Odin Mining and Exploration Limited: Initial Drilling Results from Casique Targets at Greater Cangrejos
April 04 2012 - 9:00AM
Marketwired Canada
Odin Mining and Exploration Limited ("Odin") (TSX VENTURE:ODN) is pleased to
announce analytical results from the first seven (7) diamond drill holes
completed on the Casique target of its Greater Cangrejos property in Southwest
Ecuador.
These holes were drilled at the end of 2011 and during the first quarter of 2012.
The project is located about 30 km from the city of Machala and about 40 km from
the port of Puerto Bolivar.
Highlights of the drilling include:
-- 6 m @ 8.96 g/t Au & 0.23% Cu from 276 m in hole C12-37
-- 18 m @ 2.55 g/t Au & 0.18% Cu from 62 m in hole C12-39
-- 24 m @ 1.65 g/t Au & 0.08% Cu from 64 m in hole C12-40
Although one of the currently recognized targets within the +5 km long,
northeast trending corridor running across the northeast sector of the Greater
Cangrejos property (Figure 1), the Casique area is a distinctly separate
location from the Trinchera-Paloma area, lying approximately 1.5 km to the
northeast and at a surface elevation generally 300-400 m higher.
In 2000 Newmont Overseas Exploration Limited ("Newmont") drilled one diamond
drill hole (C00-29) in the Casique target area and obtained an intersection of
22 m at 2.56 g/t Au and about 0.2% Cu starting from a borehole depth of 130 m.
In contrast to the +100 m zones of pervasive disseminated mineralization found
at Trinchera-Paloma (as described in Odin's press release of January 26, 2012),
the mineralization at Casique is more sharply defined with relatively narrow
(2-20 m wide), zones related to faults and fracture zones within silicified,
diorite wallrock. Some of the mineralization occurs in hydrothermal breccias,
but whether this association is genetically significant is as yet undetermined.
Table 1 lists all intersections with at least 0.3 g/t Au,
Figure 2 plots a map of these intersections in relation to the interpreted
surface traces of the main lineaments, and
Figure 3 plots a vertical section through the fan of holes C12-38, 39, 40
drilled from the same site to intersect the northwest-trending ARC structure.
To view Figure 1, click on the following link:
http://media3.marketwire.com/docs/o43a.pdf
The current phase of diamond drilling on the Casique targets is very much still
"work-in-progress". Drilling is still continuing, and four more holes (C12-41,
42, 43, 44 with an advance of 1049 m) have already been completed in addition to
those reported here (Figure 2). Once the Casique program is completed Odin will
continue a program of mapping, soil sampling and road construction whilst
completing the surveys required to permit more drill sites for the next round of
drilling.
The seven Odin holes reported here had a total advance 1762 m and were nominally
drilled either in North-South or East-West planes at inclinations of -45
degrees, except for C11-35 (-65 degrees), C12-39 (-70 degrees) and C12-40 (-85
degrees).
To view Figure 2, click on the following link:
http://media3.marketwire.com/docs/o43b.pdf
Since the present diamond drilling campaign began at the start of October, Odin
has completed 15 holes for an advance 4,213 m. This figure comprises the four
holes at Trinchera-Paloma for which Odin reported results in its press release
of January 26, 2012, the seven holes at Casique for which Odin is reporting the
results in this press release, and the 4 holes at Casique for which results are
still pending.
The distribution of the greater than 1 g/t Au intersections, combined with the
intense potassic alteration seen to date at Casique, suggest that the
mineralisation represents leakage from a porphyry source at depth.
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From To Advance Au Cu
(m) (m) (m) (g/t) (%) Notes
----------------------------------------------------------------------------
----------------------------------------------------------------------------
C11-34
----------------------------------------------------------------------------
80 82 2 0.30 0.05 silicified diorite
----------------------------------------------------------------------------
End hole = 401.8 m
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C11-35
----------------------------------------------------------------------------
13 16 3 0.60 0.04 silicified diorite -
weathered
----------------------------------------------------------------------------
22.2 30 7.8 0.55 0.03 silicified diorite -
partly weathered
----------------------------------------------------------------------------
including
----------------------------------------------------------------------------
26 28 2 1.02 0.04
----------------------------------------------------------------------------
50 52 2 0.67 0.08 silicified diorite
----------------------------------------------------------------------------
End hole = 108.7 m
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----------------------------------------------------------------------------
C12-36
----------------------------------------------------------------------------
0 2.1 2.1 0.36 0.02 colluvium
----------------------------------------------------------------------------
26.5 34 7.5 1.10 0.03 silicified diorite -
partly weathered
----------------------------------------------------------------------------
60 62 2 0.52 0.02 fault zone
----------------------------------------------------------------------------
End hole = 247.7 m
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----------------------------------------------------------------------------
C12-37
----------------------------------------------------------------------------
212 214 2 0.40 0.01 tourmaline breccia /
silicified diorite
----------------------------------------------------------------------------
252 254 2 0.76 0.00 intensely silicified
zone
----------------------------------------------------------------------------
276 282 6 8.96 0.23 intensely silicified
zone with sulphide
----------------------------------------------------------------------------
including
----------------------------------------------------------------------------
278 280 2 14.80 0.60
----------------------------------------------------------------------------
286 288 2 0.49 0.01 silicified diorite
----------------------------------------------------------------------------
End hole = 351.13 m
----------------------------------------------------------------------------
(Nb. The structure is too poorly known to allow estimation of true
intersection thicknesses)
Table 1: Analytical Results - Holes C11-34, 35 and C12-36, 37
Core recovery in the hard bedrock was generally good at 95-100%. However, in the
weathered zone core recovery was usually much poorer (often in the range 25% -
75%).
