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Mediterranean Resources announces discovery of ?wo new mineralized areas

04.06.2012  |  CNW

VANCOUVER, June 4, 2012 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR) (Frankfurt: MHM1) ("Mediterranean") is pleased to announce further results from surface sampling in the western sector of the new Cevreli North zone that was first highlighted in early January of 2012.

Cevreli North

The discovery was originally made during the construction of a forestry road in the summer of 2011 when an extensive zone of argillic alteration was exposed in the underlying andesitic volcanics.  The new mineralized zone, known as Cevreli North, is located within the limits of Concession 20069647 and comprised over 150m of what is interpreted to be gold-copper high-sulphidation epithermal mineralization.

Through surface rock sampling and mapping in recent months the newly discovered Cevreli North zone has been extended 1 kilometre to the west. The gold, silver and base metal mineralization (Zone-1, Zone-2, Zone-3) is associated with quartz veins (up to 0.7 m wide) and veinlet swarms. To view the Cevreli North sampling, please see Fig.1. in the following link :-

http://www.medresources.ca/news/2012/june04/Cevreli-North-Sampling.png

High grade gold and silver assays, up to 6.1 g/t, and significant base-metal values have been generated by rock sampling at Zone 3. The results are summarized in the following table:

SAMPLEAu g/tAg ppmCu ppmPb ppmZn ppm
435340.121  710222
435380.554 7320  
435390.0556.7020801335246
435400.122 9320 721
435410.1833.701545 4230
435430.0251.5010209870 
435450.098 5370 2350
435460.1908.301625  
435470.1736.801400  
43548  3370  
435490.702 6120  
435500.4614.301300  
435510.6382.508897200 
435520.2862.905230 6830
435540.3384.801495 7450
435561.6355.1011805990 
435580.1903.40108058608990

Rock sampling at Zones 1 and 2 produced particularly high zinc assays.  Elevated silver grades have been found to occur in continuous zones of mineralization.


SAMPLEAu g/tAg ppmCu ppmPb ppmZn ppm
434651.6601.407264241920
434700.2989.904600  
434710.5443.003806063730
434740.1954.802060 9820
434771.7505.00223045902200
434802.9702.8011206240 
434810.9354.301725  
434840.069 11709260 
434900.4035.201230  
435040.0432.009862120 
435050.0324.4026302210 
435060.2193.9099961309720
435070.7594.5011659270 
435090.6682.507757200 
435100.9111.50622933 
435170.1377.801355  
435190.1427.501050  
435200.3713.7094998102850
435210.0206.201140 690
435220.2074.30306  
435311.4253.10274036909130

The Company views these results as a discovery of significant new potential as it further demonstrates the extensive scale of the Red Mountain mineralized system and suggests an opportunity for substantial lateral expansion of the Tac-Corak resource.  The Cevreli North mineralized zone occurs along the general strike of the Tac-Corak trend, some 6.8 km northeast of the Corak deposit and 2.7 km west-northwest of the Tac deposit.

These further occurrences at Cevreli North provide evidence for the high-sulphidation epithermal mineralization in the areas where no drilling or surface sampling has been done before and suggest promising targets for the 2012 drilling program.

Quality Control

Mediterranean Resources and its subsidiaries adhere to industry standard quality assurance and quality control procedures for all samples. The QA/QC program includes the insertion of blanks, duplicates and certified standards into the sample stream. Gold and multi-element assaying is undertaken by ALS at its laboratories in Vancouver, Canada.

Alex Gostevskikh, MMSA (QP), a Director of the Company, is a Qualified Person as defined by National Instrument 43-101. Mr. Gostevskikh has reviewed and consents to the publication of all technical information included in this news release.

Signed on behalf of the Board of Directors.

Neither Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company in any jurisdiction. The securities to be issued pursuant to the Unit Offering by the Company have not and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.

Certain information set out in this News Release constitutes forward-looking information, which may include information relating to estimates of sales and revenue of MNR. Forward-looking statements (often, but not always, identified by the use of words such as "expect", "may", "could", "anticipate" or "will" and similar expressions) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties. Forward-looking statements are based upon the opinions, expectations and estimates of management of the Company as at the date the statements are made and are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Those factors include, but are not limited to risks, uncertainties and other factors that are beyond the control of the Company, risks associated with the industry in general, commodity prices and exchange rate changes, operational risks associated with exploration, development and production operations, delays or changes in plans, risks associated with the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. In light of the risks and uncertainties associated with forward-looking statements, readers are cautioned not to place undue reliance upon forward-looking information. Although the Company believes that the expectations reflected in the forward-looking statements set out in this press release or incorporated herein by reference are reasonable, it can give no assurance that such expectations will prove to have been correct. The forward-looking statements of the Company contained in this press release, or incorporated herein by reference, are expressly qualified, in their entirety, by this cautionary statement.

 

 

SOURCE Mediterranean Resources Ltd.

Christopher Ecclestone
Chief Executive Officer
604-669-3397
www.medresources.ca


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