St. Elias Mines Ltd. Intersects 0.74g/t Au over 37.85 metres in Ddh Te-11-06 at Tesoro
(via Thenewswire.ca)
Vancouver, B.C. January 23, 2012: Lori McClenahan, President, St.
Elias Mines Ltd. (SLI - TSX:V), is pleased to provide further details
with respect to assay results previously announced on January 10, 2012
and the ongoing drill program at the Tesoro Gold Property located in
southwestern Peru.
Phase I Drill Program
The previously announced assay results (reproduced below) are initial
results from 11 diamond drill holes (4,375 metres of a planned
5,500-metre Phase IA Drill Program at the Tesoro Gold Project.) These
assay results represent the initial and ongoing systematic evaluation
of high-priority targets identified by the 2009/2010 Titan 24
Geophysical Survey at the Tesoro Gold Property. The anomalies being
tested by drilling include IP chargeability highs, resistivity lows
and highs, and MT derivatives, as well as various combinations of
these anomalies. Summary drilling results will be announced upon
completion of the Phase IA Drill Program and
compilation/interpretation of all data.
Drilling to date has focused on testing the Quantec Titan 24
geophysical targets primarily surrounding and within the large
"ovoid" chargeability anomaly at Zona Central. Drill Hole
TE-11-06 is located along the main Tesoro structural trend on the
northern flank of this anomaly.
Drill Hole TE-11-06 returned compelling initial results and, while
additional drill testing is required, the Company is in the process of
completely sampling Drill Hole TE-11-06 from 60m to 170m on minimum
1.5-metre intervals to more accurately define a potential,
bulk-tonnage mineralized target. The interval from 90.6m to 128.5m in
Drill Hole TE-11-06 assayed 0.74g/t Au over 37.85m, and includes 0.74m
of 23.5g/t Au at 112.26m and 0.35m of 9.6g/t Au at 113.32m. These
mineralized intersections have been interpreted to be related to
widespread resistivity lows identified from the 2009/2010 Titan 24
Survey. This correlation has led management to utilize these Quantec
resistivity lows zones associated with the known mineralized corridors
to fine tune additional exploration targets for drilling.
The large "ovoid" geophysical (chargeability) anomaly
identified by the Quantec Titan 24 Survey at depth on the Property has
been limitedly tested by diamond drilling on this round of drilling.
The Quantec survey data is currently being re-evaluated and
re-interpreted to take into account the latest drill results in
correlation with the geophysical targets.
Several sampled (halved core) intervals were noted to contain sulphide
mineralization. Sulphide mineralization is directly associated with
quartz/carbonate veins and/or veinlets and the restricted areas of
alteration surrounding these veins. A review of the assay data
compiled to date indicates a correlation between these visible
sulphides and gold mineralization.
The Company is in the midst of a systematic program of re-sampling and
drill core analysis with a focus on increasing the sampling intervals
both above and below any noted quartz/sulphide intersections, and
where areas of multiple sulphide mineralization were noted, continuous
sampling through these zones to combine one single sampled interval.
In this capacity, potentially mineralized wall rock between close
spaced mineralized veins can be tested, towards bulk tonnage mineral
potential.
Lori McClenahan states "While it is still early days for our
flagship project (the "Tesoro"), we are very excited as
initial drilling at Tesoro has confirmed gold mineralization at depth.
We are using logical and systematic exploration steps and techniques
to guide us in our exploration efforts. Much more
exploration/drilling is warranted at the Tesoro. This is just the
beginning."
The second drill rig, capable of drilling >=1,000m holes, is onsite
and turning. The addition of this second drill rig will result in
increased productivity and quicker turnaround time for geological
information and chemical analyses. Additional infrastructure,
including expansion of camp facilities, additional water trucks and
personnel (including two additional on-site geologists has been
completed. There are currently four fulltime geologists working on
the project under the guidance of James Thom, M.Sc. and Paul D. Gray,
P.Geo.
