Redcorp to start drilling Lagoa Salgada in November
2006-10-26 09:47 ET - News Release
Mr. Terence Chandler reports
LAGOA SALGADA PROJECT, PORTUGAL
Redcorp Ventures Ltd. and its wholly owned subsidiary Redcorp Empreendimentos Mineiros Unipessoal Lda. (REM) have contracted Hy-Tech Drilling 2006 Unipessoal Lda. for drilling operations on the Lagoa Salgada project in Portugal. A 6,000-metre drill program of 10 to 12 holes using one drill rig is expected to commence on Nov. 2, 2006, and is expected to be completed by February or March of 2007. The company has already begun work on the project with electromagnetic geophysical surveys in progress on prospective targets on the Lagoa Salgada project. The new geophysical data will be used to refine drill hole locations. A total of 13 line kilometres of electromagnetic data has already been collected, with additional surveys to be performed.
Terence Chandler, president of Redcorp, states: "The planned program of drilling will evaluate both the existing deposit, and some of the untested gravity anomalies and electromagnetic anomalies suggestive of satellite massive sulphide lenses near the Lagoa Salgada deposit. We are excited about the potential of this project within the prolific Iberian pyrite belt, which hosts numerous large volcanogenic massive sulphide deposits. We are also pleased to be working with Hy-Tech on this program as their parent company has completed over 60,000 metres of drilling for Redcorp's subsidiary Redfern Resources Ltd. on its Tulsequah project."
The Lagoa Salgada project was acquired by the company in November, 2004, and covers a volcanogenic massive sulphide copper-zinc-lead-silver-gold deposit discovered by the Portuguese geological survey in 1992, and subsequently expanded by exploration conducted by a consortium of the Portuguese government and a subsidiary of RTZ Corp. The historic drilling has outlined a sizable deposit which remains open to expansion. Significant intersections from the historic drilling programs include hole LS22, which intersected 65.8 metres grading 0.3 per cent copper, 5.5 per cent lead, 8.7 per cent zinc, 108.7 grams per tonne silver and 1.55 grams per tonne gold. Information from the historic work including other significant past drilling results were reported in a previous Stockwatch news release and are posted on the company's website. The Lagoa Salgada mineralized zones also contain anomalous levels of tin and associated alteration mineralogy, similar to the producing Neves Corvo deposits located approximately 70 kilometres southwest.
The Lagoa Salgada project is a 415-square-kilometre contiguous land package within the Iberian pyrite belt. The Iberian pyrite belt is host to the largest concentration of volcanogenic massive sulphide deposits in the world, and hosts several world-class deposits including the Neves Corvo mine and the Aljustrel lead-zinc silver mine, currently in construction, both owned by EuroZinc Mining Corp.
Historic mineral resource estimates do not exist for the Lagoa Salgada project. The company plans to engage a qualified independent qualified person (QP) to complete a National Instrument 43-101 resource calculation based on both historic and current drilling information. A disclosure will be made once that process is finalized.
Redcorp subsidiary Redfern Resources is completing the final underground holes of the Tulsequah Chief project's 2006 work program. The final underground drill holes of the 2006 program at the Tulsequah Chief mine are designed to provide material for metallurgical studies. The metallurgical studies will be undertaken after the company receives results from the continuing feasibility study. Redfern is awaiting results for numerous holes from the Tulsequah project, which will be reported as holes are finalized and compiled.
Megan O'Donnell, PGeo, and Michael Allen, PGeo, are the qualified persons, as defined by National Policy 43-101, supervising the exploration program at the Lagoa Salgada project.
We seek Safe Harbor.
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