CuOro Reports Significant New Drill Results Intercepted 650 m South-West and 300 Metres East From First Drill Hole
07.12.2011 | Marketwire
6 Metres at 4.84% Cu and 20 Metres at 1.47% CuVANCOUVER, 12/07/11 - CuOro Resources Corp. (TSX VENTURE: CUA) (FRANKFURT: 6BC) 'CuOro' or the 'Company' is pleased to announce additional drill results from its 100% owned Colombian Santa Elena Copper-Gold Project.
Highlights:
- High-Grade close to surface polymetallic sulphides now intersected in three separate zones at Santa Elena Project indicating extensive VMS mineralization
- SE-DDH-25 new massive sulphide intercepted 650 metres south-west from drill hole No. 1
-- 6 metres @ 4.84% Cu, 0.21 g/t Au, 13.8 g/t Ag and 0.20% Zn
- Mineralization intercepted 300 metres to the east along strike from drill hole No.1
-- SE-DDH-20: 20 metres of 1.47% Cu including 12 metres of 1.98% Cu
-- SE-DDH-24: 9 metres of 2.69% Cu
-- SE-DDH-18: 5 metres of 2.13% Cu
Drilling update
The company currently has two drill rigs operating on the property and is conducting a 25,000-meter Phase 1 drill program. A total of 28 drill holes have been completed to date with approximately 5,500 meters drilled. Drill holes SE-DDH-22 and SE-DDH-23 are pending results and drill holes SE-DDH-26 to SE-DDH-28 are being logged and prepared for assaying.
TABLE 1: DRILLING ASSAY RESULTS
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Azi- Inter-
muth Dip Total cept Inter-
(Deg- (Deg- Depth From To val Cu Au Ag Zn
Hole ID rees) rees) (m) (m) (m) (m) % (g/t) (g/t) (%)
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SE-DDH-7 10 -75 228.0 35.6 43.0 7.4 1.18 0.12 7.8 0.23
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Including 51.5 72.5 21.0 0.57 0.04 1.5 0.09
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SE-DDH-9 270 -45 259.9 76.3 119.3 43.0 0.31 0.03 0.9 0.04
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SE-DDH-18 0 -90 288.50 12.0 17.0 5.0 2.13 0.14 6.5 0.05
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SE-DDH-20 135 -75 230.00 51.0 71.0 20.0 1.47 0.15 8.0 0.19
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Including 51.0 63.0 12.0 1.98 0.18 9.7 0.27
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Pending
SE-DDH-22 135 -60 278.00 Results - - - -
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Pending
SE-DDH-23 270 -60 233.00 Results - - - -
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SE-DDH-24 270 -75 205.85 12.5 21.5 9.0 2.69 0.21 12.1 0.13
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SE-DDH-25 150 -45 164.50 71.0 77.0 6.0 4.84 0.21 13.8 0.20
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NOTE: SE-DDH-8, SE-DDH-10 to SE-DDH-17, SE-DDH-19 and SE-DDH-21 did not
return any significant values. All widths represent down hole core lengths
and the true widths are unknown at this stage.
To view 'Figure 1 - Drill Hole Locations', please visit the following link:
http://media3.marketwire.com/docs/751113_figure_1.pdf
Current drilling is being carried out over favorable geological zones and interpreted geophysical anomalies in the Northern portion of the current exploration area. Drill rig #1 is presently drilling an IP anomaly, which coincides with the mineralization, recently sampled and mapped from the Santa Elena exploration tunnel.
Drill rig #2 is now located to the NW of the TEM-1 outcrops, targeting the area just north of the TEM-1 massive sulfide outcrops. The sulfide zones at the TEM-1 outcrops and within the Santa Elena exploration tunnel are believed to be part of the same ore zone, which extends over 300 metres in an east-west direction. The Company will continue infill drilling between these occurrences to test for continuity.
Drill hole SE-DDH-007 was drilled from the same platform as holes SEDDH-001 through SEDDH-006. Drill holes SE-DDH-008, SE-DDH-009, SE-DDH-010, and SEDDH-012 were drilled approximately 70 meters northeast of the first drill platform. These holes were located north of the TEM-1 outcrops. Drill hole SE-DDH-025 was located 650 metres south of drill hole No. 1, near the TEM-4 outcrop (see Figure 1 - Drill Hole Locations).
