2012-02-14 20:10:12 -
TORONTO, ONTARIO -- (Marketwire) -- 02/14/12 -- Minsud Resources Corp. ("Minsud" or the "Company") (TSX VENTURE:MSR) is pleased to announce an update on recent diamond drilling conducted on the Minas de Pinto sector of the Chita Valley Project (the "Project") located in San Juan Province, Argentina. The Project is a large exploration stage porphyry situation with classic alteration features, widespread porphyry style Cu-Mo-Ag-Au mineralization, and associated gold and silver-bearing polymetallic veins.
As part of a drilling campaign, two drill holes, CHT11-23 and CHT11-24, were completed to further test known Au-Ag bearing polymetallic vein-style mineralization in the Fatima Vein system prospect area. The Minas de Pinto sector is a corridor of widespread localized Au-Ag mineralization that has been traced for 4.0 kilometers along strike.
The Minas de Pinto corridor contains artisanal diggings of unknown age and an early 20th Century exploration adit. A TSXV listed company optioned the Minas de Pinto Property in the mid-2000's, completing extensive surface channel sampling and in 2008 drilled 22 diamond drill holes totaling 2,631.25 meters. The full data set pertaining to latter work including analytical certificates and remaining drill core was turned over to the property owner upon termination of the option agreement. The 2011 Minsud drill holes were designed to test the earlier results, with CHT11-24 being a twinned hole of previous hole CHT-004.
The 2008 historical drilling results are not all currently in the public domain. In order to discuss the verification aspects of the 2011 Minsud holes it is necessary to provide a basic outline of the historical results for comparison purposes. It is noted that in 2010 Minsud retained Toronto based consulting firm Watts, Griffis and McOuat ("WGM") to complete a NI 43-101 report for TSXV listing purposes, and as part of this exercise conducted independent sampling of selected 2008 core sections.
The following table shows the assay results of the Fatima Vein and related vein margin silica alteration zone for infill hole CHT-11-23 and twinned hole CHT-11-24 (CHT-004). A previously unknown zone of silicified and polymetallic sulphide mineralized tonalite porphyry was also encountered in hole CHT-11-23. In addition selected results of other 2008 historical holes are presented to illustrate the general nature of the mineralization. It is noted that there is wide variation in gold and silver values within and between mineralized sections that is indicative of 'nugget effect' which is a ubiquitous characteristic of the great majority of auriferous vein type deposits. This is clearly illustrated in the twinned holes where the Fatima Vein intersections are probably separated by only a few meters but the values are very different. It is also clear that the widely scattered holes indicate a variety of narrow or broader mineralized sections that require additional exploration.
DRILL HOLE ASSAY AVERAGES 2011 & HISTORICAL MINAS DE PINTO
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Prospect Drill Hole Comments
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Porphyry w. 2011 Minsud
sulphidation CHT-11-23 23.00 35.00 12.00 0.20 24.30 Drill Hole
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2011 Minsud
Fatima Vein CHT-11-23 250.00 251.00 1.00 0.34 4.10 Drill Hole
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Fatima Zone 2011 Minsud
(Twin CHT-04) CHT-11-24 73.00 76.00 3.00 0.31 19.20 Drill Hole
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(includes vein) 73.00 75.00 2.00 0.47 14.40
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Includes WGM
Fatima Zone CHT-004 77.72 82.50 4.78 3.73 31.00 check assays
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Includes WGM
(includes vein) 78.20 79.80 1.60 10.58 88.33 check assays
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Fatima Zone CHT-005 90.00 94.00 4.00 0.63 32.10
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(includes vein) 91.70 93.20 1.50 1.48 83.83
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Includes WGM
Fatima Zone CHT-019 133.50 139.00 5.50 0.63 25.44 check assays
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Fatima Zone CHT-020 87.00 99.00 12.00 0.29 97.76
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Fatima South
Zone CHT-002 169.00 171.50 2.50 6.42 4.43
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Fatima South
Zone CHT-005 13.00 18.80 5.80 0.42 3.86
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Fatima South
Zone CHT-019 53.00 66.20 13.20 2.38 4.08
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Fatima South
Zone CHT-020 15.60 17.40 1.80 2.71 51.61
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Candella CHT-006 69.00 73.00 4.00 2.18 63.24
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Candella CHT-008 23.80 25.75 1.95 0.79 58.04
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Argentina CHT-010 72.00 76.70 4.70 1.21 92.06
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Johana CHT-012 129.50 130.50 1.00 4.43 738.00
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Includes WGM
Johana CHT-013 40.50 47.00 6.50 5.02 16.96 check assays
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Includes WGM
Candella CHT-018 28.50 45.00 16.50 1.31 28.63 check assays
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(i) Intersection averages revised to include independent field duplicate
split core assays.
Detailed geological and alteration studies as well as extensive prospecting and rock sampling are currently being undertaken by the Company. It is anticipated that ground geophysical surveying, in particular magnetic and Induced Polarization/resistivity surveys will be required to effectively define further drilling targets.
Mr. Carlos Massa, Minsud's President & CEO stated "Minas de Pinto was the last property annexed to the Chita Valley Project. We are pleased with the results obtained so far and will continue with systematic exploration of the various high quality target areas."
Mr. Howard Coates, Professional Geoscientist, Director of the Company and a geological consultant, is a qualified person as defined by National Instrument 43-101. Mr. Coates visited the property and has read and approved the contents of this release.
About Minsud Resources Corp:
Minsud is a mineral exploration company focused on exploring its flagship Chita Valley project, primarily for gold, silver and copper in San Juan Province, Argentina.
Additionally, the Company holds a portfolio of approximately 75,000 ha of 100% owned exploration properties in Patagonia. Most of the key properties held by the Company are located in mining friendly provinces like San Juan and Santa Cruz, Argentina.
Quality Assurance/Quality Control: Drill core samples were submitted to Alex Stewart (Assayers), Argentina S.A. an ISO 9000-2000 accredited laboratories located in Mendoza, Argentina. Gold and silver results were determined using standard fire assay techniques on a 50 gram sample with a gravimetric finish for gold and silver. Minsud's QA/QC program includes the insertion of blanks, standards and duplicates into the sample stream for Chita drill holes.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, spending commitments, future operations, results of exploration, anticipated financial results, future work programs, capital expenditures and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the Company's TSXV Filing Statement dated April 27, 2011 under the heading "Risk Factors". There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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:
Minsud Resources Corp.
Carlos Massa
President and Chief Executive Officer
+54-11-4328-4067
cmassa@minsud.com :
Minsud Resources Corp.
Mike Johnston
416-479-4466
mike@minsud.com :
