Oracle Mining Corp. Intercepts 47 Feet of 2.2% Copper in New Drilling
31.01.2013 | Marketwire
Additional Underground Holes Intercept 22.5 Feet of 2.4% Copper and 47.0 Feet of 2.0% CopperVANCOUVER, 01/31/13 - Oracle Mining Corp. (TSX: OMN) (OTCQX: OMCCF)(FRANKFURT: OMC) ("Oracle Mining" or the "Corporation") is pleased to announce assay results from its ongoing core drilling program. The assay results include seven additional underground drill hole results from drilling at the Oracle Ridge Copper Mine, located in southern Arizona.
The assay results disclosed by the Corporation to date are consistent with historical data. These holes were drilled as part of Oracle Mining's ongoing drilling program, the results of which will be included in a National Instrument 43-101 ("NI 43-101") compliant resource estimation. The Corporation is analyzing the samples for a full suite of elements and have identified silver and gold as potential by-products.
Surface drill hole ODH-044 encountered an interval of 47.2 feet of 2.21% copper, including within that interval 10.0 feet of 3.92% copper and 0.9 oz/ton silver. Underground drill hole OUH-07 encountered an interval of 47.0 feet of 2.07% copper, including within that interval 10.0 feet of 4.85% copper and 1.05 oz/ton silver.
Oracle Mining has posted an updated diagram of all drill hole locations of these reported assay results at http://www.oracleminingcorp.com/_resources/images/2013_January_skarn.pdf
The following tabulates the intervals obtained from this phase of the drilling program:
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Au Ag
From To Width Cu (oz/ (oz/
Hole (feet) (feet) (feet) (%) ton) ton) Zone Formation
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ODH-034 267.0 301.0 34.0 1.30 0.002 0.32 6 Escabrosa
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Includes 276.0 286.0 10.0 1.72 0.003 0.44 6 Escabrosa
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ODH-034 311.0 321.0 10.0 1.80 0.003 0.61 6 Escabrosa
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ODH-035 42.0 49.5 7.5 3.98 0.026 2.00 6 Escabrosa
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ODH-035 394.0 400.0 6.0 1.49 0.001 0.36 6 Escabrosa
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ODH-036 41.2 48.0 6.8 3.05 0.015 1.91 6 Escabrosa
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ODH-037 167.0 178.0 11.0 2.65 0.009 1.58 2 Martin
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ODH-037 228.0 235.0 7.0 1.80 0.002 0.57 2 Martin
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ODH-037 271.0 350.0 79.0 1.68 0.004 0.61 1 Abrigo
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ODH-038 164.5 179.5 15.0 2.81 0.007 0.81 2 Martin
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ODH-038 188.0 198.0 10.0 0.94 0.002 0.28 2 Martin
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ODH-038 248.0 274.0 26.0 1.81 0.006 0.51 1 Abrigo
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includes 264.0 274.0 10.0 2.71 0.008 0.68 1 Abrigo
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ODH-038 289.0 319.0 30.0 2.06 0.005 0.59 1 Abrigo
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includes 299.0 314.0 15.0 2.83 0.007 0.81 1 Abrigo
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ODH-040 185.1 191.4 6.3 5.21 0.018 1.36 2 Martin
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ODH-040 216.0 225.0 9.0 1.56 0.006 0.48 2 Martin
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ODH-040 288.0 302.7 14.7 1.54 0.005 0.41 2 Martin
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includes 298.0 302.7 4.7 2.28 0.008 0.66 2 Martin
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ODH-040 321.0 359.0 38.0 2.10 0.008 0.77 1 Abrigo
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includes 321.0 325.5 4.5 5.54 0.034 2.52 1 Abrigo
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includes 350.0 359.0 9.0 2.92 0.010 1.08 1 Abrigo
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ODH-040 402.5 410.0 7.5 1.71 0.001 0.15 1 Abrigo
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ODH-041 231.0 239.0 8.0 1.24 0.002 0.40 6 Escabrosa
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ODH-041 329.5 334.5 5.0 1.43 0.004 1.00 6 Escabrosa
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ODH-041 458.0 463.0 5.0 1.12 0.001 0.23 6 Escabrosa
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ODH-042 225.6 262.4 36.8 2.68 0.009 0.66 2 Martin
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Includes 233.0 241.0 8.0 4.39 0.015 1.02 2 Martin
