TIDMMIRL
RNS Number : 7349M
Minera IRL Limited
22 August 2011
Minera IRL Commences Drilling on the Michelle Exploration
Project, Patagonia
London and Toronto, 22 August 2011: Minera IRL Limited ("Minera
IRL" or the "Company"), (TSX:IRL) (AIM:MIRL) (BVL:MIRL) the Latin
American gold mining company, has commenced a 4,000 meter
exploration diamond drilling program at the Michelle Project in
Patagonia, Argentina.
Highlights:
-- The Michelle vein field is the northern extension of the
world class Cerro Vanguardia vein field
-- Thus far, 22 km of vein strike has been identified
-- Of 51 surface samples taken from two primary vein targets, 33
returned values over 1g/t gold with the highest 15.7g/t gold
-- A 4,000 meter diamond drilling program has commenced
"This is a very prospective drill target into outcropping
epithermal veins located only a few kilometres along strike from
the world class Cerro Vanguardia vein field." said Courtney
Chamberlain, Executive Chairman of Minera IRL. "Our Patagonia
exploration team has done an excellent job of assessing and
prioritizing our initial drill targets. We are particularly
encouraged following receipt of significantly elevated gold and
silver values from surface sampling across the prospective
structures."
Assay results have been received from Minera IRL's first
surface-sampling program of the Michelle and Jackpot veins both of
which outcrop over more than one kilometer of strike. Of the 51
surface rock samples taken from these two veins, 33 returned values
above 1 g/t gold. Of these, 16 samples assayed above 5 g/t gold
with the highest recorded gold value at 15.7 g/t. Eleven samples
assayed above 30 g/t silver including one sample of 1,460 g/t
silver.
Minera IRL's exploration team has thus far identified
approximately 22 kilometers of cumulative vein strike length on its
143 square kilometer Michelle Project. Many veins can be traced at
surface from AngloGold Ashanti Ltd's majority owned multi-million
ounce Cerro Vanguardia gold-silver mine into Minera IRL's property
which shares a common lease boundary. The closest Cerro Vanguardia
open pit operation is only 6.5 kilometers from the Michelle vein
field. Numerous vein occurrences on the Minera IRL ground are gold
and silver bearing with classic low sulphidation epithermal
textures that indicate significant depth potential.
Since early 2011, Minera IRL has conducted a multifaceted
exploration program at Michelle consisting of airborne and ground
geophysical methods as well as detailed geological mapping and
geochemical sampling all with the objective to assist in vectoring
the exploration team to the most prospective parts of the
project.
Michelle is one of three active greenfields exploration projects
the Company is currently advancing within its 2,700 square
kilometer land package, one of the largest tenement holdings in the
Deseado Massif. This geological setting, located in mining friendly
Santa Cruz Province, Argentina, is rapidly emerging as a world
class precious metals region which already hosts a number of new
mines and discoveries. Other exploration activities being carried
out in the district by Minera IRL Patagonia include the Escondido
Project, discovered in 2010, and the Chispas Project where scout
drilling was carried out on the Pan de Azucar vein in 2010. In
addition, the Don Nicolas Feasibility Study, in which an updated
resource has recently been announced, is due to be completed by
year end.
Additional information on Michelle, including maps and surface
sample assay logs, can be found on the Minera IRL website,
www.minera-irl.com
Competent Persons Statement
The preparation of the technical information contained herein
was supervised 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 recognized as a
Qualified Person for the purposes of National Instrument 43-101,
and who has reviewed and approved the technical information in this
press release.
For more information please contact:
Minera IRL
Trish Kent, Vice President, Corporate Relations +511 4181230
Collins Stewart (Nominated Adviser & Broker,
London)
John Prior + 44 (0)20 7523
Adam Miller 8350
finnCap (Co-broker, London)
Geoff Nash (Corporate Finance)
Matthew Robinson (Corporate Finance) + 44 (0)20 7600
Joanna Weaving (Corporate Broking) 1658
RBC Capital Markets (Co-broker, London)
Stephen Foss
Martin Eales +44 (0)20 7653 4000
Bankside Consultants (Financial PR, London) + 44 (0)20 7367
Simon Rothschild 8888
Minera IRL Limited is the TSX, AIM and BVL, Lima 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.
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 and maintains a Minera IRL quality
assurance/quality control (QA/QC) protocol on its projects to
ensure best industry practice in sampling and analysis of
exploration and resource definition 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 contamination, precision and accuracy in the analytical
laboratory).
Assay results are reported once rigorous QAQC procedures have
been approved.
Independent Audit Programs
Towards maintaining compliancy with international standards as
they pertain to the minerals industry resource evaluation and
estimation procedure, MIRL regularly contracts the services of
industry experts to conduct detailed audits of established QAQC
procedures.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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