Lateegra Gold Corp. Announces Initial Drill Results from Exploration Drilling on its' Beschefer Project, Quebec
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/18/11 -- Lateegra Gold Corp. (TSX VENTURE: LRG)(FRANKFURT: LTGB) ('Lateegra' or 'the Company') is pleased to announce the following drill results from recently completed exploration drilling on its' Beschefer Project, Quebec.
A diamond drilling program of 5 holes totaling 1,520 metres was completed as a first phase of exploration drilling on Lateegra's Beschefer Project. This first phase drilling campaign for Lateegra focused on follow-up of historic ore grade gold intercepts in the area of the previously discovered B-14 Zone, follow-up of other gold intercepts on the property, as well as tested geophysical trends as indicated from recently completed geophysical surveying.
Analytical results from the first two drill holes of the 2011 winter drill campaign have been completed. Highlights from these initial holes are tabulated following:
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Intercept
To Gold (i) Length
DDH No. From (m) (m) (gpt) Copper (%) (m)
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BE11-001 180.42 180.90 4.16 na 0.48
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and, 185.00 189.35 3.80 na 4.35
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including 185.46 185.76 13.85 na 0.30
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and, 191.40 194.84 3.27 na 3.44
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BE11-002 216.94 217.90 1.22 na 0.96
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and, 226.13 226.68 1.835 na 0.55
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and, 327.42 330.00 nsi 2.30 2.58
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(i) all gold grades are uncut
na = not analysed for
nsi = not significant intercept
Down-dip or along strike extensions to the B-14 Zone were intersected in holes BE11-001 through BE11-004. Each of these four holes intersected sheared and altered volcanic rocks which host increased pyrite content and quartz veins within the sheared, altered intervals, which can best be described as mylonites. Drill Hole BE11-005 was sited to investigate previous intercepted gold hosted by quartz veins within a diorite intrusion found within the historic drill hole B14-43, drilled by a previous operator. Similar lithologies and styles of mineralization were intersected in BE11-005 as were intersected in hole B14-43. Analytical results have not been finalized for drill holes BE11-003 through BE11-005.
Lateegra's Beschefer Project is located in the north-central portion of the prolific Abitibi Subprovince of the Canadian Shield within the Harricana-Turgeon Greenstone Belt, approximately 10km east of the Selbaie Mine (past production of 56.5 million tonnes grading 0.56gpt Au, 38.1gpt Ag, 0.87% Cu, and 1.85% Zn; MRNQ, DV 2001/01), 50km northeast of the Casa Berardi Mine (in production), and 60km east of the Detour Lake Project (in development). The Beschefer property consists of 33 claims covering 5.3 sq. km. Access to the property is excellent with a regional road and power line passing 2 km north of the property and an access road cross-cutting the property.
The Beschefer property is situated within intermediate to mafic volcanic rocks of the Broulan Volcanic Complex on the east flank of the Broulan batholith. Gold mineralization in the B-14 Zone as well as elsewhere on the property is hosted by hematized, sericitized and silicified volcanics which also contain 1 to 5% disseminated pyrite and 2 to15% quartz /-carbonate veins and veinlets. This geological setting is typical of other shear zone hosted gold deposits throughout the Abitibi.
President Chris Verrico comments, 'Lateegra is encouraged by these initial results from the Beschefer Property which confirm the structural continuity of the previously identified B-14 Zone and continue to delineate significant gold mineralization within the zone. Also, the results show the potential of the property for base metal mineralization including base metal hosted gold deposits.'
Reporting of Historical Work
Certain of the exploration results reported on in this news release are based on historical work by others and are identified in the preceding as such. Those reports of work cannot and have not been fully verified by Lateegra. Investors or potential investors should take this into account.
Drilling, Assaying and QA/QC
The Company's exploration programs are subject to QA/QC and security programs which conform to industry-standard best practices in the sampling and analysis of drill core and are in compliance with NI 43-101.
The current phase of diamond drilling on the Beschefer Project was conducted by Bradley Bros. Drilling Ltd. Analytical work is performed by ALS Chemex Ltd., an ISO 9001-2000 and ISO 17025 certified laboratory with it's own internal QA/QC procedures. Lateegra utilizes, as part of its' QA/QC program, the insertion of standard reference materials and blanks representing approximately 5% of the total sample population. Drill core is sampled according to standardized technical procedures, which include the core being sawn in half, with half of the core being retained, while the other half is sampled for gold analysis via Fire Assay-Atomic Absorption finish using a 50g assay aliquot. Intervals where visible gold has been identified are analyzed via gravimetric or screened metallic procedures. Samples are securely packed for shipment utilizing security seals noted on Chain of Custody documents, which are confirmed as intact upon receipt at ALS's sample receiving facility.
Qualified Person
Lateegra's exploration programs are conducted under the supervision of its Vice President of Exploration, Ms. Heather Miree, P. Geo. Ms. Miree is a Qualified Person as defined by NI 43-101, and has prepared or supervised the preparation of the scientific or technical information in the this press release and has verified the data contained within.
About Lateegra
Lateegra is a well-financed junior exploration company with gold exploration properties primarily located in northeastern Ontario and northwestern Quebec. The Company has recently completed geophysical surveying on the Beschefer Project, located near La Sarre, Quebec and the Stoughton Project, near Lake Abitibi. In 2010, Lateegra completed over 4,000 metres of diamond drilling on its wholly-owned DeSantis Project located within the Porcupine gold mining district and plans to commence follow-up drilling on DeSantis during the second quarter 2011. The Company's common shares trade on the TSX Venture Exchange under the symbol LRG.
Forward-looking Statements
Cautionary note: This report contains forward looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. The company has not filed a National Instrument 43-101 report on any property, but will do so as soon as the information is available. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as 'reserves' unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
'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.'
Contacts:
Lateegra Gold Corp.
Christopher Verrico
President and CEO
604-669-9330 or Toll Free: 1-866-669-9377
604-669-9335 (FAX)
info@lateegra.com
www.lateegra.com