Amanta Resources Ltd.: Early Results From Luang Namtha Copper Concession Show High Grade Copper-Silver and Molybdenum Values
26 June 2008 - 4:50AM
Marketwired Canada
Amanta Resources Ltd. (Amanta) (TSX VENTURE:AMH) is pleased to report results
from early reconnaissance activities at the Luang Namtha copper concession, in
northern Laos.
Initial work by Amanta reconnaissance teams has led to the discovery of abundant
striking evidence of copper, silver and molybdenum mineralization in the
company's concession area. In particular a boulder field displaying large,
man-size, boulders of porphyritic acid volcanic float assaying up to 5% copper
and 4 oz/t of silver, was discovered. The boulder field is quite extensive and
has not been mapped in detail yet, but the float occurs over an area larger than
one square kilometre.
The boulder field is located just south of a large porphyritic intrusive dome
with a distinct vegetation anomaly. On the southern edge of the intrusive, an
outcrop of secondary copper-rich material has been observed. Rock chip samples
from this outcrop average 2% copper and 4 oz/t of silver.
To the north of the intrusive, a large outcrop of an intermediate volcanic rock
can be followed for approximately 100 metres and is up to 15 metres thick. Rock
chip samples from this outcrop return assay results of up to 0.8% molybdenum and
up to 0.5 g/t gold.
The Company has yet to determine the extent and nature of the mineralization
discovered to date but, while much work needs to be done in the upcoming
prospecting and exploration period, the widespread and high grade nature of the
mineralization encountered so far suggests the potential for a very large
target.
Amanta has now assembled the field crews to commence ongoing reconnaissance and
exploration programmes in the concession area. The present project phase will
include detailed systematic surface sampling and mapping over a block of eight
square kilometres representing the presently known mineralized areas while
reconnaissance work will be carried out over the balance of the 200 km2 area.
This work will be followed by airborne Magnetic and EM surveys and will take 6 -
9 months to complete.
The Luang Namtha copper concession is located some 600 kms north of Vientiane
and is, geologically, part of the Yulong - Luang Namtha porphyry copper and
polymetallic belt. In addition to Amanta's concession, mineralization in this
belt includes the giant Yulong porphyry copper deposit with 630Mt @ 1% Cu and
several smaller porphyries as well as a multitude of copper-silver deposits,
polymetallic occurrences, massive sulphides and sediment hosted high grade
replacement bodies. Of these, the Dapinzhang open pit copper/zinc mine in
southwest China, close to the Laos border, has reported JORC compliant global
resources of 44 million tons, containing 374,000 tons of copper metal, 260,000
tons of zinc and 12 million ounces of silver.
Amanta holds a 100% interest in the Luang Namtha project and is the first
Canadian company to be granted a mineral exploration concession in the Lao PDR.
Geological Information contained within this report has been verified by Pieter
Bakker (Director, Executive VP - Amanta Resources Ltd.). Mr. Bakker satisfies
the requirements of a Qualified Person as defined in the National Instrument
43-101 (Standards of Disclosure for Mineral Projects).
Amanta is currently undertaking a non-brokered private placement, originally
announced May 7, 2008. The placement comprises 6,666,667 units at a price of
$0.15 per unit, for gross proceeds of up to $1,000,000. Each unit will consist
of one common share plus one half of one common share purchase warrant. Each
whole warrant will entitle the holder to purchase one additional common share at
a price of $0.22 for a period of 18 months from closing. An initial tranche of
$300,000 was closed on May 13, 2008.
Amanta Resources Ltd. is focused on mineral exploration, development and
production in Thailand and the Southeast Asian region. The Company concentrates
on the systematic evaluation of known mineral occurrences, rather than
"greenfields" exploration, creating early opportunities to finance and develop
mines.
ON BEHALF OF THE BOARD OF AMANTA RESOURCES LTD.
Gerald D. Wright, President
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