| | Published : April 02nd, 2013 | Announces Underground Exploration Drill Results, Ollachea Project, Peru |
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Minera IRL Ltd Announces Underground Exploration Drill Results, Ollachea Project, Peru
London and Toronto, 2 April 2013: Minera IRL Limited ("Minera IRL" or the "Company") (TSX:IRL) (AIM:MIRL) (BVL:MIRL), the Latin American gold mining company, is pleased to announce ore grade gold intersections from underground exploration drilling at its Ollachea Project (the "Project"), Peru.
Highlights:
"We are very pleased with the results of the drilling program from the underground exploration drive." said Courtney Chamberlain, Executive Chairman of Minera IRL. "The drilling, carried out by Ingetrol Peru S.A.C., confirms a substantial strike extent of potentially economic grade gold mineralization which has evolved eastwards into a single, wide lens. Moreover, this is located between the Minapampa Zone, where over 1 million ounces has been scheduled for mining in the Feasibility Study completed in 2012, and the future plant site. This has potentially important ramifications due to the ability to access ore from wide, large tonnage stopes close to the plant. Having confirmed continuity to the east, we have reluctantly suspended the drilling program to focus on permitting and development related work."
A production size, exploration drive was successfully completed to 1,234 meters in January 2013. This allowed for underground exploration drilling of the eastern strike extension of the Minapampa Zone where drilling from surface was not possible due to very steep topography. Drill hole DDH13-T01 was located approximately 150 meters east of the nearest Minapampa drill hole, DDH13-T03 was approximately 320 meters east of Minapampa and DDH13-T04 was located between these two but significantly deeper at some 140 meters below the level of the exploration tunnel. The latter is the deepest hole to have been drilled into the Ollachea mineralized system confirming the down dip open ended nature of the deposit. Intersections are estimated to average approximately 96% of true width.
Details of the drill intersections are shown in the following table and can be seen at diagram 'Ollachea Underground Drill Results':
Drill hole number* |
From
(meters down hole) |
To
(meters down hole) |
Intersection meters |
Assay
Au g/t |
DDH13-T01 |
162.0 |
196.0 |
34.0 |
3.15 |
Including |
172.0 |
192.0 |
20.0 |
4.48 |
DDH13-T03 |
198.0 |
209.0 |
11.0 |
5.47 |
DDH13-T04 |
206.0 |
215.0 |
9.0 |
5.45 |
Including |
206.0 |
210.0 |
4.0 |
10.94 |
*DDH13-T02 lost before reaching target mineralized zone
The geology remains consistent with the Ollachea gold mineralized system, hosted within a northward dipping and foliated sequence of carbonaceous slate, sedimentary rocks. As was intimated from drilling results obtained from the eastern limits of Minapampa, the multiple lens nature of Minapampa appears to be consolidating into one, wide mineralized lens. The thickness, combined with a slightly steeper northerly dip of approximately 60 degrees is expected to lend itself well for large tonnage underground mechanized mining.
The Ollachea Definitive Feasibility Study completed in November 2012 indicated an economically robust project with a steady-state average gold production of 113,000 ounces per annum coming on stream in early 2015. The Minapampa Zone, with a strike of approximately 900 meters, has an Indicated Resource of 10.6 million tonnes grading 4.0g/t gold containing 1.4 million ounces plus another 3.3 million tonnes grading 3.3g/t gold for 0.3 million ounces in the Inferred Resource category. The Concurayoc Zone, only 400 meters west of Minapampa, contains an Inferred Resource of 10.4 million tonnes grading 2.8g/t gold containing 0.9 million ounces and is not included in the feasibility study. All mineralized zones drill tested thus far at Ollachea remain open ended both along strike and down dip, please see diagram 'Ollachea Underground Drill Results'. |
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The Environmental Impact Assessment has been submitted to the Peruvian authorities and development permitting is in progress.
Competent Persons Statement
The preparation of the technical information contained herein was supervised by by Donald McIver, VP Exploration of the Company, MSc Exploration and Economic Geology, a Fellow of the Australian Institute of Mining and Metallurgy (FAusIMM), as well as the Society of Economic Geologists (FSEG), who is recognized as a Qualified Person for the purposes of National Instrument 43-101, and who has reviewed and approved the drilling information in this press release.