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Includes 250.0 260.0 10.0 4.09 0.014 1.05 2 Martin
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ODH-042 314.0 328.0 14.0 1.51 0.010 0.37 2 Martin
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ODH-042 353.5 379.5 26.0 1.56 0.007 0.57 1 Abrigo
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includes 358.0 363.0 5.0 2.77 0.014 1.09 1 Abrigo
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ODH-042 415.5 437.0 21.5 2.05 0.009 0.32 1 Abrigo
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ODH-043 189.0 194.5 5.5 3.05 0.019 0.74 2 Martin
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ODH-043 217.7 232.0 14.3 2.32 0.007 0.54 2 Martin
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ODH-043 290.0 350.0 60.0 1.91 0.010 0.64 2/1 Martin/Abrigo
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ODH-043 364.0 404.0 40.0 1.40 0.006 0.58 1 Abrigo
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includes 379.0 384.0 5.0 1.84 0.008 0.84 1 Abrigo
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ODH-044 66.0 73.0 7.0 1.95 0.011 0.59 4 Escabrosa
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ODH-044 138.8 186.0 47.2 2.21 0.016 0.48 2 Martin
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includes 166.0 176.0 10.0 3.92 0.039 0.90 2 Martin
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ODH-045 87.0 92.0 5.0 2.98 0.016 0.74 4 Escabrosa
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ODH-045 167.7 210.0 42.3 2.20 0.012 0.42 2 Martin
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ODH-045 246.0 256.4 10.4 1.73 0.012 0.30 2 Martin
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ODH-045 280.4 293.0 12.6 1.07 0.008 0.21 2 Martin
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ODH-046 60.5 65.2 4.7 1.64 0.005 0.41 4 Escabrosa
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ODH-046 119.5 172.9 53.4 1.49 0.007 0.37 2 Martin
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Includes 136.0 146.0 10.0 2.08 0.008 0.48 2 Martin
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Includes 159.0 172.9 13.9 2.34 0.014 0.59 2 Martin
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ODH-049 128.0 133.0 5.0 1.05 0.002 0.23 2 Martin
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ODH-049 158.0 163.0 5.0 1.63 0.007 0.30 2 Martin
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ODH-049 167.0 179.8 12.8 1.68 0.012 0.40 2 Martin
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includes 167.0 172.0 5.0 2.45 0.016 0.66 2 Martin
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ODH-049 264.0 279.0 15.0 1.74 0.006 0.57 2 Abrigo
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ODH-050 163.0 177.2 14.2 1.50 0.004 0.30 2 Martin
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ODH-050 237.0 262.0 25.0 1.88 0.007 0.49 1 Abrigo
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ODH-050 282.0 312.0 30.0 2.00 0.006 0.50 1 Abrigo
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ODH-051 288.0 303.0 15.0 0.90 0.000 0.19 2 Martin
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ODH-051 313.0 328.0 15.0 1.61 0.001 0.33 1 Abrigo
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ODH-051 343.0 378.0 35.0 2.05 0.001 1.02 1 Abrigo
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OUH-02 375.5 400.0 24.5 1.97 0.006 0.59 4 Escabrosa Ext East
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includes 380.0 390.0 10.0 2.64 0.008 0.79 4 Escabrosa Ext East
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OUH-02 472.0 484.0 12.0 1.68 0.001 0.26 2 Martin Ext East
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OUH-02 518.0 542.0 24.0 2.14 0.011 0.68 2 Martin Ext East
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includes 535.5 542.0 6.5 3.21 0.017 0.84 2 Martin Ext East
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OUH-03 154.0 172.5 18.5 0.99 0.002 0.36 6 Escabrosa
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includes 154.0 158.0 4.0 1.46 0.002 0.35 6 Escabrosa
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OUH-03 193.8 199.7 5.9 3.36 0.002 0.62 New Zone Escabrosa
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OUH-03 413.3 418.0 4.7 1.65 0.000 0.03 5 Escabrosa
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OUH-04 294.8 304.9 10.1 1.62 0.001 0.45 5 Endoskarn
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OUH-05 298.0 304.5 6.5 1.95 0.001 0.34 5 Escabrosa
