Results From Malaga Drilling Identify High Tungsten Values Associated With Gold and Copper
18 October 2011 - 10:00PM
Marketwired
Malaga Inc. ("MLG")(TSX:MLG)(OTCQX:MLGAF), one of the few tungsten
producers outside of China, today announced that further
exploratory drilling and grab samples from prospective manto
structures on its Pasto Bueno property in Peru, identified
potentially valuable polymetallic ore deposits including
high-quality tungsten associated with gold and copper.
"We have discovered mineralized zones that are very different
from the Northern part of the Pasto Bueno property where we are
currently extracting and milling tungsten," said Alonso Sanchez,
Chief geologist for Malaga. "We have high expectations for this new
unexplored area, which contains high tungsten grades as well as
interesting values for gold, copper and a number of other
metals."
Mr. Sanchez noted that the latest results include 35 grab
samples on all four of the manto structures, and that Malaga
expects the next stage of hole-drilling to be completed and assayed
over the next few months. "We are pursuing our 10-hole (4,900
meters) drilling program up to the highest part of the manto
structures, the Manto Santa, between now and the beginning of
2012," he said.
Malaga's expanded exploration in the Consuzo Zone started during
the second quarter of 2011 with the objective of exploring the four
manto structures. Going from the bottom of the mountain to the top,
the exploration team drilled more than 290 m to reach Manto Gossan
where economic lengths of drill core (5.60 m thick) reported 2.36 m
in width of 1.19% W03 (tungsten in the form of scheelite), 0.77 g/t
Au (gold) and 0.46% Cu (copper) (HDD-05-11). Given the interesting
level of gold in the drill hole, the grab samples from the manto
structure will be assayed for gold.
New Drilling Results and Grab Samples
-----------------------------------------------------
Mineralization
----------------------------------------
Drills Intersection WO3 Au Cu Ag
Id Depth (m) (%) (g/t) (%) (oz/t)
-----------------------------------------------------
HDD-05-11 43.2 - 45.4 0.04 0.03 0.01 0.00
-----------------------------------------------------
HDD-05-11 - 1 45.4 - 47.8 1.19 0.77 0.46 0.05
-----------------------------------------------------
less
than
HDD-05-11 - 2 47.8 - 48.9 0.01 0.01 0.02 0.02
-----------------------------------------------------
----------------------------------------------------------------------------
Structure Name Grab Sample WO3 (%) Cu (%) Ag (oz/t)
----------------------------------------------------------------------------
Manto Candelaria 15912 0.01 0.00 0.10
----------------------------------------------------------------------------
less than
15913 0.01 0.00 0.04
----------------------------------------------------------------------------
less than
15924 0.01 0.01 0.25
----------------------------------------------------------------------------
less than
15925 0.01 0.00 0.05
----------------------------------------------------------------------------
Manto Gossan 14914 1.92 0.23 0.05
----------------------------------------------------------------------------
14915 0.19 0.13 0.08
----------------------------------------------------------------------------
14916 5.80 0.16 0.07
----------------------------------------------------------------------------
15910 0.15 0.50 0.06
----------------------------------------------------------------------------
15911 0.20 0.50 0.06
----------------------------------------------------------------------------
less than
15930 0.01 0.01 0.19
----------------------------------------------------------------------------
15931 0.01 0.05 0.21
----------------------------------------------------------------------------
15932 0.04 0.07 0.14
----------------------------------------------------------------------------
15938 1.25 0.26 0.12
----------------------------------------------------------------------------
15963 1.30 0.27 0.14
----------------------------------------------------------------------------
Manto Maciste 15308 0.13 0.01 0.85
----------------------------------------------------------------------------
15915 0.32 0.01 0.49
----------------------------------------------------------------------------
15916 0.28 0.01 1.41
----------------------------------------------------------------------------
15917 0.21 0.01 0.27
----------------------------------------------------------------------------
15918 0.73 0.01 0.26
----------------------------------------------------------------------------
15919 0.23 0.02 1.75
----------------------------------------------------------------------------
Manto Santa 14893 0.11 0.38 0.03
----------------------------------------------------------------------------
14894 0.11 0.47 0.02
----------------------------------------------------------------------------
less than less than
14895 0.01 0.37 0.02
----------------------------------------------------------------------------
less than
14896 0.05 0.50 0.02
----------------------------------------------------------------------------
14897 0.18 0.70 0.03
----------------------------------------------------------------------------
14905 0.20 0.92 0.08
----------------------------------------------------------------------------
14906 0.13 0.31 0.02
----------------------------------------------------------------------------
14907 0.18 0.18 0.05
----------------------------------------------------------------------------
15902 0.62 0.80 0.05
----------------------------------------------------------------------------
15904 0.42 1.73 0.09
----------------------------------------------------------------------------
15905 0.93 0.69 0.03
----------------------------------------------------------------------------
15906 0.42 0.37 0.02
----------------------------------------------------------------------------
15907 0.25 0.54 0.02
----------------------------------------------------------------------------
less than
15908 0.04 0.15 0.02
----------------------------------------------------------------------------
15909 0.14 0.48 0.02
----------------------------------------------------------------------------
The samples also identified the following metals: gold,
molybdenum, zinc, antimony, and bismuth.
A New 43-101 report is scheduled for Q1 2012. In 2012, Malaga
will continue its exploration with the objective to delineate
inferred resources in this zone.
See enclosed longitudinal map
This Press Release has been read and approved by Alonso Sanchez,
P. Eng. and Chief Geologist for Malaga Inc. He acts as the
qualified person ("QP") for the Company and is a geologist
affiliated with the American Institute of Professional Geologists
(AIPG).
About Malaga
Malaga Inc. owns and operates a mine in Peru and is one of the
few publicly-traded producers of tungsten outside of China. Malaga
is a low cost producer due to its gravimetric ore concentration
process and the availability of hydroelectric power at its Pasto
Bueno property. Malaga's production capacity represents 15% of the
tungsten available for sale outside of China. The Company plans to
increase production and continue to explore the property to develop
its reserves and resources.
Forward-looking statements
Certain statements in the foregoing may constitute
forward-looking statements which involve known and unknown risks,
uncertainties and other factors that may cause Malaga's actual
results, performance or achievements or industry results to be
materially different from any future result, performance or
achievement expressed or implied by such forward-looking
statements. The information provided reflects management's current
expectations regarding future events and performance as of the date
of this news release.
A map is available at the following address:
http://media3.marketwire.com/docs/mlga1018.pdf
Contacts: Jean Martineau Chairman of the Board and Chief
Executive Officer Malaga Inc. 514 288-3224 Pierre Monet President
Malaga Inc. 514 288-3224 Nicole Blanchard Corporate Strategy and
Investor Relations Sun International Communications 450
973-6600Nicole.blanchard@isuncomm.com
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