VANCOUVER, British Columbia,
Dec. 12, 2011 /PRNewswire/
-- Lori McClenahan, President of St. Elias Mines Ltd. (SLI –
TSX:V) ("St. Elias" or the "Company"), announces that St. Elias has
increased the ongoing diamond drilling program at its wholly owned
Tesoro Gold Project in Peru (the
"Project") from an initial 10,000 metres to 20,000 metres. In
order to accomplish this in a timely manner, the Company is taking
all necessary steps to mobilize a second diamond drill rig to the
Tesoro Project. It is anticipated that the rig will be on
site in January 2012.
Further mechanical trenching on both the Main Structural
Corridor and the Parallel Structural Corridor is scheduled to
commence in January 2012. The
Company is also in the process of hiring three additional
geologists for the project and the necessary Project infrastructure
is being increased to accommodate the additional personnel.
The drilling program has been designed to test near-surface and
deeper-seated geophysical anomalies identified by Titan 24
geophysical surveys.
A Brief History of the Tesoro Gold Project
The Tesoro Gold Project is 100% owned by the Company with no
underlying royalties. The property covers approximately 6,974
hectares (17,436 acres) and is part of the prolific 300km X 30km
Nazca-Ocona gold belt parallel to the Pacific coast of southwestern
Peru. The Nazca-Ocona gold belt has a long mining history
dating back to pre-Incan time. Gold is associated with
disseminated sulphides in quartz veins and fractures within
intrusive rocks. The continuity of the quartz veins and
fractures is very impressive in the Nazca-Ocona gold belt.
While the veins tend to be narrow, the grade is significant and the
mineralized structures tend to extend along strike for several
kilometers and to depths of up to 1,000 metres.
To date, the Company has identified five mineralized zones with
more than 50 quartz veins (having a total combined length of 9km)
at the Tesoro Project and has carried out underground exploration
and development work on three of these veins (C1, C2 and A4
Veins.) The veins are mesothermal, indicating that the vein
structures may extend to considerable depths.
The Tesoro Property has never been evaluated to depth, or to its
full strike potential. This leaves a large potential for the
discovery of additional mineralization.
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:
European
Consultant
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U.S.
Investor Relations Consultant
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Michael
Kott
CM-Equity AG & Co. KG Financial
Service
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Herbert
Haft
The Haft Group, Inc.
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Tel:
011 4989 1890 474
0
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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.