Dec 01, 2011
Miocene Metals Reports First Drill Intersection from Large Molybdenum Mineralized System on Salal Property
Toronto, Ontario – December 1, 2011 – Miocene Metals Limited (TSX-V: MII) (the "Company" or "Miocene Metals") today announced that its summer work program on its Salal molybdenum ("Mo") -rhenium ("Re") -silver ("Ag") property in south-western British Columbia has confirmed the presence of a large mineralized system. Hole MSA-003, one of two holes completed as part of the summer program returned 20.6 metres of 0.057% Mo, 0.46 g/t Ag and 0.035 ppm Re including 4.8 metres of 0.207% Mo, 1.02 g/t Ag and 0.109 g/t Re. The intersection was made within a 145.5 metre interval grading 0.02% Mo.
Commenting on the results of the summer work program, Bruce Jago, President and CEO of Miocene stated, "We are pleased to have pulled our first drill intercept from this property, which contains a very large mineralized system. This summer we made a lot of progress in a very short while, but we have really only begun to understand a small part of this system. This summer’s results certainly provide the motivation for a major program next year."
The summer work program on the Salal Property was initiated late in the season on August 9, 2011, concurrent with the successful completion of the Company’s IPO, and concluded at the end of the third week of September, 2011 with the onset of winter conditions. In spite of the shortened field season considerable progress was achieved, and the presence of a large mineralized system on the property was confirmed.
Exploration work was focused on the Glacier Island – Logan Ridge – Mud Lake – Plug Glacier targets, which extend over a strike length of 3,500 metres on the northern end of the 15 kilometre trend of molybdenum occurrences located on the property.
Work carried out included prospecting, mapping and sampling, structural mapping and the drilling of two diamond drill holes totalling 710.8 metres.
Hole MSA-003, drilled in the Mud Lake area intersected 20.6 metres of 0.057% Mo, 0.46 g/t Ag and 0.035 ppm Re including 4.8 metres of 0.207% Mo, 1.02 g/t Ag and 0.109 g/t Re. The intersection was made within a 145.5 metre interval grading 0.02% Mo. (see map on Miocene Metals website (www.miocenemetals.com for drill hole locations). Based on the current understanding of the geometry of the mineralization core lengths are estimated to approximate true width.
This intersection occurs under the western end of a 500 metre long area of mineralization defined by historic work and confirmed by this summer’s work program. This area will be the focus for additional drilling in 2012.
Mapping and prospecting along strike from the Mud Lake area discovered new occurrences of molybdenite mineralization at Glacier Island and Plug Glacier, which are located 2 kilometres to the west and 800 metres to east of Mud Lake, respectively. Both are areas where receding glaciers have exposed molybdenite mineralization that was covered by ice when the area was explored in the 1960s and 1970s (see map on Miocene Metals website (www.miocenemetals.com). Complete results for 11 grab samples from the two areas are given in the table below. Sample locations can be viewed on the location map on the Miocene Metals website (www.miocenemetals.com).
A second hole, MSA-004, was drilled on the flank of Logan Ridge approximately 850 metres to the west of Mud Lake. The hole intersected several zones of molybdenum mineralization with values up to 0.089% Mo over 1.0 metre, within a broader 24 metre zone of elevated values, but no sections of economic interest were encountered.
The grab sample assay results quoted above represent samples of mineralization collected from outcrop by Miocene Metals staff. Grab samples are selective by nature and are unlikely to represent average grades on the property. In each case samples of mineralized outcrop weighing approximately 0.5 to 2 kg were collected using a rock hammer. Both the drill core and rock samples for which assay results are reported in this press release were crushed to 70% passing 2 mm, after which a split was taken with a riffle splitter and pulverized to 85% passing 75 microns. The samples were then analyzed for 48 elements using Chemex’s ME-MS61 package, which is an inductively-coupled plasma mass spectrometry (ICP-MS) method utilizing a near total four acid digestion. The samples were assayed for Au by standard lead collection/fire assay fusion (Au-ICP21) using a 30 gram pulp split and an inductively-coupled plasma atomic emission spectrometry (ICP-AES) finish.
The Qualified Person responsible for the technical content of this press release is Jose Sayo Garcia, P.Geo, Vice President Exploration of Miocene Metals.
About Miocene Metals Limited
Miocene Metals is focused on the exploration and development of seven porphyry copper-gold-molybdenum properties in south-western British Columbia that occur within the Tertiary-aged Cascade Magmatic Arc. The Cascade Arc shares many geological characteristics with Tertiary-age porphyry belts that stretch the length of Chile and Peru in South America and hosts some of the world’s largest porphyry copper-gold-molybdenum deposits. The Cascade Magmatic Arc hosts a number of significant porphyry Cu-Au and Mo deposits in Washington State, and Alaska (Glacier Peak and Margaret, and Quartz Hill respectively) but remains largely unexplored in British Columbia.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For Further Information
Please visit the Miocene Metal’s website at www.miocenemetals.com, or contact:
Bruce C. Jago, Ph.D., P.Geo
President and CEO of Miocene Metals
(604) 654-2581 or firstname.lastname@example.org
Miocene Metals Limited
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of the Corporation, including, without limitation, those listed under "Risk Factors" and " Forward-Looking Statements" in the Corporation’s Final Prospectus (collectively, "forward-looking information"). Forward-looking information in this news release includes, but is not limited to, information concerning the Corporation’s expectations and estimates regarding the Corporation’s drilling program. The Corporation cautions investors about important factors that could cause actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that the expectations set out in the Corporation’s Final Prospectus or herein will prove to be correct and accordingly, prospective investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this press release and the Corporation does not assume any obligation to update or revise them to reflect new events or circumstances. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
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