Odin Announces Results of Phase One Drilling at Cangrejos, Ecuador-Expands Mineralised Zone Laterally and Vertically
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/31/15 -- Odin Mining and Exploration Ltd. (TSX VENTURE: ODN) ("Odin") is pleased to announce the results from the Company's nine hole, 3,540 metre Phase 1 drill program at its Cangrejos project in southern Ecuador. The Cangrejos gold/copper project, comprises approximately 5,594 hectares, is located El Oro province of southern Ecuador approximately 30 kilometres southeast of the coastal port city and Provincial capital, Machala.
Results demonstrate the continuous nature of the mineralization, highlighted by hole C14-47 that intersected 405.10 meters from surface to the end of the hole grading 0.66 grams per tonne gold and 0.09% copper for a gold equivalent grade of 0.82 grams per tonne and including 58 metres grading 1.63 grams per tonne gold and 0.16% copper for a gold equivalent grade of 1.91 grams per tonne.
The results from the initial 9 drill holes are shown in the table below. A map showing the location of the drill holes is provided in Figure 1, below.
Odin is encouraged by the current drill results, which are consistent with the company's expectations. Results demonstrate the continuous nature of the mineralization at Cangrejos, making it suitable for a large-scale open pit low-cost mining operation. The Company is also anticipating changes to the regulatory and taxation environment in Ecuador and is encouraged by recent dialogue with the government in this regard. Additionally, Odin has initiated a scoping level metallurgical testing program along with a conceptual project siting and environmental study.
Figure 1. Drill hole plan:
In other corporate news, Leo Hathaway has been appointed Senior Vice President and Diego Benelcazar has been appointed Vice-President Exploration and Corporate Development.
Leo Hathaway, P.Geo., and Senior Vice President for Odin, is the Qualified Person as defined by National Instrument 43-101 for the Cangrejos Project. The quality assurance/quality control program is monitored by independent consultant Dr. Bruce M. Davis. Logging and sampling are completed at Odin's secure facility located at the project. The drill core is sawn in half on site and half drill core samples are securely transported to Acme's sample preparation facility in Cuenca, Ecuador. Sample pulps are sent to Canada for analysis. Gold content are determined by fire assay of a 30 gram charge at ALS Chemex in Lima, Peru and Vancouver, Canada. Total copper content is determined by four-acid digestion with ICP finish at Acme in Vancouver. Check assays for gold were done at ALS Chemex Labs in Vancouver and Lima, Peru. Odin inserts standards, blanks and duplicates selected on a random basis into the sample stream.
Mr. Hathaway has reviewed and approved the contents of this news release.
Odin Mining & Exploration Ltd.
Marshall Koval, President & CEO
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 news release.
Contacts:
Odin Mining and Exploration Ltd.
Lyle Braaten
VP Legal Counsel
+1 604 646 1889
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Datum: 31.03.2015 - 12:30 Uhr
Sprache: Deutsch
News-ID 382355
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Mining & Metals
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