Gold/Silver Discovery at Escondido Project
September 15 2010 - 2:00AM
UK Regulatory
TIDMMIRL
RNS Number : 6944S
Minera IRL Limited
15 September 2010
?
Minera IRL Announces New Gold/Silver Discovery at its Escondido Project,
Patagonia
London, 15 September 2010: Minera IRL Limited ("Minera IRL" or the "Company"),
(TSX:IRL) (AIM:MIRL) (BVL:MIRL) the Latin American focused gold mining,
development and exploration company, is pleased to announce a new gold/silver
discovery at its Escondido Project in Patagonia.
The exploration target is the extension onto the Minera IRL Escondido
exploration license of neighboring Mariana Resource Ltd's (Mariana) Calandria
Sur discovery. Minera IRL earlier announced a gold and silver anomalous
outcropping breccia occurrence that has been mapped on surface for some 700
meters, generally over 100 meters wide, striking south east from the Mariana
southern lease boundary.
Assay results from the first pass scout drilling program into the Northern
Breccia Zone at Escondido have now been received. Ten of the eleven holes into
the target area have intersected substantial zones of mineralized breccia. Best
intersections are:
· E-D10-02 25.38 meters averaging 1.45 g/t gold and 9.62 g/t silver,
including 13.75 meters grading 2.39 g/t gold and
14.56 g/t silver
· E-D10-03 100.0 meters averaging 1.19 g/t gold and 7.77 g/t silver,
including 48.00 meters grading 1.71 g/t gold and
9.18 g/t silver
· E-D10-07 120.40 meters averaging 0.65 g/t gold and 5.70 g/t
silver, including 14.70
meters grading 1.30 g/t
gold and 11.86 g/t silver and 8.40 meters grading
2.45 g/t gold and 8.31 g/t silver
"We are very excited with the results of this first round of drilling at
Escondido which has demonstrated substantial, near surface intersections of
gold/silver mineralization with a strike length exceeding 600 meters." stated
Courtney Chamberlain Minera IRL Limited Executive Chairman. "This indicates the
potential for a bulk tonnage development opportunity".
"While the Mariana team discovered this precious metal mineralized system, the
Minera IRL drilling is a credit to our exploration team and represents a
significant discovery on our ground. It has only been 6 months since work
commenced on Escondido and the exploration program has advanced rapidly
including geological mapping, surface geochemical sampling, geophysical
investigations and scout drilling. The combined strike length of the
Escondido/Calandria Sur mineralized breccia system controlled by the two
companies now exceeds one kilometer."
Planning is under way for an expanded drilling program at Escondido before the
end of 2010. In addition, pathfinder metallurgical testwork will be undertaken
shortly.
Disseminated gold-silver breccia-hosted mineralization at Escondido is
genetically related to a series of rhyolitic flow-dome feeder dykes. The
rhyolite domes intrude a sequence of gently dipping volcaniclastic units which
are also mineralized around the contact margins of the breccias.
Exploration has begun to utilize the recently acquired high-resolution
helicopter borne magnetic-radiometric data, together with ASTER data, to
identify additional areas on the property comparable to that of the explored
northern breccia trend. The information is helping vector the Minera IRL
Patagonia exploration team into the most potentially prospective parts of the
rhyolitic dome complex developed on this tenement, for follow up geological
mapping and possible geophysical IP work to define other targets for drill
testing in the coming months.
A summary of the assay intersections is tabulated below.
+-----------+---------+----------+--------------+---------+---------+
| Hole | From | To (m) | Core Length | Gold | Silver |
| | (m) | | (m) | g/t | g/t |
+-----------+---------+----------+--------------+---------+---------+
| E-D10-01 | 55.0 | 87.0 | 32.0 | 0.72 | 6.23 |
| Including | 57.0 | 72.55 | 15.55 | 1.08 | 10.88 |
+-----------+---------+----------+--------------+---------+---------+
| E-D10-02 | 51.62 | 77.00 | 25.38 | 1.45 | 9.62 |
| Including | 55.25 | 69.0 | 13.75 | 2.39 | 14.56 |
+-----------+---------+----------+--------------+---------+---------+
| E-D10-03 | 0 | 100.0 | 100.0 | 1.19 | 7.77 |
| Including | 52.0 | 100.0 | 48.0 | 1.71 | 9.18 |
+-----------+---------+----------+--------------+---------+---------+
| E-D10-04 | 0 | 75.0 | 75.0 | 0.39 | 2.46 |
| Including | 7.55 | 24.0 | 16.45 | 0.95 | 2.61 |
+-----------+---------+----------+--------------+---------+---------+
| E-D10-05 | NSA* | | | | |
+-----------+---------+----------+--------------+---------+---------+
| E-D10-06 | 12.50 | 24.00 | 11.50 | 0.83 | 4.45 |
+-----------+---------+----------+--------------+---------+---------+
| E-D10-07 | 7.3 | 127.7 | 120.4 | 0.65 | 5.70 |
| Including | 7.3 | 22.0 | 14.7 | 1.30 | 11.86 |
| And | 42.0 | 50.4 | 8.4 | 2.45 | 8.31 |
| And | 67.2 | 74.4 | 7.2 | 0.97 | 11.63 |
+-----------+---------+----------+--------------+---------+---------+
| E-D10-09 | 0.18 | 25.5 | 25.32 | 0.75 | 8.73 |
| Including | 0.18 | 14.26 | 14.08 | 1.09 | 12.19 |
+-----------+---------+----------+--------------+---------+---------+
| E-D10-10 | 43.80 | 49.40 | 5.60 | 0.77 | |
| | 69.00 | 90.25 | 21.25 | 0.46 | 6.43 |
| And | | | | | 3.09 |
+-----------+---------+----------+--------------+---------+---------+
| E-D10-13 | 57.00 | 83.00 | 26.00 | 0.97 | 7.91 |
| Including | 72.00 | 83.00 | 11.00 | 1.32 | 10.34 |
+-----------+---------+----------+--------------+---------+---------+
| E-D10-15 | 21.00 | 26.00 | 5.00 | 0.57 | 0.46 |
+-----------+---------+----------+--------------+---------+---------+
*NSA=No Significant Assay
Minera IRL's lease coverage in the Deseado Massif, the geological formation in
Patagonia which is emerging as a major precious metals area, totals some 2,700
square kilometers, the third largest lease holding in the region. Minera IRL
Patagonia is advancing other exploration projects, such as Pan de Azucar, where
scout drilling is planned to commence in October.
