Matthew Russell, President of Azteca Gold Corp. ("Azteca" or the
"Company") (TSX VENTURE: AZG) announces a series of preliminary
assay results on its 50% owned Two Mile Project from follow-up work
programs performed during the fourth quarter of 2009. These
programs were recommended by the Company's QP, Richard Nanna and
partially outlined in the November 19th, 2009 press release.
These new assay results include the following programs and
intervals:
- The Harlow Silver Vein Zone program, comprised of samples from
surface, samples from multiple-adits and historical drill holes
(see results 1,2,3,4a,& 4b below) Samples ranged from
approximately 2.5 kilograms to approximately 7.0 kilograms and
averaged approximately 4.5 kilograms. A 250 gram pulp from each
sample was used for analysis.
- Interval 1500-2000 FT in diamond drill hole DDH-005A (see
results 5 below)
- Interval 1500-2000 FT in diamond drill hole DDH-006 (see
results 5 below)
Matt Russell explains, "These assay programs were the result of
analysis that attempted to make full use of the extensive drill
core data and various geophysical and geological data sets
generated on the Project to date. Our exploration goal has been to
identify significant silver dominant mineralization, which in the
Silver Valley would typically include lead, copper and zinc
credits."
Harlow Silver Vein Zone
The Company channel-sampled 4 silver veins lying parallel with
the NE dipping Burke meta-sediments in two surface cuts and within
two historical exploration adits (short tunnels into the
hillsides). The samples were taken from channels cutting across the
face of the exposed vein, perpendicular to strike. Assay results
are presented below, along with down-dip historical drill hole
intercepts. A conceptual depiction of these silver veins within an
approximate 225 FT wide drill target zone called the Harlow Vein
Zone can be found in Figure 3 of a series of 4 figures accompanying
this press release on www.sedar.com and also found on the Company's
website under the title and date of this press release. The Company
has bounded this zone by the elevations of the Harlow Portal and
the Harlow Cut-II, which are approximately 225 FT apart
stratigraphically. Further discussion of this Harlow Silver Vein
drill target zone can be found below under Near Surface Silver
Target Exploration Plan below.
1. Harlow Adit Vein Channel Samples(1):
Station Interval Ag Au
(FT) (FT) (g/tonne) (g/tonne) Pb (%) Cu (%) Zn (%)
+0.0 0.50 1290 0.118 3.17 0.73 0.13
less than
+82 2.25 744 0.06 0.92 0.57 1.36
+191(2) 1.50 1159 0.343 2.30 0.83 na
+221 0.67 3425 0.377 2.90 2.64 2.46
less than
+240 0.83 243 0.06 0.50 0.20 0.70
less than
+260 0.83 53 0.06 0.15 0.04 0.07
+280 0.50 1114 0.309 1.47 0.93 1.92
(1) Harlow Adit Vein sample intervals given are true widths. Channel samples
were taken at various heights in the NE wall of the Harlow adit, and the
Station locations represent FT into the adit from the Harlow Portal. The
Harlow Silver Vein dips shallowly to the NE and appears at all station
locations to have continuity into the SW adit wall with similar vein
widths as sampled in the NE wall. The vein strikes approximately WWN as
shown in Figure 4.
(2) Assays are from historical diamond drill hole RA-9 (by others) which was
found by the Company in the top of the adit at approximately 191 FT from
the Harlow Portal. From projected angle of drill hole, the interval can
be assumed to be a true width. We placed this interval in this chart to
show it in context with the channel samples around it.
2. Harlow Down-Dip Historical Drill Intercepts(1):
Interval Ag Au
Location (FT) (oz/ton) (oz/ton) Pb (%) Cu (%) Zn (%)
RA-60 3.00 11.5 na 2.17 0.27 2.53
RA-65 0.67 694 0.014 na 2.48 2.10
(1) True widths of intercepts are not given in the core logs. DH-60
intercept is 264-267 FT and DH-65 is 67.1-67.9 FT. Historical data was
presented in oz/ton. One troy ounce contains 31.1035 grams, and a short
ton weighs 2000 lbs. while a metric tonne weighs 2204.6 lbs.
Although the Company believes that this historical data can
generally be relied upon, readers are cautioned that neither the
Company nor its QP has done any independent work to confirm the
data.
