Century Mining Hits Four New Gold Veins at San Juan in Peru With Grades as High as 197.5 g/t Gold
Thursday February 15, 9:30 am ET
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BLAINE, WASHINGTON--(CCNMatthews - Feb. 15, 2007) - Century Mining Corporation (TSX VENTURE:CMM - News) is pleased to announce an update on the current exploration drill program underway at its San Juan Property in Peru. Previous results were disclosed in press releases on January 8 and January 29, 2007.
A new vein zone has been discovered in drill hole 07SJ-6. This hole was designed to intercept the Mercedes vein 150 meters west of the intercept in previously-drilled hole 06SJ-2 and more than 150 meters deeper. The new vein zone encountered is footwall to a composite andesite-monzonite dike and includes two mineable intercepts separated by about three meters of unmineralized granodiorite. The grade of these new veins, the Alexia veins A and B, are shown in the table below:
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meters g/t
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Drill Hole From To Au Ag Comments
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Includes 219.1 to 219.15
07SJ-6 219.1 219.7 19.8 2.8 meters with 197.5 g/t Au
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Includes 222.54 to 222.69
07SJ-6 222.54 223.04 26.9 1.9 meters with 88.9 g/t Au
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The true width of these intersections is 86% of the actual interval.
The Mercedes vein intersection in drill hole 07SJ-6 consisted of stockwork quartz veining, with minor gold values. Additional deep tests of the Mercedes vein are planned after completion of the three-dimensional model that is currently underway.
A cross section of the Mercedes Vein showing the drill holes accompanies this news release and can be seen by clicking on the following link: ccnmatthews.com.
Road building in the Pampas area to the north of the San Juan Mine has uncovered three additional new veins at surface ranging in width from 0.1 to 1.0 meter and with preliminary gold grades ranging from 2 g/t to 10 g/t. These gold assays were completed at the mine laboratory. Check assays at ALS Chemex, Peru are in progress. Additional channel sampling of these veins, as well as outcrop mapping is planned for February.
The current diamond drill program includes two drill rigs, one in the northern and one in the southern part of the district. In addition, new roads are being constructed in the northern area for access to drill sites.
The high-grade gold veins in the district consist principally of quartz-calcite-pyrite with trace amounts of other sulfides including chalcopyrite, galena, and arsenopyrite. They vary in width from a few centimeters to more than four meters. Vein quartz is typically medium- to coarse-grained and even in the bonanza grade intervals (greater than 50 g/t Au) lacks fine-grained colloform quartz typical of low-sulfidation epithermal systems. Pyrite varies from fine- to medium-grained. There are at least two stages of quartz in the veins and at least two different stages of calcite introduction. Although quartz veins are the principal gold-bearing targets, shear zones with strong sulfides (mostly pyrite) have also been exploited.
Three-dimensional modeling of the productive and non-productive gold veins is currently underway. Informal mining at San Juan has continued for more than 200 years, with stope maps and assay data available for the last 30 years. These data are being entered into computer programs that will allow for accurate three-dimensional representation of the veins, including width, gold grade, and fault offsets. The veins are routinely channel sampled every two meters and the database is extensive with more than 20,000 sample points on 200 different long sections. These data will improve the Company's understanding of productive veins and aid exploration efforts in the district.
The district at San Juan has been extensively prospected, but not well explored. More than 90 percent of the workings are drifts along veins discovered at the surface. Workings that cross-cut the veins are rare. The drill program at San Juan is the first attempt to systematically explore areas between productive veins. Indeed, several new exciting discoveries have been made.
Previously reported results of new veins include:
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From To Gold Silver
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Drill hole (meters) (meters) (g/t) (g/t) Comments
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Quartz/pyrite vein in
06SJMR-1 46.75 47.1 10.85 2.1 altered Granodiorite
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06SJ-3 100.7 100.95 4.36 2.4 Veinlets at contact
103.6 103.85 7.76 1.2 with andesite dike
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The true width of the above intersections is 86% and 71% of the actual
interval, respectively.
Additional drilling from underground will test these zones along strike.
For all exploration samples, the Company submitted half core samples to ALS Chemex, Peru for sample preparation and assay. Fire assaying was carried out on 50 gm samples with atomic absorption finish. On samples assaying greater than 10 g/t gold, gravimetric methods were also used. Appropriate quality control samples and blind certified standards were used and chain of custody seals were used on all sample bags. The on-site supervision of the drilling and sampling was conducted by Mr. Larry Hillesland, Exploration Manager, South America. The results herein described have been prepared under the guidance of Mr. Ross Burns, P. Geo., LG, Vice President of Exploration, who is designated as a Qualified Person with the ability and authority to verify the authenticity and validity of the data.
About Century Mining Corporation
Century Mining Corporation is an emerging mid-tier gold producer that is aggressively acquiring producing mines and exploration properties in Peru. The Company owns and produces gold at the Sigma and Lamaque mines in Quebec that historically have produced over 9.4 million ounces of gold. In Peru this year Century acquired control of the San Juan Mine where the Company accounts for 100% of gold production. Century's growth strategy is to acquire gold producing assets in South America that will substantially reduce the Company's consolidated total cash cost of production and where there is exceptional exploration potential to expand production at these mines.
Margaret M. Kent, Chairman, President & C.E.O.
Caution Concerning Forward-Looking Information
This press release contains forward-looking information within the meaning of applicable securities laws. We use words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology to identify forward-looking information. It is based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and accordingly, readers should not place undue reliance on those statements. Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties; the availability to the Company of suitable financing alternatives; fluctuations in gold and other resource prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from our South American activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release.
Contact:
Brent Jones
Century Mining Corporation
Manager of Investor Relations
1-877-284-6535 or (360) 332-4653
Email: bjones@centurymining.com
Graham Eacott
Century Mining Corporation
Vice President, Investor Relations
1-877-284-6535 or (360) 332-4653
(360) 332-4652 (FAX)
Email: geacott@centurymining.com
Website: www.centurymining.com
Source: Century Mining Corporation |