Following the release, Minera IRL plans to host a conference call at 9:00 am Lima time, 10:00 am Toronto time and 3:00 pm London Time on April 2, 2013. To participate in the call please dial:
Toll Free (North America): 866-223-7781
Local Toronto and International: 416-340-8018
Global: 800-6578-9898
A live webcast and archive will be available at: http://www.gowebcasting.com/4243
REPLAY: Toll Free Replay call (North America): 800-408-3053
International / Toronto Replay Call: 905-694-9451
The replay is available till April 9th, 2013
Passcode: 8433307
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For more information please contact:
Minera IRL
Trish Kent, Vice President, Corporate Relations
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+511 418 1230 |
Canaccord Genuity Limited (Nominated Adviser & Broker, London)
Andrew Chubb
Sebastian Jones
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+ 44 (0)20 7523 0000 |
finnCap (Co-broker, London)
Geoff Nash (Corporate Finance)
Matthew Robinson (Corporate Finance)
Elizabeth Johnson (Corporate Broking)
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+ 44 (0)20 7600 1658 |
RBC Europe Ltd (Co-broker, London)
Stephen Foss
Martin Eales |
+44 (0)20 7653 4000 |
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Buchanan (Financial PR, London)
Bobby Morse
Gordon Poole
Louise Mason
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+44 (0)20 7466 5000
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Minera IRL Limited is the AIM traded, TSX and BVL listed holding company of precious metals mining and exploration companies focused in Latin America. Minera IRL is led by an experienced senior management team with extensive industry experience, particularly operating in South America. The Group operates the Corihuarmi Gold Mine and the advanced gold projects Ollachea in Peru and Don Nicolas in Argentina. For more information, please visit www.minera-irl.com
The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law or regulation, Minera IRL Limited does not intend to update any forward-looking statements to conform these statements to actual results.
Quality Assurance and Quality Control Procedures Disclosure
The Company has implemented and maintains a Minera IRL quality assurance/quality control (QA/QC) protocol on the Ollachea Project to ensure best industry practice in sampling and analysis of exploration and resource drill core samples. The insertion of field duplicates, certified standards and blank samples into the sample stream form part of the MIRL procedure (these act as an independent check on contamination, precision and accuracy in the analytical laboratory).
Assay results are reported once rigorous QAQC procedures have been approved.
Independent Audit Programmes
Towards maintaining compliancy with international standards as they pertain to the minerals industry resource evaluation and estimation procedure, MIRL regularly contracts the services of industry experts to conduct detailed audits of established QAQC procedures. | |
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Minera IRL
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PRODUCER |
CODE : MIRL.L |
ISIN : JE00B1HNYF12 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Minera IRL is a gold producing company based in Peru. Minera IRL develops gold and silver in Argentina and in Peru, and holds various exploration projects in Peru. Its main asset in production is CORIHUARMI in Peru, its main assets in development are GOLDEN ZONE PROPERTY in Peru and DON NICOLAS in Argentina and its main exploration properties are PAN DE AZUCAR, DUTCH FLAT, WINNEMUCCA MOUNTAIN, AWAKENING, CHERT CLIFF, SUMMIT PROJECT, ESCONDIDO and EAST SANTA CRUZ in Argentina, CATA PRETA, OVERLAND PASS, SCRAPER, WHITE CANYON MINE, SOUTH ESTELLE, UTAH CLIPPER, CRESTVIEW, LAURA PROPERTY, WHITE HORSE NORTH, RED HILLS PROPERTY, PETE'S SUMMIT, GUILD PROJECT, CLARA MORO and FOUR METALS PROPERTY in Brazil, HUAQUIRCA, VECA PROJECT, BETHANIA, OLLACHA and QUILAVIRA in Peru, FRONTERA in Chile and OXFORD LAKE, COTE ARCHIE LAKE, BOLO and DEL ORO in Canada. Minera IRL is listed in Canada and in United Kingdom. Its market capitalisation is GBX 809.0 millions as of today (US$ 1.2 billions, € 1.1 billions). Its stock quote reached its highest recent level on January 07, 2011 at GBX 96.00, and its lowest recent point on August 28, 2015 at GBX 0.25. Minera IRL has 231 130 000 shares outstanding. |
