O.T. Mining Continues to Receive Positive Results at the Ruby, Montana Property
Thursday February 16, 9:00 am ET
MONTREAL--(MARKET WIRE)--Feb 16, 2006 -- The O.T. Mining Corporation ("O.T.") (Other OTC:OTMN.PK - News) is pleased to announce additional exploration results from its 21.3 square mile Ruby Property in Montana. Analyses from 2 additional core holes in the North Area copper porphyry system have been received, along with geophysical and MMI soil geochemical results.
Copper and molybdenum contents in the two recent holes are higher than in earlier drilling, and continue to be associated with potassic and phyllic alteration. Geophysical results show a large anomaly to the north and northeast of this drilling. MMI (Mobile Metal Ion) geochemistry has defined a large precious metal gold and silver anomaly associated with the porphyry copper-molybdenum system. This anomaly measures 1150' by 575' (350 m by 175 m) and is oriented north-south. The gold responses are up to 190 times background and are coincident with silver values of up to 18 times background. This anomaly is interpreted as the geochemical signature of a mineralized fault structure and will be assessed by upcoming exploration this year. The MMI soil geochemical results for copper indicate a broad anomalous response associated with an induced polarization chargeability anomaly defined during 2005 by Matrix GeoTechnologies. In addition to the copper anomaly, there are also several focused zinc-rich anomalies that will also be assessed with O.T.'s 2006 exploration program.
Final results from hole NA04-6 were previously announced in a January 12 press release. This hole was started in 2004, and completed in 2005. Results have now been received for 2005 holes 05C-6 and 05C-7. These three holes were drilled over a 2,500 foot distance with NA04-6 on the south, and 05C-7 on the north. The weighted average copper grade through the porphyry system for each hole is given in the table below. Grades increase from south to north.
Weighted Average Copper Grade of Porphyry Mineralization
Total
Hole Number Depth(1) From(1) To(1) Thickness(1) Cu (ppm)
NA04-6
(southern hole) 3215 585 3215 2630 313
05C-6
(intermediate hole) 2516 1274 2516 1242 368
05C-7
(northern hole) 2735 975 2735 1760 785
(1) In feet.
Hole 05C-7 also contained the following zones of higher grade
mineralization. This includes 3.5 feet of 6510 ppm (0.65%) Cu from 1047.5
to 1051 feet.
Significant Copper Intercepts in Hole 05C-7
From(1) To(1) Thickness(1) Cu (ppm)
975 1065 90 1217
1435 1497 62 929
1580 1635 55 1063
2035 2100 65 982
2165 2267 102 1021
2410 2495 85 1005
2530 2735 205 1087
(1) In feet.
Molybdenum content was also elevated in 05C-7 relative to the other holes. Thirty-six samples contained from 100 to 460 ppm molybdenum, and its values generally increased down hole.
Analytical results are pending for the final 2005 core hole (05C-8), which reached a total depth of 1386 feet. The hole was drilled well north (approximately 1.5 miles) of the earlier holes to evaluate the untested northern portion of the property. Drilling was terminated for the season on December 15th, per O.T.'s U.S. Forest Service permit.
The upper 1117 feet of the hole encountered a fine-grained intermediate composition igneous rock thought to be older than the porphyry system. It contained potassic alteration, widespread tourmaline, and traces of chalcopyrite. A quartz monzonite was encountered from 1117 feet to the bottom of the hole. It also contained potassic alteration and traces of chalcopyrite and molybdenite.
Although the copper and molybdenum contents do not appear to be high, the alteration and mineralization are important. This is a higher level of the porphyry system, and significant mineralization could occur at depth. The hole will be deepened this year. As previously announced, O.T. has staked additional claims in this area to assure control of all available prospective ground.
Initial results for the North Area have been received from the previously announced Quantitative Section Induced Polarization geophysical survey conducted by Matrix GeoTechnologies Ltd. This work has defined one large and two smaller East-West trending anomalies. The total chargeability portion of the large anomaly is approximately 9,000 by 1,500 feet in plan, and lies to the north and northeast of the O.T. drill holes. The chargeability anomaly is open to the east and will be further delineated by a follow-up program of geophysical surveys. O.T. has enlarged its property in this area by staking additional claims to ensure control of this prospective ground.
Dr. Mark Fedikow, O.T.'s Vice President of Exploration, stated, "The copper mineralization in all three holes is continuous, and the grades are increasing in a northerly direction with each successive drill hole. We have yet to drill out of this mineralization. This is a very large system, and justifies a substantial exploration effort. Our future efforts will focus heavily on the porphyry system, and will require considerable additional geophysics followed by drilling."
O.T.'s technical team is spending the winter analyzing the porphyry system. All O.T. and earlier data will be evaluated and synthesized. Appropriate data will be entered into the project GIS (Geographic Information System). Alteration (petrographic and X-Ray diffraction) studies of drill core will also be completed.
Disclaimer: This news release contains certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Contact:
Contact:
James W. Hess
President
4333 Ste. Catherine St. West, Suite #610
Montreal, Quebec, H3Z 1P9 Canada
Tel: (514) 935-2445
Fax: (514) 935-8161
E-mail: info@otmining.com
Web site: otmining.com
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Source: O.T. Mining Corporation |
