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ADM 2010-03-08 (provided courtesy of Marketwire.)
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Andina's In-Fill Drilling on the Volcan Gold Project Continues to Deliver Excellent Results Including 130 Metres at 1.37 g/t Au
TORONTO, ONTARIO--(Marketwire - March 8, 2010) - ANDINA Minerals Inc. (TSX
VENTURE:ADM) (the "Company") is pleased to report further results from the
2009/2010 In-Fill Drilling Programme on the Company's Volcan Gold Project
in Chile. As previously reported, the 2009/2010 Drilling Programme includes
20,960 metres of in-fill drilling and this report follows the first results
released on February 10th, 2010 (see February 10, 2010 Press Release).
"The key drivers to the Volcan project are grade and recovery. We are
therefore very pleased and encouraged with the significant intercepts of
higher grades seen in the in-fill program. These results together with
those previously reported should have a positive impact in a new resource
model. At the same time as we are working to enhance the resource model and
the grade of the deposit, we continue to work on ways to improve gold
recoveries at the Volcan Project. Current metallurgical test work programs
are aimed at assessing the benefits of incorporating partial, or full,
milling scenarios to the process options," said George Bee, President & CEO.
Results from the latest batch of 8 drill holes totalling 3,190 metres on
the Dorado West area, are reported in the table below.
/T/
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TABLE - UPDATED DRILL RESULTS FOR PHASE VI IN-FILL DRILLING TO END OF
FEBRUARY 2010 DORADO WEST SECTOR, VOLCAN PROJECT
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Grams/tonne
HOLE No. Section From - To Meters (m) Au Including:
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ROA - 800 DW - 1400 10 - 166 m 156 m 0.78 34m @ 1.63 g/t Au
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DOA - 801 DW - 800 328 - 484 m 156 m 1.05 52m @ 1.96 g/t Au
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526 - 564 m 38 m 1.21
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ROA - 802 DW - 450 0 - 192 m 192 m 0.92 82m @ 1.41 g/t Au
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ROA - 803 DW - 750 332 - 392 m 60 m 0.47
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ROA - 804 DW - 850 278 - 364 m 86 m 1.22 30m @ 1.59 g/t Au
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ROA - 805 DW - 850 80 - 178 m 98 m 1.13 64m @ 1.40 g/t Au
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DOA - 808 DW - 950 214 - 464 m 250 m 1.05 130m @ 1.37 g/t Au
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DOA - 810 DW - 1000 322 - 450 m 128 m 0.74 48m @ 1.14 g/t Au
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/T/
Of the 3,190 metres drilled, 28% of the meters drilled (880 metres) have a
weighted average sample grade of 1.46 g/t Au. The higher than average drill
results will support Andina's efforts to better model the Volcan Project's
Dorado resource adding further definition and assisting in the preservation
of the better grades in the resource. The full effect of the drilling on
the resource model will not be known until the resource model has been
re-estimated, once all drilling in the 2009/2010 drill season is completed.
With the eight holes reported above there are now results for 17-holes
totalling 6,795.58 meters.
The in-fill drilling program started in October 2009 is in support of
further defining Andina's 9.8 million ounces of measured and indicated
resources reported in the resource statement published in the autumn of
2009 (see Press Release dated September 10, 2009). This most recent
drilling will also allow Andina to better estimate the grades in the
resource. To date, resource modelling has been accomplished by estimating
block model values within a broad mineralized boundary encompassing most of
the mineralization. While this method is appropriate for the initially
profiled bulk heap leach scenario, and was as detailed as could be expected
given the density of the drill data available, Andina believes the approach
contributed to smearing gold values, resulting in an estimate that likely
overestimates mineral tonnage, reduces mineral grade but models fairly
accurately the contained ounces of gold in the deposit. The new in-fill
drilling serves to confirm the presence of higher grade zones within the
resource and it is expected will allow more accurate modelling of these
zones within the overall resource. Furthermore as Andina looks to optimize
the development plan for Volcan and investigate alternatives to the
initially contemplated heap leach scenario, a new resource model, which
better captures the grade seen in drill holes, should offer opportunities
to mine and extract the gold more efficiently. The ultimate effect of the
new drilling on the resource estimate will not be known until a new
resource model is completed in second half of 2010.
All assays were performed by Laboratorio Geoanalitica, Coquimbo Chile.
Qualified Person
Mr. Michael Easdon is the Qualified Person under National Instrument 43-101
responsible for preparing and reviewing technical information on the Volcan
Project in the Dorado and Ojo de Agua areas and ongoing field, sampling and
analytical procedures in Chile concerning the aforementioned drill results.
Mr. Easdon has reviewed the contents of this press release.
