Sprott steady buyers of Guy.t which has had several new ATH in the past week, Got to be NEWS SOON.
Lrr performance indicating next holes on the Cerro La Mina zone confirm the initial discovery there. IF it is the porphyry I think it is Lrr could see $25-$35 over the coming year.
Linear Gold drills 117.9 m of 1.6 g/t Au, 0.45% Cu
2006-10-18 10:01 ET - News Release
Shares issued 21,465,780
LRR Close 2006-10-18 C$ 4.80
Mr. Wade Dawe reports
LINEAR GOLD RECEIVES POSITIVE RESULTS FROM DRILLING OF THE CERRO LA MINA ZONE, IXHUATAN PROJECT, MEXICO
Linear Gold Corp. has cut significant gold, copper and molybdenum mineralization from drilling at its 100-per-cent-owned Ixhuatan project in Chiapas, Mexico. The new results are from two recently completed holes drilled at the Cerro La Mina zone, located 1,400 metres northeast of the Campamento gold deposit, within the same mineral concession. Highlights from the drilling are as follows:
* Hole IXCM06-06 cut 117.9 metres grading 1.6 grams per tonne gold, 0.45 per cent copper and 0.18 per cent molybdenite (MoS2) from a depth of eight metres, including 44.0 metres in oxides grading 1.9 grams per tonne gold and 0.17 per cent molybdenite from a depth of 8.0 metres, and 73.9 metres in sulphides grading 1.4 grams per tonne gold, 0.69 per cent copper and 0.18 per cent molybdenite from a depth of 52 metres, bottoming in mineralization.
* Hole IXCM06-05 cut 52 metres in oxides grading 0.8 gram per tonne gold from a depth of 14 metres, including 26.0 metres grading 1.0 gram per tonne gold from a depth of 20.0 metres.
* Hole IXCM06-05 also cut an additional 52.5 metres in sulphides grading 1.2 grams per tonne gold, 0.82 per cent copper and 0.10 per cent molybdenite from a depth of 78.0 metres, bottoming in mineralization. Within this interval, 38.5 metres contain 1.4 grams per tonne gold and 1.08 per cent copper from a depth of 92 metres.
The results from drilling are summarized in a table below.
Drill hole From (m) To (m) Interval (m) (i) Gold (g/t) Silver (g/t) Copper (%) MoS2 (%)
IXCM06-05 14 66.0 52.0 0.8 5.1 0.02 0.05
including 16 42.0 26.0 1.0 7.5 0.01 0.06
including 52 56.0 4.0 1.0 1.4 0.03 0.09
IXCM06-05 78 130.5 52.5 1.2 19.0 0.82 0.10
including 92 130.5 38.5 1.4 19.5 1.08 0.10
IXCM06-06 8 125.9 117.9 1.6 7.9 0.45 0.18
including 8 52.0 44.0 1.9 6.71 0.05 0.17
including 52 125.9 73.9 1.4 8.7 0.69 0.18
including 70 90.0 20.0 1.7 7.8 0.96 0.21
(i) Note that the true thicknesses of the intersections have not yet been determined. Intervals in
the table are based on core lengths.
A drill hole map illustrating the drill holes discussed in this press release is available on Linear's website.
Cerro La Mina zone
Cerro La Mina is a prominent hill on the Ixhuatan property, located approximately 1,400 metres northeast of the Campamento gold resource. The Cerro La Mina zone is outlined by a broad gold-in-soil anomaly that is approximately 750 metres in length by 450 metres in width and is located on the western flank of the hill facing toward Campamento. The area is marked by silicification with local vuggy silica and strong clay alteration that locally includes dickite and alunite. Preliminary interpretation of these characteristics suggests that mineralization at Cerro La Mina may have developed within a system of high-sulphidation acid leaching.
