AndeanGold Intersects 9.01 oz/t AGE Over 2.43 Metres and 11.34 oz/t AGE Over 2.76 Metres Phase I Infill Drilling Program at Urum
May 13 2011 - 9:00AM
Marketwired
AndeanGold Ltd. ("the Company" or "AndeanGold") (TSX VENTURE: AAU)
is pleased to announce that it has received the assay results for
the first three drill holes from the Phase I infill drilling
program (the "Program") at its advanced-stage Au-Ag Urumalqui
exploration project (the "Project") in Peru. The planned Program
comprises up to 23 diamond core holes and 3,000 to 4,000 metres of
drilling on the Urumalqui Epithermal Vein (the "Vein"). To date, 13
holes have been completed for 2,309 metres. Core samples for the
first 8 completed holes have been shipped to the Inspectorate Lab
in Lima for assaying.
The assay results for the first three drill holes, which are
vertically aligned in the central portion of the 1,000 metre strike
length being drilled in the Program, were, as follows:
---------------------------------------------------------------------------
DRILL HOLE PGUR #09 (VEIN INTERSECTED - 52.3 METRES BELOW SURFACE)
---------------------------------------------------------------------------
TRUE
FROM TO INTERVAL WIDTH AU AG AG EQUIVALENT
(metres) (metres) (metres) (metres) (g/t) (g/t) (g/t) (oz/t)
---------------------------------------------------------------------------
68.75 72.1 3.35 2.28 0.34 93.22 110.29 3.55
INCLUDING
----------
70.10 71.6 1.50 1.02 0.29 201.63 215.98 6.94
---------------------------------------------------------------------------
---------------------------------------------------------------------------
DRILL HOLE PGUR #10 (VEIN INTERSECTED - 102.3 METRES BELOW SURFACE)
---------------------------------------------------------------------------
TRUE
FROM TO INTERVAL WIDTH AU AG AG EQUIVALENT
(metres) (metres) (metres) (metres) (g/t) (g/t) (g/t) (oz/t)
---------------------------------------------------------------------------
112.40 117.95 5.55 2.43 1.54 203.25 280.26 9.01
INCLUDING
----------
114.04 116.80 2.76 1.20 2.74 391.85 528.85 17.00
INCLUDING
----------
114.73 116.11 1.38 0.60 4.72 645.00 881.23 28.34
---------------------------------------------------------------------------
---------------------------------------------------------------------------
DRILL HOLE PGUR #11 (VEIN INTERSECTED - 151.5 METRES BELOW SURFACE)
---------------------------------------------------------------------------
TRUE
FROM TO INTERVAL WIDTH AU AG AG EQUIVALENT
(metres) (metres) (metres) (metres) (g/t) (g/t) (g/t) (oz/t)
---------------------------------------------------------------------------
179.40 185.50 6.10 4.21 2.14 180.45 287.62 9.25
INCLUDING
----------
180.50 184.50 4.00 2.76 3.03 201.40 352.75 11.34
---------------------------------------------------------------------------
-- AG EQUIVALENT - Based on a silver to gold ratio of 50:1 and assuming
100% metallurgical recoveries.
-- Oz/t - Troy ounces per metric tonne.
Mr. Anthony F. Ciali, President & CEO of AndeanGold states,
"We are very pleased with the initial assay results from the Phase
I infill drilling program at the Urumalqui Project. The objective
of the Program was to both confirm the results of past drilling
programs within infill areas along the 1,000 metres of strike and
generate 50 metre drill spacings for future resource estimate
purposes. To date, this objective is being achieved."
All of the 13 completed holes have intersected the Urumalqui
Vein as predicted in cross sections prepared by the Company,
providing initial support for the continuity of mineralization
along the strike and down dip. To date, the contract driller,
Explomin de Peru S.A.C. has achieved an average daily drilling rate
of 67 metres, and core recoveries per hole have averaged 94% within
the Vein and 96% for the entire hole. Overall, the drilling
performance is in line with the Company's expectations, and the
Program is proceeding on schedule.
The Program is focused on infill drilling to a depth of 200
meters so as to provide a drill spacing of approximately 50 metres
along the central and southeastern segments of the Urumalqui Vein,
which cover 1.0 kilometre of the 1.5 kilometre long Urumalqui Vein
outcrop where the majority of the Project's historical drilling
programs were concentrated. This level of drilling density should
be sufficient for the preparation of a NI 43-101 resource estimate,
which the Company plans to commission upon completion, and subject
to the results, of the Program.
Quality Assurance / Quality Control:
AndeanGold has in place a detailed QA/QC program consistent with
Canadian Securities Administrators National Instrument 43-101 and
using best industry practices. The program includes chain of
custody of samples; standards and blanks submitted to the
independent Inspectorate Lab in Lima Peru with each batch of
samples, and a check assay program on a proportion of sample pulps
with a second independent laboratory. The results of the QA/QC
program to date have been satisfactory.
Dr. William F. Lindqvist, a director of the Company, is the
Qualified Person in compliance with National Instrument 43-101 with
respect to this release.
About AndeanGold Ltd.:
AndeanGold Ltd. is engaged in the acquisition, exploration and
potential development of primarily precious metals properties,
principally in Peru and Ecuador. The focus of the Company's
exploration activities is presently in advancing its Urumalqui
Project, as well as pursuing mineral property acquisitions, in
Peru. In Ecuador, the Company's activities have been limited to
administrative and legal matters due to the Mining Mandate issued
by the Ecuador Constituent Assembly on April 18, 2008. In November
2009, President Correa signed the Mining Regulations into law
pursuant to the requirements of the new Mines Law, which was passed
in January 2009. This was the final legal precursor to the
re-initiation of exploration and mining development in Ecuador. The
Company has been issued new mining titles under the new Mines law
to its three key Ecuadorian projects and has filed the requisite
documents with the Ministry of Non-Renewable Natural Resources and
Ministry of Environment in support of the Company's request to
renew exploration programs on its key projects in Ecuador. The
Company is actively working with government officials to achieve
this end.
Please refer to AndeanGold's website at www.andeangoldltd.com
for further information on the Company's projects and
activities.
On Behalf of the Board of Directors of ANDEANGOLD LTD.
Anthony F. Ciali, President, CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: AndeanGold Ltd. Tony Ciali 732.940.5487
tciali@andeangoldltd.com www.andeangoldltd.com Ascenta Capital
Partners Inc. Jim Glass 604.684.4743 ext. 225 1.866.684.4743 ext.
225 jim@ascentacapital.com
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