Minefinder's NR on N. Sonora exploration...looks good to me:
Minefinders Corp Ltd - News Release
Minefinders progresses with El Malacate
Minefinders Corp Ltd MFL
Shares issued 18,681,170 Sep 20 2001 close $1.200
Friday Sep 21 2001 News Release
Mr. Mark Bailey reports
Minefinders wishes to report on additional exploration results from within the El Malacate prospect, a 40-square-kilometre portion of Minefinders' 100-per-cent-owned Northern Sonora property that covers 388 square kilometres of Sonora, Mexico.
Recent exploration has focused on the area centred on the El Malacate caldera system (NR 8-1-00 and 4-18-01). Geologic mapping and geochemical sampling have defined extensive areas of anomalous to ore-grade gold mineralization within and peripheral to several partially eroded volcanic caldera/ring fracture systems (eruptive volcanic centres) designated the El Malacate, La Matanza and Cerro Palomino systems. Seven primary exploration targets in these areas are advanced enough to be considered for first-round drill programs and continuing fieldwork continues to identify additional targets as well as further enhance the known targets.
The seven primary target areas, defined by more than 2,000 rock chip samples, are shown on the accompanying computer-generated contour of gold analyses. Caldera margins (ring fracture zones) have been added to the computer renditions to emphasize their importance in localization of gold values.
Strongest gold anomalies are found within the Ruidito (1.0 to 9.3 grams per tonne gold), Ahumada North (0.5 to 7.7 grams per tonne gold), and West Bordo Blanco (0.5 to 4.95 grams per tonne gold) areas. Significant gold anomalies also are located within the Canon Perdido (0.2 to 3.8 grams per tonne gold), East Bordo Blanco (0.1 to 5.3 grams per tonne gold), and Ahumada South (0.1 to 4.0 grams per tonne gold) targets. Persistent lower level gold anomalies (0.1 to 1.3 grams per tonne gold) with strong trace-element mercury, arsenic, and Sb are found within the high-level Cerro Palomino "hot springs" area, and throughout other volcanic and sedimentary units located within the area of ring fractures.
Results indicate that Minefinders has discovered several large mineralized systems that have introduced gold into large expanses of sedimentary and volcanic rock. The widespread gold mineralization formed during late phase epithermal activity localized along ring fractures developed during a mid-Tertiary volcanic event. The presence of hot-spring sinter deposits, hydrothermal breccias, open-space textures, replacement of quartz after calcite, and strong chalcedonic and quartz banding in conjunction with high-level trace-element geochemistry, suggest that surface exposures may represent high-level indicators of stronger gold mineralization at depth. Several of the zones sampled to date are open along strike and/or disappear beneath thin veneers of postmineral volcanic or alluvial cover. The company believes that the areas currently identified are highly prospective for sizable gold deposits that may prove to be economic, and is planning to drill test for economic gold mineralization in the near future.
Surface rights agreements have now been secured for the entire known area of gold mineralization related to the El Malacate mineralized systems.
Discovery of the El Malacate gold mineralized caldera system is the result of a grass roots effort that included collecting more than 2,500 stream sediment samples, 8,100 rock chip samples, geological mapping of an area exceeding 260 square kilometres, and completion of a geophysical survey over an area exceeding 800 square kilometres.
Minefinders initial interest in the northern Sonora area resulted in discovery of the La Bolsa gold deposit (drill delineated resource of 208,000 ounces gold and 2.1 million ounces silver), which is located 12 kilometres northwest of the El Malacate area. Recognition of strong regional potential for other gold, silver and base metal deposits led to the concerted reconnaissance effort that has identified the El Malacate prospect, several high-grade silver prospects and other base and precious metals prospects within the northern Sonora project area.
All recent assays were completed by Chemex or Bondar Clegg dlaboratories of Vancouver, B.C., and fieldwork supervised and carried out by Minefinders management and staff of professional geologists.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
(c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com |
