Oceanus Intersects 37.2 g/t Gold and 7,338.9 g/t Silver over 0.85 Meters in an 800 Meter Step-Out Drill Hole at its El Tigre Property in Sonora, Mexico
(Thomson Reuters ONE) -
HALIFAX, Nova Scotia, June 08, 2017 (GLOBE NEWSWIRE) -- Oceanus Resources
Corporation (TSXV:OCN), (OTCQB:OCNSF) ("Oceanus" or the "Company") reports that
step-out hole ET-17-144 at its 100% owned El Tigre Property in Sonora, Mexico
intersected high-grade gold and silver mineralization in the Protectora vein.
Hole ET-17-144 returned 3.15 meters of 36.6 g/t gold equivalent from a depth of
88.25 meters to 91.40 meters consisting of 10.1 g/t gold and 1990.9 g/t silver.
This intercept included 0.85 meters of 135.1 g/t gold equivalent consisting
of 37.2 g/t gold and 7,338.9 g/t silver. Hole ET-144 also returned 1107.36 g/t
silver and 0.024 g/t gold over 1.5 meters from a depth of 188.65 meters to
190.15 meters.
The true width has not been calculated for the intercepts, but true width is
generally estimated at 75-90% of drilled width. The gold equivalent ratio is
based on a gold-to-silver price ratio of 75:1.
Drill hole ET-17-144 is located approximately 800 meters north of the end of the
old El Tigre mine where the Camp is located. The hole was drilled to test the
Protectora vein at a shallow depth. The map attached as Appendix A is 6
kilometers of the 35 kilometer long El Tigre Property and shows the location of
drill hole ET-17-144. In this drill hole the Protectora vein is hosted by a
brecciated, dark grey fragmental tuff of the El Tigre Formation. The
mineralized zone consists of several vuggy quartz veins and veinlets carrying
galena, sphalerite, chalcopyrite, stromeyerite and pyrite.
APPENDIX A is available for download
at http://www.globenewswire.com/NewsRoom/AttachmentNg/9da4b20b-
3542-4457-87c9-44071c3e49f3
Glenn Jessome, President and CEO of Oceanus reports, "The high gold and silver
grades intersected in drill hole ET-17-144 are reminiscent of the bonanza silver
and gold grades mined underground in the 1920's and 1930's at the old El Tigre
mine which is 800 meters to the south. Surface mapping shows that the
Protectora vein and alteration zone, that has not been mined, extends along
strike to the north from the old El Tigre mine for 1,500 meters. This 1,500
meter long extension presents a new exploration target to find additional near
surface mineralization. Our recent step-out drill results to the north and south
are very encouraging."
Refer to the Oceanus news releases dated September 14, 2016, October 18, 2016,
December 14, 2016, March 6, 2017 and May 25, 2017 for the assay results for the
previous drill holes. A drill hole location map is attached as Appendix B.
APPENDIX B is available for download
at http://www.globenewswire.com/NewsRoom/AttachmentNg/6c7f4825-7799-447b-af75-
8ff57b387623
El Tigre Drilling Program and Resource Estimate
Oceanus has completed the 2016-17 infill drilling program at El Tigre with a
total of 62 diamond drill holes totalling 11,923.1 meters. The purpose of this
drill program was to support a NI 43-101 resource estimation for the El Tigre
Property. The results from the Oceanus drilling, prior drilling and other data
will be incorporated into the resource estimation to be completed by P&E Mining
Consultants Inc. by the end of June, 2017.
Prospecting Work to the North at La Chula
As press released on May 25, 2017 field mapping and prospecting surveys have
identified newly discovered mineralization, which has been named La Chula vein
system. La Chula is located approximately 2 kilometers north of hole ET-17-144
drilled at Protectora (see map at Appendix A). An extensive mapping and
prospecting program is now being carried out at La Chula.
El Tigre Property
The El Tigre Property lies at the northern end of the Sierra Madre gold belt
which hosts many of the larger multi-million ounce epithermal gold and silver
deposits including Ocampo, Pinos Altos, Dolores and Palmarejo. In 1896, gold
was first discovered on the property in the Gold Hill area and mining started
with the Brown Shaft in 1903. The focus soon changed to mining high-grade
silver veins in the area with the majority of the production coming from the El
Tigre vein. Underground mining on the El Tigre vein extended 1,450 meters along
strike and mined on 14 levels to a depth of 450 meters. By the time the mine
closed in 1938, it is reported to have produced a total of 353,000 ounces of
gold and 67.4 million ounces of silver from 1.87 million tons (Craig, 2012).
