Eco Oro infill drilling returns high grade results at Angostura
VANCOUVER, Feb. 6, 2013 /CNW/ – Eco Oro Minerals Corp. (“Eco Oro” or the “Company”) (TSX: EOM) reports that results from the infill drilling program completed to
September 2012 continue to outline higher grade gold mineralization
favourable to underground mining at its multi-million ounce Angostura
gold-silver deposit in northeastern Colombia. Results from this drill
program will be used for an updated resource, which is estimated to be
completed in Q1 2013.
Fifty six additional infill drill holes over 22,983 m have been
completed since the last news release on drill results dated November
30, 2011. Highlights from this drilling include:
-- 59.7 g/t Au and 30.7 g/t Ag over 4.8 m in hole SI12-06
-- 26.5 g/t Au and 18.2 g/t Ag over 2.6 m in hole QP011-01
-- 16.9 g/t Au and 0.6 g/t Ag over 3 m in hole DM12-08
-- 14.2 g/t Au and 3.0 g/t Ag over 2 m in hole GTC-06
-- 7.4 g/t Au and 11.3 g/t Ag over 6 m in hole DM11-30
In 2012 the infill drilling was concentrated in the western limit of the
Angostura deposit going from the Diamante area through to the Silencio
area, with one hole each drilled in Veta de Barro and La Alta. A
representative sample of the 291 intercepts containing >2 g/t Au is
illustrated in the following table:
Representative Infill Diamond Drill Results:
_______________________________________________________________
| HOLE |FROM (m)|TO (m)|LENGTH (m)*|Au (g/t)| Ag (g/t) |
|________|________|______|___________|________|_________________|
|AL12-01 | 4.0 | 6.0 | 2.0 | 5.89 | 1.00 |
|________|________|______|___________|________|_________________|
|AL12-02 | 354.0 |356.0 | 2.0 | 5.03 | 20.70 |
|________|________|______|___________|________|_________________|
|AL12-03 | 273.1 |275.2 | 2.1 | 4.46 | 19.50 |
|________|________|______|___________|________|_________________|
|ALE11-07| 226.0 |228.0 | 2.0 | 4.26 | 4.75 |
|________|________|______|___________|________|_________________|
|ALE12-01| 401.8 |403.8 | 2.0 | 3.60 | 6.85 |
|________|________|______|___________|________|_________________|
|DM11-30 | 110.0 |116.0 | 6.0 | 7.39 | 11.32 |
|________|________|______|___________|________|_________________|
|DM11-31 | 153.0 |154.8 | 1.8 | 3.03 | 2.06 |
|________|________|______|___________|________|_________________|
|DM12-03 | 184.0 |186.0 | 2.0 | 5.17 | 3.30 |
|________|________|______|___________|________|_________________|
|DM12-05 | 300.4 |302.0 | 1.7 | 5.41 | 1.70 |
|________|________|______|___________|________|_________________|
|DM12-08 | 336.0 |339.0 | 3.0 | 16.87 | 0.60 |
|________|________|______|___________|________|_________________|
|DM12-08 | 483.0 |485.5 | 2.5 | 6.14 | 6.48 |
|________|________|______|___________|________|_________________|
| GTC-06 | 196.0 |198.0 | 2.0 | 14.15 | 3.00 |
|________|________|______|___________|________|_________________|
| GTC-06 | 200.0 |226.0 | 26.0 | 3.91 | 0.58 |
|________|________|______|___________|________|_________________|
| GTS-07 | 299.2 |301.0 | 1.8 | 8.57 | 2.50 |
|________|________|______|___________|________|_________________|
|LL11-03 | 184.0 |194.5 | 10.5 | 3.64 | 15.28 |
|________|________|______|___________|________|_________________|
|LL11-03 | 240.0 |242.0 | 2.0 | 8.10 | 40.20 |
|________|________|______|___________|________|_________________|
|LL11-03 | 297.0 |299.0 | 2.0 | 2.57 | 12.45 |
|________|________|______|___________|________|_________________|
|LL11-04 | 145.3 |147.0 | 1.7 | 15.90 | 173.53 |
|________|________|______|___________|________|_________________|