Additional information, including plans, sections and detailed assay logs, is
available from the Company's web site, www.minera-irl.com.
For more information please contact:
+------------------------------------------------+-------------------+
| Minera IRL Limited | +511 4181230 |
| | |
| Trish Kent, Vice President, Corporate | |
| Relations | |
+------------------------------------------------+-------------------+
| | + 44 (0)20 7523 |
| Collins Stewart (Nominated Adviser & Broker, | 8350 |
| London) | |
+------------------------------------------------+-------------------+
| John Prior | |
| Adam Miller | |
+------------------------------------------------+-------------------+
| | |
+------------------------------------------------+-------------------+
| The Equicom Group Inc. (Investor Relations, | +1 403 831 7557 |
| Canada) | +1 416 815 0700 |
| David Feick | ext 290 |
| Craig MacPhail | |
+------------------------------------------------+-------------------+
| | + 44 (0)20 7367 |
| Bankside Consultants (Financial PR, London) | 8888 |
+------------------------------------------------+-------------------+
| Simon Rothschild | |
+------------------------------------------------+-------------------+
| Louise Mason | |
+------------------------------------------------+-------------------+
Minera IRL Limited is the AIM traded and TSX and BVL listed holding company of
precious metals mining and exploration companies focused in Latin America.
Minera IRL is led by an experienced senior management team with extensive
industry experience, particularly in operating in South America. The Group
operates the Corihuarmi Gold Mine and the emerging Ollachea Gold Project in Peru
as well as the Don Nicolas Project in Argentina.
This press release was reviewed by Donald McIver, VP Exploration of the Company,
MSc Exploration and Economic Geology, a Fellow of the Australian Institute of
Mining and Metallurgy (AUSIMM), who is the designated Qualified Person for the
purposes of National Instrument 43-101 and has approved the technical
information in this press release.
The Toronto Stock Exchange neither approves nor disapproves the information
contained in this News Release.
Some of the statements contained in this release are forward-looking statements,
such as estimates and statements that describe the Company's future plans,
objectives or goals, including words to the effect that the Company or
management expects a stated condition or result to occur. Since forward-looking
statements address future events and conditions, by their very nature, they
involve inherent risks and uncertainties.
While these forward-looking statements, and any assumptions upon which they are
based, are made in good faith and reflect our current judgment regarding the
direction of our business, actual results will almost always vary, sometimes
materially, from any estimates, predictions, projections, assumptions or other
future performance suggestions herein. Except as required by applicable law or
regulation, Minera IRL Limited does not intend to update any forward-looking
statements to conform these statements to actual results.
Quality Assurance and Quality Control Procedures Disclosure
The Company has implemented a MIRL quality assurance/quality control (QA/QC)
protocol on the Escondido Project to ensure best industry practice in sampling
and analysis of exploration rock-chip samples, as well as D/d core samples. The
insertion of field duplicates, certified standards and blank samples into the
sample stream form part of the MIRL procedure (these act as an independent check
on precision and accuracy in the analytical laboratory).
MIRL field personnel collect and track samples which are then security sealed
and dispatched via specially contracted commercial transport to ALS Patagonia
S.A. (ALS) Laboratories, Mendoza, Argentina for analysis. The ALS internal
quality control system complies with the requirements for International
Standards ISO 9001:2000 and ISO 17025: 1999.
ALS has no relationship or interest in MIRL or any of their projects.
The targeted mineralized structure is drilled by diamond drilling. The HQ drill
core is logged, photographed and then split with one-half sent for analysis
whilst the other half is stored at the project core-shed facility.
IRL exploration drill-core samples are analyzed by conventional 50g Fire Assay
for gold (Au.AA24). Analytical gold responses above 10g/t are re-assayed
applying the gravimetric process (Au-GRA22). Silver, as well as 35 additional
elements, are analyzed by the ME-ICP41 process. Analytical accuracy and
precision in the laboratory are monitored by the analysis of reagent blanks,
reference material and replicate samples.
Assay results are reported once rigorous QAQC procedures have been approved.
Independent Audit Programs
MIRL, as a means of maintaining compliancy with international standards
pertaining to the minerals industry resource evaluation procedure, regularly
contracts the services of industry experts to conduct audits of established QAQC
procedures.
During January 2009, Ph.D. Barry Smee conducted an audit on the Minera IRL
quality control and core and blast-hole sampling protocol.
During January 2010, Dr. Smee followed up with a review of quality control data,
the mine laboratory and reverse circulation wet sampling protocol.
During July 2010, Dr. Barry Smee conducted a quality assurance review of the
Minera IRL Patagonia Core Sampling and QAQC protocol on its Don Nicolas Project.
Dr. Barry Smee is a geologist and geochemist, a member in good standing of the
Association of Professional Engineers and Geoscientists of British Columbia and
a full member of the Association of Exploration Geochemists. He has been
practicing his profession for 40 years in Canada and abroad. He is a Qualified
Person as defined under NI 43-101.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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