Long Lake Property Milestone
posted on Apr 27, 2009 09:53AM
zinc-copper-lead-gold-silver exploration project in central Newfoundland
|April 27, 2009|
|Messina Minerals Inc.: Long Lake Property Milestone|
|VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 27, 2009) - Messina Minerals Inc. ("Messina") (TSX VENTURE:MMI) has earned a 100% interest in the Long Lake Property, Newfoundland, from Xstrata Zinc Canada ("Xstrata").
In 2004 (see NR 17 March 2004), Messina acquired the option to earn a 100% interest in the Long Lake Property, including the Long Lake Main Zone zinc-lead-copper-silver-gold massive sulphide prospect, from Xstrata (formerly Noranda). Noranda discovered the Long Lake Main Zone in 1994 and spent approximately $3 million in exploration on the property up to 1999 before seeking option partners.
The Long Lake option agreement from Xstrata required that exploration expenditures totalling $2 million be completed by December 31, 2007. Messina in 2008 submitted exploration and other records documenting $2.3 million in exploration expenditures to Xstrata. Messina has now received confirmation from Xstrata that Messina has fulfilled the earn-in expenditure obligation and is fully vested in the Long Lake Property. Xstrata retains a 2% net smelter return royalty on mineral production and the right of first refusal to purchase mineral concentrates.
The Long Lake Property is 88 square kilometres in area located in central Newfoundland adjacent to Messina's Tulks South Property that includes the Boomerang zinc-lead-copper-silver-gold massive sulphide prospect.
The Long Lake Property hosts a zinc prospect discovered by Noranda in 1994 and with an historical mineral resource estimated to contain 970,000 tonnes grading 10.5% zinc, 1.2% lead, 1.6% copper, 32 g/t silver, and 0.8 g/t gold based on 15 drill holes (Noranda, 1997; and Messina's website under Mineral Resources). Messina has completed an additional 24 drill holes testing within the volume of the historical resource and documented zinc-lead-copper-silver-gold assay grades over widths consistent with historical intersections. Messina has not however done sufficient work necessary to verify the classification of the resource, nor has it been independently verified by a 'Qualified Person'. Messina treats this calculation as an historical estimate characterizing in-ground mineralization only and is not a NI43-101 conforming resource classification.
DANIELS HARBOUR ZINC PROPERTY ACQUISITION
Messina has acquired the mineral rights to the past- producing zinc mines at Daniels Harbour, Newfoundland by staking. The property is comprised of one mineral licence totalling 2000 hectares (20 square kilometres) in area. A total of $16,000 is required to be spent on this property by April 2010 to remain in good standing. The Daniels Harbour mine operated from 1975 to 1993 and produced approximately 5.5 million tonnes of material grading 7.5% zinc. Messina plans field work for this property during 2009.
ACKNOWLEDGEMENT OF MINERAL INCENTIVE ASSISTANCE
The government of Newfoundland and Labrador Department of Natural Resources has provided financial assistance to Messina of $200,000 for the 2008 Boomerang 'Titan' geophysical surveying and subsequent follow-up drill program under the Junior Exploration Assistance component of the provinces Mineral Incentive Program. More information on this program which is aimed at encouraging mineral exploration in the province is provided at http://www.nr.gov.nl.ca/mines&en... .
Messina has outlined a NI43-101 compliant indicated mineral resource of 1,364,000 tonnes grading 7.1% zinc, 3.0% lead, 0.5% copper, 110 g/t silver, and 1.7 g/t gold plus an additional inferred mineral resource of 689,000 tonnes grading 6.5% zinc, 2.8% lead, 0.4% copper, 95 g/t silver, and 1.0 g/t gold at the Boomerang prospect within the Tulks South Property. Messina is exploring for zinc-lead-copper-silver-gold massive sulphide deposits in eastern Canada focusing on Newfoundland in a region known historically for its zinc resources. Messina has spent approximately $20 million in exploration on its Newfoundland properties since 2003.
Kerry Sparkes, P.Geo., Vice President of Messina Minerals Inc. is the Qualified Person responsible for exploration on the Company's properties in central Newfoundland and who has reviewed and is responsible for the technical data contained in this news release.
On behalf of the Board of Messina Minerals Inc.
Peter Tallman, President