Capstone Reports Additional High Grade Intercepts & Expanded Drill Program at Minto North
Tue May 5, 7:15 AM
ca.news.finance.yahoo.com
Hole 09SWC456 intercepts 3.0% Cu over 33.3m (including 4.9% Cu
over 11.7m)
Hole 09SWC454 intercepts 2.3% Cu over 29.9m (including 4.7% Cu
over 9.0m)
VANCOUVER, May 5 /CNW/ - Capstone Mining Corporation (CS: TSX) today announced assay results from six additional exploration drillholes completed on the new "Minto North" discovery at its Minto Mine in the Yukon. Drilling at the Minto North target, located approximately 600 metres north-northwest of the current open pit mining area, continues to return high grade copper-gold intercepts over impressive thicknesses. Drilling has paused for spring freshet but will commence again after ice breakup on the Yukon River is complete. Highlights of assays from the most recent drillholes are summarized in the table immediately below and the full results for the six new holes are provided in the attached table.
Assay Highlights
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Hole ID Target From To Interval Interval Copper Gold Silver
Area (m) (m) (m) (ft) (%) (g/t) (g/t)
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09SWC-454 Minto North 69.4 99.3 29.9 98.1 2.29 1.34 8.2
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Including 80.5 89.5 9.0 29.5 4.73 2.78 18.0
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09SWC-456 Minto North 66.2 99.5 33.3 109.3 2.96 1.38 10.0
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Including 87.8 99.5 11.7 38.4 4.87 2.67 19.4
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"Minto North has quickly developed into a significant discovery of high grade, near surface, thick zone of copper-gold mineralization," said Stephen Quin, President & COO of Capstone. "We aim to rapidly drill off a well defined mineral resource and advance the metallurgical testing and other aspects of this exciting discovery so that its economic potential can be determined. In addition, we aim to expand our exploration to see if there are any more Minto North's out there."
Because of the continued high-grade nature and relatively shallow depth of the Minto North mineralization, Capstone is prioritizing its evaluation with plans to infill this near surface, bornite-rich, high-grade copper-gold deposit and produce a NI43-101 compliant mineral resource estimate before year end. In order to fast track further evaluation of the economic potential of the Minto North deposit, Capstone has initiated a preliminary program of metallurgical testing and waste characterization. Sampling for this program is complete and the samples are en route to laboratories for testing.
The Minto North discovery also opens up significant additional exploration potential in the northern half of the Minto Mine property and Capstone intends to lay the foundation in 2009 for more extensive exploration in this largely neglected, northern half of the property. Additional targets adjacent to Minto North will be drill tested when drilling resumes.
Minto North Target
Mineralization at Minto North has been outlined over a minimum area measuring approximately 200m by 125m in aerial extent, as defined by an initial drill program using a drillhole spacing of 40 metres by 40 metres. Capstone intends to infill the initial pattern when drilling resumes in June to give a maximum spacing of approximately 28m between holes, similar to that used to define reserves elsewhere at the Minto mine.
High grade holes 09SWC-454 and -456 reported today are located near the centre of the drilled area and the approximate core of the deposit. Holes 09SWC-455, -460, -461 and -463 are all located on the north perimeter of the mineralization and are thought to be north of a fault (inferred from geophysics) that bounds the deposit in that direction. This is a recurring theme at Minto, with all of the major deposits (Ridgetop, Area2, Area 118 and the Main Deposit) being fault bounded on the north side.
Capstone also just completed a sampling exercise on diamond drill core to get material for metallurgical testing and metal leach plus acid rock drainage characterization. The aim is to evaluate the mineral processing and recovery characteristics of the mineralization and characterize waste rock and tails. In keeping with Capstone's track record of rapid assessment and optimization, these various evaluations are being undertaken prior to obtaining a mineral resource estimation in order to fast track any future economic evaluation of Minto North as a platform for further organic growth.
Until the discovery of Minto North, the exploration potential on the property north of the DEF fault (which defines the northern boundary of the Main Deposit) was thought to be limited. Given the very attractive discovery at Minto North, planning is now underway for an exploration program to explore six to eight other, similar magnetic targets, located within 1.5 kilometres of Minto North and no more than 1.5 kilometres from the current open pit mine and mill area with targeting and prioritization supported by ground geophysics.
For current drillhole locations please view the accompanying map:
capstonemining.com
For a current view of drill results in priority areas across the property
please view the accompanying map.
capstonemining.com
For an inset view of drill results at Minto North please view the
accompanying map.
capstonemining.com
The TSX does not accept any responsibility for the adequacy or accuracy
of this press release.
Quality Assurance
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Stephen P. Quin, P. Geo., President & COO for Capstone Mining Corporation. The exploration activities at the Minto project site are carried out under the supervision of Brad Mercer, P. Geol., V.P. Exploration (Canada) for Capstone.
The analytical method for the copper and silver analyses is aqua regia digestion of the samples followed by atomic absorption spectroscopy. Gold is analysed by fire assay fusion with atomic absorption spectroscopy finish for gold. Analyses are carried out by ALS Chemex in North Vancouver. When visible gold is noted in drill core samples or regular fire assay values appear abnormally high, the pulp and screen metallic assay method is used to determine the total gold content and gold contents of different size fractions. This is considered industry best practice when dealing with coarse gold mineralization where a nugget effect is suspected. This determination is accepted as the most representative value and is used in the assay database for resource calculations. Blank and standard samples are used for quality assurance and quality control. Where more than two check samples assay outside expected ranges, the entire batch is re-assayed. After the completion of planned drill programs at Minto, random check assays will be carried out by Acme Analytical of Vancouver.
Forward-Looking Statements
This document may contain "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). These forward-looking statements are made as of the date of this document and Capstone Mining Corp. (the "Company") do not intend, and do not assume any obligation, to update these forward-looking statements.
Forward-looking statements relate to future events or future performance and reflect Company management's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and mineral resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Company 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.
Details of Minto North (only) Drill Results
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To accompany Capstone Mining News Release Dated May 5, 2009
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Hole ID From To Interval Interval Copper Gold Silver
& Interval Target (m) (m) (m) (feet) (%) (g/t) (g/t)
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09SWC-390,
-392, -393,
-402, -404,
-406, -408,
-410 Minto North Assays Previously Released
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09SWC-453 Minto North Assays Pending
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09SWC-454 Minto North 69.4 99.3 29.9 98.1 2.29 1.34 8.2
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Including 80.5 89.5 9.0 29.5 4.73 2.78 18.0
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And 133.2 159.2 26.0 85.3 0.31 0.11 1.64
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09SWC-455 Minto North No Significant Intersections
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09SWC-456 Minto North 66.2 99.5 33.3 109.3 2.96 1.38 10.0
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Including 87.8 99.5 11.7 38.4 4.87 2.67 19.4
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and 113.9 138.2 24.3 79.7 0.36 0.17 1.4
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09SWC-457
to -459 &
-462 Minto North Assays Pending
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09SWC-460,
-461,
-463 Minto North No Significant Intersections
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09SWC-464
to -475 Minto North Assays Pending
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* Based upon current interpretations the intersected interval is
believed to be at or close to the true thickness.
Contacts
Darren Pylot
Vice Chairman & CEO
Stephen Quin
President & COO Or Investor Relations' Mark Patchett at (604) 684-8894 or (866) 684-8894
info@capstonemining.com |
