Portex Minerals Inc. Announces Latest Drill Results at the Lagoa Salgada Massive Sulphide Deposit, Portugal
September 04 2012 - 8:00AM
Marketwired Canada
Portex Minerals Inc. ("Portex" or the "Company") (CNSX:PAX) is pleased to
announce the latest drilling and geophysical survey results for the Lagoa
Salgada deposit in South Western Portugal. Portex is a mineral exploration and
development company with properties in Spain and Portugal. Portex has previously
announced that it has entered into a non-binding Memorandum of Understanding to
acquire the outstanding securities of Scandinavian Metals Inc. with exploration
properties in Sweden and an indirect investment in properties in Norway.
The drilling was conducted to follow up on initial drilling results from the
2011 exploration program (see Portex news release dated September 26, 2011). The
latest program also incorporated the analysis of results from the Technical
Report and resource estimate completed by Tetra Tech, as reported in a Portex
news release dated January 4, 2012.
The first two holes of the planned 7-hole Phase 2 program were completed.
Percussion pre-collaring of overlying barren sediments was completed in the
first half of March 2012. Diamond drilling commenced on June 25 and was
completed on July 27, 2012. As in the previous drill programs, samples were
collected and shipped to an accredited assay laboratory owned by ALS
Laboratories at its Seville Spain facility. Assay results were recently
received, compiled and composited for disclosure, as shown in the table below.
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Drillhole From To Length (i) Zone (i)
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PX02 137.85 142.20 4.35 Gossan
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PLUS 168.85 179.10 10.25 MSX + stockwk
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PX05 138.18 165.95 27.77 Gossan +/- Chert
incl. 145.25 165.95 20.70 Gossan +/- Chert
incl. 159.60 165.95 6.35 Gossan +/- Chert
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PLUS 165.95 193.60 27.65 MSX
incl. 165.95 170.50 4.55 MSX
incl. 170.50 188.60 18.10 MSX
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PLUS 193.60 221.00 27.40 MSX + SMSX
incl. 202.65 206.05 3.40 MSX
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Drillhole Au g/t Ag g/t Cu % Pb % Zn %
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PX02 0.07 11.66 0.20 2.28 1.11
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PLUS 0.02 16.05 0.45 0.08 0.23
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PX05 1.04 66.00 0.16 2.02 0.42
incl. 1.35 83.65 0.20 2.25 0.29
incl. 2.22 43.35 0.51 0.40 0.28
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PLUS 0.95 82.54 0.92 4.03 5.70
incl. 0.10 112.00 4.35 0.98 0.15
incl. 1.30 72.03 0.24 5.54 7.33
--------------------------------------------------
PLUS 0.18 43.07 0.34 0.77 1.16
incl. 0.20 127.29 0.28 1.44 2.20
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(i) True Widths are not available at this time, pending confirmation of
sulphide lens geometry. MSX = massive sulphides, SMSX= semi-massive
sulphides
Drillhole PX02 was targeted to evaluate the eastern downdip extension of the SE
massive sulphide lens delineated by 2011 drilling as presented in the Technical
Report. The hole encountered a residual gossan horizon at the contact between
the overlying Tertiary sediments and the older Paleozoic volcanic sequence
hosting the Lagoa Salgada deposit. Below the gossan, the hole encountered
altered volcanic tuffs and sulphide stockwork mineralization and a narrow
massive sulphide intercept between 169m and 179m depth. No significant assays
were obtained from hole PX02.
Hole PX05 was located to further evaluate the tenor and continuity of the SE
lens and was collared between previous holes PX04A and PX08, which were 111m
apart. Hole PX05 intersected a thick gossan at the unconformity followed by 55m
of massive and semi-massive sulphides. The hole confirmed the continuity of the
SE lens and also the relatively higher grade upper section of the sulphide
sequence which, as in PX03 and PX08, contains significant grades of gold,
silver, lead and zinc. The upper sulphide zone contained a continuous section
18.10m in thickness grading 1.30 g/t Au, 72.03g/t Ag, 5.54% Pb and 7.33% Zn. The
gossan zone above the sulphides also contains appreciable gold, silver and lead.
Immediately below the gossan an interval of enriched copper and silver exists,
likely from supergene enrichment, which graded 112 g/t silver and 4.35% copper.
Hole PX05 terminated in a clay-rich fault from 221-223.8m which prevented
further drilling. The typical volcanic tuff-stockwork assemblage below the
massive sulphide was not intersected which suggests that the hole ended
prematurely. Portex is examining its options with respect to extending PX05 at
depth.
