Metallum Resources Inc. to Commence Aggressive Exploration Campaign on M-18 Gold/Silver Property, Argentina
April 11 2011 - 7:38AM
Marketwired
Metallum Resources Inc. (TSX VENTURE: MRV) ("Metallum" or
"Company") announces that it has renewed its surface access
agreement with the landowners covering the mineral rights of its
M-18 gold/silver property in Chubut province, Argentina and is
planning to commence an aggressive exploration campaign in the next
few weeks which will include geochemistry, geophysics, and a
program of diamond drilling. Metallum is earning a 70% interest in
the M-18 property under an Option and Joint Venture Agreement from
Silver Standard Resources Inc. ("Silver Standard"). The M-18
Property comprises 6,300 hectares measuring 9 kilometres ("km.")
east-west by 7 km. north-south.
Previous geological mapping by Silver Standard at 1:1,000 scale
and rock outcrop sampling has identified a gold/silver-bearing
epithermal vein system with intense alteration over a strike length
of at least 1.2 km. with widths of 0.5 km. The system remains open
in all directions extending beneath the alluvium.
Gold assay results from 98 grab samples from systematic mapping
distributed over the strike length from this program returned
values ranging up to 4.63 grams/tonne ("g/t") gold and 47.20 g/t
silver. There were 38 samples grading in excess of 1.00 g/t gold of
which 28 samples had grades ranging from 1.00 to 1.99 g/t gold, 6
samples grading 2.00 to 2.99 g/t gold, 2 samples grading 3.00 to
3.99 g/t gold, and 2 samples in excess of 4.00 g/t gold.
Elevated epithermal pathfinder elements also were encountered
over the entire length of the zone. For example, multiple samples
assayed in excess of 1.0% lead, 0.1% to 0.3 % zinc, and 1.0%
arsenic.
Property due diligence was carried out by Greg Lipton, P.Geo.,
Metallum's president and CEO, who is also the Qualified Person for
the Company. Geological mapping and geochemical sampling
distributed over the exposed 1.2 km. strike length of the zone
confirmed both the geology and the highly anomalous gold values
obtained by Silver Standard. Gold assay results from 61 grab
samples taken for property due diligence showed values grading from
less than 1.0 g/t to in excess of 3.00 g/t. Similarly, epithermal
pathfinder elements of lead, zinc, and arsenic were highly
anomalous.
Metallum is encouraged by the potential of this entire property
which has never been drill tested or undergone any systematic
property scale exploration such as detailed geologic mapping,
geophysics, or geochemistry. Metallum's planned M-18 exploration
program will commence in the next few weeks, initially focused on
the 1.2 km. mineralized gold zone and ultimately expanding into
surrounding terrain where extensive argillic alteration occurs.
Similar epithermal deposit models include Cerro Vanguardia
(Argentina), Calcatreu (Argentina), and the Toodoggone district of
British Columbia.
Greg Lipton, P. Geo., the Company's President and CEO, is the
qualified person for the Company as required under National
Instrument 43-101. He is a member of the Association of
Professional Geoscientists of Ontario (APGO). Mr. Lipton has
reviewed and approved the contents of this release.
Rock samples were assayed by ALS Chemex of Mendoza, Argentina
using 34 element ICP-AES and aqua regia / AA for ore grade Ag and
Pb values. Original rock samples are reduced to a 30 g aliquot
prior to a FA-AA finish for gold. Four blanks and four standards
were entered into the sample run and showed no anomalous
deviations.
The Company also announces that the Board of Directors of
Metallum has appointed current director Kevin Bullock as
non-executive Chairman of Metallum.
About Metallum Resources Inc.
Metallum Resources Inc. has 53,803,828 common shares outstanding
and in excess of $5 million in cash, with no debt, as of today's
date.
Further details may be obtained from our website
www.metallumresourcesinc.com
The TSX Venture Exchange Inc. has neither approved nor
disapproved the contents of this news release. Neither the TSX
Venture Exchange Inc. nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
Contacts: Metallum Resources Inc. Greg Lipton President (416)
861-8351 (416) 867-2298 (FAX) greg.lipton@metallumresourcesinc.com
Andreas Curkovic Investor Relations (416) 577-9927
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