Aurcana Corporation
(TSX:AUN)
("Aurcana" or the Company") is
pleased to provide a further update of the exploration drilling
programme at Shafter, Texas.
Five exploration core holes were completed on the western
portion of the property, approximately 1.4 miles west-southwest of
the current mineral resource area and 900 feet from the 400 level
of the historical Mina Grande West underground workings of the
Presidio Mine.
A diagram accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/4e2b6b16-3e9e-462f-9ba1-bd443e33c8bc
The programme was intended to test for new styles of
mineralization in the district, centered upon high gold and silver
intervals that were intersected in SD-264 and SDH17-468. Now
a third hole, SDH17-472, has also intersected highly anomalous gold
mineralization approximately 700 feet to the west-northwest. Again,
it is spatially associated with highly brecciated and altered lower
Mina Grande limestone, iron mineralization and intrusive dykes.
Interval From … to (feet) |
CoreLength (feet) |
Silver (ounces per ton) |
Gold (ounces per ton) |
Lead (%) |
Zinc (%) |
Drill Hole 17-472 (drilled at
-70°S) |
622 - 630 |
8 |
4.47 |
0.03 |
- |
1.9 |
and 664 to 666.5 |
2.5 |
11.44 |
0.01 |
1.8 |
1.8 |
For comparison results for SD-264 and SDH17-468 (previously
released) include:
Interval From … to (feet) |
CoreLength (feet) |
Silver (ounces per ton) |
Gold (ounces per ton) |
Lead (%) |
Zinc (%) |
Drill Hole 17-468 (drilled at
-58°S) |
452 to 470 |
18 |
10.47 |
0.02 |
1.6 |
1.9 |
including 458 to 466.8 |
8.8 |
19.16 |
0.02 |
2.6 |
1.9 |
and 471.1 to 473.2 |
2.1 |
0.90 |
0.28 |
6.6 |
0.5 |
Historical Drill Hole SD 264 (drilled at
-90°) |
388 to 399 |
11 |
6.45 |
0.08 |
2.78 |
1.91 |
including 395 to 399 |
4 |
17.2 |
0.10 |
7.10 |
3.03 |
There has not been enough drilling to define the orientation of
mineralized structures and true thicknesses are uncertain. Drill
holes SDH17-469 and 470 did not intersect gold-silver
mineralization of note in the lower Mina Grande position. Drill
hole SDH17-471 did not target mineralization.
The Shafter and Presidio deposits are manto-style zones of
silver mineralization located in the uppermost massive limestone
units of the Permian-aged Mina Grade Formation. This mineralization
has been classified as an oxidized “carbonate replacement deposit”
similar in origin to the large polymetallic deposits located south
of Shafter in Mexico. The lower Mina Grande intervals
reported here are different, with evidence of strong brecciation,
open-space fillings “jasperoid” and specular hematite-quartz
mineralization. Trace elements suggest a possible geochemical
connection to an epithermal origin for the gold at Shafter, but
exploration in this new environment is at too early a stage to
allow getting locked-in to any one exploration model. The initial
target area is an 800 by 600 foot “hockey stick”-shaped target area
concealed by 250 to 500 feet of un-mineralized Cretaceous cover
that is open for expansion south and west.
In previous operations at Shafter gold has been recovered as an
incidental by-product of silver in the Merrill-Crowe circuit.
Grades within the resource area are not known but are assumed to be
an order of magnitude less than those reported in this new
area.
Aurcana is strongly encouraged by the results to date and
intends to press ahead with its low-cost, paced approach to
exploration at Shafter. Results to date indicate more work is
necessary, including additional drilling to define the orientation,
nature and significance of the gold-bearing structures. Geological
mapping, sampling and geophysical surveys may precede the next
phase of drilling.
Aurcana has implemented a programme of QA/QC procedures to
insure sample integrity and reliable results. Core samples are
logged on site at Shafter and sent to ALS Global’s Mineral Division
laboratory in Tucson, Arizona for sample preparation. Final
analyses and assays are done at ASL Global’s North Vancouver, BC
facilities.
Jerry Blackwell, P.Geo., Director of Aurcana, a Qualified Person
as defined by NI 43-101, reviewed and approved the technical
information in this news release.
The Shafter Silver Project is located in Presidio County,
Southwestern Texas, centered upon the historical Presidio Mine and
the un-mined Shafter Deposit. For more information, including
a current Preliminary Economic Assessment go to the website
at www.aurcana.com or the company’s disclosure documents
housed at www.sedar.com.
ABOUT AURCANA CORPORATION Aurcana Corporation
owns the Shafter Silver Project in Texas, US. The Shafter Silver
Project was put on care and maintenance in December 2013.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION
“Kevin Drover”, President & CEO
For further information, visit the website at www.aurcana.com or
contact: Aurcana Corporation Phone: (604) 331-9333
Gary Lindsey, Corporate Communications Phone: (720)-273-6224
Email: gary@strata-star.com
CAUTIONARY NOTES This press release contains
forward looking statements within the meaning of applicable
securities laws. The use of any of the words “anticipate”,
“plan”, “continue”, “expect”, “estimate”, “objective”, “may”,
“will”, “project”, “should”, “predict”, “potential” and similar
expressions are intended to identify forward looking
statements. In particular, this press release contains
forward looking statements concerning the anticipated future
results of mining activities on the Shafter property, including
economic results thereof. Although the Company believes that
the expectations and assumptions on which the forward looking
statements are based are reasonable, undue reliance should not be
placed on the forward looking statements because the Company cannot
give any assurance that they will prove correct. Since
forward looking statements address future events and conditions,
they involve inherent assumptions, risks and uncertainties.
Actual results could differ materially from those currently
anticipated due to a number of assumptions, factors and
risks. These assumptions and risks include, but are not
limited to, assumptions and risks associated with the result of
drilling and exploration activities, that contracted parties
provide goods and/or services on the agreed timeframes, risks
related to future metals prices, 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.
Management has provided the above summary of risks and
assumptions related to forward-looking statements in this press
release in order to provide readers with a more comprehensive
perspective on the Company’s future operations. The Company’s
actual results, performance or achievement could differ materially
from those expressed in, or implied by, these forward-looking
statements and, accordingly, no assurance can be given that any of
the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do so, what benefits the
Company will derive from them. These forward-looking
statements are made as of the date of this press release, and,
other than as required by applicable securities laws, the Company
disclaims any intent or obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or results or otherwise.
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