Certain technical information regarding the Volcan Project required to be
disclosed under Part 3 of National Instrument 43-101 is contained in the
Technical Report on the Volcan Gold Project, Region III, Chile and Updated
Mineral Resource Estimate for the Dorado Gold Deposits, dated October 23,
2009, prepared by Reno Pressacco, M.Sc. (A), P.Geo., Richard Gowans, P.Eng.
and Sam Shoemaker, B.Sc., MAusIMM, each of Micon, and is available on SEDAR
at www.sedar.com. This includes information regarding project area geology,
mineralization, rock types and geological controls.
QA/QC Protocols
Andina continues to utilize Canadian Institute of Mining, Metallurgy and
Petroleum ("CIMM") prescribed Quality Assurance and Quality Control
("QA/QC") protocols for all sampling and assaying of the core and reverse
circulation cuttings. The Dorado drill program utilizes extensive QA/QC
protocols for assaying and core sample handling that consist of the
systematic insertion of blanks, standards and duplicates as well as using a
secondary laboratory for regular check assaying. The core boxes are
transported to Copiapo where the core is cut with a diamond saw with
one-half of the core being placed in sealed bags, which are then taken to
the Geoanalitica preparation facility in Copiapo for crushing and from,
which the crushed sample is shipped by Geoanalitica to the Geoanalitica
assay facility in Coquimbo.
Geoanalitica analyses the samples for gold, copper and molybdenum. The gold
assays are performed utilizing 30 grams fire assay with an Atomic
Absorption Spectroscopy ("AAS") or gravimetric finish; the copper ("Cu")
and Molybdenum ("Mo") are assayed for using standard wet analytical
techniques.
About Andina Minerals Inc.
Andina's primary focus is mining exploration and development in Chile. The
Company's flagship property is the 100%-owned Volcan Gold Project,
strategically located in the prolific Maricunga Gold Belt. In September
2009, Andina provided an updated resource estimate for Volcan including
measured and indicated mineral resources of 492.5 million tonnes at an
average grade of 0.62 g/t Au for 9.8 million measured and indicated ounces
of contained gold and inferred mineral resources of 36.8 million tonnes at
an average grade of 0.65 g/t Au for 768,000 ounces of gold.
Forward-Looking Statements
This release contains forward-looking statements, including predictions,
projections and forecasts. Forward-looking statements include, but are not
limited to, statements with respect to exploration activities and results
(including the timing of results), the timing and success of exploration
activities generally, permitting timelines, government regulation of
exploration and mining operations, environmental risks, title disputes or
claims, limitations on insurance coverage, timing and possible outcomes of
any pending litigation and timing and results of future resource estimates
or future economic studies, and in particular include statements with
respect to the timing of the reporting of drilling results at the Volcan
Gold Project and timing of the release of the Conceptual Design Study
("CDS") and Preliminary Economic Assessment ("PEA"), a new resource
estimate often, but not always, forward-looking statements can be
identified by the use of words such as "plans", "planning", "planned",
"expects" or "looking forward", "does not expect", "continues",
"scheduled", "estimates", "forecasts", "intends", "potential",
"anticipate", "does not anticipate", or "belief", or describes a "goal", or
variation of such words and phrases or state that certain actions, events
or results "may", "could", "would", "might" or "will" be taken, occur or be
achieved.
Forward-looking statements are based on a number of material factors and
assumptions, including, among others, the result of drilling and
exploration activities, that unexpected geological conditions or formations
are not located, that contracted parties provide goods and/or services on
the agreed timeframes, that equipment necessary for exploration is
available as scheduled and does not incur unforeseen break downs, that no
labour shortages or delays are incurred, that plant and equipment function
as specified, that no unusual geological or technical problems occur, and
that laboratory and other related services are available and perform as
contracted.
Forward-looking statements involve known and unknown risks, future events,
conditions, uncertainties and other factors, which may cause the actual
results, performance or achievements to be materially different from any
future results, prediction, projection, forecast, performance or
achievements expressed or implied by the forward-looking statements. Such
factors include, among others, the interpretation and actual results of
current exploration activities; changes in project parameters as plans
continue to be refined; future prices of gold; possible variations in grade
or recovery rates; failure of equipment or processes to operate as
anticipated; the failure of contracted parties to perform; labour disputes
and other risks of the mining industry; delays in obtaining governmental
approvals or financing or in the completion of exploration, as well as
those factors disclosed in the company's publicly filed documents. Although
Andina has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended. There
can be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
ANDINA Minerals Inc.
George M. Bee
President & CEO
416 203 3488
or
ANDINA Minerals Inc.
Keith McKay
Chief Financial Officer
416 203 3488
www.andinaminerals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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