TORONTO, ONTARIO -
Ecometals Limited (formerly Goldmarca Limited) is pleased to
announce results of the diamond drilling program on the Condor
Epithermal Gold Project and the status of the Rio Zarza Gold
Project, both in Ecuador.
Condor Project
The Condor Epithermal Gold Project is located in the
Zamora-Chinchepe Province of southern Ecuador, near the Peruvian
border. The Condor gold deposit is hosted in Jurassic intrusive and
volcanic rocks within a continental magmatic arc. Epithermal type
gold and base metal mineralization is localized in intrusive,
phreatomagmatic, hydrothermal and tectonic breccias within the
Condor Breccia Complex, which comprises felsic intrusive and
related fragmental textured lithologies.
The diamond drilling program at Condor aims to build mineral
resources in the Los Cuyes and Soledad sectors using a bulk
tonnage, low grade geologic model. The program is designed to
upgrade the mineral resource to indicated and inferred categories
in the Los Cuyes sector, and define and expand upon the geological
boundaries of the Soledad sector. An updated independent mineral
resource estimation is planned for the first quarter of 2008.
From August to November, 7,554.6 metres of drilling in 21 holes
has been completed, with analytical results from approximately half
of the core sampling received. The quality control protocols use
industry-standard control samples including blanks, internationally
Certified Reference Material (CRM) and duplicates. Samples are
analyzed at Acme Analytical Assay Laboratory in Vancouver for gold
and silver using Fire Assay/ICP and copper, lead and zinc analysed
by AAS methods.
Gold and base metal mineralization and associated alteration is
zoned within the Condor complex, reflecting variations in the
temperature of the mineralizing hydrothermal fluids. Initial
analytical results are encouraging, and confirm the consistency of
the disseminated, network veinlet and replacement style of
epithermal mineralization.
Some of the new drill holes in both the Los Cuyes and Soledad
sectors have intersected higher grade mineralization over longer
intervals than has been previously encountered in this area.
Exploration Drilling Results For Condor Project
Los Cuyes Sector
--------------------------------------------------------------------
ELEV DEPTH AZIMUTH DIP From To
HoleID (m) (m) (degrees) (degrees) (m) (m)
--------------------------------------------------------------------
DCU-27 1470.14 480.20 233 -80 0.00 480.20
769251.11E ---------------
9552679.12N 0.00 128.00
---------------
18.00 22.00
---------------
94.00 128.00
---------------
262.00 306.00
---------------
396.00 406.00
---------------
440.00 448.00
--------------------------------------------------------------------
DCU-31 1374.03 601.00 53 -60 68.00 596.00
769081.02E ---------------
9552543.24N 218.00 276.00
---------------
252.00 254.00
---------------
322.00 340.00
---------------
430.00 568.00
---------------
435.00 446.00
---------------
486.00 496.00
--------------------------------------------------------------------
DCU-32 1366.87 469.65 53 -55 12.00 40.00
769011.17E ---------------
9552572.18N 146.00 469.65
---------------
178.00 352.00
---------------
282.00 292.00
---------------
384.00 469.65
--------------------------------------------------------------------
--------------------------------------------------------------------
Intercept Au Ag Cu Pb Zn
HoleID (m) (g/t) (g/t) (%) (%) (%)
--------------------------------------------------------------------
DCU-27 480.20 1.54 6.18 0.02 0.03 0.18
769251.11E ------------------------------------------------------
9552679.12N 128.00 3.51 6.28 0.01 0.04 0.13
------------------------------------------------------
4.00 69.54 47.00 0.02 0.28 0.50
------------------------------------------------------
34.00 3.37 6.00 0.01 0.04 0.04
------------------------------------------------------
44.00 2.25 16.39 0.04 0.03 0.04
------------------------------------------------------
10.00 2.26 6.70 0.02 0.01 0.75
------------------------------------------------------
8.00 2.36 13.25 0.04 0.01 0.51
--------------------------------------------------------------------
DCU-31 528.00 0.65 5.11 0.02 0.03 0.16
769081.02E ------------------------------------------------------
9552543.24N 58.00 1.23 4.53 0.01 0.01 0.14
------------------------------------------------------
2.00 8.67 13.00 0.03 0.04 0.13
------------------------------------------------------
18.00 1.07 3.44 0.01 0.00 0.65
------------------------------------------------------
138.00 1.02 6.52 0.03 0.02 0.08
------------------------------------------------------
11.00 1.54 6.55 0.01 0.02 0.01
------------------------------------------------------
10.00 2.35 10.80 0.06 0.02 0.08
--------------------------------------------------------------------
DCU-32 28.00 0.39 13.54 0.00 0.20 0.25
769011.17E ------------------------------------------------------
9552572.18N 323.65 0.90 8.14 0.02 0.02 0.43
------------------------------------------------------
174.00 1.02 9.42 0.03 0.02 0.44
------------------------------------------------------
10.00 2.17 9.20 0.04 0.01 0.47
------------------------------------------------------
85.65 1.18 8.07 0.03 0.02 0.34
--------------------------------------------------------------------
Soledad Sector
--------------------------------------------------------------------
ELEV DEPTH AZIMUTH DIP From To
HoleID (m) (m) (degrees) (degrees) (m) (m)
--------------------------------------------------------------------
DSO-21 1355.00 430.50 92 -55 0.00 412.00
769219.01E ---------------
9551573.96N 250.00 380.00
---------------
294.00 310.00
---------------
318.00 332.00
--------------------------------------------------------------------
--------------------------------------------------------------------
Intercept Au Ag Cu Pb Zn
HoleID (m) (g/t) (g/t) (%) (%) (%)
--------------------------------------------------------------------
DSO-21 412.00 0.56 7.43 0.02 0.05 0.46
769219.01E ------------------------------------------------------
9551573.96N 130.00 1.13 8.76 0.01 0.10 0.69
------------------------------------------------------
16.00 1.67 7.88 0.02 0.11 1.10
------------------------------------------------------
14.00 2.28 6.71 0.02 0.07 1.21
--------------------------------------------------------------------
Drill hole coordinates UTMZ17S/PSAD56 datum
Cautionary Note: Analytical results reported herein should be
considered in the context of the geological model currently being
constructed for the new resource estimation.
