August 1, 2008
Mexoro Minerals Ltd. Publishes Technical Reports
CHIHUAHUA, Mexico, July 31 /PRNewswire-FirstCall/ -- Mexoro Minerals Ltd. Publishes Technical Reports (BULLETIN BOARD: MXOM) .
Mexoro Minerals wishes to announce that it has received two technical reports prepared by Apex Geoscience Ltd. on its Cieneguita property and Guazapares property, both located in Chihuahua State, Mexico.
This property was formerly a producing gold mine operated by Glamis Gold Corporation. Historic estimates show that from 1995 to 1998 197,993 metric tonnes of rock creating at 2.27 grams per tonne gold was mined from the Cieneguita property. Due to low gold prices, production was halted in 1998. The gold mineralization identified to date at Cieneguita is of the epithermal vein variety and is localized exclusively within intra-caldera rocks (megabreccias and infill tuffs). The mineralization is structurally controlled occurring at the intersections of east-northeast structures and north-south extensional faults. Its spatial and temporal association with felsic dykes suggest a genetic relationship between resurgent felsic magmatism (related to a younger nested caldera?) and gold mineralization.
Exploration Detailed Mapping
Exploration and detailed mapping on the Cieneguita Property in 2007 was conducted by Mexoro and resulted in the discovery of three new gold zones. The Pit 1 North area (Tajo 1) yielded a rock chip sample which assayed at 31.60 grams per tonne gold (g/t Au) over 2 meters (m). A chip sample taken in the Pit 2 South area (Tajo 2) yielded 4.83 g/t Au and 94.5 g/t silver (Ag). Sampling at the Central Zone returned a 2.5 m chip sample containing 4.22 g/t Au and 20.4 g/t Ag. Historic and recent sampling at already identified zones include Pit 1, which yielded 25.10 g/t Au and Pit 2, which yielded 14.90 g/t Au.
Based on historic exploration and mining by Glamis Gold Corporation, current gold and silver prices and the recent exploration at the Cieneguita Property, further work is recommended, which should include but not be limited to: (1), the completion of 2007/2008 drilling campaign (already initiated) which was designed to: (a) better understand the Property Geology; (b) better understand structures controlling known mineralization; (c) extend near surface oxide/ mixed sulphide mineralization to depth; (d) test new geological and geochemical targets developed during the 2007 surface exploration (i.e. Piedras Blancas, 500m south of Tajo 1); and (e) determine if more work is necessary to expand the known exploration potential and move towards developing 43-101 compliant resources and/or reserves. In total, 9,500 meters of core drilling are planned (in progress). The budget to complete the exploration drilling is $2,000,000US.
The total recommended exploration (already in progress) is $2,000,000US. Guazapares Property
The Property is located in the Sierra Madre Occidental silver-gold belt. The geology of the Guazapares Property is predominately andesitic to rhyolitic flows and tuffs. These are believed to correspond to the upper portions of the Lower Volcanic Series of the Sierra Madre Occidental volcanic complex.
During 2006 and 2007, Mexoro Minerals Ltd. completed rock grab, rock channel and rock chip sampling throughout parts of the Property. In total, 398 rock samples were collected. Of the 398 samples, 83 contain greater than 0.5 grams per tonne gold ("g/t Au") and are 'anomalous', 45 contain between 0.15 g/t Au and 0.5 g/t Au and are 'possibly anomalous', 108 samples contain greater than 20 grams per tonne silver ("g/t Ag") and are 'anomalous' and 45 samples contain between 10 g/t Ag and 20 g/t Ag and are 'possibly anomalous'.
From July 30, 2007 to the end December 2007, Mexoro completed drilling at their Guazapares Property which consisted of 19 drillholes totaling 2670.65 meters. In total, 1888 halved drillcore samples were collected and submitted for analysis. More specifically, six holes were drilled at the San Francisco Este Area (GU-04 to 07 and GU-17,18); six holes were drilled at the San Francisco Centro Area (GU-08 to GU-13); three holes were drilled at the San Antonio Area (GU-01 to 03); and four holes were drilled at the El Cantilito Area (GU-14 to 16 and GUP19). Drilling results include anomalous intersections from each of the San Francisco, San Antonio and El Cantilito areas including: 3.87 m of 2.072 g/t Au and 22.66 g/t Ag (San Antonio); 17.98 m of 2.58 g/t Au equivalent ("Eq"; San Francisco); and 18.92 m of 4.33 g/t Au Eq (El Cantilito).
Based on historic exploration and mining by throughout this part of the Sierra Madre Occidental silver-gold belt, current gold and silver prices and the recent exploration at the Guazapares Property, further work is recommended which should include but not be limited to: Phase 1 (a) detailed prospecting and mapping throughout the Property. The Property has excellent outcrop exposure. The prospecting, mapping and sampling should focus on identifying alteration (silicification, argillic, propylitic), brecciation and veining. One geologist and an assistant should spend approximately 60 days completing the prospecting and mapping and collect about 400 rock grab and/or rock channel and/or rock chip samples; (b) follow-up drilling at each of the San Francisco Este, San Francisco Centro and El Cantilito Areas. More specifically, drilling northwest along the same structure at San Francisco Este, west and northwest of San Francisco Centro and west of El Cantilito (5500 meters drilling). Phase 2: At least 2000 meters drilling should be completed at newly developed targets and where known mineralization and alteration exists on surface. This drilling is contingent on the results of Phase 1.
In total, approximately 7500 meters of core drilling should be completed in Phase 1 and 2. The total budget to complete the recommended exploration (already in progress) is $1,515,000US.
This news release has been reviewed by Dean Besserer, a qualified person, of Apex Geoscience Ltd.
Corporate Headquarters Corporate Information Mexoro Minerals Ltd. C. General Retana #706 Col. San Felipe, C.P. 31203 Chihuahua, Chih., Mx Telephone: +1 (866) 936-4283
Mexoro Minerals Ltd.
CONTACT: Mexoro Minerals Ltd., 1-866-936-4283