VANCOUVER,
Jan. 14, 2013 /CNW/ - Calico
Resources Corp. (TSX-V: CKB) (the "Company" or "Calico") is pleased
to report the following drill results on its Grassy Mountain
Project located in southeast Oregon. This hole, CAL 12R17 successfully
tested the continuity of mineralization of the grade/geologic model
within the higher-grade "boiling horizon" on the western flank of
the deposit. The results also expanded the "mineralized envelope"
further to the west than previously recognized.
Highlights:
- 5.67 grams (0.166 opt) gold over 65.5 meters (215 feet),
starting at 525 Feet.
Significant Intercepts:
| Hole ID |
From
(feet) |
To (feet) |
Length
(feet) |
Au oz/ton |
Length
(meters) |
Au g/tonne |
| CAL12R17 |
65 |
845 |
780 |
0.061 |
237.7 |
2.008 |
| " |
525 |
740 |
215 |
0.166 |
65.5 |
5.672 |
| " |
525 |
620 |
95 |
0.216 |
28.96 |
7.402 |
| " |
620 |
680 |
60 |
0.051 |
18.29 |
1.734 |
| " |
680 |
725 |
45 |
0.235 |
13.72 |
8.033 |
Drill composites were calculated using a cut-off of 0.30 g/t.
The composite 65 to 845 feet contains 65 total feet of internal
waste (<0.30 g/t exceeding any one10 foot interval). All other
composites are devoid of internal waste.
CAL 12R17 was drilled North 80 degrees East at
an angle of -60 degrees and was also designed to cut mineralization
previously identified in older vertical holes drilled in the
1980's. The results from CAL 12R17 strongly confirm the
continuity of the gold mineralization between the older vertical
holes, as well as expands higher-grade mineralization to the
west. Consistency of mineralization between these vertical
holes shows there is not a bias in the drilling orientation (i.e.
vertical holes vs. northwest or northeast angle holes).
Detailed logging of the holes indicates that the higher-grade gold
mineralization in this area of the deposit is more
stratigraphically controlled and associated with multiple pulses of
geothermal activity rather than with structure.
The continuity and consistency of the gold
mineralization is shown by the following comparison of hole CAL
12R17 with the two adjacent vertical holes, 26-056 and
26-106. The intercepts are shown with elevations given for
the tops and bottoms of the higher-grade gold mineralization.
| Hole ID |
Top elev.
(feet) |
Bottom elev. (feet) |
Grade
(opt Au) |
Grade
(g/tonne Au) |
| CAL 12R17 |
3440 |
3240 |
0.166 |
5.672 |
| 26-056 |
3460 |
3230 |
0.132 |
4.52 |
| 26-106 |
3425 |
3240 |
0.140 |
4.78 |
Vance
Thornsberry, Vice President of Exploration for Calico
Resources, stated, "We are extremely pleased with the results of
this drilling which continues to confirm our geologic model for the
High Grade Underground Deposit. These results will be
incorporated into the resource model as well as be used to guide
future drill planning. Further drilling would be designed to
investigate the Bonanza Zone (boiling zone) within the core of the
deposit where numerous multi-ounce gold intercepts have been
encountered and to look at a possible "feeder structure" beneath
the boiling zone."
About Grassy Mountain
Calico has commenced the permitting process for
an underground mine and mill facility at Grassy Mountain. The
State of Oregon has accepted
Calico's Notice of Intent to develop the project, held several
Public Hearings and deemed the Company's Draft Environmental
Baseline Study Work Plans sufficient for official review. A
Preliminary Economic Assessment is currently being prepared under
NI 43-101 standards.
Qualified Person
Michael F.
McGinnis, CPG 10914, Calico Resources Project Manager, is
the Company's designated Qualified Person for this news release
within the meaning of National Instrument 43-101 Standards of
Disclosure for Mineral Projects ("NI 43-101") and has reviewed
and validated that the information contained in the release
accurate.
On behalf of the Board,
Arden (Buck)
Morrow
President and CEO
"Drill intersections are reported as drilled
thicknesses. All samples were assayed by ALS Chemex (ISO9001:2008)
in Reno, Nevada for gold by Fire
Assay of a 30 gram (1 assay ton) charge with an AA finish, or if
over 5.0 g/t were re-assayed and completed with a gravimetric
finish. For these samples, the gravimetric data were utilized in
calculating gold intersections. QA/QC included the insertion and
continual monitoring of numerous standards and blanks into the
sample stream, and the collection of duplicate samples at random
intervals within each batch."
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Calico Resources Corporation