"As a result of the encouraging results returned from this
recent work, and the better understanding of the geological
controls on mineralization, the diamond drilling program at the
Condor Project will be extended an additional 2,500 metres," said
Fran Scola, Chief Executive Officer of Ecometals.
The additional drilling will complete the information necessary
for the resource estimation, and will test higher grade parts of
the Condor Complex. In particular, the extension of the high grade
Chinapintza veins through the complex to connect the isolated
mineral occurrences at Reina del Cisne, Luna and Enma will be
tested. In historical drilling, the Chinapintza veins have returned
assay values from grab samples of more than 60 grams per tonne gold
and 900 grams per tonne silver.
Previous metallurgical studies on mineralization from the San
Jose occurrence (part of Soledad Sector) indicate free gold
accounts for more than 53% of the total gold in the tested
material, with column leach test extractions of 65% to 79% gold
depending on the crushed size of the material. These results
indicate the mineralized material from the Condor deposit is
amenable to crushing and simple leach extraction of gold without
flotation. More extensive metallurgical testing of representative
types of mineralization and crushed size fractions are planned for
the first quarter of 2008.
Rio Zarza Project
The Rio Zarza Gold Project is located in the same
lithostructural domain as Condor, but is at a higher erosional
level and is partly overlain by Cretaceous sediments. The Rio Zarza
Project is located approximately 700 metres west of the Fruta del
Norte discovery by Aurelian Resources Inc. Fruta del Norte is an
epithermal type deposit with a reported world class inferred
resource of 13.7 million ounces of gold and 22.4 million ounces of
silver.
Preliminary exploration work on the Rio Zarza project included
geological mapping, multi-element soil geochemistry and geophysics.
Gold in soil anomalies are mostly transported reflecting the
alluvial material in the fossil and present-day Rio Zarza and
Machinaza river drainage. Although the alluvial gold is considered
locally derived, other elements are more diagnostic for in situ
epithermal type mineralization. Significant antimony and arsenic
anomalies have been defined, which merit further investigation.
IP/Resistivity surveys have located several anomalies with a
characteristic signature typical of epithermal type mineralization.
The geophysical response suggests subvertical silicified zones with
sulphide mineralization.
The process of environmental permitting of the exploration work
is under way, with the field studies completed, community
presentation and consultation in the impact area complete, and the
Terms of Reference for the Environmental Impact Assessment (EIA)
submitted to Direccion Nacional de Mineria (DINAMI) for approval.
The next stage of the process is another round of public
consultation and approval of the revised EIA, which addresses
community concerns.
Diamond drilling significant geochemical and geophysical
anomalies will start immediately on approval of the EIA study,
which is anticipated in the second quarter of 2008.
The corporate philosophy of Ecometals strongly emphasizes
protection of the natural and human environment of the areas in
which the company works. To reduce the environmental impact of
diamond drilling, Ecometals is using a Hydracore man-portable drill
rig that eliminates the need for construction of access roads in
many areas. Ecometals also supports communities in the direct
impact area surrounding the Condor and Rio Zarza projects for
education, health and infrastructure projects.
Qualified Person
Steven R. McMullan, P.Geo, Vice President of Exploration for
Ecometals Limited, is a Qualified Person as defined by National
Instrument 43-101 and has supervised the preparation of the
technical information and verified the data reported in this news
release. Mr. McMullan has reviewed and approved this news release
for public disclosure.
About Ecometals
Ecometals Limited is a Canadian-listed mineral exploration and
development company focused on mineral resources in Latin America.
Ecometals also holds 44.4% of Atomaer Holdings Pty Ltd., a private
Australian holding company.
Safe Harbor Statement: Statements contained in this release that
are not historical facts are forward-looking statements which
involve risk and uncertainties, which could cause actual results to
differ materially from those expressed in forward-looking
statements.
These include risks relating to changes in economic or
environmental conditions and the company's ability to execute its
business model and strategic plans. The company relies on
litigation protection for forward-looking statements.
Contacts: Ecometals Limited - Investors Mark Kesselman Chief
Financial Officer Email: mlkeuro@aol.com or
info@ecometalslimited.com Website: www.ecometalslimited.com Barnes
McInerney Inc. - Media John Vincic Executive Vice President,
Investor Relations (416) 367-5000 (416) 367-5390 (FAX) Email:
jvincic@barnesmcinerney.com
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