|LP12-02 | 149.0 |151.0 | 2.0 | 3.12 | 9.00 |
|________|________|______|___________|________|_________________|
|LP12-03 | 171.0 |173.0 | 2.0 | 2.83 | 2.50 |
|________|________|______|___________|________|_________________|
|QPO11-01| 388.7 |391.3 | 2.6 | 26.53 | 18.15 |
|________|________|______|___________|________|_________________|
|QPO11-01| 476.0 |478.0 | 2.0 | 3.03 | 0.05 |
|________|________|______|___________|________|_________________|
|QPO11-02| 261.9 |267.0 | 5.1 | 3.22 | 5.51 |
|________|________|______|___________|________|_________________|
|SI12-01 | 337.4 |366.0 | 28.6 | 2.56 | 12.59 |
|________|________|______|___________|________|_________________|
|SI12-02 | 289.0 |291.0 | 2.0 | 9.50 | 66.90 |
|________|________|______|___________|________|_________________|
|SI12-02 | 321.2 |323.0 | 1.8 | 13.40 | 422.00 |
|________|________|______|___________|________|_________________|
|SI12-04 | 261.0 |262.0 | 1.1 | 3.93 | 15.80 |
|________|________|______|___________|________|_________________|
|SI12-06 | 311.0 |317.0 | 6.0 | 2.69 | 2.67 |
|________|________|______|___________|________|_________________|
|USI12-01| 75.0 | 77.0 | 2.0 | 3.90 | 33.80 |
|________|________|______|___________|________|_________________|
|USI12-02| 363.6 |365.4 | 1.8 | 3.30 | 27.33 |
|________|________|______|___________|________|_________________|
|USI12-03| 167.9 |170.1 | 2.3 | 2.56 | 25.70 |
|________|________|______|___________|________|_________________|
|USI12-03| 225.0 |227.0 | 2.0 | 5.89 | 15.70 |
|________|________|______|___________|________|_________________|
|VBE11-01| 183.0 |189.0 | 6.0 | 5.25 | 1.50 |
|________|________|______|___________|________|_________________|
|VBE11-01| 295.0 |297.5 | 2.5 | 7.15 | 2.28 |
|________|________|______|___________|________|_________________|
|VBE12-01| 82.4 | 84.4 | 2.0 | 18.75 | 25.50 |
|________|________|______|___________|________|_________________|
|* NOTE: Length (m) is down hole width but based on drill holes |
|and structural dip of the mineralization, the intervals vary |
|from |
|67 to 92 % of the true thickness of the structures with |
|exception of one geotechnical hole which is sub parallel to the|
|structure |
|_______________________________________________________________|
A complete list of results as well as a map showing the location of the
56 holes drilled is available on the Company’s website at www.eco-oro.com/Projects/Angostura.
Results confirm higher gold grades in the infill areas than was
encountered from the wider spaced drilling previously completed. Of
this drilling, geotechnical and hydro geological drilling programs
totaled 3,231 m in 18 holes, of which 2,714 m in eight holes were used
in both geotechnical and infill programs.
“Results from the infill drilling program reinforce management’s
expectation that the deposit has the continuity of mineralized zones
and high grades required for underground mining, as well as
demonstrating further upside potential at depth. Results from the
geotechnical and hydro geological drilling will provide valuable
information, which will ensure that Eco Oro effectively addresses any
associated safety and environmental concerns of the surrounding
community.” states Joao Carrelo, President and CEO of Eco Oro.
The 2011/12 drilling program provides a better geometric definition of
the mineralized structures, required for planning of the underground
mine design, and has contributed to a more robust resource model for
underground development of the Angostura deposit.
