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Press Release Goldmarca Limited · the Los Cuyes mineralized system. The step out drilling program...
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1 Press Release Goldmarca Limited Goldmarca Limited 45B Old Curundu Road, Albrook, Panamá City, Republic of Panama Phone: (507) 3150015 3150014 Fax: (507) 3150082 [email protected] www.goldmarca.com TSX.V: GML Goldmarca intersects 1 g/t Gold Over 240 Metres including 1.8 g/t Gold over 70 Metres and 1 g/t Gold Over 262 Metres including 1.37 g/t Gold over 194 metres at Condor Gold Project May 18, 2007 – Panama City, Republic of Panama -- Goldmarca Limited (“Goldmarca”) [TSX.V: GML] is pleased to announce that at the Los Cuyes sector Condor Gold Project in Ecuador drill hole DCU-29 intersected 1.0 g/t gold over 240 metres including 1.8 g/t gold and 21.9 g/t silver over 70 metres within the total drill hole intersection of 408 metres grading 0.77 g/t gold. At the Soledad sector hole DSO-14 intersected 262 metes at 1.0 g/t gold including 194 metres at 1.37 g/t gold. See Table 1 below for Los Cuyes drill results and Figure 1 and for geology map locating the breccia bodies, Figure 2 for the Los Cuyes drill plan and Figure 3 for the Los Cuyes drill cross section. TABLE 1 CONDOR GOLD PROJECT LOS CUYES DRILLING RESULTS APRIL 2007 HOLE ELEV M DEPTH M AZIMUTH O DIP O FROM M TO M INTERCEPT METRES Au g/t Ag g/t Zn % DCU-29 1472 408 53 -80 0 408 408 0.77 8.0 0.21 INCLUDING 138 378 240 1.04 9.5 0.09 INCLUDING 148 216 68 1.84 22.1 0.08 The drill intercept of holes DCU 29 continues to confirm the continuity of the depth of mineralization of the Los Cuyes mineralized system. The step out drilling program to drill off the exploration potential in the known Los Cuyes block continues with success. Drilling is planned to a vertical depth of 500 metres over a surface area of 400 metres by 400 metres using a drill grid spacing of 50 metres by 100 metres. This will provide the basis to estimate revised inferred resources. The results from drill holes DSO-09, 10, DSO-11, DSO-12, DSO-13 and DSO-14, at the Soledad sector are set out in Table 2 and depicted in Figures 4, 5 and 6. The drilling program at Soledad is aimed at providing data as a basis for estimating measured and indicated resources. TABLE 2 CONDOR GOLD PROJECT SOLEDAD DRILLING RESULTS APRIL2007 HOLE ELEV M DEPTH M AZIMUTH O DIP O FROM M TO M INTERCEPT METRES Au g/t Ag g/t Zn % DSO-09 1621 177.5 308 -60 0 177.5 177.5 0.63 4.4 0.66 INCLUDING 0 82 82 1.00 6.8 0.99 DSO-10 1621 119.5 128 -50 0 96 96 1.13 7.3 0.89 INCLUDING 0 70 70 1.39 9.5 1.14 DSO-11 1621 94.5 0 -67.5 0 94.5 94.5 0.81 5.8 0.66 INCLUDING 0 50 50 1.03 7.9 0.94 DSO-12 1621 234 0 -72 0 202 202 0.89 4.2 0.64 INCLUDING 0 182 182 0.98 4.5 0.67 DSO-13 1621 118 39 -45 0 102 102 0.92 6.2 0.57 INCLUDING 0 36 36 1.27 12.9 0.98 DSO-14 1621 280.5 39 -75 0 262 262 1.04 4.5 0.79 INCLUDING 0 194 194 1.37 5.5 0.93
Transcript of Press Release Goldmarca Limited · the Los Cuyes mineralized system. The step out drilling program...
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Press Release Goldmarca Limited Goldmarca Limited 45B Old Curundu Road, Albrook, Panamá City, Republic of Panama Phone: (507) 3150015 3150014 Fax: (507) 3150082 [email protected] www.goldmarca.com TSX.V: GML
Goldmarca intersects 1 g/t Gold Over 240 Metres including 1.8 g/t Gold over 70 Metres and 1 g/t Gold Over 262 Metres including 1.37 g/t Gold
over 194 metres at Condor Gold Project May 18, 2007 – Panama City, Republic of Panama -- Goldmarca Limited (“Goldmarca”) [TSX.V: GML] is pleased to announce that at the Los Cuyes sector Condor Gold Project in Ecuador drill hole DCU-29 intersected 1.0 g/t gold over 240 metres including 1.8 g/t gold and 21.9 g/t silver over 70 metres within the total drill hole intersection of 408 metres grading 0.77 g/t gold. At the Soledad sector hole DSO-14 intersected 262 metes at 1.0 g/t gold including 194 metres at 1.37 g/t gold. See Table 1 below for Los Cuyes drill results and Figure 1 and for geology map locating the breccia bodies, Figure 2 for the Los Cuyes drill plan and Figure 3 for the Los Cuyes drill cross section.
