralization, resources and reserves, the ability to
convert inferred resources to indicated resources, the ability to
complete future drilling programs and infill sampling, the ability
to extend resource blocks, the similarity of mineralization at El
Tigre to the Ocampo mine, exploration results, and future plans and
objectives of Oceanus, are forward-looking statements that involve
various risks and uncertainties. Forward-looking statements are
frequently characterized by words such as “may”, “is expected to”,
“anticipates”, “estimates”, “intends”, “plans”, “projection”,
“could”, “vision”, “goals”, “objective” and “outlook” and other
similar words. Although Oceanus believes the expectations expressed
in such forward-looking statements are based on reasonable
assumptions, there can be no assurance that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from Oceanus’s expectations include risks and
uncertainties related to exploration, development, operations,
commodity prices and global financial volatility, risk and
uncertainties of operating in a foreign jurisdiction as well as
additional risks described from time to time in the filings made by
Oceanus with securities regulators.
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