Miocene Metals Reports First Drill Intersection from Large Molybdenum Mineralized System on Salal Property
01 December 2011 - 7:51PM
PR Newswire (Canada)
TORONTO, Dec. 1, 2011 /CNW/ - Miocene Metals Limited (the "Company"
or "Miocene Metals") today announced that its summer work program
on its Salal molybdenum ("Mo") -rhenium ("Re") -silver ("Ag")
property in south-western British Columbia has confirmed the
presence of a large mineralized system. Hole MSA-003, one of
two holes completed as part of the summer program returned 20.6
metres of 0.057% Mo, 0.46 g/t Ag and 0.035 ppm Re including 4.8
metres of 0.207% Mo, 1.02 g/t Ag and 0.109 g/t Re. The intersection
was made within a 145.5 metre interval grading 0.02% Mo. Commenting
on the results of the summer work program, Bruce Jago, President
and CEO of Miocene stated, "We are pleased to have pulled our first
drill intercept from this property, which contains a very large
mineralized system. This summer we made a lot of progress in a very
short while, but we have really only begun to understand a small
part of this system. This summer's results certainly provide
the motivation for a major program next year." The summer work
program on the Salal Property was initiated late in the season on
August 9, 2011, concurrent with the successful completion of the
Company's IPO, and concluded at the end of the third week of
September, 2011 with the onset of winter conditions. In spite of
the shortened field season considerable progress was achieved, and
the presence of a large mineralized system on the property was
confirmed. Exploration work was focused on the Glacier Island -
Logan Ridge - Mud Lake - Plug Glacier targets, which extend over a
strike length of 3,500 metres on the northern end of the 15
kilometre trend of molybdenum occurrences located on the property.
Work carried out included prospecting, mapping and sampling,
structural mapping and the drilling of two diamond drill holes
totalling 710.8 metres. Hole MSA-003, drilled in the Mud Lake area
intersected 20.6 metres of 0.057% Mo, 0.46 g/t Ag and 0.035 ppm Re
including 4.8 metres of 0.207% Mo, 1.02 g/t Ag and 0.109 g/t Re.
The intersection was made within a 145.5 metre interval grading
0.02% Mo. (see map on Miocene Metals website (www.miocenemetals.com
for drill hole locations). Based on the current understanding of
the geometry of the mineralization core lengths are estimated to
approximate true width. This intersection occurs under the western
end of a 500 metre long area of mineralization defined by historic
work and confirmed by this summer's work program. This area
will be the focus for additional drilling in 2012. Mapping and
prospecting along strike from the Mud Lake area discovered new
occurrences of molybdenite mineralization at Glacier Island and
Plug Glacier, which are located 2 kilometres to the west and 800
metres to east of Mud Lake, respectively. Both are areas where
receding glaciers have exposed molybdenite mineralization that was
covered by ice when the area was explored in the 1960s and 1970s
(see map on Miocene Metals website (www.miocenemetals.com).
Complete results for 11 grab samples from the two areas are given
in the table below. Sample locations can be viewed on the location
map on the Miocene Metals website (www.miocenemetals.com).
