Bottom-fish Capella Resources (KPS-V) Drilling on the Lajitas gold-copper project scheduled to be restarted in October 2009 after the Chilean winter.
April 01, '09
Capella Drills 261 Metres Grading .91 G/T Gold At Lajitas
CAPELLA RESOURCES (KPS-V)is pleased to announce drill results (drill hole LJ-08011) from the Company's 100% own Lajitas gold project in northern Chile. The core drilling intersected a zone of continuous gold mineralization of 261 meters grading 0.91 grams per tonne (g/t) gold between 90 meters and 351 meters down the hole. Contained within the intersection is 104.7 meters grading 1.59 g/t gold.
LJ-08011 was drilled at a -60 degree angle into an induced polarization (IP) anomaly that is 1.8 kilometres in diameter on the southeast edge of a non-compliant 43-101 historic gold resource, which was calculated by Minera Santa Fe Pacific Chile Ldta. in 1997.
The entire mineralized drill intersection noted above is contained within oxidized andesitic volcano-clastic and dacitic intrusive rocks that are variably altered with iron oxides, clay, and silica. Rocks at the Lajitas gold project exhibit some of the deepest oxidation known in the Maricunga District.
Anomalous copper mineralization was intersected throughout drill hole LJ-08011with the best interval grading 0.15% copper (Cu) over 33 metres between 294 and 327 metres down the hole. Additionally, significant ground water was intersected in the Lajitas gold project drilling. During the past year the Company has conducted extensive title research of the water rights over the Lajitas gold project and is preparing application for those surface and sub-surface water rights.
The Lajitas gold project is located approximately 12 kilometres southeast of the Marte-Lobe gold deposit that was recently acquired by Kinross and lies 18 kilometres east of Andina Minerals' Volcan gold deposit. The Lajitas gold project is subject to a 5% net smelter return royalty and the Company has the option to reduce the same to 2% by paying the royalty holders a cash payment of US$3,000,000 (for further information, see the Company news release of November 3, 2008).
Brian Cole, P. Geo., is the Qualified Person for the information contained in this news release and is a Qualified Person within the meaning of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. The assay results are from core samples sent to SGS CHILE LIMITADA, an accredited mineral analysis laboratory in Santiago, Chile for preparation and analysis utilizing 1-assay-ton fire assay with an atomic adsorption (AA) finish.
About Capella Resources Ltd.
Capella Resources Ltd. is a publicly traded, junior exploration and mineral development company with a strong portfolio of precious and base metal projects in Chile, USA and Atlantic Canada. The Company has a 100% interest in the Lajitas gold project and Nevada gold-copper properties located in the Maricunga Gold and Copper District and approximately 700 kilometres northwest of Santiago, Chile. The properties comprise ten exploration claims and six exploitation claims totalling a cumulative 3,500 hectares in area. The Company holds a 100% interest in the Tinton Gold Project located 15 kilometres west-northwest of the famous and historic Homestake Mine in the Black Hills at Lead, South Dakota. The Tinton property consists of 1,270 hectares contained in 157 unpatented mining claims.
The Company also holds over 24,750 mineral exploration claims covering an aggregate land area of over 1.04 million acres (422,800 hectares) in Atlantic Canada (Nova Scotia, New Brunswick and Newfoundland and Labrador). |
