Results From Malaga Drilling Identify High Tungsten Values Associated With Gold and Copper
New Exploration Continues to Point Toward the Presence of Quality Deposits
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwire) -- 10/18/11 -- Malaga Inc. ("MLG")(TSX: MLG)(OTCQX: MLGAF), one of the few tungsten producers outside of China, today announced that further exploratory drilling and grab samples from prospective manto structures on its Pasto Bueno property in Peru, identified potentially valuable polymetallic ore deposits including high-quality tungsten associated with gold and copper.
"We have discovered mineralized zones that are very different from the Northern part of the Pasto Bueno property where we are currently extracting and milling tungsten," said Alonso Sanchez, Chief geologist for Malaga. "We have high expectations for this new unexplored area, which contains high tungsten grades as well as interesting values for gold, copper and a number of other metals."
Mr. Sanchez noted that the latest results include 35 grab samples on all four of the manto structures, and that Malaga expects the next stage of hole-drilling to be completed and assayed over the next few months. "We are pursuing our 10-hole (4,900 meters) drilling program up to the highest part of the manto structures, the Manto Santa, between now and the beginning of 2012," he said.
Malaga's expanded exploration in the Consuzo Zone started during the second quarter of 2011 with the objective of exploring the four manto structures. Going from the bottom of the mountain to the top, the exploration team drilled more than 290 m to reach Manto Gossan where economic lengths of drill core (5.60 m thick) reported 2.36 m in width of 1.19% W03 (tungsten in the form of scheelite), 0.77 g/t Au (gold) and 0.46% Cu (copper) (HDD-05-11). Given the interesting level of gold in the drill hole, the grab samples from the manto structure will be assayed for gold.
The samples also identified the following metals: gold, molybdenum, zinc, antimony, and bismuth.
A New 43-101 report is scheduled for Q1 2012. In 2012, Malaga will continue its exploration with the objective to delineate inferred resources in this zone.
See enclosed longitudinal map
This Press Release has been read and approved by Alonso Sanchez, P. Eng. and Chief Geologist for Malaga Inc. He acts as the qualified person ("QP") for the Company and is a geologist affiliated with the American Institute of Professional Geologists (AIPG).
About Malaga
Malaga Inc. owns and operates a mine in Peru and is one of the few publicly-traded producers of tungsten outside of China. Malaga is a low cost producer due to its gravimetric ore concentration process and the availability of hydroelectric power at its Pasto Bueno property. Malaga's production capacity represents 15% of the tungsten available for sale outside of China. The Company plans to increase production and continue to explore the property to develop its reserves and resources.
Forward-looking statements
Certain statements in the foregoing may constitute forward-looking statements which involve known and unknown risks, uncertainties and other factors that may cause Malaga's actual results, performance or achievements or industry results to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. The information provided reflects management's current expectations regarding future events and performance as of the date of this news release.
A map is available at the following address:
Contacts:
Jean Martineau
Chairman of the Board and Chief Executive Officer
Malaga Inc.
514 288-3224
Pierre Monet
President
Malaga Inc.
514 288-3224
Nicole Blanchard
Corporate Strategy and Investor Relations
Sun International Communications
450 973-6600
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Datum: 18.10.2011 - 11:00 Uhr
Sprache: Deutsch
News-ID 77123
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MONTREAL, QUEBEC
Kategorie:
Mining & Metals
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