Aurcana Corporation (TSX:AUN)
("Aurcana"
or the Company") is pleased to provide an update of
the exploration drilling programme at Shafter, Texas.
Diagrams accompanying this announcement are available
athttp://www.globenewswire.com/NewsRoom/AttachmentNg/2701305e-54bd-4302-b110-92c50d7cf423http://www.globenewswire.com/NewsRoom/AttachmentNg/aa844b59-af01-4506-bd7b-48f3a1bb1f8d
Four core holes have been completed at Shafter, another is in
progress and a sixth is planned. Drilling has focused on the
western portion of the property, approximately 1.4 miles
west-southwest of the current mineral resource area and 900 feet
from the 400 level of the historical Mina Grande West underground
workings of the Presidio Mine. The exploration objective is to
follow-up a drill hole (SD 264) completed by Gold Fields in 1980
that encountered strong alteration at both the base and top of the
Permian Mina Grande Formation.
The upper zone is geochemically anomalous and may be a distal
expression of the same mineralization found in the Presidio Mine.
The lower zone is unusual with evidence of strong brecciation,
“jasperoid” and specular hematite-quartz mineralization. The
exact location of drill hole SD 264 is uncertain but it is believed
that 17-468 is collared 250 feet north and passed within 20 feet of
the lower zone intercept. At this stage of exploration results are
considered to be comparable, including:
IntervalFrom … to (feet) |
CoreLength(feet) |
Silver(ounces per ton) |
Gold(ounces per ton) |
Lead(%) |
Zinc(%) |
Drill Hole 17-468 (drilled at
-580S) |
452 to 470 |
18 |
10.47 |
0.02 |
1.6 |
1.9 |
including |
|
|
|
|
|
458 to 470 |
12 |
15.44 |
0.01 |
2.0 |
2.2 |
including |
458 to 466.8 |
8.8 |
19.16 |
0.02 |
2.6 |
1.9 |
and |
471.1 to 473.2 |
2.1 |
0.90 |
0.28 |
6.6 |
0.5 |
Historic Drill Hole SD 264 (drilled at
-900) |
388 to 399 |
11 |
6.45 |
0.08 |
2.78 |
1.91 |
including |
395 to 399 |
4 |
17.2 |
0.10 |
7.10 |
3.03 |
Note that the assay results for SD 264 are historic in nature,
have not been verified, and should not be relied upon. There has
not been enough drilling to define the orientation of mineralized
structures and true thicknesses are not known.
Lower zone mineralization is unusual for the district and its
significance and potential are unknown. It may represent a second,
stratigraphically deeper target for Shafter-style stratabound
mineralization or a new target type. The working model notes that
there is a spatial association of mineralization with an
east-northeast trending igneous dyke and fault zone that is
intersected by a cross-cutting zone of northwest fracturing marked
by hematite – calcite veins (creating a “hockey stick”-shaped
target area approximately 800 feet by 600 feet in size starting 250
to 500 feet beneath un-mineralized Cretaceous cover).
Drill hole 17-469 was drilled from the same set-up as 17-468 but
at -750S and 17-470 was drilled at -580S and collared 290 feet east
of 17-468/469. Both holes intersected alteration and weak
mineralization. Drill hole 17-471 was a short, shallower hole
collared 600 feet northwest of 17-468, designed to confirm the
northwest-trending cross-structures. Currently the drill is
completing a second, nearby hole that will test the target at a
minimum depth of 500 feet below surface.
Results to date indicate more work is necessary, including
additional drilling to define the orientation, nature and
significance of the gold-bearing structures. Geological mapping,
sampling and geophysical surveys may precede the next phase of
drilling. The current exploration programme is anticipated to
include at least six drill holes.
Aurcana has implemented a programme of QA/QC procedures to
insure sample integrity and reliable results. Core samples are
logged on site at Shafter and sent to ALS Global’s Mineral Division
laboratory in Tucson, Arizona for sample preparation. Final
analyses and assays are done at ASL Global’s North Vancouver, BC
facilities.
Jerry Blackwell, P.Geo., Director of Aurcana, a Qualified Person
as defined by NI 43-101, reviewed and approved the technical
information in this news release.
The Shafter Silver Project is located in Presidio County,
Southwestern Texas, centered upon the historical Presidio Mine and
the un-mined Shafter Deposit. Mineralization at Shafter is found as
sheets and tabular lenses of silver-rich iron oxide lodes within
laterally extensive mantos in Permian-aged limestone. For more
information, including a current Preliminary Economic Assessment go
to the website at www.aurcana.com or the company’s
disclosure documents housed at www.sedar.com.
ABOUT AURCANA CORPORATION Aurcana Corporation
owns the Shafter Silver Project in Texas, US. The Shafter Silver
Project was put on care and maintenance in December 2013.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION
“Kevin Drover”, President & CEO
CAUTIONARY NOTES This press release contains
forward looking statements within the meaning of applicable
securities laws. The use of any of the words “anticipate”,
“plan”, “continue”, “expect”, “estimate”, “objective”, “may”,
“will”, “project”, “should”, “predict”, “potential” and similar
expressions are intended to identify forward looking
statements. In particular, this press release contains
forward looking statements concerning the anticipated future
results of mining activities on the Shafter property, including
economic results thereof. Although the Company believes that
the expectations and assumptions on which the forward looking
statements are based are reasonable, undue reliance should not be
placed on the forward looking statements because the Company cannot
give any assurance that they will prove correct. Since
forward looking statements address future events and conditions,
they involve inherent assumptions, risks and uncertainties.
Actual results could differ materially from those currently
anticipated due to a number of assumptions, factors and
risks. These assumptions and risks include, but are not
limited to, assumptions and risks associated with the result of
drilling and exploration activities, that contracted parties
provide goods and/or services on the agreed time frames, risks
related to future metals prices, that equipment necessary for
exploration is available as scheduled and does not incur unforeseen
break downs, that no labour shortages or delays are incurred, that
plant and equipment function as specified, that no unusual
geological or technical problems occur, and that laboratory and
other related services are available and perform as contracted.
Management has provided the above summary of risks and
assumptions related to forward-looking statements in this press
release in order to provide readers with a more comprehensive
perspective on the Company’s future operations. The Company’s
actual results, performance or achievement could differ materially
from those expressed in, or implied by, these forward-looking
statements and, accordingly, no assurance can be given that any of
the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do so, what benefits the
Company will derive from them. These forward-looking
statements are made as of the date of this press release, and,
other than as required by applicable securities laws, the Company
disclaims any intent or obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or results or otherwise.
For further information, visit the website at www.aurcana.com or contact:
Aurcana Corporation
Phone: (604) 331-9333
Gary Lindsey, Corporate Communications
Phone: (720)-273-6224
Email: gary@strata-star.com
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