Azteca Gold Corp. Completes 8,784 FT Diamond Drill Core Hole at Two Mile Project
December 08 2008 - 8:00AM
Marketwired
Matthew Russell, President of Azteca Gold Corp. (TSX VENTURE: AZG)
(the "Company") announces completion of DDH-005A, an 8,784 FT
vertical diamond drill core hole on its Two Mile property located
between Murray and Osburn, Idaho. "In fulfilling our obligations to
achieve our 50% JV interest and Operatorship of the Two Mile Joint
Venture, Azteca has accomplished perhaps the deepest geologic
structural section ever drilled in the Silver Valley," said
Russell.
Description of the Core Hole
DDH-005A is an NQ-sized core hole collared at approximately
3,650 FT elevation with total depth ("TD") of 8,784 FT or about
5,134 FT below sea level. The Company believes its main target was
intersected beginning at approximately 5,800 FT as disseminated
mineralization with intermittent stockwork veining. At
approximately 7,500 FT the stockwork veining increases appreciably
and at 7,950 FT the mineralization becomes massive. The massive
mineralization continues for approximately 50 FT intermittently,
with continuity of the massive mineralization over as large as 10
FT intercepts. Below this massive mineralization intermittent
stockwork type veining and disseminated mineralization continues
down to TD. The hole was terminated in significant disseminated
mineralization.
Geologic Discussion
Until logging and assays of the entire core are achieved, the
Company is not in a position to comment on the geology
encountered.
Plan for Two Mile
Based on the above-described mineralization, Azteca is making
preparations for further investigation of a geophysical anomaly
along strike of the Two Mile Fault. The Company received necessary
permits from the United States Forest Service and upgraded a Forest
Service road to gain access to a patented claim located
approximately 1 mile West of DDH-005A. A second diamond drill rig
has been positioned for a collar elevation of approximately 3,050
FT and will begin drilling vertical hole DDH-006 during the week of
December 8th.
Additionally, if initial assays on DDH-005A substantiate it, the
Two Mile Joint Venture will work aggressively towards developing a
mineral resource. During the week of December 1st, DDH-005A was
reamed to NQ-oversize to a depth of 4,000FT, and a wedge-off hole
(DDH-005B) may be started as early as the week of December 8th.
This wedge-off hole has a target TD of 9,500 FT (5,500 FT below the
wedge-off point) with an expected plan view separation along strike
of at least 400 FT to the West of the surveyed location of the
bottom of DDH-005A.
Timing of Assays
The Company is prioritizing the massive mineralization for assay
first followed by the adjacent stockwork veining above and below
the massive mineralization. It is expected that first preliminary
assays on the mineralization will be ready for release before the
end of December. Assaying will be ongoing and releases on DDH-005A
may take several months to complete.
Financial Plan
Azteca has no debt and no large property payments to make. "We
can focus money raised directly on aggressive exploration like at
the Two Mile Project where the Company hopes to add substantial
value," commented Russell. To this end, Azteca is conducting a
Canadian $2,500,000 private placement that will be priced within
3-5 days from the date of this press release. Management expects to
participate up to $500,000. The use of funds is for drilling and
assaying expenses at Two Mile as well as general corporate
purposes.
The information contained in this news release has been reviewed
and approved by Matthew Russell, President and CEO and the
Company's Qualified Person as defined in National Instrument
43-101.
WARNING: the Company relies upon litigation protection for
"forward looking" statements. The information in this release may
contain forward-looking information under applicable securities
laws. This forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause
actual results to differ materially from those implied by the
forward-looking information. Factors that may cause actual results
to vary material include, but are not limited to, inaccurate
assumptions concerning the exploration for and development of
mineral deposits, currency fluctuations, unanticipated operational
or technical difficulties, changes in laws or regulations, the
risks of obtaining necessary licenses and permits, changes in
general economic conditions or conditions in the financial markets
and the inability to raise additional financing. Readers are
cautioned not to place undue reliance on this forward-looking
information. The Company does not assume the obligation to revise
or update this forward-looking information after the date of this
release or to revise such information to reflect the occurrence of
future unanticipated events, except as may be required under
applicable securities laws.
Shares issued: 134,441,996
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Azteca Gold Corp. Jon Slizza VP of Finance Cell: (509)
981-2020 Email: info@azteca-au.com
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