Initial Drill Results
Summary table of >1g/t Au assay results from the first 11 drill
holes of the 2011 Tesoro Gold Property
---------------------------------------------------------------------------
|Hole ID |Hole |Zones |From |To |Interval |Au |Au |
| |Depth |Tested |(meters)|(meters)|(meters)(2)|(ppm |(ounces)|
| |(meters)| | | | |or | |
| | | | | | |grams)| |
|-------------------------------------------------------------------------|
|DDH_TE_01|241.50 |Central |151.45 |152.02 |0.57 |4.144 |0.12 |
|-------------------------------------------------------------------------|
|? |? |? |154.71 |154.97 |0.26 |4.551 |0.13 |
|-------------------------------------------------------------------------|
|DDH_TE_02|250.50 |Central |30.80 |31.22 |0.42 |3.432 |0.10 |
|-------------------------------------------------------------------------|
|DDH_TE_03|350.50 |Central |183.26 |183.53 |0.27 |1.441 |0.04 |
|-------------------------------------------------------------------------|
|? |? |? |204.79 |204.93 |0.14 |2.974 |0.09 |
|-------------------------------------------------------------------------|
|DDH_TE_04|576.10 |Central |270.66 |270.84 |0.18 |1.148 |0.03 |
|-------------------------------------------------------------------------|
|? |? |? |330.69 |331.12 |0.43 |9.438 |0.28 |
|-------------------------------------------------------------------------|
|DDH_TE_05|301.40 |Central |29.33 |29.46 |0.13 |2.074 |0.06 |
|-------------------------------------------------------------------------|
|? |? |? |156.88 |157.13 |0.25 |11.64 |0.34 |
|-------------------------------------------------------------------------|
|DDH_TE_06|338.10 |Central |91.60 |92.32 |0.72 |1.508 |0.44 |
|-------------------------------------------------------------------------|
|? |? |? |112.26 |113.00 |0.74 |23.50 |0.69 |
|-------------------------------------------------------------------------|
|? |? |? |113.32 |113.67 |0.35 |9.582 |0.28 |
|-------------------------------------------------------------------------|
|? |? |? |124.70 |125.70 |1.00 |1.051 |0.03 |
|-------------------------------------------------------------------------|
|? |? |? |126.70 |127.50 |0.80 |1.594 |0.07 |
|-------------------------------------------------------------------------|
|? |? |? |156.09 |156.46 |0.37 |5.089 |0.15 |
|-------------------------------------------------------------------------|
|DDH_TE_07|380.25 |Canchete|15.07 |15.26 |0.19 |1.906 |0.56 |
|-------------------------------------------------------------------------|
|? |? |? |62.07 |62.28 |0.21 |1.252 |0.04 |
|-------------------------------------------------------------------------|
|? |? |? |96.69 |96.90 |0.21 |9.713 |0.28 |
|-------------------------------------------------------------------------|
|? |? |? |119.25 |119.49 |0.24 |19.74 |0.58 |
---------------------------------------------------------------------------
------------------------------------------------------------------------------
|Hole ID |Hole |Zones |From |To |Interval |Au |Au |
| |Depth |Tested |(meters)|(meters)|(meters)(2)|(ppm |(ounces)|
| |(meters)| | | | |or | |
| | | | | | |grams)| |
|----------------------------------------------------------------------------|
|? |? |? |133.46 |133.59 |0.13 |2.744 |0.08 |
|----------------------------------------------------------------------------|
|? |? |? |145.89 |146.01 |0.12 |6.136 |0.18 |
|----------------------------------------------------------------------------|
|? |? |? |146.88 |147.00 |0.12 |1.926 |0.06 |
|----------------------------------------------------------------------------|
|? |? |? |168.76 |169.00 |0.24 |5.964 |0.17 |
|----------------------------------------------------------------------------|
|? |? |? |169.29 |169.38 |0.09 |1.473 |0.04 |
|----------------------------------------------------------------------------|
|? |? |? |213.06 |213.19 |0.13 |2.10 |0.06 |
|----------------------------------------------------------------------------|
|? |? |? |213.19 |213.45 |0.26 |5.353 |0.16 |
|----------------------------------------------------------------------------|
|DDH_TE_08 |330.00 |Canchete|31.70 |31.85 |0.15 |1.353 |0.04 |
|----------------------------------------------------------------------------|
|? |? |? |44.90 |45.00 |0.10 |1.180 |0.03 |
|----------------------------------------------------------------------------|
