Oracle Mining Intercepts More High-Grade Copper at Oracle Ridge
posted on
Dec 19, 2011 12:08PM
Oracle Ridge Copper Mine - Tucson, Arizona
2.17% copper - Production facility construction is expected to begin in the first half of 2012
Of the 10 holes being reported today, seven holes intersected high-grade copper mineralization in areas extending beyond the previously known mineralization.
Highlights include 24 feet of 3.09% copper in Drill Hole ODH006, 30 feet of 3.45% copper in ODH007 and 35 feet of 2.70% in ODH008. The following tabulates the mineralized zones intersected in the assay drill results.
Drill | From | To | Interval | Cu | Au | Ag | Fe | ||
Hole | (feet) | (feet) | (feet) | (%) | (opt) | (opt) | (%) | Zone | Formation |
ODH001 | 829 | 837.5 | 8.5 | 1.11 | 0.000 | 0.100 | 3.74 | 9 | Martin |
And | 853 | 863 | 10.0 | 2.09 | 0.001 | 0.385 | 8.60 | Abrigo | |
And | 883 | 898 | 15.0 | 2.08 | 0.011 | 0.830 | 7.39 | ||
Includes | 888 | 898 | 10.0 | 2.51 | 0.013 | 1.085 | 8.23 | ||
ODH002 | 209.5 | 224 | 14.5 | 1.41 | 0.007 | 0.414 | 9.77 | 2 | Martin |
And | 263 | 283 | 20.0 | 1.94 | 0.006 | 0.591 | 4.24 | ||
Includes | 263 | 273 | 10.0 | 2.77 | 0.009 | 0.930 | 1.74 | ||
And | 315 | 335 | 20.0 | 1.27 | 0.004 | 0.355 | 4.96 | 1 | Abrigo |
And | 352 | 398.5 | 46.5 | 1.51 | 0.005 | 0.308 | 10.59 | Abrigo | |
Includes | 362 | 391 | 29.0 | 1.79 | 0.004 | 0.261 | 13.04 | ||
ODH003 | 389.5 | 398 | 8.5 | 3.48 | 0.012 | 0.791 | 6.33 | New Zone | Escabrosa |
And | 468 | 503 | 35.0 | 1.22 | 0.004 | 0.279 | 7.83 | 4 Extension | Escabrosa |
And | 624 | 634 | 10.0 | 1.73 | 0.007 | 0.230 | 9.69 | 2 Extension | Martin |
ODH004 | 986 | 994.5 | 8.5 | 1.61 | 0.009 | 0.375 | 13.96 | 8 | Martin |
And | 1086 | 1106 | 20.0 | 1.28 | 0.009 | 0.520 | 7.52 | 8 Extension | Abrigo |
ODH005 | 1038.5 | 1048 | 9.5 | 2.18 | 0.005 | 0.442 | 11.45 | 12 Extension | Martin |
and | 1176 | 1216 | 40 | 1.59 | 0.008 | 0.369 | 7.27 | 8 | Abrigo |
includes | 1181 | 1206 | 25 | 2.08 | 0.009 | 0.494 | 8.72 | ||
and | 1286 | 1315 | 29 | 1.76 | 0.002 | 0.383 | 15.47 | 8 | Abrigo |
includes | 1301 | 1315 | 14 | 2.67 | 0.001 | 0.687 | 17.19 | ||
ODH006 | 306 | 316 | 10.0 | 2.06 | 0.005 | 0.495 | 9.38 | New Zone | Escabrosa |
And | 360 | 373.5 | 13.5 | 1.35 | 0.007 | 0.259 | 15.15 | 4 Extension | Martin |
And | 392 | 426 | 34.0 | 2.58 | 0.012 | 0.608 | 17.54 | ||
Includes | 397 | 421 | 24.0 | 3.09 | 0.015 | 0.800 | 18.56 | ||
ODH007 | 247.5 | 262 | 14.5 | 1.59 | 0.004 | 0.39 | 13.88 | New Zone | Escabrosa |
And | 306 | 355 | 49.0 | 2.66 | 0.010 | 0.70 | 15.76 | 4 Extension | Martin |
Includes | 325 | 355 | 30.0 | 3.45 | 0.015 | 0.99 | 18.84 | ||
ODH008 | 461 | 471 | 10.0 | 2.23 | 0.000 | 0.665 | 1.87 | 2 | Martin |
And | 556 | 571 | 15.0 | 1.86 | 0.008 | 0.547 | 10.35 | ||
And | 611 | 626 | 15.0 | 1.93 | 0.009 | 0.753 | 3.82 | 1 | Abrigo |
Includes | 611 | 621 | 10.0 | 2.35 | 0.011 | 0.930 | 4.01 | ||
And | 658 | 703 | 45.0 | 2.32 | 0.004 | 0.557 | 9.91 | ||
Includes | 668 | 703 | 35.0 | 2.70 | 0.004 | 0.619 | 11.34 | ||
ODH009 | Assays Pending | ||||||||
ODH0010 | 618 | 633 | 15 | 1.74 | 0.011 | 0.373 | 12.75 | 4 Extension | Escabrosa |
ODH011 | 525 | 565 | 40.0 | 1.94 | 0.010 | 0.395 | 17.09 | 4 Extension | Escabrosa |
Includes | 525 | 540 | 15.0 | 3.19 | 0.015 | 0.633 | 24.35 |
Intervals were calculated using an external 1.0% copper cut-off and may include internal waste to reflect a potential mineable width. True widths will need to be modeled but are believed to be 70-to-100% of the stated interval length. Intervals labeled "Includes" are higher-grade portions of the previous listed interval. Assays for copper, silver, gold and iron were performed by Skyline Labs of Tucson, Arizona on split core samples using standard industry accepted techniques.
These holes were drilled as part of the Corporation's ongoing historic data base confirmation program. The successful completion of the validation program will allow the Corporation to undertake a NI 43-101 compliant resource estimation. Results to date compare well with the historic data.
The technical information in this media release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Glenn R. Clark, P.Eng. of Glenn R. Clark & Associates Limited, a consultant for Oracle Mining and a Qualified Person under NI 43-101, who is responsible for the technical information reported herein.
"We are very pleased with these most recent drill assay results and the intercepts that were drilled in order to verify the old data compare favorably to historical data," said Mr. Paul Eagland, Oracle Mining's CEO. "In addition, the intercepts that are extensions to known mineralization zones support our belief that there is significant upside in the exploration potential to the Oracle Ridge project."
Oracle Mining currently has three surface drill rigs on site and, based on assay information provided by the confirmation drilling in progress, the Corporation expects to complete a NI 43-101 technical report prior to the end of the 2011.
About Oracle Mining Corp.
Oracle Mining Corp. (TSX VENTURE:OMN)(OTCQX:OMCCF) is a Vancouver, Canada-based corporation with a focus on uncovering overlooked deep-value projects to achieve superior shareholder returns. The Corporation is the sole owner and operator of Oracle Ridge Mining LLC and copper mine located 24 km northeast of Tucson, Arizona. Oracle Mining has cash on hand of approximately $12 million, minimal long-term debt and is managed by an experienced team of mining professionals with extensive operating and financial experience.
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