Citation Resources (CTT-V)
www.citationresources.com
33.5 million o/s
<$0.3 million cash
Citation survey finds 19 potential targets at Biricu
Dec 5, 2012 - News Release
Citation Resources Inc. is providing preliminary results of its airborne versatile time-domain electromagnetic survey completed in October, 2012, over a substantial portion of the Biricu gold project, located within Mexico's Guerrero gold belt.
The VTEM survey was conducted by Geotech Ltd. and covered approximately 1,400 line kilometres at 150-metre spacing over three specific high-priority areas of the concession within a broader survey coverage at 200-metre spacing. Condor Consulting Inc., experts in the field of airborne electromagnetics, has been retained to perform a detailed interpretation of the results and their final report regarding the significance of the survey is still pending.
The preliminary interpretation by Condor has identified 19 potential target zones as defined by conductivity and magnetic geophysical anomalies on the Biricu project. Six of these target zones are aligned along a five-kilometre northeast-trending corridor that to date has only been partially ground tested. A field crew has been mobilized to conduct further mapping and sampling over the geophysical anomalies in order to prioritize areas for possible drill testing. Upon receipt of the final geophysical interpretation, the results will be integrated with the analysis of the field work completed and drill targets will be prioritized. The details of the final results will be presented in a future news release.
Upon finalization of specific drill targeting the company expects to initiate its environmental permitting process and commit to a drilling contract in February, 2013.
Qualified persons
The exploration program is being carried out under the direction of David M. Jones, technical consultant to the company. Mr. Jones is credited with discovering the Los Filos property currently being mined by Goldcorp, which is 10 kilometres from the Biricu project. Application of his model to other properties in the region dramatically expanded the conceptual extent of the Guerrero gold belt, and led to the discoveries of the El Limon and Los Guajes deposits. He has published numerous technical articles and is considered to be an expert on deposits of the Guerrero gold belt type. Mr. Jones has worked extensively throughout the Guerrero gold belt for clients, including Teck, Wheaton River, Goldcorp, Penoles, Grupo Mexico, Torex and a number of other Canadian juniors.
The technical content of this news release has been reviewed and verified by, and is the responsibility of, Richard Graham, PGeol, who is a qualified person as defined in NI 43-101.
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