3. Harlow North Adit Vein Channel Samples (1):
Station Interval Ag Au
(FT) (FT) (g/tonne) (g/tonne) Pb (%) Cu (%) Zn (%)
+0.0 0.50 998 0.297 1.35 0.48 7.97
+8 0.50 777 0.127 0.62 0.44 1.57
+74 0.50 1030 0.174 1.72 0.64 1.05
(1) Harlow North Vein Adit sample intervals given are true widths. Channel
samples were taken at various heights in the SW wall of the Harlow North
Adit. The Harlow North silver vein dips steeply NE ( greater than 45
degrees). The vein strikes approximately WWN as shown in Figure 4.
4a. Harlow Vein Cut-I Channel Samples(1):
Station Interval Ag Au
(FT) (FT) (g/tonne) (g/tonne) Pb (%) Cu (%) Zn (%)
+0.0 0.50 518 0.016 1.43 0.33 0.27
-45 0.50 294 0.131 0.29 0.27 0.79
(1) Harlow Vein Cut-I sample intervals given are true widths. Channel
samples were taken in bedrock cut. The vein is flat at this location
and strikes similarly WWN as the Harlow Vein. The second sample station
is taken back to the SE of the first sample station.
4b. Harlow Vein Cut-II Channel Samples(1):
Station Interval Ag Au
(FT) (FT) (g/tonne) (g/tonne) Pb (%) Cu (%) Zn (%)
+0.0 5.0 114 na 0.24 0.04 0.06
-4.0 5.0 92 na 0.18 0.04 0.08
(1) Harlow Vein Cut-II sample intervals given are true widths. Channel
samples were taken in bedrock cut with multiple mineralized zones
averaged over the 5 FT interval. The vein is flat at this location and
strikes similarly WWN as the Harlow Vein. The second sample station is
taken back to the SE of the first sample station.
5. New Silver Discovery within Assay Interval 1500-2000 FT in
005A and 006
The Company is pleased to present the following significant
silver and base metal assays, including this notable result:
616 g/tonne Silver, 1.37% Lead, and 0.61% Copper over 2.0
FT.
Richard Nanna explains, "The mineralization is within an
enriched carbonate zone which may explain the higher gravity
readings above 600m in the Scintrex gravity survey. The
mineralization in both holes appears to be in similar stratigraphic
location within the IP anomaly that Quantec geophysics outlined in
2006, and upon which the Company's original 2007 Two Mile drill
program targeting was based." Holes DDH-005A and DDH-006 are
approximately 1 km apart.
DDH-005A and DDH-006 Drill Core Sulfide Sample Intervals:
Drill From: To: Interval Ag Pb Cu Zn CO3
Hole (FT) (FT) (FT) (g/tonne) (%) (%) (%) (%)
006 1642.5 1645.5 3.0 9 .009 0.043 0.017 3.97
006 1645.5 1647.5 2.0 2 0.013 0.009 0.012 1.99
006 1647.5 1649.5 2.0 616 1.370 0.610 0.130 4.49
006 1649.5 1651.5 2.0 11 0.251 0.056 0.020 3.00
005A 1510 1515 5.0 37 0.132 0.006 0.048 Na
005A 1550 1555 5.0 17 .051 0.006 0.022 Na
005A 1608.5 1611.0 2.5 16 0.104 0.008 0.115 2.63
005A 1611.0 1613.5 2.5 10 0.027 0.006 0.085 3.03
Gravity Anomaly (2): Follow-Up to DDH-005A Massive Sulfides
Discovery
In addition to the two at-surface and near-surface discoveries
of silver mineralization described above, the Company wishes to
emphasize the importance of further investigating the deeper silver
and base metal intercept discovered at approximately 7900 FT in
hole DDH-005A as disclosed in the January 13, 2009 press
release:
- 15.5 FT of 40.0% Zn, 7.4% Pb, and 140.7 g/tonne Ag... which is
included within the larger interval,
- 37.0 FT of 18.0% Zn, 3.6% Pb, and 61.9 g/tonne Ag
Richard Nanna has recommended further assaying of various
un-assayed intervals in DDH-005A, DDH-005B and DDH-006 for the
purpose of indentifying possible extensions of the mineralization
discovered by the above intercept. "Such extensions, if they are
found to be anomalous in silver or base metals, would be
significant because of the large distances between drill holes at
these depths," said Mr. Nanna.
