VANCOUVER, British Columbia,
Sept. 19, 2012 /PRNewswire/
-- Lori McClenahan, President of St. Elias Mines Ltd. (SLI –
TSX:V) (Frankfurt Exchange: EKL) (U.S. Clearing Symbol: SELSF)
("St. Elias" or the "Company") and Intigold Mines Ltd. (TSX-IGD)
(U.S. OTCQX: IDMNF) ("Intigold") announced today the following
update regarding the status of ongoing exploration at the Chance E
mineral concession, which adjoins St. Elias' wholly owned Tesoro
Gold Project located in southwestern Peru. The Chance E is
owned 100% by St. Elias with Intigold having an option, subject to
regulatory approval, to acquire a 60% interest in the Chance E.
Exploration work, consisting of geological mapping and sampling,
prospecting, satellite imagery and control grid emplacement, is
ongoing.
To date, two major geological domains have been identified
within the Chance E. In the eastern and southeastern
sections, the main exposed unit is Tertiary-age lithic/ash and
volcanic tuff. In the western half, the rocks are
Cretaceous-age diorite and quartz diorite, identical to the
intrusive rocks in the northern part of St. Elias' Tesoro
project. The volcanic tuff covers 40-50% if of the Chance E
concession.
In the eastern and southeastern sector there are numerous
erosional "windows" in the Tertiary cover where the intrusive
basement complex is exposed. The intrusives include diorite,
quartz diorite, monzonite and quartz-feldspar pegmatite that are
often altered to epidote and quartz. These resistant basement
rocks are exposed only in the deepest stream canyons.
Typically the windows are only one to five hectares in area and are
completely encompassed by volcanic tuff.
The western part of the Chance E is virtually free of volcanic
cover, because it is relatively mountainous and the cover rocks
have been eroded away.
The Chance E is bisected by a major northeast-striking fault and
by at least three secondary east-striking splay faults. These
faults have a "Letter Z" shaped geometry, with the regional fault
represented by the diagonal. These faults are in the
intrusive complex and are much older than the overlying Tertiary
tuff.
Geochemical Sampling
Forty samples have been collected to date; 36 rock chip or
channel samples and four stream sediment samples.
Three of these samples assayed more than 0.3g/t Au. Sample
CN-52, a 3-cm channel sample taken from a weakly oxidized quartz
vein, returned 0.31g/t Au. Sample CH-54, a 10-cm channel
sample taken from a 10-cm (true width) quartz vein containing minor
tourmaline, assayed 8.27g/t Au. Sample CN-57, a grab sample
of localized quartz vein float, graded 0.618g/t Au.
Current Status
The entire western half of the Chance E has not been
geologically mapped or prospected in detail. Exploration work
on the Chance E concession remains ongoing.
The majority of the basement windows in the eastern sector have
yet to be located. There are approximately 150km of deep
stream channels within this area. To date approximately 25km
of these have been walked out (geologically mapped, prospected and
sampled).
There are three important samples obtained to date, that prove
the presence of gold adjacent to a major east-west fault in the
north-central sector of the Chance E concession. Management
is encouraged by the results obtained to date.
Chance E Concession
The Chance E concession is contiguous with the southern part of
St. Elias' Tesoro Gold Project where St. Elias recently carried out
a preliminary drilling program to explore for gold-bearing
structures with the potential to host gold resources.
Geological information, together with Titan 24 geophysical data and
satellite imagery, confirms that structural lineaments which are
coincident with gold mineralization on the Tesoro project extend
onto the Chance E concession.
The initial exploration program on the Chance E concession will
include geological mapping, geochemical sampling, careful
prospecting and interpretation of the most recent high resolution
satellite imagery.
"Intigold and St. Elias are excited to continue exploring the
Chance E concession, which is on strike to the numerous
gold-bearing veins occurring on the adjoining Tesoro property,"
stated Lori McClenahan, President
and Chief Executive Officer.
Qualified Person
The technical content of this news release has been verified by
George Sivertz, PGeo, a Canadian
geologist with extensive experience 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:
St. Elias Mines Ltd. U.S. Investor Relations
Consultant
Herbert Haft
The Haft Group, Inc.
Tel: (212) 759-8865
Email: herbhaft@haftgroupinc.com
herbhaft@aol.com
ST. ELIAS MINES LTD. & INTIGOLD MINES LTD.
(signed "Lori
McClenahan")
Lori McClenahan, President
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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
St. Elias
Mines
Ltd.
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Intigold
Mines Ltd.
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Suite 304
– 700 West Pender Street,
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Suite 304
– 700 West Pender Street,
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Vancouver,
British Columbia
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Vancouver,
British Columbia
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Canada V6C 1G8
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Canada V6C 1G8
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Telephone: (604)
669-4677
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Telephone: (604) 669-4677
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Facsimile: (604)
669-9626
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Facsimile: (604)
669-9626
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Toll
Free: (888)
895-5522
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Toll
Free: (888) 895-5522
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Website:
www.steliasmines.com
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Website:
www.intigold.com
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Trading
Symbol:
TSX-SLI
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Trading
Symbol: TSX-IGD
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EKL
(Frankfurt Exchange)
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IDMNF
(U.S. OTCQX)
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SELSF
(U.S. Clearing Symbol)
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SOURCE St. Elias Mines Ltd.; Intigold Mines Ltd.