Holes SEDDH-018, SEDDH-020, SEDDH-022, SEDDH-024, and SEDDH-026 were all drilled from the same platform, which was, located approximately 30 metres north of the end of the Santa Elena exploration tunnel. The platform location also coincides with a large IP anomaly. The holes were drilled at various azimuths and dips to test for the presence and continuity of massive sulfide mineralization (see Figure 1 - Drill Hole Locations).
The arrival of the third drill rig has been postponed until January 2012 as we have decided to utilize a smaller man-portable unit to allow for more efficient, cost effective and environmentally friendlier access to some areas. The use of smaller man-portable equipment will not require the building of access roads or the cutting down of trees and will expedite testing of drill targets located in more densely forested areas.
Exploration Update
Geophysical equipment to conduct down-hole EM surveys has been ordered, and will be used to map subsurface geology with the goal of identifying and testing prospective off-hole anomalies. Down hole measurements will be made at 5 metre intervals to identify conductive targets. This additional exploration tool will complement ongoing exploration efforts at Santa Elena and has historically been effective in the discovery and development of VMS deposits.
Robert Sedgemore, President and CEO, commented: 'It has been a fantastic year for Cuoro and we are very pleased to continue delivering positive results such as these new drill intercepts on the Santa Elena Project. As we approach the holiday season I would like to thank all our employees and contractors for their continued hard work and most importantly send our thanks to all our shareholders for their loyalty and support throughout the year. I wish you and your families all a very merry Christmas and happy holidays!'
QA/QC
Sampling of the diamond drilling, and sample preparation, were performed by Cuoro personnel and were carried out under strict protocols. Samples were taken every 1m and split in half to yield seven to ten kilogram samples. Drill sample recovery was generally in excess of 90 %. Cuoro has a rigorous QA/QC program to control the chain-of-custody of samples and the insertion of blanks, duplicates, and certified reference standards in each batch of samples. Samples were sent to SGS in Medellin where they were dried, crushed, pulverized. After preparation of the samples they were sent to SGS in Lima and assayed. All gold assays were obtained by standard 50g fire assaying with AA finish. All copper, silver, and zinc assays reported in the press release were obtained by four-acid dissolution followed by ICP measurement.
The above information has been prepared under the supervision of Michel Rowland, P.Geo., who is designated as a 'Qualified Person', and who has reviewed the information and has verified the authenticity and validity of the data.
About CuOro Resources Corp.
CuOro's growth strategy has been to identify mineral properties that have significant potential to develop large scale resources in well-established and mining friendly districts such as Colombia. Management looks to leverage its exploration and development expertise to bring additional resources and value to shareholders and to reduce development risk and expense through its focus on community relations, corporate and social responsibility. With approximately $19 million in the treasury, the Company will continue to look for additional opportunities that can bring value to the Company and its shareholders through its approach to business. The company is committed to upholding the highest environmental and social standards while focusing on delivering the financial growth its shareholders expect.
For further information regarding CuOro, see CuOro's disclosure documents on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of CuOro,
Robert Sedgemore
President & CEO
Forward Looking Statement
Statements contained in this news release that are not historical facts constitute 'forward-looking statements' or 'forward-looking information' within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date of this release. Forward-looking statements include, without limitation, possible events, statements with respect to possible events, the future price of gold and silver, the realization of mineral resource estimates and success of exploration activities. The words 'is expected' or 'estimates' or variations of such words and phrases or statements that certain actions, events or results 'may' or 'could' occur and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of the Company contained in this release which may prove to be incorrect, include, but are not limited to, (1) the discovery and expansion of mineral resources on the Company's Property being consistent with the Company's current expectations; (2) the implementation of Colombia's mining law and related regulations and policies being consistent with the Company's current expectations; (3) certain price assumptions for gold and silver. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements.
Such factors include, but are not limited to: fluctuations in the spot and forward price of gold or certain other commodities; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada, Colombia or other countries in which the Company does business or may carry on business in the future; business opportunities that may be presented to, or pursued by, the Company; operating or technical difficulties in connection with mining activities; the speculative nature of gold exploration and development, including the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking statements made in this release are qualified by these cautionary statements and those made in our other filings with the securities regulators in Canada. These factors are not intended to represent a complete list of the factors that could affect the Company. Although the Company believes that the expectations in the forward-looking statements are reasonable, actual results may vary, and future results, levels of activity, performance or achievements cannot be guaranteed.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
CuOro Resources Corp.
Dave Doherty, VP Corporate Development
(604) 315-1237
ddoherty@cuororesources.com
Apex Capital Inc.
Brett Allan
(416) 907-4148
ballan@apexcap.ca