Previous drilling completed and reported in Stockwatch in July of 2005, includes a 72-metre intercept from hole IXCM05-02 that contains 0.92 gram per tonne gold in oxides starting from the surface. Higher-grade oxide intervals from this intercept include 32 metres grading 1.0 gram per tonne gold from zero to 32 metres and 26 metres grading 1.2 grams per tonne gold from 46 to 72 metres.
Hole IXCM06-05 was drilled 40 metres southeast of hole IXCM05-02 at an azimuth of 220 degrees and an inclination of minus 55 degrees. The hole cut 52 metres of disseminated gold mineralization hosted in oxides from 14 to 66 metres grading 0.8 gram per tonne gold. Within this zone are two higher-grade zones, including 16 to 42 metres containing 26 metres of 1.0 gram per tonne gold and from 52 to 56 metres containing four metres grading 1.0 gram per tonne gold. The oxide zone is marked by low copper content presumably due to mobility during supergene leaching. Deeper in the hole below the base of oxidation, a 52.5-metre zone of strong gold mineralization with associated copper and molybdenum was identified from 78 to 130.5 metres and contains 1.2 grams per tonne gold, 0.82 per cent copper and 0.10 per cent molybdenite. Within this 52.5-metre interval, a 38.5-metre interval contains 1.4 grams per tonne gold and 1.08 per cent copper. The hole bottomed in mineralization at 130.5 metres.
Hole IXCM06-06 was drilled 70 metres south-southwest of hole IXCM05-02 at an azimuth of 180 degrees and an inclination of minus 60 degrees. This hole cut 117.9 metres of strong precious and base metal mineralization grading 1.6 grams per tonne gold, 0.45 per cent copper and 0.18 per cent molybdenite. The gold mineralization intersected by this hole is very uniform in nature, with the highest gold value contained within this 117.9-metre interval grading 3.9 grams per tonne. Significant gold mineralization hosted in a 44-metre oxide interval was cut from eight to 52 metres and grades 1.9 grams per tonne gold and 0.17 per cent molybdenite. Similar to hole IXCM06-05, the zone of oxide gold mineralization is marked by low copper content due to leaching. Immediately below the oxide interval, the hole intersected 73.9 metres of strong gold mineralization with associated copper and molybdenum. This 73.9-metre interval from 52 to 125.9 metres grades 1.4 grams per tonne gold, 0.69 per cent copper and 0.18 per cent molybdenite (MoS2). The hole bottomed in mineralization at 125.9 metres.
Additional drilling is under way in the Cerro La Mina zone to offset the near-surface oxide gold mineralization while also targeting the deeper sulphide zones of gold, copper and molybdenum mineralization within the area. The short-term goal is both to locate oxide gold tonnage which could serve as a complement to the oxide gold resource identified in the Campamento gold deposit, as well as test for continuity and size of the deeper sulphide gold-copper-molybdenum zone. At this time, the potential for oxide gold mineralization around these two recent holes is open in four directions and the associated sulphide zone of gold, copper and molybdenum mineralization remains open laterally and at depth. The geometry of the mineralized zones is not yet known at this early stage in the exploration at Cerro La Mina.
Phil Pyle, Linear's vice-president of exploration, states: "We are pleased with the additional near-surface oxide gold mineralization at Cerro La Mina, which we believe could add significant value to proposed early stage production from the nearby Campamento gold resource. We are also pleased with the recognition of the strong disseminated sulphide mineralization below the oxide zones, which warrants additional deeper exploration in the area. The combined precious and base metal content from hole IXCM06-06 compares favourably with some of the higher-value drilling intercepts on the property to date."
This press release has been prepared under the supervision of David Rowe, certified professional geologist, who serves as the qualified person for this project under National Instrument 43-101. A map of the project showing the location of all drill holes is available at the company's website.
All samples were submitted to ALS-Chemex Labs in Guadalajara, Mexico, with gold analyzed by 50-gram charge digestion fire assay-AA finish, with samples greater that 10 grams per tonne analyzed by fire assay-gravimetric finish. Other metals were analyzed by aqua regia digestion with ICP finish. |
