Tosca Reports 70 Feet (21.3 M) of 6.71% Cu Including 26 Feet (7.9 M) of 14.1% Cu at Red Hills High Grade Zone; Additional Dri...
18 July 2011 - 11:00PM
Business Wire
Tosca Mining Corporation, (TSQ.V; US:TSMNF; FSE:TQ4), announces
that it has completed an initial diamond drill program of 2,865
meters ( 9,400 feet) in 17 holes on its Red Hills Copper Molybdenum
project, located in Presidio, County. Texas. The location of the 17
drill holes is shown in the accompanying drill plan.
The preliminary results are sufficiently encouraging to warrant
an immediate expansion of the drill program. A second phase,
involving 1500 meters (approximately 5000 feet) of additional
drilling is now underway.
The primary scope of the Phase One drill program was to verify
results from historic diamond and rotary drill intercepts from the
shallow copper blanket and to test for continuity and grade of the
large molybdenum (“moly”) system located below.
To date the Company has received assay results from the first
six holes (TMC-01 to TMC-06).
Four of the 17 holes (TMC-02 to TMC-05) tested the high grade
copper zone located outside of the copper blanket. Five of the
seventeen holes were drilled through the copper blanket to depths
of more than 1,000’ to test the moly system.
Hole TMC-01 (220’, vertical) was drilled along the south western
lobe of the copper blanket. It intersected two intervals of 0.23 %
and 0.20% Cu from 75’ to 130’ and from 140’ to 220’
respectively.
Holes TMC-02 to TMC-05 were drilled to investigate the geometry
of the high grade copper zone lying outside the boundaries of the
copper blanket. Inclined hole TMC-03 ( -60°, 167° azimuth, 248’
depth) encountered strong chalcocite mineralization over a 70 feet
interval (110’ to 180’) which averaged 6.71% Cu, including 14.16%
Cu over 26 feet from 140 to 166 feet. The remaining 3 holes
returned low copper values except for 10’ of 0.79% Cu in hole
TMC-02.
Hole TMC-06 was collared at the site of an historic diamond
drill hole (DH-35) that had assayed 0.39% Cu over 50 feet from 130’
to 180’. Hole TMC-06 returned 0.45% Cu over 50 feet from 135’ to
185’, thus validating the historic results from this site.
The results from hole TMC-03 in the high grade copper zone are
“very encouraging,” quotes Ron Shenton, president. “The high grade
in this area is not part of the copper blanket tonnage and more
work needs to be done to determine its size and geometry. The
validation of the 88 historic drill holes with new results will be
a big step toward establishing a resource.”
Phase two of the drill program is primarily aimed at expanding
the database of the copper blanket, thus allowing for a better
understanding of the historic resource and the collection of
representative samples for metallurgical testing. Two holes will
also be drilled to explore for deep moly mineralization.
The goal of the Company is to establish a NI-43-101 compliant
resource on the shallow copper blanket, and to test metallurgical
recoveries of copper and moly by year end. This will form the
foundation for a Preliminary Economic Assessment (“PEA”) of the
copper blanket.
As described in the Company's news release dated March 2, 2011,
the Red Hills project consists of a large molybdenum porphyry
system overlain a by a copper (chalcocite) enrichment blanket
developed below the oxide-sulphide transition zone. Eighty eight
holes were drilled on the property between 1955 and 1972. This work
led to the identification of a non-43-101 compliant resource of 17
million tons grading 0.35 Cu% with associated moly mineralization
in the shallow copper blanket. The previous activity also led to
the discovery of a linear trend of high grade copper mineralization
defined by three vertical holes which included 33.55 metres of 9.09
% Cu. Based on historic drilling, the molybdenum mineralization
occurs within a horseshoe shaped area measuring 1,000 m x 200 m and
is open in two directions and at depth. Although many of the holes
drilled in the molybdenum system were stopped in mineralization at
shallow depths, the deeper holes were mineralized throughout (e.g.
hole Duval 07: 642 meters @ 0.076% Mo).
Drilling and QA/QC
The drilling was carried out by Ruen Drilling of Idaho, using a
wire- line rig and NQ core recovery. The core boxes are transported
to Marfa, Texas, where Tosca maintains a secure office/warehouse
facility. The core undergoes geotechnical and geological logging by
Tosca geologists. Sample intervals are designated and the core is
split in half using a rock saw. Half of the core is left in the
boxes and the other half is bagged and shipped to Skyline Assayers
and Laboratories (“Skyline) in Tucson, Arizona to be analyzed for
Cu and Mo using ICP/OES. Skyline is an ISO/17025 accredited
laboratory. Skyline monitors quality control through the
introduction of blanks, standards and duplicates. In addition,
Tosca’s employees routinely insert blanks and standards in the
sample stream.
The first six holes of the current drill program were logged in
Marfa and the whole core sent to Skyline Labs for sampling and
cutting under the supervision of M3 Engineering of Tucson, AZ, and
Mine Development Associates (MDA) of Reno, NV. M3 and MDA are
working with Tosca in the development and implementation of the
2011 drill program and metallurgical testing programs and will be
involved in the upcoming P.E.A.
Luca Riccio, PhD, P.Geo, a qualified person as defined by NI
43-101, is responsible for the technical information contained in
this release.
On Behalf of the board of directors,
"Ron Shenton"
For further information, please visit the company's website at
www.toscamining.com or call 604-687-6562. Email
info@toscamining.com
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. Tosca Mining Corp. relies upon
litigation protection for forward looking statements.
The TSX Venture Exchange (TSX Venture)) has not reviewed and
does not accept responsibility for the adequacy or accuracy of the
contents of this news release, which has been prepared by
management.
RED HILLS Drill Plan – To view this graphic, please click on the
following link:
http://www.usetdas.com/pr/toscagraphic.gif
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