The latest results further enhance the information of the very high
grade mineralization, with 15 additional individual intercepts with
grades exceeding 20 g/t Au, for a total of 454 individual intercepts in
the entire Angostura drill database having a weighted average grade of
37.8 g/t Au. Drill programs focused on identifying high grade
mineralization have consistently confirmed good vertical continuity
containing high grades.
Results from the 2011/12 drilling program indicate that targeted higher
grade gold shoots have an average intercept length of 7.44 m with an
average weighted gold grade of 6.35 g/t Au and an average weighted
silver grade of 18.22 g/t Ag. The table below shows statistical results
of all infill drilling completed since that reported in November 2011:
__________________________________________________________
|Cut Off|Meters |Number of |Average Au (g/t)|% Intercept of|
|ppm Au | |Intercepts| | Total Meters |
|_______|_______|__________|________________|______________|
| >1.5 |1,489.8| 421 | 4.76 | 6.48 |
|_______|_______|__________|________________|______________|
| > 2 |1,103.9| 291 | 6.12 | 4.80 |
|_______|_______|__________|________________|______________|
| > 2.5 | 841.9 | 217 | 7.44 | 3.66 |
|_______|_______|__________|________________|______________|
| > 3 | 617.1 | 167 | 8.86 | 2.69 |
|_______|_______|__________|________________|______________|
| >5 | 319.5 | 92 | 13.1 | 1.39 |
|_______|_______|__________|________________|______________|
| >10 | 88.2 | 35 | 23.25 | 0.38 |
|_______|_______|__________|________________|______________|
Quality Control and Reports
The Company employs a quality control program to ensure sampling and
analysis of all exploration work is conducted in accordance with the
best possible practices. Under these quality assurance measures, drill
core is sawn into halves with one half of the core prepped on site and
samples shipped to ALS-Chemex Laboratory in Vancouver, B.C. for
analysis. The remainder of the core is retained for future assay
verification. Gold analysis is conducted by fire assay (one assay
tonne) using an atomic absorption finish. The laboratory re-assays
using the ALS-Chemex protocol, and additional checks may be run on
anomalous values. Eco Oro has independent re-analysis and sample
preparation checks run at other accredited laboratories. The Company
also introduces background blanks prepared from previously analyzed
core samples from the Angostura Project.
Qualified Persons
Frederick Felder, P.Geo, a consultant to Eco Oro and a qualified person
as that term is defined in National Instrument 43-101, has reviewed,
and verified the technical information contained in this news release.
Company Profile
Eco Oro Minerals Corp. is a publicly-traded precious metals exploration
and development company with a portfolio of projects in Colombia. Eco
Oro has been focused on its wholly-owned, multi-million ounce Angostura
gold-silver deposit, located in northeastern Colombia, for over 15
years during which it has invested over $200 million in the project’s
development and in that of the surrounding communities. Eco Oro is
committed to further advancing the Angostura Underground Project in a
socially and environmentally responsible manner that will be beneficial
for all stakeholders.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
Forward-Looking Statements
Certain statements in this news release are “forward-looking” within the
meaning of Canadian securities legislation. They include statements
about drilling that may be undertaken. Forward-looking statements are
necessarily based upon the current belief, opinions and expectations of
management that, while considered reasonable by the Company, are
inherently subject to significant business, economic, competitive,
political and social uncertainties and other contingencies. Many
factors could cause the Company’s actual results to differ materially
from those expressed or implied in the forward-looking statements.
These factors include, among others, the actual results of exploration
activities, possible variations in ore grade or recovery rates,
fluctuations in the price of gold and silver, risks relating to
additional funding requirements, political and foreign risks,
production risks, environmental regulation and liability, government
regulation as well as other risk factors set out under the heading
“Risk Factors” in the Annual Information Form dated March 26, 2012,
which is available on SEDAR at www.sedar.com. Investors are cautioned
not to put undue reliance on forward-looking statements due to the
inherent uncertainty therein.
SOURCE Eco Oro Minerals Corp.
