Trelawney Intersects 304.00 Metres of 1.65 g/t Gold in 200-Metre Step-Out Hole From the Cote Lake Deposit; Appoints New Director and Grants Stock Options
TORONTO, ONTARIO -- (Marketwire) -- 04/04/11 -- Trelawney Mining and Exploration Inc. (the 'Company' or 'Trelawney') (TSX VENTURE: TRR)(FRANKFURT: RTW) announces additional drill results from the Cote Lake Deposit on the Chester Project located halfway between Timmins and Sudbury in northern Ontario. Highlights of the current drilling include:
-- Hole E11-48 - 285.80 metres of 1.18 g/t gold
-- Hole E11-49 - 275.00 metres of 1.26 g/t gold
-- Hole E11-53 - 304.00 metres of 1.65 g/t gold
Expansion drilling of the Cote Lake Deposit continues to intersect wide zones of low to moderate grade gold mineralization. The results of drilling released today are from step-outs to the west of the Inferred Resource for the Cote Lake Deposit which currently stands at 131 million tonnes grading 1.0 g/t gold for a total of 4.2 million ounces gold as reported in Trelawney's March 7, 2011 press release. Hole E11-48, collared on section 88E and the first 100-metre step-out west of the resource, intersected mineralization at a vertical depth of 140 metres. Additional drilling has been conducted to follow the mineralization upward toward surface. Holes E11-49 and E11-53 were drilled an additional 100 metres to the west, on section 87E, and therefore 200 metres west of the reported resource; both holes intersected wide zones of gold mineralization. Hole E11-53 was collared in mineralization and returned a 304.00 metre intersection of 1.65 g/t gold, including 3.57 g/t gold in the first 85 metres of the hole. Overburden depth at this location is approximately 8 metres.
Including drill results released today, mineralization of the Cote Lake Deposit has now been intersected over a strike-length of 900 metres and remains open along strike, and at depth on all sections that have been drilled. The mineralization delineated by drilling to date, coincides well with a NE-SW-trending IP anomaly. Results of the IP survey over the Cote Lake Deposit area suggest additional strike extensions of the mineralization are possible. A copy of the induced polarization survey map over the Cote Lake Deposit along with updated drill sections will be posted on the Company's website within the week.
The Cote Lake Deposit consists of low to moderate grade gold /- copper mineralization which is associated with brecciated intermediate to felsic, and locally mafic intrusive rocks. Mineralization occurs in the form of disseminated and fracture-controlled sulfides which generally correlate to the gold values. Visible gold is commonly observed. The zones are bleached with the prevalent alteration being feldspathic, chloritic and biotitic. The nature of the alteration and mineralization is indicative of a porphyry-style deposit.
The expansion and exploration drill program continues with five drills currently working. The majority of the winter drilling has been completed on the wetlands and an aggressive program will now be conducted following the mineralization to southwest. Infill drilling of the deposit has also commenced; this will increase the confidence of the resource and facilitate future upgrades in the resource category.
Greg Gibson, Trelawney's President and CEO commented, 'We are very pleased with the results of this initial step-out drilling. These drill results confirm our belief that our initial resource estimate can be expanded significantly, along with potential increases in grade as these results are above the average grade reported in our initial resource.'
Cote Lake Deposit Drilling Results:
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Hole From To Length Gold (g/t) Au cut Grade Gold (oz/t)
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cut to
(m) (m) (m) uncut 25g/t(i) uncut
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E11-48 177.10 462.90 285.80 1.18 0.92 0.03
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471.60 472.60 1.00 1.65 0.05
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503.50 504.50 1.00 1.53 0.04
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577.60 578.60 1.00 1.04 0.03
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E11-49 41.00 42.00 1.00 1.82 0.05
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46.00 47.00 1.00 1.23 0.04
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187.00 188.00 1.00 1.38 0.04
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200.00 475.00 275.00 1.26 0.04
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incl 224.00 346.00 122.00 2.03 0.06
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495.00 496.00 1.00 1.30 0.04
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517.00 518.00 1.00 2.57 0.07
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539.00 540.00 1.00 6.07 0.18
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558.00 559.00 1.00 1.09 0.03
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results
E11-50 pending
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results
E11-51 pending
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results
E11-52 pending
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E11-53 12.00 316.00 304.00 1.65 1.58 0.05
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incl 12.00 247.00 235.00 2.01 1.92 0.06
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or incl 12.00 158.00 146.00 2.74 2.60 0.08
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or incl 12.00 97.00 85.00 3.57 0.10
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332.00 333.00 1.00 1.02 0.03
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398.65 399.90 1.25 1.57 0.05
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410.00 418.00 8.00 1.70 0.05
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Notes
- True widths of intersections are unknown at this time
- (i)Only intervals with assays cut to 25 g/t gold are shown
- Intervals are graded with a lower cut of 0.30 g/t with internal waste and
low grade material within graded zones of up to 20 metres in length
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Trelawney has implemented a Quality-Control, Quality Assurance program to ensure best practice principals are being applied in the sampling and analysis of the drill core. Samples are crushed to -8 mesh then a 1,000 gram subset of each sample is pulverized to 90% passing -150 mesh. Assays have been completed using a standard fire assay with a 30 gram aliquot and an AA finish. For samples that return values of between two to five grams per tonne gold, another pulp is taken and fire assayed with a gravimetric finish. Samples returning values greater than five grams per tonne are re-analyzed by pulp metallic analysis NQ size drill core is saw cut, and half the drill core is sampled in standard intervals. The remaining half of the core is stored in a secure location. The drill core is transported in security-sealed bags to the Accurassay prep lab in Sudbury, Ontario by Trelawney personnel. Accurassay is an ISO/IEC 17025 certified Laboratory by the Standards Council of Canada. In addition to quality assurance controls at the laboratory, blanks and certified standards have been inserted into the sample stream at random intervals.
David Beilhartz, Vice President, Exploration of the Company, a Qualified Person under NI 43-101, has prepared or supervised the scientific or technical information for the property and verified the data disclosed in this press release.
Trelawney is also pleased to announce the appointment of Steve McIntyre to the Company's Board of Directors. Mr. McIntyre has more than 30 years experience in the mining and mineral exploration business, including over 10 years with Noranda Mines Ltd. and 20 years as an officer and director of several junior mineral exploration companies, including Dumont Nickel Inc., Northwest Explorations Inc., Timmins Nickel Inc. and Vedron Gold Inc. Most recently, Mr. McIntyre has achieved international prominence through critical statistical analysis of climate research. In 2010, he was named as one of '50 People Who Matter' by the New Statesman, an English magazine, and was co-winner of the Julian Simon Award from the Competitive Enterprise Institute.
In addition, the Company has granted an aggregate of 4,015,000 options to purchase common shares of Trelawney exercisable at a price of $4.74 per share for a period of five years, to directors, officers, consultants and employees of the Company. Certain common shares issuable upon exercise of the options are subject to a four month hold period from the original date of grant. The options have been granted in accordance with the terms of the Company's stock option plan and the policies of the TSX Venture Exchange.
Trelawney is a Canadian junior mining and exploration company with a focus on Archean gold deposits. The Company's current focus is directed towards the development and continued exploration of the Chester Project, located in Chester Township 20 kilometres southwest of Gogama, Ontario.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Neither the 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.
Contacts:
Trelawney Mining and Exploration Inc.
Greg Gibson
President and CEO
416-363-8567
ggibson@trelawneymining.com