Mediterranean confirms west extension of mineralized zone at Corak
Thu Oct 25, 9:29 AM
ca.news.finance.yahoo.com
VANCOUVER, Oct. 25 /CNW/ - Mediterranean Resources Ltd. (TSX-V: MNR, Frankfurt: MHM1) (the "Company") today announced drill hole results confirming both the west extension and gold grade potential of the 800 metre mineralized trend of the Corak gold property held by the Company in northeastern Turkey.
A reverse circulation drill hole, C-134, was drilled to a depth of 204 metres to test the west extension of the 800 metre mineralized trend containing the South and Village Zones. This hole returned a near surface interval of 4.95 g/t Au over 14 metres confirming the resource potential as being open to the west and at depth. This combined with the results of CD-132 (reported October 16, 2007) confirm the 800 metre mineralized trend being open along strike at both ends and at depth. Assay results from three diamond core drill holes CD-125, CD-130 and CD-133a, drilled at an average depth of 298 metres as in-fill holes in the east extension of the 800 mineralized zone returned significant gold, lead and zinc values which reinforce the gold and base metal resource potential of the zone.
The historic resource potential at Corak, surmised from exploration drilling in the South and Village Zones and soil sampling completed by a major mining company in the early 1990s, which predates and is non-compliant with NI 43-101, is 1.8 million tonnes averaging 10 g/t gold. As a qualified person has not performed sufficient work to classify the historical estimate as current mineral resources, the Company is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.
Refer to the table below for detailed results and medresources.ca for a map of the Corak project area showing the mineralized zones and drill hole locations.
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From Interval Au Ag
CD-125 (m) To (m) (m) (g/t) (g/t) Cu (%) Pb (%) Zn (%)
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99.1 106.3 7.2 0.31 4.19 0.05 0.30 1.20
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and 120.0 122.7 2.7 2.02 15.14 - 0.09 0.07
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and 163.4 163.7 0.3 8.56 98.80 0.48 8.12 18.45
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and 184.1 184.7 0.6 0.80 123.00 2.64 6.02 7.66
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and 207.0 211.3 4.3 2.76 2.97 0.06 0.36 0.50
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and 221.1 226.3 5.2 0.89 8.27 0.50 0.20 4.82
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and 260.9 264.6 3.7 0.51 8.39 0.02 0.69 2.71
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From Interval Au Ag
CD-130 (m) To (m) (m) (g/t) (g/t) Cu (%) Pb (%) Zn (%)
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36.1 36.3 0.2 1.35 22.90 0.69 5.60 4.51
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and 95.8 99.8 4 0.76 49.99 0.17 0.85 3.77
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and 144.8 157.8 13 1.05 4.89 0.05 0.49 0.93
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and 198.1 200.2 2.1 3.60 5.84 0.03 1.04 1.89
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and 236.7 237.1 0.4 10.50 7.20 0.04 0.36 0.31
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From Interval Au Ag
CD-133a (m) To (m) (m) (g/t) (g/t) Cu (%) Pb (%) Zn (%)
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56.2 68.8 12.6 0.23 19.32 0.14 2.47 4.22
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From Interval Au Ag
CD-134 (m) To (m) (m) (g/t) (g/t) Cu (%) Pb (%) Zn (%)
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10.0 12.0 2 1.16 1.10 0.20 0.16 0.08
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and 24.0 25.0 1 1.37 0.70 - 0.06 0.58
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and 89.0 93.0 4 2.28 1.73 0.02 0.21 0.59
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and 111.0 125.0 14 4.95 0.86 0.01 0.12 0.27
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The 20,000 metre Corak drill campaign is expected to be completed by the end of November, 2007 and a NI 43-101 compliant resource estimate completed by February 29, 2008.
Dr. Peter Guest is the qualified person who has reviewed the data indicated in this news release. The ALS Chemex Vancouver laboratory is using standard fire assay and atomic absorption methods in performing all gold and multi-element analyses. True widths of the narrow high grade veins reported are indeterminable at this stage.
About Mediterranean Resources
Mediterranean Resources Ltd. (the "Company") acquires and develops advanced stage mineral properties of demonstrated potential. Currently the Company is actively working on its two 100% owned properties in Turkey, Tac and Corak, that lie along a common mineralized trend with Corak approximately 8 kilometres to the southwest of Tac. These properties experienced more than US$4 million of exploration by a major international mining company during the early 1990's and US$3.1 million of exploration by the Company in 2006 which led to the Company acquiring an undivided interest in them. The Company has also initiated ground exploration at Cevreli, approximately two kilometres to the southwest of Tac along the common mineralized trend linking Tac and Corak. The purpose of this is to identify drill targets for 2008 and open up a third area of exploration along the 11 kilometre trend.
During 2006, the Company outlined at the Tac Property a NI 43-101 compliant Indicated Resource of 773,313 ozs of gold and 34,220,429 lbs of copper on an uncapped basis with average grades of 2.01 g/t gold and 0.13% copper at a 1.0 g/t gold cut-off. The Company is conducting a 10,000 metre drill program at Tac with the goal of updating the compliant resource estimate by February 29, 2008. The Company is also carrying out a 20,000 metre drill campaign at Corak with the goal of completing a NI 43-101 compliant resource estimate also by February 29, 2008. Please visit www.medresources.ca for additional information.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
Contacts
Dr. Peter J. Guest
President & CEO
(604) 669-3397
Jag S. Sandhu
VP Corporate Development
(604) 306-1950
www.medresources.ca |
