Mosquito Consolidated Gold Mines Ltd
Developing CUMO-The World's Largest Un-mined Open Pit Molybdenum Deposit: Permitting Stage
Message: NR gold vein descovered
|
Mosquito Intersects Gold Bearing Mineralization at CuMo and Discovers New Near Surface Mineralization |
|||||||||||||
|
Vancouver, January 17, 2011 - Mosquito Consolidated Gold Mines Limited (Mosquito - TSX Venture: MSQ) is pleased to report the assay results from the three holes on the recently purchased private land. The drill holes have intersected a new near surface molybdenum bearing zone that is separated from the main area by a major fault. The new area has been called the Southwest Zone and is located 563.8 meters (1850 feet) from any previous drilling. In addition drill hole 55-10 intersected a gold bearing vein, similar to those mined historically throughout the area. All three holes intersected the new Southwest Zone and were drilled from the same site located in the north-east corner of the private land as close to the previous drilling as possible, Hole 55-09 is an angle hole (-65) drilled bearing due North, the hole was abandoned due to a ground conditions at 2472 feet. Hole 56-09 was drilled at an azimuth of 320 degrees and a dip of -60 to a depth of 1574 feet and Hole 57 was a vertical hole which was abandoned due to weather conditions at a depth of 540 feet. The purpose of the holes was to obtain geotechnical information regarding the southern boundary of the main zone. The area was assumed to be waste, and is outside of the current Ni 43-101 complaint resource calculation. The holes completed the task of analyzing the area of the conceptual pit and produced excellent geotechnical data to be used in analyzing wall stability and other issues. The best results were from Hole 55-10 which intersected 54.9 meters (190 feet) grading 0.107 % MoS2 from 70 to 128 meters (230 to 420 feet). The new zone starts at the weathered rock boundary (70 meters (230 feet)) and continues until intersecting a major fault at 128 meters (420 feet), where it crosses into the main block. Further down the same hole between 362.7 meters (1190 feet) and 365.7 meters (1200 feet), a precious base metal vein was intercepted. The vein graded 2.15 gms Au/T and 69.8 gms Ag/T, over 3.05 meters (10 feet). The vein, which has no previous mining history, is similar to the veins that were mined through out the area. Results returned were
(Note: As a result of the Preliminary Economic Assessment (Ausenco), the calculation of equivalents has been changed to include recoveries (see formulas below Table 1). This results in lower equivalent grades when compared to the previously announced holes.) Results from the holes are shown in Table 1 and their location relative to the rest of the drilling can be found in Figure 1 and 2. Geologically, the new southwest zone consists of coarse molybdenum bearing veins, only previously seen above the main molybdenum zone in the core of the main deposit; the mineralization consists solely of molybdenum with only a trace copper. This new zone, whose thickness is unknown, is completely separated from the main zone by at least two faults, but more importantly the near surface location and grade of the mineralization is extremely important for the ongoing exploration of the deposit. The intersection of a precious metal bearing vein at a location this far away from the main Baby mine workings confirms that additional veins of this type can be found within a broad (1800 m, 6000 foot wide) east-west corridor. The veins appear to be zoned from east to west with silver rich portions of the veins to the east (hole 38-08 that intersected 111 gms silver over 50 feet, approximately 2000 feet due east of this intersection) to gold-silver rich veins in the west. These veins of which there are two distinct types and ages, are peripheral veins, related to the older copper and the younger molybdenum bearing systems. Given the molybdenum content (0.025% MoS2) of the intersection, this is one of the younger gold bearing veins associated with the molybdenum event. Although not a primary focus of exploration these precious metal veins add valuable by-products to the project and aid in enhancing the economics of the overall deposit. The entire core for the hole was sampled and cut in half using a diamond saw. Half the core was sent for analysis and the other half has been kept and stored at the core facility located on site. Following cutting, the samples were delivered directly by Mosquito personnel to ALS Chemex located in Elko, Nevada, a fully accredited analytical laboratory. They were first analyzed for 47 elements using a four (4) acid digestion with analysis by Inductively Coupled Argon Plasma Optical Mass Spectrometer (ICP-MS). Copper and Molybdenum bearing samples were then checked by using a larger five gram sample and analyzed using pressed powder pellet X-Ray Fluorescence Spectroscopy (XRF). In addition, duplicates, blanks, and standards were analyzed to ensure analytical accuracy and reproducibility. All rejects are being kept for further analysis and for use in metallurgical testing. In other events, Barkerville Gold Mines Ltd. has announced that they intend to place the Bonanza Ledge gold property into production at a rate of 70,000 tonnes per year. Mosquito currently owns a 50% interest and a 3% royalty in the Bonanza Ledge and also in the nearby Cariboo Gold Quartz Mine under an agreement with Barkerville Gold Mines signed in 1994. Under the terms of that agreement Barkerville must complete a positive bankable feasibility study prior to earning Mosquito's 50% interest in the property. The 3% royalty on the entire project is retained by Mosquito. Work is proceeding on schedule for the delivery of the final environmental assessment report and delivery of the decision by the US Forest Service (EA Permit) in regards to Mosquito's Plan of Operations for the CuMo project. The Company has commissioned the international engineering firm of Snowden Mining Consultants Inc to update the 43-101 compliant resource. This work will commence upon receipt of all check assays results. Mosquito also continues to negotiate with several parties interested in funding the Cumo project through its various stages of development. Mr. Shaun M. Dykes, M.Sc. (Eng), P.Geo., Exploration Manager and Director of Mosquito is the designated qualified person for the CUMO Project and prepared the technical information contained in this news release. |
1 Recommendations
Loading...
Loading...
New Message
Please
login
to post a reply