DGAP-News: ASTUR GOLD CORP. WINS TENDER FOR LA CODOSERA GOLD PROPERTY IN EXTREMADURA, SPAIN
(firmenpresse) - DGAP-News: Astur Gold Corp. / Key word(s): Contract
ASTUR GOLD CORP. WINS TENDER FOR LA CODOSERA GOLD PROPERTY IN
EXTREMADURA, SPAIN
01.04.2011 / 16:23
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Vancouver, BC - Astur Gold Corp. (TSX-V: AST, Frankfurt: CDC) ('Astur Gold'
or the 'Company') is pleased to announce that it has been successful in a
bidding process for the La Codosera project, consisting of five mining
concessions totaling 1,851 hectares (approximately 20km2) in the province
of Badajoz, Extremadura Autonomous Region, Western Spain. La Codosera is
only 40km away from the provincial capital of Badajoz, and 80km from the
capital of the Extremadura Autonomous Region, Mérida. The Extremadura
region is known as a leader in mining industry support in Spain. The
permits are for the concessions of Afra, Buenavista, Breña, Monteviejo, and
Sierra Lugar. Despite available historical data, the area has been
insufficiently explored and may represent significant potential for gold
mineralization in Spain.
Cary Pinkowski, CEO&Director commented, 'We are pleased to have won the
tender process for this land package in Badajoz, Spain. The historical data
indicates that there is excellent gold exploration potential. By adding
these exploration assets, in concert with the development of our flagship
Salave deposit in Northern Spain, we are leveraging our Spanish exploration
expertise and human resources.'
LA CODOSERA GEOLOGY
The La Codosera area is regionally situated on the southern boundary of the
Paleozoic Center Iberian Zone, on the border with the Ossa Morena Zone. The
mineralized zones and historic workings are situated within a network of
quartz veins, and breccias associated with a major NW-SE trending shear
zone. The gold occurs as free gold (up to 300µm diameter) and associated
with sulphides within shear and fracture hosted quartz veins. The sulphides
are oxidized to depths ranging from 50-100m below surface.
PREVIOUS WORK ON LA CODOSERA
The La Codosera area is a historic gold district in Spain, mined by Romans
about 2,000 years ago. There are more than 13 outcropping gold occurrences
within an area of more than 4km2 that has historically been mined by the
Romans. Gold mineralization within veins and breccias are believed to be
related to a regional northwest trending shear zone proximal to felsic
intrusive rocks.
La Codosera was historically a State gold reserve, which later hosted
sporadic exploration programs by the Institute of Geology&Mining of Spain
('IGME') from 1984 to 1993. The IGME invested a total of approximately 100
million pesetas (approximately EUR600,000) to investigate the existence of
gold in the La Codosera area. Historical work includes trenching, drilling,
soil geochemistry, and minor geophysical work. Preliminary review of
historical data has been done by the Company, which is to be followed by
more detailed analysis and validation.
There has been 8,445 meters of core drilling in 54 diamond holes completed
on the property. Highlights of the historic drill intersections on the La
Codosera property are shown in the Table 1. The intercepts listed below
were calculated using a 0.50 g/t Au cut off grade.
Table 1: Selected Drill Results from La Codosera Property
DDH From(m) To (m) Thick (m) Au Grade (g/t)
C-27B 44.1 54.1 10.0 3.64
C-27B 71.7 76.3 4.6 2.34
NG-11 33.2 35.2 2.0 2.49
C-30 25.4 27.7 2.3 6.44
C-36 17.0 33.0 16.0 1.46
C-27 40.0 48.0 8.0 2.97
NG-01 31.5 33.5 2.0 3.44
NG-08 19.6 23.6 4.0 5.93
C-24 52.5 56.15 3.65 3.54
NG-05 27.3 39.3 12.0 2.38
C-32 20.4 27.5 7.1 2.74
C-30 2.0 4.5 2.5 1.27
NG-15 11.35 27.35 16.0 1.09
Approximately 6,000 meters of trenching has been done in the area.
Extensive channel sampling consisting of 2m continuous samples returned
gold values as high as 33.16 g/t. In total, 18 samples returned gold values
greater than 5 g/t Au, and 121 samples returned gold values between 1 and 5
g/t Au. Highlights of the historic trenching results on the La Codosera
property are shown in Table 2. The intercepts listed below were calculated
using a 0.50 g/t Au cut off grade.
Table 2: Selected Historic Trenching Results from La Codosera Property
Trench From (m) To (m) Thick (m) Au Grade (g/t)
K-53B 0 4 4 7.20
K-78 18 24 6 11.46
K-27 22 32 10 3.37
K-27 50 58 8 3.44
K-76 8 10 2 8.36
K-108 66 78 12 4.21
K-28 0 16 16 2.68
K-101 26 32 6 2.70
K-101 62 72 10 2.66
K-53 6 28 22 1.76
K-74 2 10 8 2.14
K-24B 12 24 12 1.79
PATH FORWARD FOR LA CODOSERA
The recently acquired permits cover all of the historic target areas,
including those areas investigated by the IGME. The Company has committed
to spend EUR880,497 over a 3 year period to maintain the property in good
standing. Over the coming months the company intends to conduct a detailed
review and compilation of all available historic information, culminating
in the preparation of a NI 43-101 technical report and recommendations for
further work in the coming year.
Property location maps and historic data for the La Codosera Property can
be reviewed on the Company's website at
http://www.asturgold.com/projects/la_codosera_gold/.
Brian McEwen, P. Geol. is the qualified person as defined in NI 43-101 and
has reviewed the content of this press release. The information presented
has been supplied by others and has not been validated by Astur Gold.
ABOUT ASTUR GOLD
The Company is developing its 100% owned flagship Salave Gold Project in
northern Spain. Salave is one of the largest undeveloped gold deposits in
Western Europe. The property has a NI 43-101 compliant mineral resource
estimate containing 1,683,000 oz of gold in the Measured&Indicated
category (2,155,000 tonnes grading 3.88 g/t Au Measured and 15,790,000
tonnes grading 2.79 g/t Au Indicated) with an additional 338,000 oz of gold
in the Inferred category (3,770,000 tonnes grading 2.8 g/t Au).
There is excellent exploration potential at Salave, with four of the
principal high grade zones of mineralization open at depth. Additional
exploration areas to the west have also yet to be tested. Previous
metallurgical tests indicate gold recoveries in the order of 90% are
possible. The region boasts excellent infrastructure and a history of
mining that will help support future mine development. Astur Gold is
advancing Salave towards production and cultivating an enduring partnership
with the people of Asturias in developing economic prosperity for the
region.
Salave is subject to NI 43-101 report, 'Technical Report on Salave Gold
Deposit, Spain', dated February 25, 2010as well as 'Preliminary Economic
Assessment on the Salave Gold Project, Asturias Region, Spain' dated
February 12, 2011. Bothdocuments are available on SEDAR and the Company's
website.
Neither 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. Mineral
resources that are not mineral reserves do not have demonstrated economic
viability.
End of Corporate News
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118174 01.04.2011
Datum: 01.04.2011 - 16:23 Uhr
Sprache: Deutsch
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