As a next step, the Company will, as financing permits, assay
portions of the intervals 7100-9200 FT in each of the three holes,
which correspond to Gravity Anomaly (2) at 2170-2800 meters
disclosed in the November 19th, 2009 press release.
Gravity Anomaly (1)
Also per Mr. Nanna's recommendation, the Company has sampled and
will assay the approximate interval 4250-4500 FT in holes DDH-005A
and DDH-006. The purpose for this assay project is to identify
mineralized intervals that may be associated with Gravity Anomaly
(1) between 1312-1374 meters as disclosed in the November 19th,
2009 press release.
Near-Surface Silver Target Exploration Plan
Figures 3 and 4 identify elevation and plan locations
respectively for a proposed fan of drill holes to be accomplished
from drill pads DDH-007 and DDH-008. Silver targets include the
Harlow Silver Vein Zone as well as the 2006 IP Geophysics Target
Zone which begins approximately 1500 FT below the Harlow Silver
Vein Zone and is expected, per the IP geophysics, to be parallel to
the Burke Meta-sedimentary layers. The Company emphasizes that
DDH-007 and DDH-008 may also be used to drill test deeper targets
should Gravity Anomaly (1) and (2) assay results support these
targets. Drill stations were chosen on existing roads to facilitate
USFS permitting and to limit environmental impact by the
Project.
Silver and Base Metal Production in the Burke Meta-sediments
The Burke meta-sediments in the Silver Valley of Idaho host many
historical silver mines, such as the prolific Hercules Silver Mine.
By 1970, 23 million tons of ore had been produced out of the
Valley's Burke hosted mines, at an average of 5.6 oz/ton Ag, 8.7%
Pb, and 2.6% Zn.
The Bunker Hill Mine, by comparison, had produced 27,000,000
tons of ore by 1970 within the Revett-St. Regis meta-sediments
(which overlie the Burke) at an average of 3.7 oz/ton Ag, 8.0% Pb,
and 3.7% Zn. Historical numbers are from E. N. Pennabaker,
1971.
Locations of Drill Collars, Bedrock Cuts, and Adit portals:
Location N E Elevation Strike Dip
(m) (m) (ft)
Harlow Adit Portal 5265040 577226 2927 WWN NE
Harlow North Adit
Portal 5265161 577304 2980 WWN NE
Harlow Cut-I 5265077 577205 2986 WWN NE
Harlow Cut-II 5265100 577131 3160 WWN NE
DH-9 5265062 577193 3015 -90
DH-60 5264990 577307 2998 N -50
DH-65 5264936 577304 2865 -90
UTMs are in NAD 27 Z11 (meters), unless noted otherwise
Summary
"Azteca Gold has until recently been focused primarily on
massive sulfide targets at depth," said Mr. Russell. "Recent
gravity geophysical results, as well as a re-assessment of previous
IP geophysics work, have given the Company cause for a second focus
on multiple zones of potential mineralization much closer to and
at-surface. These zones initially appear to be carbonate hosted,
and our ongoing assay programs will allow us to further define our
drilling programs beyond the near-surface silver targets for
2010."
Diamond drill core and channel samples were processed per the
Company's chain of custody controlled by Azteca personnel who
transferred the samples directly to American Analytical Labs,
located at Osburn, Idaho, an independent and fully accredited lab.
The assay lab has provided assay results to only those within
Azteca's control pursuant to the list provided to them by Matt
Russell. Material assay results are considered preliminary by the
Company until check assays are received.
Assay methods include fire assay for Ag and Au. ICP
(inter-coupled plasma) was used for lead, zinc, and copper.
Carbonate (CO3) was titrated.
The technical and scientific information contained in this news
release has been prepared and reviewed by the Company's QP Richard
Nanna, who is also a director of the Company.
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 by either the
Company or its joint venture partner. 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: 199,461,432
Neither 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: Azteca Gold Corp. Jon Slizza VP of Finance and
Investor Relations Cell: (509) 981-2020 info@azteca-au.com
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