Lateegra Assays 2.8 OZ Gold and 156.9 OZ Silver per Tom from New Structure
Monday, January 22, 2007
January 22, 2007, Vancouver, B.C.: Lateegra Gold Corp. (the "Company") and Tara Gold Resources Corp (OTC: TRGD.PK) (Frankfurt T8N) are pleased to announce that a comprehensive phase 1 surface exploration program has been completed on the Picacho Gold Mine, located 84 kilometers south of the United States border, near the town of Bacoachi, Sonora State, Mexico.
Results of the Phase 1 geochemical sampling and detailed geological mapping have identified two new large gold bearing Quartz-Breccia vein structures (Dos Amigos and Basaitegui). Both structures trend NW-SE, with individual results grading as high as 87.5 g/t Au (2.8oz/t) and 4880 g/t Ag (156.9 oz/t). Sampling was conducted over an area greater than 3000m in length (NW-SE), with the vein structures exposed up to 5m in width. Numerous samples provided assays of >2g/t Au. Samples were analyzed by ALS Chemex Ltd. of Vancouver B.C. Please refer to the attached table for the complete assays results. A map of the location of the structures is available on the companies website.
Field crews including geologists, geophysicists and a mining engineer have been mobilized to the property outfitted with a new Hyundai 16T excavator and a Longyear 38 diamond drill rig along with the necessary down-the-hole tooling. The phase two program has commenced consisting of the following:
Ground Magnetic Geophysical Survey by Zonge Engineering and Research Organization Inc. of Tucson Arizona-USA;
1,000 meters of NQ diamond drilling aimed at twining historic drill holes (to verify to current standards the previous results);
1,000 meters of NQ diamond drilling to develop the extent of the surface structure, and;
Surface trenching on the newly discovered targets.
Detailed geological mapping, geochemical rock sampling and surveying in concert with a complete data compilation aided development of a geological model clearly portraying 3 distinct parallel mineralized zones having a combined mineralized strike length of 8.5km, 10 times greater than that originally understood. The discovery of these new areas of mineralization is providing the Company a basis for determining the projects potential to host near surface, lower grade heap-leachable bulk tonnage gold mineralization amenable to open pit development.
Data from 22 historic diamond drill holes (drilled by Groupo Mexico and Minera Escuadra) indicates the presence of near surface low grade bulk-tonnage target. Planned phase 2 drilling will target extensions to both the known zones and newly discovered areas providing a basis for an improved understanding of the geological and structural control of the mineralization. The 22 holes drilled by Groupo Mexico and Minera Escuadra were completed prior to implementation of NI43-101 guidelines for assuring accuracy, therefore individual results, while providing valuable information to Lateegra for exploration guidance, are not deemed reliable by the Company, and are therefore not being reported.
The 2007 exploration program, planned with two phases, focuses on identifying further areas of gold mineralization while generating a N.I. 43-101 compliant resource estimate by attempting to duplicate historical data, justifying the expansion and upgrading of the company's mining and milling facilities.
The company is currently re-fitting the 250 tonne/day operation, previously recovering grades averaging 5g/t Au, 15g/t Ag and 85 % Silica, while maintaining contracted silica supply commitments with a nearby smelter.
Exploration work is being conducted under the supervision of the Company's Qualified Person, Jeff Reeder, P.Geo.
ON BEHALF OF THE BOARD OF DIRECTORS
"Chris Verrico",
CEO and Director
Encl.
Sample
Auppm_AA23
Auppm_GRA21
Agppm_AA45
Agppm_AA46
Agppm_Gra21
SiO2%
77851
0.163
23.5
91.9
77852
<0.005
<0.2
98
77853
0.597
3.8
87.1
77855
0.193
4.4
53.2
77856
0.231
2.4
86.5
77857
0.051
0.5
84.3
77858
0.066
0.6
86
77859
0.07
1.7
94.2
77861
0.03
0.3
95.9
77862
0.034
0.5
80.9
77863
0.397
0.5
84.2
77864
1.335
1
94.4
77872
0.028
0.3
73.4
77873
>10.0
87.5
>100
>1500
4880
87.5
Sample
Auppm_AA23
Auppm_GRA21
Agppm_AA45
Agppm_AA46
Agppm_Gra21
SiO2%
77874
0.921
22
87
77875
0.302
14.2
91.2
77876
0.178
1
66.3
77877
0.084
2.1
67
77878
0.142
15.5
65.6
77879
0.083
8.4
79.3
77880
0.073
2.1
89.5
77881
0.045
12.5
88.2
77882
0.27
1
85.3
77883
0.849
1.6
89.8
77884
0.673
1.4
70.2
77885
0.024
0.3
51.6
77886
0.112
2.9
63.6
77887
0.06
11
85.9
77901
0.069
0.9
89.1
77902
0.077
3.2
75
77903
2.19
28.8
90.9
77904
2.68
16.9
93.7
77905
0.251
1
93.2
77906
0.075
0.5
75.2
77907
0.092
1.3
85.3
77908
0.083
2.6
85.3
77909
0.065
1.5
92.1
77910
0.015
0.7
91.3
77911
2.83
19.9
90
77912
1.915
7.4
66.2
77913
0.329
5.3
91.8
77914
0.87
5.5
85.3
77915
0.104
2.6
74.1
77916
0.248
4.2
92.1
77918
4.1
>100
123
83.1
77919
0.235
4.2
77.7
77920
8.84
19
86
77921
0.082
0.4
68.4
77922
0.581
3
80.8
Cautionary note: This report contains forward looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. The company has not filed a National Instrument 43-101 report on any property, but will do so as soon as the information is available. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
Rascal@JustTheMessenger.com |