All core was cut in half - with a knife for the soft clays of the weathered zone
and with a diamond saw for the hard rock at depth. One half of the core was
archived for later reference and the other half sampled over 2 m intervals as
standard, except within the weathered zone where the sample intervals had to be
fitted to the poorer recoveries. The samples were crushed in their entirety to
less than 2 mm by LAC y Associados Cia. Ltda. in Cuenca, Ecuador, and a 1 kg
sub-sample of chips split out and pulverized. A 150 gm split of the pulp was
sent to Acme Analytical Laboratories (Vancouver) Ltd. in Canada for analysis for
Au by 30 g fire assay with ICP-ES finish and for 36 multi-elements, including
Cu, by ICP-ES with a hot (95 degrees) aqua regia leach of a 0.5 gm aliquot.
In addition to the laboratories own programme of analysis of standards, blanks,
and pulp duplicates, Odin submitted its own standards (supplied by Rocklabs, New
Zealand), blanks and duplicates of rock chips. The results of the quality
control are considered satisfactory.
----------------------------------------------------------------------------
From To Advance Au Cu
(m) (m) (m) (g/t) (%) Notes
----------------------------------------------------------------------------
----------------------------------------------------------------------------
C12-38
----------------------------------------------------------------------------
0 8 8 0.61 0.05 colluvium and weathered
diorite
----------------------------------------------------------------------------
48 56 8 0.63 0.05 hydrothermal breccia -
partly weathered
----------------------------------------------------------------------------
including
----------------------------------------------------------------------------
50 52 2 1.05 0.07
----------------------------------------------------------------------------
164 166 2 0.54 0.00 silicified diorite with
limonitic fractures
----------------------------------------------------------------------------
End hole = 200.6 m
----------------------------------------------------------------------------
----------------------------------------------------------------------------
C12-39
----------------------------------------------------------------------------
2.5 10 7.5 0.66 0.06 colluvium and partly
weathered diorite
----------------------------------------------------------------------------
12 16 4 0.30 0.03 silicified diorite -
partly weathered
----------------------------------------------------------------------------
40 42 2 0.31 0.04 silicified hydrothermal
breccia
----------------------------------------------------------------------------
62 80 18 2.55 0.18 silicified hydrothermal
breccia
----------------------------------------------------------------------------
including
----------------------------------------------------------------------------
68 70 2 5.66 0.33
----------------------------------------------------------------------------
92 94 2 0.30 0.21 silicified hydrothermal
breccia
----------------------------------------------------------------------------
130 134 4 1.03 0.10 silicified hydrothermal
breccia
----------------------------------------------------------------------------
212 214 2 1.20 0.00 silicified diorite
----------------------------------------------------------------------------
End hole = 252.5 m
----------------------------------------------------------------------------
----------------------------------------------------------------------------
C12-40
----------------------------------------------------------------------------
2 12 10 0.88 0.06 silicified diorite
----------------------------------------------------------------------------
38 46 8 1.39 0.06 hydrothermal breccia /
silicified diorite
----------------------------------------------------------------------------
64 88 24 1.65 0.08 silicified hydrothermal
breccia
----------------------------------------------------------------------------
including
----------------------------------------------------------------------------
76 78 2 4.17 0.19
----------------------------------------------------------------------------
108 116 8 0.56 0.04 hydrothermal breccia /
silicified andesite
----------------------------------------------------------------------------
including
----------------------------------------------------------------------------
112 114 2 1.21 0.07
----------------------------------------------------------------------------
152 154 2 0.30 0.04 silicified diorite
----------------------------------------------------------------------------
End hole = 200.0 m
----------------------------------------------------------------------------
(Nb. The structure is too poorly known to allow estimation of true
intersection thicknesses)
Table 2: Analytical Results - Holes C12-38, 39, 40 - drilled as vertical fan
from same site
(as shown in Figure 3)
To view Figure 3, click on the following link:
http://media3.marketwire.com/docs/o43c.pdf
The technical part of this press release is based on data prepared by Mike
Potter, MSc, MIMMM, an independent mineral exploration consultant, who was on
site during much of the drilling described. This was reviewed and approved by
Dan Noone, a member of AIG and Director of the Company, as the Qualified Person
in accordance with the requirements of NI 43-101.
Stephen W.C. Stow, President
This release may include certain statements that may be deemed to be
"forward-looking statements". All statements in this release, other than
statements of historical facts, that address events or developments that
management of the Company expect, are forward-looking statements.
Actual results or developments may differ materially from those in
forward-looking statements.
Odin Mining and Exploration Ltd. disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, save and except as may be required by
applicable securities laws.