TIDMMIRL
RNS Number : 7554N
Minera IRL Limited
07 September 2011
Minera IRL Announces Substantial Maiden Mineral Resource
Concurayoc Zone, Ollachea Project, Peru
London and Toronto, 7 September 2011: Minera IRL Limited
("Minera IRL" or the "Company"), (TSX:IRL) (AIM:MIRL) (BVL:MIRL)
the Latin American gold mining company, is pleased to announce the
maiden mineral resource estimate at the Concurayoc Zone, Ollachea
Project, Southern Peru.
Highlights:
-- The maiden Inferred Mineral Resource at the Concurayoc Zone,
applying a 2g/t gold bottom cut-off grade, totals 10.4 million
tonnes grading 2.8g/t gold containing 0.9 million ounces
-- The total Indicated Mineral Resource thus far defined at
Ollachea is now 10.7 million tonnes grading 4.0g/t gold containing
1.4 million ounces plus an Inferred Mineral Resource of 13.7
million tonnes grading 2.8g/t containing 1.2 million ounces of
gold
-- The Concurayoc Zone is only 400 meters along strike to the
west of the Minapampa Zones which contain the mineral resource
underpinning the very positive Pre-feasibility reported in July
2011
-- The Company considers that there is good potential to link
the Minapampa and Concurayoc Zones with planned ongoing
drilling
"The in-fill drilling at Concurayoc Zone, discovered in 2010,
has been most encouraging demonstrating a very substantial new gold
resource." said Courtney Chamberlain, Executive Chairman of Minera
IRL. "The Minapampa and Concurayoc Zones are only separated by
approximately 400 meters and we believe that geologically there is
excellent potential for connecting these zones with further
drilling. Gold mineralization at Ollachea is open ended in both
directions along strike as well as down dip so we have every
expectation that the resource will continue to grow. Approximately
one kilometre of potentially economic mineralized extensions east
of Minapampa will be explored by underground drilling from the
recently announced exploration drive."
The total mineral resource estimate for Ollachea is now as
follows:
Indicated Mineral Resource applying a 2.0g/t gold cut-off
Metric tonnes Contained ounces
Zone (Millions) Grade - g/t gold (Millions)
Minapampa 9.3 4.0 1.2
-------------- ----------------- -----------------
Minapampa East 1.4 3.9 0.2
-------------- ----------------- -----------------
Total 10.7 4.0 1.4
-------------- ----------------- -----------------
Inferred Mineral Resource applying a 2.0g/t gold cut-off
Metric tonnes Contained ounces
Zone (Millions) Grade - g/t gold (Millions)
Minapampa 2.4 3.0 0.2
-------------- ----------------- -----------------
Minapampa East 0.9 3.0 0.1
-------------- ----------------- -----------------
Concurayoc 10.4 2.8 0.9
-------------- ----------------- -----------------
Total 13.7 2.8 1.2
-------------- ----------------- -----------------
This Canadian National Instrument NI43-101 compliant mineral
resource estimate was carried out by consultancy Coffey Mining Pty
Ltd. The new estimate at the Concurayoc Zone, which covers a strike
length of 700 meters, was based upon 45 diamond drill holes on
approximately an 80 meter grid for 16,943 meters. The mineral
resource estimate, reported at a 2g/t gold bottom cut-off, includes
top cutting as appropriate for each of the six broad
gold-mineralized horizons, or "lenses", that have been quantified
in the estimate.
The total mineral resource at Ollachea is based upon 165 diamond
drill holes for 63,347 meters. The dip and spatial orientation of
the mineralized zones at Concurayoc are broadly similar to the
mineralized zones hosted within the Minapampa zones
Within the six horizons identified at Concurayoc, mineral
resource modelling has additionally identified seven discrete
higher grade lenses. Examples of higher grade intersections include
drill hole DDH10-130 which intersected 33 meters grading 4.57g/t
gold including 12 meters grading 8.66g/t gold, DDH10-135 with 7
meters at 4.03g/t gold plus 4 meters at 8.68g/t gold, DDH11-168
with 9 meters grading 3.38g/t gold plus 4 meters at 22.0g/t gold
and DDH11-171 with 7 meters at 17.6g/t gold.
The effective true width of mineralized intersections are
expected to range between 67% to 98% of the width reported, with
the majority of the drill holes reporting around 92% true width.
The true width is dependent upon the variation of the angle of
incidence between the trace of the Concurayoc exploration
drill-hole(s) and the dip of the targeted mineralized
horizon(s).
The recently completed positive Ollachea Pre-feasibility Study
is predicated upon the Indicated Mineral Resource at Minapampa and
Minapampa East which is only 400 meters from Concurayoc. As a
result, the Company believes that the Concurayoc mineral resource
has the potential to substantially enhance the future of the
Ollachea mine development.
Following the release, Minera IRL plans to host a conference
call at 8.30am Lima time, 9.30am Toronto time, 10.30am Argentina
time and 2.30pm London time on September 7, 2011. To participate in
the call please dial:
Toll Free (North America): 888 789 9572
Local Toronto and International: 416 695 7806
Global: 800 6578 9818
Passcode: 5400621
A live webcast and archive will be available at
http://www.gowebcasting.com/2854
REPLAY: Toll Free Replay call (North America): 800 408 3053
International/Toronto Replay Call: 905 694 9451
Passcode: 4586346
Additional information regarding Ollachea and Concurayoc can be
found on the Minera IRL website www.minera-irl.com
Resource Estimate Authorship and Methodology
The mineral resource estimate was prepared under the supervision
of Mr Doug Corley, Member of the Australian Institute of
Geoscientists, Associate Resource Geologist in Resource Modelling
with Coffey Mining Pty Ltd and is recognized as a Qualified Person
for the purposes of National Instrument 43-101.
On the basis of the confidence levels of the key criteria that
were considered during the resource estimation, the mineral
resource estimates provided in this press release have been
classified and reported in accordance with CIM guidelines and
National Instrument NI.43-101. At the reported cut-off grade of
2g/t gold, the mineralization; continuity, shape and distribution
is considered to have reasonable prospects for economic
extraction.
The Concurayoc resource estimate was based on 45 diamond drill
holes totalling some 16,943 meters.
Mr Doug Corley conducted a field visit to the project site (June
2010) where he had the opportunity to interact with project
geologists and related staff and to study the geology and
associated mineralization in order to become familiar with the
geological demeanour as well as continuity of grade distribution
inherent to the Ollachea deposit.
Resource estimation methodology included completion using
Ordinary Kriging for gold. The estimation was constrained within
mineralized interpretations that were created with the assistance
of the Minera IRL geological staff. The six potentially economic
gold mineralized domains were interpreted using closely spaced
north north-west, south south-east oriented, vertical transversal
sections based on a combination of detailed geological observations
and gold grade information.
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 Europe Ltd (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 the Ollachea Project
to ensure best industry practice in sampling and analysis of
exploration and resource drill 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 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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