Annual reports of Minera IRL |
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5/14/2014 | Minera IRL Reports First Quarter 2014 Results |
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3/31/2014 | Minera IRL Reports Year-End 2013 Financial Results |
3/31/2014 | Minera IRL Reports Year-End 2013 Financial Results |
3/24/2014 | March 24, 2014 Minera IRL Provides Notice of Fourth Quarter ... |
3/24/2014 | March 24, 2014 Minera IRL Provides Notice of Fourth Quarter ... |
3/24/2014 | Minera IRL Provides Notice of Fourth Quarter and Year-End 20... |
2/17/2014 | Provides Company UpdateCc: |
2/17/2014 | Informaci=F3n Actualizada de Minera IRLCc: |
2/10/2014 | anuncia cambios en el Directorio y Gerencia de la Compa=F1=E... |
11/29/2013 | participa del Mines and Money y es nominada a dos premios in... |
11/29/2013 | will be attending Mines and Money |
11/14/2013 | Anuncia los Resultados Financieros para el Tercer Trimestre ... |
9/30/2013 | Application of the Takeover Code |
9/26/2013 | Recibe la Aprobaci=F3n para el Desarrollo del Proyecto de Or... |
9/26/2013 | Receives Approval to Develop the Ollachea Gold Project |
8/19/2013 | Announces $80 million Financing for the Don Nicolas Gold Pro... |
8/19/2013 | Anuncia Financiamiento de $80 millones par |
5/14/2013 | Anuncia los Resultados Financieros Para el Primer Trimestre ... |
5/9/2013 | Anuncia Tres Nuevos Sistemas de Vetas de Oro en Patagonia |
4/2/2013 | Anuncia los Resultados de la Perforaci=F3n |
3/28/2013 | Anuncia sus Resultados Financieros del ejercicio del a=F1o ... |
3/28/2013 | Announces 2012 Year-End Results |
2/13/2013 | Anuncia la Exitosa Finalizaci=F3n de |
11/5/2012 | Anuncia los Resultados Financieros para el Tercer Trimestre ... |
10/17/2012 | Anuncia la Aprobaci=F3n del EIA y el Otorgamiento del Permis |
9/6/2012 | Descubre Nuevo Sistema Minera |
8/24/2012 | Notice of Annual General Meeting |
8/24/2012 | Notificaci=F3n de Asamblea General Anual de Minera IRL Limit... |
8/13/2012 | Anuncia los Resultados Financieros para el Segundo Trimestre... |
7/18/2012 | Confirma el Estimado de Recursos de Ollachea |
7/10/2012 | y Comunidades Firman un Acuerdo de Lic |
6/22/2012 | Sr. Diego Benavides de Minera IRL COMUNIDAD DE OLLACHEA |
6/7/2012 | and Ollachea Community Sign a Thirty Year Surface Rights Agr... |
6/7/2012 | y la Comunidad de Ollachea Firman un |
5/16/2012 | Inicia Proceso de Permisos en el Proyecto Don Nicol=E1s |
5/10/2012 | Anuncia sus Resultados Financieros al Primer Trimestre del 2... |
3/30/2012 | Announces 2011 Year-End Results |
3/30/2012 | Anuncia sus Resultados Financieros del Ejercicio del a=F1o 2... |
3/5/2012 | anuncia Cierre de Oferta de Acciones Comunes por aproximadam... |
3/5/2012 | Announces Closing of Approximately C$33.1 Million Offering |
2/17/2012 | Announces Commencement of Ollachea Exploration Tunnel |
2/17/2012 | Anuncia el Inicio de la Constru |
2/14/2012 | Anuncia el Resultado Exitoso del Estudio d |
11/29/2011 | Realiza el pago de la =FAltima cuota del Contrato de Op |
8/31/2011 | El Directorio de Minera IRL Aprueba la Cons |
6/14/2011 | Announces Significant Resource Upgrade, Ollachea Project, Pe... |
6/14/2011 | Anuncia Significativo Aumento =?ISO-8859-1?Q?de_Recursos_en_... |
5/13/2011 | Anuncia los Resultados Financieros para el Primer Trimestre ... |
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