Guerrero Ventures Inc. Drills 26.98 Metres Grading 1.07 g/t Gold on Biricu Project, Guerrero Gold Belt
26.01.2015 | Marketwire
VANCOUVER, Jan. 26, 2015 - Guerrero Ventures Inc. (the "Company" or "Guerrero") (TSX VENTURE:GV) is pleased to provide results of the recently completed maiden diamond drill program at its Biricu Project in the Guerrero Gold Belt, Guerrero State, Mexico. Highlights of the drilling program include a drill intersection of 26.98 metres (m) grading 1.07 g/t gold and 0.29 g/t silver at the Punto Rojo target. The interval includes a zone of 6.85m grading 2.78 g/t gold and 0.92 g/t silver. Drilling at Punto Rojo has to date outlined an area with a minimum strike length of 700m and minimum depth extent of 600m of strongly hornfelsed and selectively skarn altered Mezcala sediments, intrusive units as well as a breccia unit. All units exhibit strong similarities in composition and alteration to productive units encountered in other exploration and mining operations in the prolific Guerrero Gold Belt (GGB).Guerrero's CEO David Baker commented that "our phase one drilling succeeded in encountering a very large volume of GGB style alteration and mineralization. Our task now is to further test this new discovery seeking gold anomalism at the scale this system is clearly capable of hosting. The Company will begin follow up drilling at Punto Rojo and other targets as soon as practical."
The 2014 NQ diamond drill core drilling program was completed between October 3, 2014 and December 3, 2014 by Bylsa Drilling S.A de C.V. based in Hermosillo, Sonora State, Mexico. The program consisted of 5,387.78m distributed over three priority areas of the property these being Punto Rojo (2,669.47m), La Curva (811m) and Hornfels Hill (1,907.23m) (see Plan: Property Geology and Target Areas on the Company's website). Drill hole lengths ranged from 270m to 696m. In all cases the program was targeting a combination of geochemical, geophysical and/or geological targets that were outlined during the 2012 exploration program. An additional purpose of the initial drill testing was to locate the favorable Mezcala Formation/Morelos Formation contact that is one of the significant hosts to skarn mineralization in the GGB. The analytical results is presented in Table 1 attached to and part of this press release. Plans and tables associated with this press release are also available on the Company website at www.guerrero-ventues.com.
In the Punto Rojo area a total of five (5) drill holes were completed (see Plan: Punto Rojo Drill Collars). The drilling has outlined a zone of hornfels and selectively altered and mineralized Mezcala sediments that has been intruded and cut by dikes and sills of diorite and granodiorite composition. Most promising analytical results have been obtained in drill hole GV2014-011 with a highly anomalous and continuous drill intersection of 98.17m grading 0.42 g/t gold and 0.18 g/t silver from 266.53m to 364.70m. Within this interval a zone located at or near an intrusive contact returned a drill intersection of 26.98m grading 1.07 g/t gold and 0.29 g/t silver from 284.00m to 310.98m. A higher grade interval hosted within an altered volcanic breccia returned 6.85m grading 2.78 g/t gold and 0.92 g/t silver from 301.35m to 308.20m. Highest analytical results in this interval are located within a strongly altered breccia unit with an interval of 0.95m grading 6.51 g/t gold and 5.8 g/t silver (see Section: Punto Rojo Section A-A).
Drill holes GV2014-002 and GV2014-010, also in the Punto Rojo target area intersected hornfels and continuously altered Mezcala Formation sediments with anomalous intervals up to 23.00m grading 0.36 g/t gold and 0.93 g/t silver from 189.00m to 212.00m in GV2014-002 as well as massive sulfide veins and veinlets with a highlight of 8.90 g/t gold and 8.10 g/t silver over 0.42m from 163.92m to 164.34m in GV2014-002. The Mezcala Formation/Morelos Formation favorable contact was intersected in drill hole GV2014-010.
Based on the geological and analytical results obtained to date, the Punto Rojo target area is interpreted to be an intrusive centre where the presence of hornfels and alteration typically associated with skarn deposits in the GGB suggests that additional diamond drilling is required to zero in on and follow intrusive related precious metal mineralization akin to the GGB type deposits.
Guerrero's consultant David Jones, who shares credit for several GGB discoveries, reviewed the Phase I core (without the benefit of assays from hole GV2014-011). Among Jones' conclusions was that "the initial five holes drilled in the Punto Rojo target area have confirmed the exploration model and the presence of significant Guerrero Gold Belt style alteration and related gold mineralization at depth; this is extremely encouraging in light of the subtlety of surface expressions showing alteration and mineralization."
In the La Curva area two (2) diamond drill holes were completed to evaluate previously outlined surface gold anomalies in a geological setting that suggests the presence of an intrusive unit within Morelos Formation carbonates. A potential for epithermal vein type gold mineralization is also present in the area. Analytical highlights include a drill intersection of 1.68m grading 0.83 g/t gold and 3.10 g/t silver from 75.17m to 76.85m in GV2014-009. Sections of similar core above and below were not assayed initially. They are being sampled now and results will be announced in a future release.