TABLE 1 CONDOR GOLD PROJECT LOS CUYES DRILLING RESULTS APRIL 2007
HOLE ELEV M
DEPTH M
AZIMUTH O
DIP O
FROM M
TO M
INTERCEPT METRES
Au g/t
Ag g/t
Zn %
DCU-29 1472 408 53 -80 0 408 408 0.77 8.0 0.21 INCLUDING 138 378 240 1.04 9.5 0.09 INCLUDING 148 216 68 1.84 22.1 0.08
The drill intercept of holes DCU 29 continues to confirm the continuity of the depth of mineralization of the Los Cuyes mineralized system. The step out drilling program to drill off the exploration potential in the known Los Cuyes block continues with success. Drilling is planned to a vertical depth of 500 metres over a surface area of 400 metres by 400 metres using a drill grid spacing of 50 metres by 100 metres. This will provide the basis to estimate revised inferred resources. The results from drill holes DSO-09, 10, DSO-11, DSO-12, DSO-13 and DSO-14, at the Soledad sector are set out in Table 2 and depicted in Figures 4, 5 and 6. The drilling program at Soledad is aimed at providing data as a basis for estimating measured and indicated resources.
TABLE 2 CONDOR GOLD PROJECT SOLEDAD DRILLING RESULTS APRIL2007
HOLE ELEV M
DEPTH M
AZIMUTH O
DIP O
FROM M
TO M
INTERCEPT METRES
Au g/t
Ag g/t
Zn %
DSO-09 1621 177.5 308 -60 0 177.5 177.5 0.63 4.4 0.66 INCLUDING 0 82 82 1.00 6.8 0.99
DSO-10 1621 119.5 128 -50 0 96 96 1.13 7.3 0.89 INCLUDING 0 70 70 1.39 9.5 1.14
DSO-11 1621 94.5 0 -67.5 0 94.5 94.5 0.81 5.8 0.66 INCLUDING 0 50 50 1.03 7.9 0.94
DSO-12 1621 234 0 -72 0 202 202 0.89 4.2 0.64 INCLUDING 0 182 182 0.98 4.5 0.67
DSO-13 1621 118 39 -45 0 102 102 0.92 6.2 0.57 INCLUDING 0 36 36 1.27 12.9 0.98
DSO-14 1621 280.5 39 -75 0 262 262 1.04 4.5 0.79 INCLUDING 0 194 194 1.37 5.5 0.93
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The drill results continue demonstrate the potential for disseminated gold mineralization at the Los Cuyes and Soledad and other sectors at the Condor Gold Project. These breccias represent a window of a large breccias system “inside” a camp with surface dimensions of 2.5 kilometres by 2.5 kilometres and 500 metres in depth. The breccia camp includes the following: ¨San Jose, Bonanza, Soledad, Guayas, Buena Esperanza, Brechas Negras, Gossan Luna, Los Cuyes, Pangui and Reina del Cisne¨. These breccia zones have been localized by mapping, geophysics and drilling. The breccia mineralization is apparently localized by structural controls. The geophysical programme at Condor has been completed and the anomalies are being interpreted for future drill hole targeting. The plan is to continue to drill the known breccias to define resources and drill exploration targets aided by previous drilling, geological/structural interpretations and geophysics. The Condor geological model (lower zone – breccias) has close similarities in the structural framework and shaping to the Pascua Lama Gold Deposits in Chile with an additional disseminated type in upper zones in volcano-clastic cover. Drilling is comprised of NQ diamond core with recovery close to 100%. The core samples are sawed in half and half the core was crushed and pulverized and then assayed for gold, silver and zinc at the ACME Laboratory Vancouver, Canada by fire assay with an ICPAES or gravimetric finish. Sample preparation was performed by ACME´s sample preparation facility in Cuenca, Ecuador. As part of quality-assurance, quality-control (QA/QC) certified standards of known gold content are inserted every 20 samples, blanks were inserted every 20 samples and field and laboratory blind duplicates taken every 20 samples. The other half of the core is retained on site for verification and reference purposes. Dr Howard Lahti, Ph.D. Geology is acting as Qualified Person in compliance with National Instrument 43-101 with respect to this release. He has reviewed the contents for accuracy. On behalf of the Board of Directors, Robin Slaughter, President and Chief Executive Officer ABOUT GOLDMARCA: Goldmarca Limited (TSX.V: GML) is an international mining company that is engaged in adding value to gold and base metal projects with a primary focus on assets in South America and Australia. By applying unique technology and expertise, Goldmarca is focused on delivering a low-cost option to develop resource projects that can provide a one-year payback of all capital costs. Goldmarca is also listed on the Frankfurt and Berlin exchanges under the symbol “GDQ.” For more information, please visit www.goldmarca.com. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. Safe Harbor Statement: Statements contained in this release that are not historical facts are forward-looking statements which involve risk and uncertainties, which could cause actual results to differ materially from those, expressed in forward-looking statements including the following: changes in economic or environmental conditions and the Company’s ability to execute its business model and strategic plans. The Company relies on litigation protection for forward-looking statements.
Robin Slaughter, President & CEO, Goldmarca Limited T. 507.66714370 Nick Demare, Director & CFO, Goldmarca Limited T. 604.685.9316 or E: [email protected]
For further information, please contact:
Tracy Weslosky and Fred Cowans, Managing Partners, Pro-Edge Consultants Inc. T: 866.544.9622 or 416.581.0177 E: [email protected]
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