The El Tigre Property is approximately 35 kilometers long and comprises
21,842.78 hectares. The El Tigre gold and silver deposit is related to a series
of high-grade epithermal veins controlled by a north-south trending structure
cutting across the andesitic and rhyolitic tuffs of the Sierra Madre Volcanic
Complex within a broad gold and silver mineralized propylitic alternation zone.
The veins dip steeply to the west and are typically 1 meter wide but locally can
be up to 5 meters in width. The veins, structures and mineralized zones outcrop
on surface and have been traced for a distance of 5.3 kilometers along strike.
Historical mining and exploration activities focused on a 1.5 kilometer portion
of the southern end of the deposits, principally on the El Tigre, Seitz Kelly
and Sooy veins. Four veins in the north (Aguila, Escondida, Fundadora and
Protectora) were explored with only limited amounts of production.
Lab Preparation and Assay
The diamond drill core (HQ size) is geologically logged, photographed and marked
for sampling. When the sample lengths are determined, the full core is sawn with
a diamond blade core saw with one-third of the core being bagged and tagged for
assay. The remaining two-thirds portion is returned to the core trays for
storage and/or for metallurgical test work.
The sealed and tagged sample bags are transported to the ActLabs facility in
Zacatecas, Mexico. ActLabs crushes the samples and prepares 200-300 gram pulp
samples with ninety percent passing Tyler 150 mesh (106micro-m). The pulps are
assayed for gold using a 50 gram charge by fire assay (Code 1A2-50) and over
limits greater than 10 grams per tonne are re-assayed using a gravimetric finish
(Code 1A3-50). Silver and multi-element analysis is completed using total
digestion (Code 1F2 Total Digestion ICP). Over limits greater than 100 grams per
tonne silver are re-assayed using a gravimetric finish (Code 8-Ag FA-GRAV Ag).
Quality Assurance / Quality Control and Data Verification
Quality assurance and quality control ("QA/QC") procedures monitor the chain-of-
custody of the samples and includes the systematic insertion and monitoring of
appropriate reference materials (certified standards, blanks and duplicates)
into the sample strings. The results of the assaying of the QA/QC material
included in each batch are tracked to ensure the integrity of the assay data.
All results stated in this announcement have passed Oceanus' QA/QC protocols.
Qualified Person
David R. Duncan, P. Geo., V.P. Exploration of the Company, is the Qualified
Person for Oceanus as defined under National Instrument 43-101. Mr. Duncan has
reviewed and approved the scientific and technical information in this press
release and has reviewed the Technical Report.
About Oceanus Resources Corporation
Oceanus Resources Corporation is a gold exploration company operating in Mexico.
Oceanus is managed by a team of mine finders with extensive experience in
exploring and developing large hydrothermal gold projects in Mexico. Oceanus is
currently drilling and exploring the El Tigre Property in the Sierra Madre
Occidental.
For further information, please contact:
Glenn Jessome
President and CEO
902 492 0298
jessome(at)oceanusresources.ca
CAUTIONARY STATEMENT:
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.
This News Release includes certain "forward-looking statements". All statements
other than statements of historical fact included in this release, including,
without limitation, statements regarding potential mineralization, resources and
reserves, the ability to convert inferred resources to indicated resources, the
ability to complete future drilling programs and infill sampling, the ability to
extend resource blocks, the similarity of mineralization at El Tigre to the
Ocampo mine, exploration results, and future plans and objectives of Oceanus,
are forward-looking statements that involve various risks and uncertainties.
Forward-looking statements are frequently characterized by words such as "may",
"is expected to", "anticipates", "estimates", "intends", "plans", "projection",
"could", "vision", "goals", "objective" and "outlook" and other similar words.
Although Oceanus believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, there can be no assurance that
such statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from Oceanus's
expectations include risks and uncertainties related to exploration,
development, operations, commodity prices and global financial volatility, risk
and uncertainties of operating in a foreign jurisdiction as well as additional
risks described from time to time in the filings made by Oceanus with securities
regulators.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Oceanus Resources Corporation via GlobeNewswire
Datum: 08.06.2017 - 20:21 Uhr
Sprache: Deutsch
News-ID 547130
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