Increased Silver Grade for Satellite Targets on Minefinders Dolores Property
VANCOUVER, B.C.--(BUSINESS WIRE)--Jan. 3, 2002--Minefinders Corporation Ltd. (OTCBB:MNEFF - news; TSE:MFL. - news; the ``Company'')
Mark H. Bailey, President and CEO reports that new results from the Dolores silver re-analysis program have significantly increased the potential of the satellite targets in the Dolores District.
These additional mineralized targets are located peripheral to and not included in the current resource of 2.45 million ounces gold and 129.7 million ounces silver calculated for the Dolores Main Zone deposit. The re-analysis program was initiated following the discovery that supergene silver halide mineralization in the Dolores District was not accurately measured by the previously used silver analytic technique (see NR's dated June 7, 2001 and October 23, 2001). To date a total of 9420 silver re-analyses have been requested and over 8000 have been reported. Certified Ag assay results from ALS-Chemex Labs for all 9420 samples are expected in early January.
Significant increases in silver grade, as compared to previously reported results, are confirmed in the Norte, North Dome, East Dike, and Southwest expansion target areas (figure 1).
Table 1 illustrates the magnitude of increase in silver grade by direct comparison of analytical results for select drill intercepts. The select intervals listed in Table 1 show silver increases from 218% to 329% for intercepts in the Norte zone, increases from 87% to 445% for intercepts in the North Dome, increases from 4% to 189% in the East Dike area, and from 7% to 357% in the Southwest zone. The Southwest zone occurs immediately adjacent to the south end of the currently planned open-pit mine indicating potential extension of mineralization within the Main Zone deposit.
The new data underscores Management's belief that the Dolores District contains exceptional untested potential that will positively impact the ultimate mining operation and economic model being prepared for the Dolores Main Zone deposit.
Upon receipt of the remainder of the total digestion silver analyses, all the re-analysis data will be incorporated into the block model for a revised calculation of contained silver and gold. The anticipated impact of higher silver grades to the Dolores Main Zone deposit mine plan will be an increase in total silver and gold production, lower strip ratios, reduced production cost per ounce and accelerated cash flows.
The Company was originally alerted to the possibility of underreporting of silver values at Dolores when column-leach tests (by McClelland Labs) indicated that ores contained an average 30% more silver than that predicted from the original geochemical analysis of drill material. Metallurgical recovery rates and percentage recoveries predicted by column leach tests were based upon total digestion analysis procedures and will not be affected by this new information.
All sample and analysis procedures have been completed by ALS-Chemex Labs of Vancouver, British Columbia. Quality assurance professionals from Chemex and Minefinders management are qualified persons as defined by CSA/NI 43-101.
On Behalf of the Board of Directors MINEFINDERS CORPORATION LTD. |