_________________________________________________ |Location
|Sample#|Mo (%)|Ag (ppm)|Re (ppm)|
|________________|_______|______|________|________| |Glacier Island
|K880061|0.042 | 5.2 | 0.018 |
|________________|_______|______|________|________| |Glacier Island
|K880062|0.204 | 0.16 | 0.016 |
|________________|_______|______|________|________| |Glacier Island
|K880072|0.285 | 19.2 | 0.166 |
|________________|_______|______|________|________| |Glacier Island
|K880073|1.115 | 0.86 | 0.290 |
|________________|_______|______|________|________| |Glacier Island
|K880074|0.290 | 0.43 | 0.034 |
|________________|_______|______|________|________| |Glacier Island
|K880075|1.155 | 0.70 | 0.074 |
|________________|_______|______|________|________| |Glacier Island
|K880078|0.100 | 2.11 | 0.025 |
|________________|_______|______|________|________| | | | | | |
|________________|_______|______|________|________| |Plug Glacier
Toe|K880078|0.209 | 7.18 | 0.143 |
|________________|_______|______|________|________| |Plug Glacier
Toe|K880078|0.074 | 6.45 | 0.265 |
|________________|_______|______|________|________| |Plug Glacier
Toe|K880078|0.065 | 11.6 | 0.065 |
|________________|_______|______|________|________| |Plug Glacier
Toe|K880078|0.278 | 26.6 | 0.278 |
|________________|_______|______|________|________| A second hole,
MSA-004, was drilled on the flank of Logan Ridge approximately 850
metres to the west of Mud Lake. The hole intersected several zones
of molybdenum mineralization with values up to 0.089% Mo over 1.0
metre, within a broader 24 metre zone of elevated values, but no
sections of economic interest were encountered. The grab sample
assay results quoted above represent samples of mineralization
collected from outcrop by Miocene Metals staff. Grab samples
are selective by nature and are unlikely to represent average
grades on the property. In each case samples of mineralized outcrop
weighing approximately 0.5 to 2 kg were collected using a rock
hammer. Both the drill core and rock samples for which assay
results are reported in this press release were crushed to 70%
passing 2 mm, after which a split was taken with a riffle splitter
and pulverized to 85% passing 75 microns. The samples were
then analyzed for 48 elements using Chemex's ME-MS61 package, which
is an inductively-coupled plasma mass spectrometry (ICP-MS) method
utilizing a near total four acid digestion. The samples were
assayed for Au by standard lead collection/fire assay fusion
(Au-ICP21) using a 30 gram pulp split and an inductively-coupled
plasma atomic emission spectrometry (ICP-AES) finish. The Qualified
Person responsible for the technical content of this press release
is Jose Sayo Garcia, P.Geo, Vice President Exploration of Miocene
Metals. About Miocene Metals Limited Miocene Metals is focused on
the exploration and development of seven porphyry
copper-gold-molybdenum properties in south-western British Columbia
that occur within the Tertiary-aged Cascade Magmatic Arc. The
Cascade Arc shares many geological characteristics with
Tertiary-age porphyry belts that stretch the length of Chile and
Peru in South America and hosts some of the world's largest
porphyry copper-gold-molybdenum deposits. The Cascade Magmatic Arc
hosts a number of significant porphyry Cu-Au and Mo deposits in
Washington State, and Alaska (Glacier Peak and Margaret, and Quartz
Hill respectively) but remains largely unexplored in British
Columbia. Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS This news release contains
forward-looking information that involves substantial known and
unknown risks and uncertainties, most of which are beyond the
control of the Corporation, including, without limitation, those
listed under "Risk Factors" and " Forward-Looking Statements" in
the Corporation's Final Prospectus (collectively, "forward-looking
information"). Forward-looking information in this news release
includes, but is not limited to, information concerning the
Corporation's expectations and estimates regarding the
Corporation's drilling program. The Corporation cautions investors
about important factors that could cause actual results to differ
materially from those projected in any forward-looking statements
included in this news release. Any statements that express, or
involve discussions as to, expectations, beliefs, plans,
objectives, assumptions or future events or performance are not
historical facts and may be forward-looking and may involve
estimates, assumptions and uncertainties which could cause actual
results or outcomes to differ materially from those expressed in
such forward-looking statements. No assurance can be given that the
expectations set out in the Corporation's Final Prospectus or
herein will prove to be correct and accordingly, prospective
investors should not place undue reliance on these forward-looking
statements. These statements speak only as of the date of this
press release and the Corporation does not assume any obligation to
update or revise them to reflect new events or circumstances. The
Corporation disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, save and except as may be
required by applicable securities laws. Miocene Metals Limited
CONTACT: Please visit the Miocene Metal's website
atwww.miocenemetals.com, orcontact:Bruce C. Jago, Ph.D.,
P.GeoPresident and CEO of Miocene Metals(604) 654-2581 or
bjago@miocenemetals.comMiocene Metals Limited
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