Sierra Madre and Riverside Confirm Potential for Western Extension at El Capitan and Commence Drill Testing
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/30/12 -- Management of Sierra Madre Developments Inc. (TSX VENTURE: SMG) ("Sierra Madre" or the "Company") and Riverside Resources Inc (TSX VENTURE: RRI) ("Riverside") are pleased to announce that they have received assay results from a detailed soil sampling program designed to assess potential western extensions of the oxide gold mineralization encountered during Stage 1 drilling of the El Capitan Target, Penoles Project, Durango. As announced October 24, 2011, drilling at El Capitan identified potentially economic grade gold mineralization over a strike length of approximately 700 meters and that the mineralized zone appears to be open for expansion along strike to the west-northwest of the area tested by drilling.
The Penoles Project hosts a partially defined oxide gold prospect (El Capitan), two historic silver mines (Jesus Maria and San Rafael) and multiple early stage targets in a land package that covers more than half of the historic "Penoles Mining District". Sierra Madre has an option to earn up to a 65% interest from Riverside by incurring exploration expenditures and making cash and share payments to Riverside and the underlying property owners.
The potential extension of the El Capitan mineralized zone is masked by shallow overburden and a decision was made to complete a detailed soil sampling program prior to undertaking additional drill testing. A total of 980 samples were collected at 12.5 meter intervals along 25 meter spaced profile lines for over 350 meters along strike of the mineralized zone. The soil samples were analyzed by Inspectorate Laboratories in Nevada using standard fire assay techniques and returned strongly anomalous gold values (ranging from 50ppb to 1,100 ppb) within a consistent, 150 to 250 meter wide, west-northwest striking anomaly that extends from the most westerly 2011 drill hole (DDH 11-05) across the entire survey grid and remains open to the west. It was also noted that several soil samples collected southwest of DDH 11-05 returned strongly anomalous gold values indicating that the mineralized interval that was reported for DDH 11-05 represents only the lower part of the oxide gold zone. Additional drill testing at El Capitan is scheduled to commence on or before March 31, 2012. Results will be announced as they become available.
The scientific and technical data contained in this news release were prepared under the supervision of Carl von Einsiedel, P.Geo and CEO of Sierra Madre, who is the Qualified Person for this release.
About Sierra Madre Developments: Sierra Madre is a TSX Venture listed junior mining company based in Vancouver, British Columbia, Canada. Management has extensive exploration and mining expertise and the Company's business model is to acquire advanced gold and silver projects and build shareholder value by rapidly advancing our projects through the resource delineation stage.
ON BEHALF OF SIERRA MADRE DEVELOPMENTS INC.
Carl von Einsiedel, CEO
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward looking terminology (e.g., "expect"," estimates", "intends", "anticipates", "believes", "plans"). Such information involves known and unknown risks - including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Sierra Madre and Riverside in their public securities filings that may cause actual events to differ materially from current expectations. There can be no assurance that the results of drilling at El Capitan will correspond to or support prior drill results, or that any mineral deposits identified at Penoles will be economically viable. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange 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:
Sierra Madre Developments Inc.
Carl von Einsiedel
CEO
604-685-3357
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Datum: 30.03.2012 - 13:00 Uhr
Sprache: Deutsch
News-ID 130407
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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