Oceanus Provides Update on Drilling Program at La Lajita High-Grade Gold Prospect in Mexico
July 02 2014 - 11:51AM
Access Wire
HALIFAX, NOVA SCOTIA / ACCESSWIRE / July 2,
2014 / Oceanus Resources Corporation
(TSXV:OCN) ("Oceanus" or the "Company") has completed the first six
drill holes of the Phase II diamond drilling program at the
high-grade La Lajita gold property in Durango, Mexico. The
objective of the Phase II program is to test the downdip extension
of the high grade clavos at depths between 100 and 300
meters.
The following table provides
details for the first six drill holes of this program.
-------------------------------------------------------------------------
|La LajitaPhase II 2014 Drilling Program |
|-----------------------------------------------------------------------|
|Hole |East |North |Elevation|Azimuth|Dip |Size|Length|Target |
|-----------------------------------------------------------------------|
|OCN-14-008|467533|2561017|1507 |75 |-65 |HQ3 |159.3 |Santo Nino|
|-----------------------------------------------------------------------|
|OCN-14-009|467533|2561017|1507 |75 |-80 |PQ3 |169.5 |Santo Nino|
|-----------------------------------------------------------------------|
|OCN-14-010|467533|2561017|1507 |360 |-90 |PQ3 |187.1 |Santo Nino|
|-----------------------------------------------------------------------|
|OCN-14-011|467447|2560967|1540 |360 |-90 |PQ3 |299.5 |Santo Nino|
|-----------------------------------------------------------------------|
|OCN-14-012|467641|2560743|1563 |80 |-55 |PQ3 |138.5 |Dos |
| | | | | | | | |Hermanos |
|-----------------------------------------------------------------------|
|OCN-14-013|467665|2560702|1542 |80 |-55 |PQ3 |110.5 |Dos |
| | | | | | | | |Hermanos |
-------------------------------------------------------------------------
Logging and sampling of the core is
in process.
In September,
2013 Oceanus completed a 1,000 meter diamond drill program on the
Santo Nino and Dos Hermanos gold and silver prospects. The
high-grade gold and silver mineralization, associated with a
distinct greenish colored quartz observed on surface in a hematite
breccia zone, was intersected in all of the holes. The highlight
result from the 2013 drill program was 7.1 grams per tonne gold and 48.8 grams per
tonne silver over a core length of 20 meters,
including 18.9 g/t gold and 71.3 g/t silver over a core length of
6.5 meters, in diamond drill hole OCN-13-005 at the Santo Nino Zone
(see press released dated September 24, 2013). Visible gold was
present in and is associated with the high-grade interval in hole
OCN-13-005.
The 2014 diamond drilling
program will focus on the high-grade Santa Nino and
the Dos Hermanos zones, both of which returned excellent results
from the first round of drilling in 2013. The objective of the
Phase II program is to test the down dip extension of the clavos in
the vicinity of where it intersects the contact with the Lower
Volcanic Sequence.
The company has identified a
number of epithermal, low-sulphidation gold and silver prospects
along the NW-SE trending fault which has been traced for over 3
kilometers of strike length on the property. Mapping, prospecting
and channel sampling programs will be carried out to assess the
potential for trenching and drilling targets.
Lab Preparation
and Assay
Oceanus samples are prepared
and assayed by Activation Laboratories Ltd. ("Actlabs"). Actlabs is
a CAN-P-1579, CAN-P-4E (ISO/IEC 17025:2005) accredited laboratory
and independent of Oceanus. The sealed and tagged sample bags are
turned over to ActLabs personnel at the site who transport them to
the ActLabs facility in Zacatecas, Mexico. ActLabs crushes the
samples and prepares 200-300 gram pulp samples with ninety percent
of the pulp passing Tyler 150 mesh (106?m).
The pulps are assayed for
gold/silver using a 50 g charge by fire assay (Codes 1A2-50) and
over limits greater than 3 g/t are re-assayed using a gravimetric
finish (Code 1A3-50). Copper, lead, zinc and other element analysis
is completed using the total digestion ICP-41 (Code IF2) for all
the other elements.
Quality
Assurance/Quality Control and Data Verification
Quality assurance and quality
control procedures include the systematic insertion of blanks,
standards and duplicates into the sample strings. The results of
the assaying of the QA/QC material included in each batch are
tracked to ensure the integrity of the assay data. All results
stated in this announcement have passed Oceanus's quality assurance
and quality control ("QA/QC") protocols.
David R. Duncan, P. Geo., a
director of the Company, is the Qualified Person for Oceanus as
defined under National Instrument 43-101. Mr. Duncan has reviewed
the scientific and technical information in this press
release.
June
2014 Shares for Debt
Transaction
Further to Oceanus's
press release dated June 3, 2014, the Company has
issued 727,271 common shares of the Company to settle
aggregate outstanding debt in the amount of $240,000 of which
424,241 common shares were issued to insiders to settle outstanding
debt in the amount of $140,000.
For further
information, please contact:
Richard Gordon
Chief Executive Officer, Oceanus
Resources Corporation
(902) 798-4536
info@oceanusresources.ca
CAUTIONARY STATEMENT:
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.
This News Release includes certain
"forward-looking statements". All statements other than statements
of historical fact, included in this release, including, without
limitation, statements regarding potential mineralization and
reserves, exploration results, and future plans and objectives of
Oceanus, are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from Oceanus's expectations are exploration risks
detailed herein and from time to time in the filings made by
Oceanus with securities regulators.
(Not for
distribution to US wire services or for dissemination in the United
States of America)
SOURCE: Oceanus Resources Corporation
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