Mexoro Minerals Announces Inferred 14.86 Million Tons Grading 2.12 G/T Gold Equivalent at Its Cieneguita Project In Mexico
CHIHUAHUA, Mexico, Aug. 28 /PRNewswire-FirstCall/ — Mexoro Minerals Ltd. Announces Inferred 14.86 Million Tons Grading 2.12 G/T Gold Equivalent At Its Cieneguita Project. (BULLETIN BOARD: MXOM) (Frankfurt: OYA1).
Mexoro Minerals Ltd. is pleased to announce that it has completed a preliminary estimate at its Cieneguita Project located in Chihuahua, Mexico. The Company is in the midst of a 15,000 meter drilling program which is expected to culminate in a rigorous reserve estimate at the end of 2008. In the interim Dana Durgin, a Certified Professional Geologist with Delve Consultants, has completed a cross section-based geologic model and has calculated inferred geologic material of 14.86 million tons at a grade of 2.12 g/t gold-equivalent. This preliminary estimate was done to better understand the geologic controls of mineralization, and the distribution of areas requiring more drilling, rather than as a rigorous reserve estimate. Mr. Durgin is independent of Mexoro by the definitions and criteria set forth in Canadian National Instrument 43-101. The inferred geologic material described conforms to the definitions adopted by the CIM on December 11, 2005.
The Cieneguita deposit is hosted in a diatreme breccia, shaped like a funnel which has been flattened laterally. At the surface the mineralized body is one kilometer long and averages 200 meters in width. The north and south sides are nearly vertical; the east and west sides are more gently inclined. One of the drill holes was stopped in the breccia at 290 meters, thus the breccia body extends to at least that depth.
This is an in situ geologic body. Neither mining procedures nor metallurgical recoveries were considered in the calculation. However, because this is a poly-metallic sulfide body, processing by floatation will probably be necessary. In calculating the estimate, geology and individual assays from 45 drill holes (only the first 37 of these had assays) were displayed on 4 longitudinal sections and 23 cross sections at 40 meter intervals. Using this data and surface mapping, an interpretive geologic model was built and an estimate was calculated. A cut-off grade of $30 per ton gold-equivalent was used to define the boundaries of mineralized bodies. On cross sections, mineralization was projected half the distance to adjacent sections, and half the lateral distance to adjacent holes or 50 meters, whichever was less. The gold-equivalent figures were calculated using $850 per ounce gold, $15.50 per ounce silver, $0.75 per pound lead, and $0.90 per pound zinc.
In addition to producing an inferred geologic report, this modeling also pointed out high priority areas in which to concentrate the ongoing drilling program. The Company believes that focusing on these areas, coupled with infill drilling, has the potential to expedite the expansion of the mineralized material. The best grades and greatest thicknesses of this Au-Ag-Pb-Zn mineralization are concentrated in the western half of the deposit, south of Glamis Gold’s earlier Pit #2. Management believes that Pit #2 is also the area of the inferred throat of the diatreme, so mineralization is expected to extend to greater depths in that area. Also, because of the restrictions that were placed on defining the limits of the mineralized blocks, there appears to be potentially large volumes of mineralized material that were not included in the calculation, due to wide drill spacing of 80 meter centers.
For a complete assay table and maps of Cieneguita, please visit our website at http://www.mexoro.com/.
Barry Quiroz, VP Exploration stated, “Completing this geologic modeling and estimate is a big step forward for Mexoro. It confirms our long-standing feeling that there is a substantial, good grade mineralized material at Cieneguita. It also confirms that there is an excellent potential to significantly expand the mineralized body with additional infill drilling. The recently arrived second drill rig is to be used to expedite that expansion.”
These results have been prepared under the supervision of Barry Quiroz, MSc., Mexoro VP of Exploration. He has the expertise and authority to verify the authenticity and validity of this data. The qualified person who has done the geologic modeling and the resource calculation and has reviewed this news release is Dana C. Durgin, M. Sc. Economic Geology. He is a Certified Professional Geologist (CPG #10364) with the American Institute of Professional Geologists, and a Registered Professional Geologist in Wyoming (PG-2886).
Mexoro Minerals Ltd. is an exploration company focused on exploring for precious metals in the traditionally mineral rich Sierra Madre region of Chihuahua, Mexico and controls three historical gold-silver mines for which additional exploration has confirmed significant mineral potential. The Company also has claims on additional properties in the state of Chihuahua.
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as “anticipates”, “believes”, “estimates”, “expects”, “plans”, “intends”, “potential” and similar expressions. The Company believes it has on its Cieneguita property an inferred geologic body of 14.86 million tons at a grade of 2.12 g/t. These statements reflect the Company’s current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company’s actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.
Cautionary Note to US Investors: All mineral material have been calculated in accordance with the definition standards on mineral resources and mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43-101, commonly referred to as NI 43-101. U.S. SEC reporting requirements for disclosure are governed by SEC Industry Guide 7. NI 43-101 and Industry Guide 7 differ materially.
The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as “reserves,”"resources,”"geologic resources,”"proven,”"probable,”"measured,”"indicated,” or “inferred” which may not be consistent with the reserve definitions established by Industry Guide 7. U.S. investors are urged to consider closely the disclosure in our filings with the SEC. You can review and obtain copies from the SEC website at http://www.sec.gov/edgar.shtml.
Corporate Headquarters Mexoro Minerals Ltd. Calle Las Matrinas 6510 Colonia Haciendas del Valle C.P. 31217 Chihuahua, Chih., Mexico Tel: +52 (614) 426-5505
Mexoro Minerals Ltd.
CONTACT: Corporate Headquarters of Mexoro Minerals Ltd.,+52 (614) 426-5505
Web site: http://www.mexoro.com/