|? |? |? |53.07 |53.19 |0.12 |2.233 |0.07 |
|----------------------------------------------------------------------------|
|? |? |? |90.50 |90.69 |0.19 |2.283 |0.07 |
|----------------------------------------------------------------------------|
|? |? |? |93.88 |94.12 |0.24 |1.827 |0.05 |
|----------------------------------------------------------------------------|
|? |? |? |121.35 |121.50 |0.15 |4.907 |0.14 |
|----------------------------------------------------------------------------|
|? |? |? |137.77 |137.98 |0.21 |4.579 |0.13 |
|----------------------------------------------------------------------------|
|? |? |? |195.50 |195.80 |0.30 |3.97 |0.12 |
|----------------------------------------------------------------------------|
|? |? |? |213.41 |213.54 |0.13 |3.468 |0.10 |
|----------------------------------------------------------------------------|
|DDH_TE_09(1)|604.70 |Central |533.44 |533.78 |0.34 |0.416 |0.01 |
|----------------------------------------------------------------------------|
|DDH_TE_10(1)|500.20 |Central |63.95 |64.02 |0.07 |0.259 |0.01 |
|----------------------------------------------------------------------------|
|DDH_TE_11 |501.25 |Central |52.00 |52.30 |0.30 |1.069 |0.03 |
------------------------------------------------------------------------------
(1)Highest gold value obtained in these drill holes
(2)The gold grades are uncut and the intercept reported drill core
intercept widths do not necessarily reflect the true width of the
mineralization encountered.
The Company utilizes an industry-standard quality assurance/quality
control program. HQ and NTW diamond drill core is sawn in half with
one-half shipped to the ISO-certified Canadian Institute of Mining,
Metallurgy and Petroleum Peru SA assay laboratory in Lima, Peru, for
chemical analysis. Blanks, duplicates and certified reference
standards are inserted into the sample stream to monitor laboratory
performance.
A Brief History of the Tesoro Gold Project
The Tesoro Gold Project is 100% owned by the Company with no
underlying royalties. The Property covers approximately 6,974 hectares
(17,436 acres) and is part of the prolific 300km X 30km Nazca-Ocona
gold belt parallel to the Pacific coast of southwestern Peru. The
Nazca-Ocona gold belt has a long mining history dating back to
pre-Incan time. Gold is associated with disseminated sulphides that
seeped into quartz veins and fractures within the intrusive body. The
continuity of the quartz veins and fractures is very impressive in the
Nazca-Ocona belt. While the veins tend to be narrow, the grade is
significant and the mineralized structures tend to extend along strike
for several kilometers and to depths of up to 1,000 meters.
The Company has identified five mineralized zones with more than 50
quartz veins (having a total combined length of 9km) at the Tesoro
Project and has carried out underground exploration and development
work on three of these veins (C1, C2 and A4 Veins.) The veins are
mesothermal, indicating that the vein structures may extend to
considerable depths.
To date, a total of 1,157 tons of bulk sample material averaging 0.93
oz/t gold has been extracted from ongoing underground exploration
development at several locations on the Tesoro Property including:
?.643 tons averaging 0.77 oz/t gold from the A4 Vein;
?.451 tons averaging 0.99 oz/t gold from the C1 Vein; and
?.63 tons averaging 2.04 oz/t gold from the C2 Vein.
The Tesoro Property has never been evaluated to depth or to its full
strike potential. This leaves a large potential for the discovery of
additional mineralization.
Qualified Person
All technical work is being supervised by, and the contents of this
news release have been verified by, Paul D. Gray, P.Geo., who is a
"qualified person" as defined in National Instrument 43-101,
Standards of Disclosure for Mineral Projects.
For additional information on St. Elias and its projects, please visit
us at www.steliasmines.com or call
1-888-895-5522 (toll free US and Canada) or contact:
U.S. Investor Relations Consultant
Herbert Haft
The Haft Group, Inc.
Tel: (212) 759-8865
Email: herbhaft@haftgroupinc.com
herbhaft@aol.com
ST. ELIAS MINES LTD.
(signed "Lori McClenahan")
Lori McClenahan,
President
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of the contents of
this document.
Copyright (c) 2012 Thenewswire.ca - All rights reserved.
