VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb 20, 2013) - AndeanGold Ltd. ("the Company" or "AndeanGold") (TSX VENTURE:AAU)(AAU.V) is pleased to announce that it has received encouraging assay results from a surface channel sampling program (the "Program") over the Candual, La Mariscala East, and La Mariscala South Veins (the "Veins") on the Company''s Urumalqui advanced-stage Ag - Au Project (the "Project") in Peru. The Veins are located to the south of the Urumalqui Vein, the principal vein on the Project, which was the focus of the Company''s 2010 - 2012 exploration activities. These activities included a 5,071 metre infill drilling program in 2011 leading to an NI 43-101 compliant inferred mineral resource estimate (see news release of November 15, 2011), a detailed surface channel sampling program (see news release of May 29, 2012), and a detailed metallurgical test program (see news release of August 15, 2012).
The Program involved trenching the outcrops of the Veins at 25 metre intervals, with each trench dug sufficiently deep to fully expose the Veins for channel sampling purposes. Continuous channel samples, averaging approximately 1.0 metre and ranging from 0.40 metres to 2.3 metres in length, were taken utilizing a portable rock saw.
Highlight assay results from the Program were, as follows:
|LA MARISCALA EAST||225||TRME-050||4.00||22.825||0.841||64.875||2.09|
|LA MARISCALA SOUTH||450||TRMS-050||1.00||152.000||0.266||165.300||5.31|
AGE: Equivalent ounces of silver based on a gold to silver ratio of 50:1 and assuming 100% recoveries.
oz/t: Ounces per metric tonne.
- The Candual Vein is a 1,000 metre-long zone of quartz veining, brecciation and silicification. The West and East segments are separated by a quebrada. The trench assay results have outlined a potential drill target covering an approximate 550 metre strike length comprised of the 375 metre Candual West outcrop and the initial 175 metres of the Candual East outcrop.
- The La Mariscala East Vein also exhibits quartz veining, brecciation and silicified wall rock and has been trenched over a length of 225 metres. This is a second potential drill target. The vein appears to extend a further 400 metres to the west, and the Company is attempting to negotiate access to this area with the surface owners. Additional trenching and channel and outcrop sampling are currently underway at the eastern end of the vein and on newly exposed veins and breccia zones between the La Mariscala East and Candual East Veins.
- The overall gold and silver assay values of the trenches from the La Mariscala South Vein outcrop (approximately 450 metres in length) were low, except for the three trench results noted in the above table.
- Historically, there has been very limited, wide-spaced drilling covering the Veins, including the La Mariscala West Vein (approximately 500 metres in length) which the Company has not trenched to date. The La Mariscala West Vein runs sub-parallel to the Urumalqui Vein and is located approximately 800 metres to the south.
Click here to view the Summary Table for a complete list of all trench channel sample assay results.
Mr. Anthony F. Ciali, President & CEO of AndeanGold states, "We are very pleased with the results of the surface channel sampling program on several of the other veins on the Urumalqui Project. The results are indicative of the overall exploration potential of the Urumalqui Project in addition to the Urumalqui Vein for which the Company has reported an NI 43-101 compliant inferred mineral resource estimate of 1,945,000 tonnes at 171.01 g/t Ag (10,692,000 ounces) and 1.378 g/t Au (86,200 ounces) at a 90 g/t Ag cutoff. The Company is planning to conduct future drilling programs on the Project, initially on the 500 metre NW segment of the Urumalqui Vein where very favorable trench assay results have been reported and historic drilling has been limited (see news release of May 29, 2012) and, subsequently, on the Candual and La Mariscala East Veins, subject to financing."
All of the trench samples were submitted to the independent ALS Laboratory in Lima, Peru for assaying. A total of 381 samples were submitted, inclusive of standards, blanks and duplicates in connection with the Company''s QA-QC Program.
Dr. William F. Lindqvist, a director of the Company, is a Qualified Person for all technical information in this news release, excluding the mineral resources, in compliance with National Instrument 43-101 and has reviewed and approved the content of this release.
About AndeanGold Ltd:
AndeanGold Ltd. is engaged in the acquisition, exploration and potential development of primarily precious metals properties, principally in Peru and Ecuador. The focus of the Company''s exploration activities is presently in advancing its Urumalqui Project, as well as pursuing mineral property acquisitions, in Peru. In Ecuador, the Company''s activities have been limited to administrative and legal matters due to the Mining Mandate issued by the Ecuador Constituent Assembly on April 18, 2008. In November 2009, President Correa signed the Mining Regulations into law pursuant to the requirements of the new Mines Law, which was passed in January 2009. This was the final legal precursor to the re-initiation of exploration and mining development in Ecuador. The Company has been issued new mining titles under the new Mines law to its three key Ecuadorian projects and has filed the requisite documents with the Ministry of Non-Renewable Natural Resources ("MRNNR") and Ministry of Environment in support of the Company''s request to renew exploration programs on its key projects in Ecuador. In September 2012, MRNNR approved the Company''s application to restart exploration programs on its Curiplaya Au-Cu property.
Please refer to AndeanGold''s website at www.andeangoldltd.com for further information on the Company''s projects and activities.
On Behalf of the Board of Directors of ANDEANGOLD LTD.
Anthony F. Ciali, President, CEO and Director