Portex contracted downhole transient EM surveys on both holes immediately
following the drilling. IGT Geophysical Technology, SL, a Spanish firm with
previous experience in the Pyrite Belt, conducted the surveys. Hole PX02
detected the adjacent sulphide mass to the west (intersected in PX08 (2011)) and
hole PX05 demonstrated two conductive responses: one strong anomaly for the
sulphide zone intersected by the hole and a second weaker off-hole response
interpreted to reflect the main sulphide body at Lagoa Salgada to the west. The
conductive zones were interpreted to dip 78-75 degrees NE. The interpreted dip
is steeper than expected and may indicate that hole PX02 was terminated above
the target sulphide horizon. Consideration will be given to extending this hole
to depth if re-entry is possible. Portex expects that completion of the
remaining five holes of the planned Phase 2 program will greatly assist in
refining the geologic model and potential for resource expansion at Lagoa
Salgada.
Portex has incorporated a quality assurance and control program for the Lagoa
Salgada drilling samples which inserts laboratory standards and blanks into the
assayed sample shipments to ensure reliability and accuracy of core analytical
data. Assaying is being conducted by ALS Laboratories at its Seville Spain
facility. All drill core is maintained in a secure facility on the concession
under the supervision of Portex personnel.
Portex is a Toronto-based mineral development company, focused on acquisition
and development of base and precious metal properties in Europe. The Company has
properties in Spain and Portugal.
The Lagoa Salgada concession in Southern Portugal hosts the Lagoa Salgada
deposit, a polymetallic volcanogenic massive sulphide ("VMS") deposit which
consists primarily of lead and zinc, along with some gold, silver and copper.
Portex completed a NI 43-101 Technical Report and Resource Estimate (Wardrop, a
Tetra Tech company ("Tetra Tech"), January 9, 2012) which showed an indicated
resource, at a 3.5% Zinc-Equivalent ("Zn-Eq") cut-off, of 2.9 million tonnes at
7.2% zinc equivalent and an inferred resource of 1.6 million tonnes at 5.5% zinc
equivalent, as announced previously in Portex's news release dated January 4,
2012. The NI 43-101 Technical Report and Resource Estimate was filed on SEDAR on
January 11, 2012.
The Toral Project covers a license area of 2,400 ha located in the province of
Leon in North West Spain, approximately 400 km northwest of Madrid. The property
is accessed by infrastructure including a regional highway, a high voltage power
line and a railway line which links to the Asturianas zinc-lead smelter via the
city of Leon. The April 30, 2012 NI 43-101 technical report (updating the April
2011 Technical Report commissioned by GoldQuest), commissioned by Portex and
prepared by Micon International Co Limited, estimated an indicated resource for
the Toral project of 4.04Mt grading 5.3% lead, 6.5% zinc, 0.11% copper and 41g/t
of silver. In addition, Micon estimated an inferred resource of 4.67Mt grading
4.44% lead, 5.4% zinc, 0.14% copper and 32g/t of silver. A cut-off grade of 7%
combined lead and zinc was used to define the Toral project's mineral resources.
The complete NI 43-101 technical report may be found on the Company's profile at
www.sedar.com.
Terence Chandler, P.Geo., Executive Vice President of Portex Minerals Inc. is
the Qualified Person responsible for the technical disclosure of Portex's
exploration results contained in this release and in conformance with the
standards of National Instrument 43-101.
Paul Daigle, P.Geo., of Tetra Tech is the Qualified Person responsible for the
referenced disclosure in the Technical Report entitled "Lagoa Salgada Project,
Portugal-Resource Estimate Update", dated January 9, 2012, available on
www.sedar.com, in conformance with the standards of National Instrument 43-101.
Stanley C. Bartlett, P.Geo., of Micon International Co Limited is the Qualified
Person responsible for the referenced disclosure in the Technical Report
entitled "Toral Zinc-Lead-Silver Project, Castile and Leon, Spain, Mineral
Resource Estimate, NI 43-101 Technical Report", dated April 30, 2012, available
on www.sedar.com, in conformance with the standards of National Instrument
43-101.
This news release contains "forward-looking information" which may include, but
is not limited to, statements with respect to the future financial or operating
performance of the Company and its projects. Often, but not always,
forward-looking statements can be identified by the use of words such as
"plans", "expects", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "believes" or variations (including
negative variations) of such words and phrases, or state that certain actions,
events or results "may", "could", "would", "might" or "will" be taken, occur or
be achieved. Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any future
results, performance or achievements expressed or implied by the forward-looking
statements. Forward-looking statements contained herein are made as of the date
of this press release and the Company disclaims any obligation to update any
forward-looking statements, whether as a result of new information, future
events or results or otherwise. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. The Company
undertakes no obligation to update forward-looking statements if circumstances,
management's estimates or opinions should change, except as required by
securities legislation. Accordingly, the reader is cautioned not to place undue
reliance on forward-looking statements.
Shares outstanding: 43,734,985
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