TORONTO, ONTARIO--(Marketwire - Feb 19, 2013) - Anconia Resources Corp. (TSX VENTURE:ARA) ("Anconia" or the "Company") is pleased to announce that it has begun the process of retrieving core from its recent drill program on the ATLAS-1 property for further sampling.
Assay results for core samples from the Company''s recent 1790m drilling program on its VMS occurrence (ATLAS-1), completed in September 2012, were released in October 2012 (see press releases dated October 10th and October 30th 2012). Following a review of these data, we noted that zones within localized sections of the core contained distinctly anomalous contents of gold (Au) and silver (Ag) including 11.19 g/t Au and 1348 g/t Ag over 3.6m in hole MRC-12-06 as well as 9.93 g/t Au and 422 g/t Ag over 2m in hole MRC-12-11. These are much higher contents than those generally associated with VMS deposits, and are in the wall rocks to distinct quartz-vein systems. Such high gold and silver contents were previously noted in surface samples taken from the property, but there was no visual evidence of such anomalous contents in the core.
ATLAS-1 is a stratiform Zn-Ag-Cu type of VMS deposit. The Company suspects that the zones of elevated gold and silver may represent a second mineralizing event (see press release dated October 30 2012). Our preliminary statistical analysis of all the sampling has indicated that if a cutoff grade of 1g/t Au is used, gold contents above that value are distinctly correlated with silver, which is not the case for samples with gold <1/g/t which typify the VMS part of the system. Overall the samples with elevated gold have a chemical signature, which is distinct from the chemical signature of gold below 1g/t, further evidence that there are two distinct mineralizing events present at the ATLAS-1 occurrence; one is a VMS mineralizing event, and the other is a gold/silver mineralizing event.
Currently the Company is retrieving the entire core (~1790m) from the 2012 drilling campaign from the field and transporting it to a secondary location for re-logging and re-sampling. The purpose of this is two-fold. First the Company is going to re-examine the core to determine if there is additional evidence of the presence of the second mineralizing event, which may exist outside the boundaries of the VMS zone. Secondly, core from outside the boundaries of the VMS sulfide zones will be sampled to determine the extent of the VMS-associated alteration. This will enable the Company to determine what additional surface sampling might be done to outline VMS potential in other parts of the property.
The Company is also continuing geochemical and polished thin section work on samples from the 2012 drilling campaign, this work along with the re-sampling and re-logging will provide information to allow the Company to target both the VMS occurrence and the Gold/Silver mineralizing event in the planned exploration season.
Mr. Brian H. Newton, P. Geo, of Minroc Management Ltd., is a "Qualified Person" pursuant to NI 43-101 and has reviewed and approved the contents of this press release.
The Company is also pleased to announce that Mr. Denis Clement has been chosen to be the Chairman of the Board for the Company succeeding Mr. Jason Brewster who was serving as Chairman on an interim basis following the departure of Mr. Peter Miller. The Company feels that Mr. Clement will make an excellent Chairman of the Board given his extensive experience and contacts within the financial community.
Anconia is a base and precious metals exploration and development company, which is focused on providing shareholder value through the advancement of its properties in the Nunavut Territory, Canada. Anconia is undertaking a comprehensive exploration program to determine the potential of the projects currently in its portfolio.