VANCOUVER, British Columbia,
July 13, 2011 /PRNewswire/ --
Lori McClenahan, President, Intigold
Mines Ltd. (IGD – TSX:V) and St. Elias Mines Ltd. (SLI - TSX:V),
announced today the results of a verification sampling program at
the Cueva Blanca Gold Property (the "Property") located in
northwest Peru.
The Phase I program has been designed with a plan to bring the
historical exploration work conducted at the Property to current NI
43-101 standards. The program consisted of systematic
sampling (outcrops and trenches) at the Cruz Vein portion of the
Property. Assay results indicate a weighted average grade of
2.84 g/t gold across an average width of 4.3 meters and along a
strike length of 850 meters in the Cruz Vein system.
Cruz Vein System
Historical exploration work on the Cruz Vein system, which
included 91 trenches and 18 drill holes totalling 1,860 metres,
proved that the quartz veins consistently contain gold and silver
and that the Cruz Vein system is a classic epithermal gold-silver
deposit. Historical results of gold assays from the Cruz Vein
drill program include 6.0 metres of 2.31 grams per tonne, 6.0
metres of 2.96 grams per tonne (including 1.75 metres of 7.45 grams
per tonne), 1.5 metres of 22.68 grams per tonne, 9.5 metres of 8.09
grams per tonne (including 1.5 metres of 35.84 grams per tonne),
10.8 metres of 2.4 grams per tonne and 1.2 metres of 6.95 grams per
tonne. The vein intersections contain virtually no sulphides.
The vein system is open along strike to the southeast and
northwest, and to depth. (Summary Report, Sivertz, 1999.) The
historical results provide an indication of the potential of the
Property and are relevant to continuing exploration.
While the company has no reason to doubt the accuracy of the
historical results, the data should not be relied upon until
confirmed by the companies' own exploration that meets NI 43-101
standards for disclosure.
Cruz Vein Verification Sampling
The verification program involved the collection of 101
one-metre-long channel samples of vein material along a strike
length of 850 meters. In addition, 81 one-metre-long channel
samples were collected from the foot-wall and hanging-wall volcanic
rocks that host the vein system. Samples were submitted to
CIMM Labs, which is an ISO-certified facility in Lima.
Vein material of the Cruz Vein system yielded gold in rock
assays from 0.08 to 15.46 grams. Seventy-two samples were
above 1 gram gold and twelve samples were above 5 grams. The
Cruz quartz vein/stockwork system contains individual
quartz-calcite veins up to 6.5m wide, although most of the
exposures in the system consist of narrower veins forming sheeted
zones over widths up to several tens of metres (Summary Report,
Sivertz, 1999.)
The verification program of the Cruz Vein system was designed to
ground truth gold mineralization reported by Inca Pacific Resources
Inc. To this end, the data from the verification program has
shown gold mineralization is present in the Cruz Vein system and
that a more extensive exploration program is merited.
Cueva Blanca Gold Property
St. Elias owns 100% of the Property. Intigold has entered
into an agreement with St. Elias to acquire an option to earn a 60%
interest, subject to a 1.5% net smelter return royalty ("NSR"), in
the Property.
The Property, comprising approximately 5,000 hectares, covers a
large epithermal alteration system developed in Tertiary volcanic
rocks. It is located in the Lambayeque Department in northern
Peru along the same geological
trend as a number of multi-million ounce deposits including
Yanacocha, Pierina and Lagunas Norte. The Property is
bordered by Vale de Brazil's
mineral concessions to the south and southeast and Barrick Gold hold extensive mineral concessions
four kilometers to the north.
The Cueva Blanca is a promising high-grade gold/silver vein
prospect with common geologic characteristics to the El Pinon in
Chile, which is a unique type of
epithermal deposit that formed in a specific geologic environment.
Examples of this type of system are the El Dorado deposit in
El Salvador, the Midas and Sleeper
mines in northern Nevada, and the
El Limon mine in Nicaragua.
Qualified Person
All technical work is being supervised by, and the technical
contents of this news release have been verified by, John Brophy, P.Geo., a Canadian geologist
residing in Peru, who is a
"qualified person" as defined in National Instrument 43-101,
Standards of Disclosure for Mineral Projects.
For additional information on St. Elias and its projects, please
visit us at www.steliasmines.com or call 1-888-895-5522
(toll free US and Canada) or
contact:
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European
Consultant
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U.S. Investor Relations
Consultant
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Michael Kott
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Herbert Haft
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CM-Equity AG & Co. KG
Financial Service
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The Haft Group, Inc.
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Tel: 011 4989 1890 474
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Tel: (212)
759-8865
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Email:
kott@cm-equity.de
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Email: herbhaft@haftgroupinc.com
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herbhaft@aol.com
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ST. ELIAS MINES LTD.
(signed "Lori
McClenahan")
Lori McClenahan,
President
The TSX Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or the accuracy of the
contents of this document.
This News Release may contain forward-looking statements
including, but not limited to, comments regarding the timing and
content of upcoming work programs, geological interpretations,
potential mineral recovery processes, etc. Forward-looking
statements address future events and conditions and therefore
involve inherent risks and uncertainties. Actual results may
differ materially from those currently anticipated in such
statement.
SOURCE St. Elias Mines Ltd.