China Minerals Intersects Gold Zone at Sky Vein Prospect and Provides Corporate Update
October 24 2012 - 9:30AM
Marketwired Canada
China Minerals Mining Corporation (TSX VENTURE:CMV)(PINKSHEETS:HWTHF) ("China
Minerals" or the "Company") is pleased to announce results from the final 13
diamond drill holes from the Taurus and Table Mountain Properties of the Cassiar
Gold Project, British Columbia. The 2012 drilling program tested areas
peripheral to, as well as internal gaps in, the Taurus Gold Deposit and the Sky
Vein prospect at Table Mountain. The drill holes reported here targeted two
areas: the western margin of the Taurus Deposit on the Taurus Property, and the
Sky Vein located 7.5 kilometres to the south on the Table Mountain Property.
Key points of these results include:
-- Hole TM12-06 intersected 12.50 m at 1.91 g/t Au at Sky Vein.
-- Hole TA12-42 intersected 36.15 m at 1.17 g/t Au at Taurus West.
The now completed drilling program comprised 6,857 m of drilling in 43 drill
holes at Taurus, comprising an initial 40 drill holes reported in previous news
releases dated September 18 and October 2, 2012 and the additional three holes
reported here, and 10 drill holes totaling 1,340 m at the Sky Vein prospect on
the adjacent Table Mountain Property also reported here.
The Taurus and Table Mountain Properties, which collectively comprise Cassiar
Gold Project are 100% owned by China Minerals. Cassiar Gold is a large, 600
square kilometre property located in northwest B.C. Access to the area is
excellent as paved Highway 37 bisects the project between Taurus and Table
Mountain. The Table Mountain Property contains a fully permitted gold mill and
tailings management facility which are available for potential future ore
processing.
The Company's Chief Executive Officer, Ling Zhu, is pleased with the overall
results of the 2012 drilling program at Cassiar Gold. "The now completed
drilling program has advanced our understanding of the Taurus and Table Mountain
Properties. In spite of a long history of mining and exploration at Cassiar
Gold, we are confident more discoveries will result from systematic, stepwise
exploration."
Taurus West
Drill holes TA12-41 through TA12-43 (Table 1) were directed at Taurus West - the
western most portion of the Taurus Gold Deposit known for its two distinct
styles of gold mineralization. In addition to hosting quartz-ankerite
vein-associated gold mineralization (common to the rest of the Taurus Gold
Deposit), Taurus West is characterized by a second style of gold mineralization
containing 10-20% fine-grained, disseminated pyrite with no veining that has
been termed "T3" style. Historic drill holes cutting T3 mineralization returned
significant intercepts such as 87.59 metres of 1.43 g/t Au and 25.45 metres of
3.05 g/t Au (true widths uncertain) mostly from north-south oriented drill
holes.
The three 2012 drill holes tested Taurus West over a strike length of 450 metres
with three westward-directed drill holes. Some broad intervals of elevated gold
mineralization were encountered associated with T3 style mineralization.
Table 1: Drill Core Sample Results - Taurus West
---------------------------------------------------------------------------
Weighted
From To Interval Average
Hole Number (m) (m) (m)(i) (g/t Au)
---------------------------------------------------------------------------
TA12-41 98.20 124.00 25.80 0.69
TA12-41 133.30 166.50 33.20 1.03
including 150.00 165.60 15.60 1.44
---------------------------------------------------------------------------
TA12-42 139.40 175.55 36.15 1.17
including 151.00 163.90 12.90 1.63
---------------------------------------------------------------------------
TA12-43 No significant results
---------------------------------------------------------------------------
(i) True widths of reported drill intercept widths are uncertain owing to
the wide spacing of drill holes.
Sky Vein
The Sky Vein Prospect is a mineralized, east-west trending fault and shear zone
structure located approximately equidistant between the past-producing Main
(Erikson) and Cusac Mines. Minimal historic drilling targeted this structure
which has a strike length of at least 1,300 metres. The Sky Vein occurs within a
steeply-dipping second order structure which splays downward from the
shallowly-dipping Table Mountain thrust - a geological setting equivalent to the
bonanza grade veins at the nearby past producing mines on the Cassiar Project.
Drill holes TM12-06 through TM12-08 and TM12-10 intersected very thick widths of
quartz veining ranging from 8.30 to 30.10 metres (true width). Results (Table
2), however, indicate that adjacent wallrock contains more gold than the quartz.