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OUH-05 334.0 346.0 12.0 1.91 0.004 0.47 5 Escabrosa
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OUH-05 449.5 472.0 22.5 2.40 0.001 0.53 5 Lower Escabrosa
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includes 467.0 472.0 5.0 4.76 0.001 1.06 5 Lower Escabrosa
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OUH-06 325.0 335.0 10.0 1.75 0.004 0.80 5 Escabrosa
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OUH-06 355.0 360.0 5.0 2.16 0.001 0.39 5 Escabrosa
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OUH-07 172.0 194.0 22.0 0.94 0.010 0.72 4 Escabrosa
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includes 172.0 174.2 2.2 1.53 0.006 0.63 4 Escabrosa
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OUH-07 282.1 355.6 73.5 1.54 0.005 0.56 5 Escabrosa
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OUH-07 448.0 495.0 47.0 2.07 0.007 0.62 5 Lower Escabrosa
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includes 465.0 475.0 10.0 4.85 0.003 1.05 5 Lower Escabrosa
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OUH-07 521.0 531.0 10.0 2.35 0.011 0.68 5 Lower Escabrosa
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OUH-08 259.0 264.0 5.0 1.84 0.001 0.28 5 Escabrosa
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The intervals were calculated using a 1.0% copper cut-off and may include internal waste to reflect a potential mineable width. True widths of mineralized intercepts completed to date will need to be modelled but are estimated to be 60% to 100% of the stated interval length for Zones 1, 2 and 4. Additional drilling in Zones 5 and 6 will be needed before true thickness can be estimated. Intervals labelled "includes" are higher-grade portions of the previous listed interval.
Oracle Mining employs a rigorous QA/QC protocol on all aspects of sampling and analytical procedure. Drill core is checked, logged, marked for sampling and split in half. One-half of each drill core is maintained for future reference and the other half of each drill core is sent for analysis. Half-core samples are shipped to accredited laboratories contracted to complete all sample preparation and assaying, including Skyline Assayer and Laboratories (Tucson), SGS Minerals Services (Elko/Vancouver) and ALS Chemex Labs Ltd. (Reno/Vancouver). Samples are analyzed employing the appropriate methodology for analyses of copper, as well as fire assaying for silver and gold. For QA/QC purposes, the Corporation inserts one standard sample for every 20 samples of core and one blank sample for every 40 samples of core submitted to the assay laboratories. The Corporation inserts a blank sample for core for any submission with fewer than 40 samples. Oracle Mining periodically submits the pulps of the samples assayed by one laboratory to another independent laboratory for check analysis.
The technical information in this media release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed by Glenn R. Clark, P.Eng., of Glenn R. Clark & Associates Limited, a consultant for Oracle Mining and a Qualified Person under NI 43-101, who is responsible for the technical information reported herein.
About Oracle Mining Corp.
Oracle Mining Corp. (TSX: OMN) (OTCQX: OMCCF) (FRANKFURT: OMC) is a Vancouver, Canada-based corporation that is the sole owner and operator of Oracle Ridge Mining, LLC and the Oracle Ridge Copper Mine located 24 km northeast of Tucson, Arizona. Oracle Mining is managed by an experienced team of mining professionals with extensive operating and financial experience.
Forward-looking Statement Disclaimer
This document may contain "forward-looking statements" within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this document and Oracle Mining does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management of the Corporation's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the Corporation's liquidity and balance sheet and future sales of metals or minerals from Oracle Ridge. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Corporation's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. 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. Accordingly, readers should not place undue reliance on forward-looking statements.
Contacts:
Oracle Mining Corp.
Mr. Alex Langer, VP Capital Markets
604-689-9293 or Toll Free: 1-855-689-9282
Oracle Mining Corp.
Mr. Jason Mercier, Senior VP Corporate Secretary
604-689-9261
info@oracleminingcorp.com
www.oracleminingcorp.com