In the Hornfels Hill target area a total of five (5) diamond drill holes were completed. The drill tests targeted an extensive hornfels alteration zone in close proximity to intrusive units within Mezcala Formation sediments. To date no significant analytical results have been obtained from the target area and additional drilling to determine the origin of the hornfels is planned for 2015.
Additional exploration activities undertaken during the period of September 2014 to December 2014 included a continuation of previous geological mapping at a regional scale as well as a detailed, target oriented scale to evaluate the large property holdings. The geological mapping program included the collection of additional rock samples as well as additional stream sediment sampling to add to the property database. To date a total of 298 rock samples, 187 stream sediment samples and 390 soil samples have been collected over the property.
An airborne gradiometer magnetic survey was also initiated in late 2014 and was completed on January 7, 2015. A total of 2,052 line kilometers were flown by Geotech Ltd. of Aurora, Ontario, Canada, utilizing their 3-axis airborne magnetic gradiometer geophysical system. Survey lines were flown in an east-west direction at a line spacing of 200m, with isolated areas (eg Punto Rojo) being surveyed at a 100m line spacing. Results of this survey will be announced once the data has been received and interpreted.
Biricu Project
Guerrero, through its recently acquired subsidiary, Citation Minerals Inc., has an option agreement with Esperanza Resources Corp. (a subsidiary of Alamos Gold Inc.) to acquire a 100% interest in the Biricu Project mineral exploration concession located in Guerrero State, Mexico. The Biricu Project comprises more than 41,000 hectares of highly prospective ground that management believes lies along direct on-strike extent of five skarn deposits in the Guerrero Gold Belt (El Limon-Los Guajes - Torex Gold Resources Inc.; Bermejal, Los Filos, and Nukay - Goldcorp Inc.; Ana Paula - Newstrike Capital Inc.).
Quality Assurance/Quality Control
Guerrero Ventures' Vice President of Exploration, Siegfried (Sig) Weidner, B.Sc., P. Geo., a 'qualified person' for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators, has verified the data (including sampling and analytical data) and prepared the information contained in this news release. All samples from the project were sent from the project to ALS-Chemex and taken to their sample preparation facility in Guadalajara, Jalisco State, Mexico, with multi-element ICP fire assay analytical work being completed at their North Vancouver, B.C. laboratory. A QA/QC program has been implemented to ensure all core and sample handling procedures are in accordance with the best possible practices. The assay protocol includes the insertion of standards, blanks and duplicates into the sample stream, and the results were confirmatory.
About Guerrero
Guerrero Ventures Inc. is a publicly listed company that trades under the symbol "GV" on the TSX Venture Exchange as a junior resource company with a focus on acquiring mineral projects that will provide the opportunity to enhance shareholder value. Guerrero is incorporated in British Columbia, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
David Baker
President and CEO
Guerrero Ventures Inc - Biricu Project, 2014 Diamond Drilling Results
Assay Interval
Length of From To Width Au Ag
Hole # Azimuth Inclination Hole (m) (m) (m) (m) (g/t) (g/t)
Punto Rojo Area
GV2014-002 0 -90 616.00 163.92 164.34 0.42 8.90 8.10
189.00 212.00 23.00 0.36 0.93
359.50 360.60 1.10 1.03 0.80
GV2014-006 0 -90 270.36 NSV* NSV
GV2014-010 0 -90 696.48 NSV NSV
GV2014-011 45 -80 647.71 266.53 364.70 98.17 0.42 0.18
incl 274.71 284.00 17.47 0.21 0.18
incl 284.00 310.98 26.98 1.07 0.29
incl 301.35 308.20 6.85 2.78 0.92
incl 310.98 364.70 53.72 0.17 0.11
488.00 503.80 15.80 0.16 0.50
523.00 525.92 2.92 1.11 1.98
547.12 567.50 20.38 0.15 1.65
incl 559.20 567.50 8.30 0.22 1.62
GV2014-012 320 -65 438.92 NSV NSV
* Note: NSV denotes "No Signficant Values"
(Southern) La Curva Area
GV2014-008 320 -60 417.58 NSV NSV
GV2014-009 180 -50 393.50** 58.73 66.60 7.87 0.19 2.58
75.17 76.85 1.68 0.83 3.10
** Note: Additional sampling is required as the interval between 66.60m and 75.17m was not sampled
Hornfels Hill Area
GV2014-001 90 -80 301.75 NSV NSV
GV2014-003 268 -70 349.00 NSV NSV
GV2014-004 20 -55 509.71 NSV NSV
GV2014-005 135 -60 448.06 NSV NSV
GV2014-007 0 -90 298.71 NSV NSV
* Note: NSV denotes "No Signficant Values"
Table 1: Analytical results for 2014 Biricu Project Drilling
To view the maps accompanying this press release, click on the following link:
http://media3.marketwire.com/docs/989234a.pdf
Cautionary Note:
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the Biricu property and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. 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 the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. 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 except as otherwise required by applicable securities legislation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO UNITED SATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Contact
Guerrero Ventures Inc.
(604) 817-4211 or (604) 605-0777
www.guerrero-ventures.com