Azteca Gold Corp. and Liard Resources Ltd.: Plan to Drill Central Hinge of the Two-Mile Anticline for Silver-Lead-Zinc Sulfides,
April 07 2010 - 10:50AM
Marketwired
Matthew Russell, President of Azteca Gold Corp. (TSX VENTURE: AZG)
("Azteca" or the "Company") and Jan Alston, president of Liard
Resources Ltd. ("Liard") announce that the Two Mile Joint Venture
has proposed a financing dependent 2010 exploration program to
drill test the central portion or hinge of the Two Mile anticline
as given in accompanying Figures 5 and 6 as well as Figures 1-4 as
presented previously by Azteca in a January 6th, 2010 press
release.
The Company directs readers to an updated 43-101 technical
report, authored by Dr. Jennifer Thomson, Ph.D. and titled
"Exploration of the Two Mile Creek Project area near Osburn, Idaho
for Lead and Silver," dated April 2, 2010 (the "Update Report").
This document was prepared for Liard on behalf of Azteca's Joint
Venture partner Silver Royal Apex and can be found on Sedar
(www.sedar.com) under Liard Resources Ltd. which currently has a
vend-in arrangement with Silver Royal Apex.
The Update Report discusses the potential for mineralization
within the Two-Mile anticline as supported by work by others in the
Silver Valley: "The Coeur d'Alene district is characterized by at
least three generations of folds and it is known that the fold
hinges and overturned limbs in the district are locations where
brecciation, fracture, and shear have provided pathways for
mineralization." Dr. Thomson, the author of the Update Report, goes
on to state that The Company "has proposed drill stations DDH-007
and DDH-008 to test the upper Two Mile anticlinal structure for
down-dip continuity of Harlow-type silver veins" and recommends
"further wedge-off drilling from DDH-005A in the vicinity of the
massive sulfide intercept at approximately 7900 FT to test for
up-dip and down-dip extension of this mineralization." Furthermore,
Dr. Thomson also concurs with the Company's proposed hole DDH-009
to "test the central portion (hinge) of the conceptual lower extent
of the Two Mile anticline to investigate possible up-dip extension
of mineralization due to remobilization of fluid during subsequent
deformation."
Drill Plan and Permitting
The Company has received drill permits for holes DDH-007, -008,
and -009. Depending on financing, the Company plans to drill
vertical hole DDH-009 to 7000 FT to test up-dip mineralization
potential of the conceptual anticlinal hinge.
The purpose of DDH-009, as mentioned above, is to investigate
the potential for potential hinge-related up-dip mineralization,
especially as it relates to mineralization discovered at
approximately 7900 FT in hole DDH-005A. The company also plans the
recommended geophysical relog by Scintrex of hole DDH-006 due to
instrument noise. Financing permitting, the Company plans a
downhole gravity geophysical survey of DDH-009 prior to any
wedge-off drilling which may preclude such activity.
The drill plan and purposes for DDH-007 and -008 were outlined
in the January 6th, 2010 press release to test for down-dip
extension of the Harlow silver vein zone mineralization.
In addition to investigating potential mineralization in the
vicinity of the massive sulfide discovery in DDH-005A at
approximately 7900 FT, the Company may remove the wedge at
approximately 3900 FT for hole DDH-005B and insert wedge(s) at
approximately 6500 FT - 7500 FT in DDH-005A from which to further
investigate potential massive sulfide mineralization.
Drill Assays by Others
The Update Report gives significant assays for diamond core
holes by others, RA-13 and RA-19 which are shown in plan view in
Figure 5 and are projected onto section A2-A2' in Figure 6. Assays
for RA-13 and RA-19 can be found in Tables 14 and 15, respectively,
of the Update Report. Notable assays include:
RA-13:
366.5-367.5 - 1.0 FT @ 1626 g/tonne Ag, 3.9% Pb, 1.25% Cu, 12.3%Zn
500.0-501.0 - 1.9 FT @ 944 g/tonne Ag, 3.5% Pb, 0.87% Cu
RA-19:
1003.0-1003.5 - 0.5 FT @ 408 g/tonne Ag, 1.55% Pb, and 2.0% Zn
Two Mile Joint Venture Amended
The parties have agreed to amend the joint venture agreement to
provide Silver Royal Apex until June 30, 2010 to pay for its half
of the joint venture costs incurred to date before dilution
provisions of the joint venture agreement take effect. In return,
Azteca's rights to participate in their proposed private placement
and to convert a portion of the debt to equity have been extended.
The full text of the amendment can be found on Sedar
(www.sedar.com) under Azteca Gold Corp.
The technical and scientific information contained in this news
release has been prepared and reviewed by QP Dr. Jennifer
Thomson.
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
To view Figure 5, please click the link below:
http://media3.marketwire.com/docs/Figure5.pdf
To view Figure 6, please click the link below:
http://media3.marketwire.com/docs/Figure6.pdf
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: 1-509-981-2020 info@azteca-au.com Liard Resources
Ltd. Jan Alston President of Liard 1-403-816-6974
janalston@shaw.ca
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