VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan 8, 2013) - Mansfield Minerals Inc. (the "Company") (TSX VENTURE:MDR) announces it has concluded a 2,983 metre (13 hole) diamond drilling program on its Arizaro gold-copper porphyry discovery, located in Salta Province, Argentina. The Arizaro project is located immediately adjacent (3 km southeast) to the Company''s feasibility stage, permitted Lindero gold heap leach project and exhibits a deeper oxide weathering profile.
The near surface oxide gold potential of the Arizaro porphyry system is being assessed as a potential add on that could significantly extend the Lindero planned mine life.
The focus of the drill program was to test lateral and depth extensions of the shallow (less than 300 metres vertical) gold mineralization previously encountered (see news release dated Nov 1, 2011: Mansfield Expands Arizaro Porphyry Gold - Copper Discovery Lindero Gold Project - DDH ARD-13: 122m @ 0.75 g/t Au and 0.24% Cu).
The Company is pleased to report selected drill hole assay results from the first five holes.
- 0.73 g/t Au over 34 metres in hole ARD-17
- 0.80 g/t Au over 44 metres in hole ARD-18
- 0.69 g/t Au over 42 metres in hole ARD-19
- 0.44 g/t Au over 334 metres, including 0.66 g/t Au over 94 metres in hole ARD-21.
Assay results are pending on the remaining 8 holes with core processing and assaying continuing. The full results received to date are:
|DrillHole||From (m)||To (m)||Interval (m)||Au g/t||Cu %|
The higher grade gold-copper intervals are commonly associated with a magnetite breccia. It is generally surrounded by a well fractured diorite porphyry unit with a well-defined quartz-chalcopyrite stockwork, hosting high to moderate gold-copper grades. To date, a total of 29 diamond drill holes for 8,841 metres has been drilled over a 600 meter by 500 meter portion of a large porphyry system (1.7 by 1.1 km, magnetic geophysics footprint). See website (http://www.mansfieldminerals.com/s/Arizaro.asp) for Surface Drill Hole Location Map and Plan Section.
In addition, metallurgical testing of the typical medium to high grade mineralization at Arizaro has commenced at Kappes, Cassiday and Associates'' Reno laboratory facilities to determine suitability for treatment at the planned adjacent Lindero gold heap leach processing facility.
Paul Matysek, CEO and President, commented, "The drilling program was concluded ahead of schedule and the initial results confirm management''s view that the Arizaro deposit has the potential to provide higher grade gold resources to the planned Lindero heap leach processing facility. The Company is now working for the release of a maiden NI 43-101 for the Arizaro project in the second quarter of 2013."
The Arizaro porphyry body was identified prior to the discovery of the Lindero gold deposit in 1999. The Arizaro porphyry system, as defined by drilling, surface sampling and mapped alteration covers a 600 metre by 500 metre surface area. Gold-copper mineralization occurs from surface to a true vertical depth of 300 metres and remains open for expansion in all directions. Mansfield initially tested the discovery with 16 diamond drill holes, all of which had significant mineralized intercepts with numerous thick sections greater than 100 meters with grades greater than 0.30 g/t gold and 0.15% copper, and with one hole returning 48 meters of 1.38 g/t gold and 0.36% copper. Please see our website (www.mansfieldminerals.com) for additional information on the Arizaro deposit.
David Keough, FAusIMM(CP), COO and a director of Mansfield Minerals Inc., is a "qualified person" as such term is defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and has reviewed and approved the technical information and data included in this press release.
ON BEHALF OF THE BOARD OF DIRECTORS,
Paul Matysek, M.Sc., P.Geo, President and CEO
- Drill samples were assayed at ACME laboratories in Santiago de Chile and Vancouver, Canada.
- Gold assay results are based on 30g fire assays and Copper on AA assays.
- All intersections from diamond samples are HQ half-core.
- Diamond sample intervals are 2 metres.
- Mean gold grades have been calculated on a minimum of 2.0m interval, 0.2 g/t lower gold cut-off with no upper cut on gold grades being applied as highest grades received to date are less than 5.0 g/t Au.
- All intersections are down-hole intervals and may not represent true widths.
- All deviations have been verified by down hold camera or down hole Gyro.
- QAQC for these holes has been checked and verified through blind standards, field duplicates, lab repeats and barren flushes. QAQC results are within expected limits.
About Mansfield Minerals Inc.
Mansfield Minerals Inc. is a Canadian-based explorer and developer focusing on the development of the Lindero gold deposit and the exploration of the adjacent Arizaro gold-copper porphyry prospect located within its 100% owned Lindero project, Salta province, northwestern Argentina. A feasibility study on the Lindero deposit has been commissioned with completion anticipated in early 2013. This final feasibility study will be based on a heap leach gold mine operating at approximately 15,000 tpd using a higher cut-off grade of 0.4 grams/tonne Au, increasing average grades early in the production schedule and lowering initial capital requirements. Different production options are being assessed from a standard 10 year life of mine production plan to more selective mining approaches that would allow for initial processing of higher grade ore at reduced throughput, to reduce initial capital cost, followed by scaling up of the operation utilizing the early project cash flow.
The Company has retained Kappes, Cassiday and Associates as lead consultant in collaboration with AMEC Americas Limited, Mine Development Associates, Seegmiller International and American Au Ag Associates to produce the full feasibility study.
The current NI 43-101 reported Measured and Indicated resources (at a 0.4 grams/tonne Au cut-off) for the Lindero deposit is 71.9 million tonnes grading 0.74 grams/tonne Au, containing 1.71 million ounces of gold. (see news release dated March 22, 2010).
The Company has been granted the key mining permit (DIA, Declaracion de Impacto Ambiental) by the Salta Provincial Government allowing the Company to develop the Lindero open pit, heap leach gold mine. This is the primary permit required for project development. The Company intends to aggressively move to finance and build the project following completion of the feasibility study.
Mansfield''s'' security, chain of custody and quality control is described on their website and can be reviewed at: http://www.mansfieldminerals.com/s/AssayProcedures.asp.
Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. Investors that the SEC''s mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Forward Looking Information: Certain statements regarding Mansfield, including management''s assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Mansfield''s control. Specifically, and without limitation, all statements included in this press release that address activities, events or developments that either Mansfield expects or anticipates will or may occur in the future, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Mansfield''s control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements. Although Mansfield believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such risks and uncertainties include, but are not limited to: the impact of general economic conditions in Canada and Argentina, industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced, in Canada and Argentina, fluctuations in commodity prices and ability to complete operations due to factors beyond Mansfield''s control. Although the forward-looking statements contained in this Press Release are based upon assumptions which management believes to be reasonable, Mansfield cannot assure shareholders that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this press release, Mansfield has made assumptions regarding: current commodity prices and royalty regimes; timing of receipt of regulatory approvals; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; royalty rates; future operating costs; and other matters. Accordingly, Mansfield does not give any assurance nor make any representations or warranty that the expectations conveyed by the forward-looking statements will prove to be correct and actual results may differ materially from those anticipated in the forward-looking statements. Mansfield does not undertake any obligation to publicly update or revise any forward-looking statements other than required by applicable securities law.