Slater Mining (SLM-V) to drill 40,000 m at gov't approved Khazret
Feb 12, 2013 - News Release
Slater Mining Corp. has received official approval by the Ministry of Industry and New Technologies of Kazakhstan for the acquisition of the West Khazret gold project. Slater Mining entered into an agreement pursuant to which it had acquired a three-year option to purchase 100 per cent of the West Khazret gold project (news release dated April 17, 2012). The option was subject to (a) receipt of approval by the Ministry of Industry and New Technologies of Kazakhstan and (b) a two-year extension of the term of the exploration contract; both of which have now been received.
Slater Mining commenced exploration in July, 2012, anticipating approval of the acquisition. Initial work consisted of a grid geochemical (mobile metal ion) soil sampling program over 115 square kilometres, encompassing the western third of the project area including the entire Sineshikhan Fault. Two thousand five hundred thirty samples have been taken to date on 100-metre sample intervals on lines 400 metres apart with assays pending. This program will continue over the entire 320-square-kilometre project area, including the outcropping Birsuat prospect to the east. Orientation MMI geochemistry provided very encouraging results confirming known mineralization from drilling in the Sineshikhan fault and identifying additional drill targets.
Trenches have also been excavated across numerous areas of outcropping quartz vein mineralization and areas of historic mining activity to determine width and grade of the mineralization. Trenches are two metres in depth and average 100 metres in length with a total length of 976 metres complete out of a 6,000-metre program under way. Five hundred twenty-three trench channel samples have been taken to date with assays pending.
A 40,000-metre drill program is planned for 2013 targeting the shallow oxide mineralization to approximately 70 metres depth. All permits have been received and initial drill targets identified.
"This is a very exciting brownfield project with enormous upside potential," comments Ian Slater, chief executive officer. "Now that we have received all necessary approvals, we look forward to commencing the next phase of drilling, including confirmatory holes in the known mineralization and resource delineation over the entire 16 km of the Sineshikhan fault."
The scientific and technical information contained in this news release has been reviewed and approved by Jeff Toohey, PEng, vice-president, exploration, who is a qualified person as defined under National Instrument 43-101.
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