These mineralized intervals are characterized by pervasively sericite-carbonate
altered basalt with typically 5% disseminated pyrite that is locally
hydrothermal brecciated. Highlight results such as 12.50 metres of 1.91 g/t Au
and 7.75 metres of 1.27 g/t Au occur on opposite sides of the 8.30 metre thick
vein encountered in TM12-06.
Table 2: Drill Core Sample Results - Sky Vein
---------------------------------------------------------------------------
Weighted
From To Interval Average
Hole Number (m) (m) (m)(i) (g/t Au)
---------------------------------------------------------------------------
TM12-01 83.90 90.00 6.10 0.50
---------------------------------------------------------------------------
TM12-02 No significant results
---------------------------------------------------------------------------
TM12-03 No significant results
---------------------------------------------------------------------------
TM12-04 75.90 87.55 11.65 0.82
TM12-04 109.13 115.00 5.87 0.65
---------------------------------------------------------------------------
TM12-05 32.40 46.46 14.06 0.95
TM12-05 54.00 71.83 17.83 1.00
---------------------------------------------------------------------------
TM12-06 91.90 104.40 12.50 1.91
TM12-06 118.10 125.25 7.15 1.34
---------------------------------------------------------------------------
TM12-07 102.20 108.55 6.35 0.77
---------------------------------------------------------------------------
TM12-08 No significant results
---------------------------------------------------------------------------
TM12-09 133.81 146.00 12.19 1.15
including 135.00 136.86 1.86 3.25
---------------------------------------------------------------------------
TM12-10 104.97 112.40 7.43 0.50
---------------------------------------------------------------------------
(i) Reported drill intercept widths are approximately 70% of true width.
The 2012 Cassiar Gold field program was managed by Equity Exploration
Consultants Ltd. of Vancouver, B.C. and advised by consulting geologists David
Rhys, P.Geo., and B.H. Kahlert, P.Eng. Drilling was contracted to Apex Diamond
Drilling Ltd. of Smithers, B.C. who averaged 105 m coring per day.
About the Taurus Gold Deposit
The Taurus Gold Deposit is located within the northern part of the Cassiar Gold
Project. Taurus hosts an inferred resource of 1.06 million ounces of gold
comprising of 33.1 million tonnes at an average capped grade of 0.99 g/t Au
using a cut-off grade of 0.50 g/t Au. The resource is supported by a technical
report titled, "Updated Resource Report on the Taurus Project - Liard Mining
District, B.C.", dated March 11, 2009 and prepared by Thomas C. Stubens and
Marinus Andre de Ruijter of Wardrop Engineering Inc., which was filed at
www.sedar.com on March 18, 2009 and announced via news release dated March 19,
2009. No economic assessment has been completed on the Taurus resource and
consequently it has not demonstrated economic viability.
Quality Control
The Company's technical disclosure in this news release has been verified and
approved by Dr. Darcy Baker, Ph.D., P.Geo., an independent Qualified Person as
defined by National Instrument 43-101 and President of Equity Exploration
Consultants Ltd. Dr. Baker is a consultant to the Company and supervised the
2012 Cassiar Gold project exploration program.
Quality control procedures for the 2012 drilling program comprise systematic
insertion of blank and certified standard samples and quarter-core duplicate
samples into the drill core sample sequence. Samples were placed in sealed bags
and shipped directly to the ALS Minerals preparation facility in Terrace, B.C.
prior to gold analysis by fire assay with atomic absorption finish and
multi-element analysis by ICP methods at the ALS Minerals laboratory in
Vancouver, B.C. For samples returning greater than 5.00 g/t Au, follow-up fire
assay analysis with gravimetric finish is completed while samples returning
greater than 10.00 g/t Au undergo check analysis by screen metallic fire assay.
Three samples returning greater than 10.00 g/t Au reported here have outstanding
screen metallic assays. In the unlikely case that these data vary significantly
from the gravimetric analyses, changes will be reported in a subsequent news
release.
Corporate Update
China Minerals advises that the Company's CEO, Ling Zhu, has been appointed the
Executive Chairman of the Company to fill the vacancy created by the stepping
down of David Bo, former Executive Chairman.
About China Minerals Mining Corporation
China Minerals Mining Corporation is a Canadian based exploration and
development company with offices located in Vancouver, B.C. and Beijing, China.
China Minerals' ambition is to build an international mining company.
ON BEHALF OF THE BOARD OF DIRECTORS
Ling Zhu, Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
China Minerals Mining Corporation
(604) 629-1505 or Toll Free: 1-888-629-1505
(604) 629-0923 (FAX)
www.chinamineralsmining.com
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