Linear Metals Corporation (TSX: LRM) is
pleased to announce assay results for the next ten diamond
drill holes of a 4,000-metre Phase I drilling program, completed in October
2007, at its 100%-owned KM61 project. A total of 16 holes were completed in
the Phase I program, the first five of which (K-07-14 to K-07-18) were
previously reported in an October 1, 2007 press release, and all 15 diamond
drill holes, for which results have been received, have returned
significant molybdenum-copper-silver mineralization. Assay results are
expected over the coming weeks for the final hole of the Phase I program,
K-07-29, a
deep hole completed to a depth of 761 metres. A 25,000 metre Phase
II program commenced in December 2007 and two drills are currently active
on the Project.
Highlights from the most recent
results include:
�
Hole K-07-19: 153.5 metres of
0.051% molybdenum;
�
Hole K-07-25: 61.6 metres of
0.065% molybdenum;
�
Hole K-07-26: 200.7 metres of
0.050% molybdenum;
�
Hole K-07-27: 129.1 metres of
0.060% molybdenum (0.067%
uncut) and 65.4 metres of
0.062% molybdenum;
�
Hole K-07-28:
46.1 metres of 0.100%
(0.170% uncut) molybdenum.
The KM61 project is well located, approximately 60 kilometres
east of Armstrong, Ontario, on an all-weather logging road, and only 12 kilometres by
road from the main CN rail line. Linear has been active at KM61, since
early May 2007, completing trenching, soil sampling, IP surveying, claim
staking, and sampling of old drill core. The Phase I drill program
commenced in July 2007 and was designed to further delineate the extensive
bulk tonnage molybdenum-copper-silver zones at KM61.
Disseminated and vein-type
molybdenite-chalcopyrite mineralization at KM61 is hosted by two
northeast-trending, quartz monzonite porphyry dyke swarms and their
flanking mafic metavolcanics. These porphyries and their wall rocks
are extensively stock-worked with quartz and quartz-sulphide veins, and
host disseminated chalcopyrite and molybdenite over a drill-indicated total
width of up to 500
metres, and over a drill-indicated strike length in
excess of 1,100
metres. At an arbitrary cut-off of 0.04% molybdenum,
the mineralized zone is up to 350 metres wide, flanked by zones of lower
grade mineralization (0.01 to 0.04% molybdenum), particularly along the
north margin of the zone.
The deposit remains open along strike and at depth
with many holes bottoming in mineralization and showing increasing
molybdenum grade with depth.
Holes K-07-19 to K-07-23 were all drilled along
the southern part of the Main Zone at various section spacing, whereas
holes K-07-24 to K-07-28 were all drilled along the northern margin of the
Main Zone, at a section spacing of 100 metres. Composite
assay results for these ten holes are detailed in the table below. Please
refer to Linear Metals’ website for prior drill results and drill
hole location maps from the 2004, 2005, and 2007 programs.
Hole
#
|
From
(metres)
|
To
(metres)
|
Interval
(metres(1)(2))
|
Molybdenum
%(3) (4)
|
Copper
%
|
Silver
grams per tonne
|
Comments
|
K-07-19
|
1.55
|
155.00
|
153.45
|
0.051
|
0.12
|
3.8
|
Bottomed
in mineralization
|
|
|
|
|
|
|
|
|
K-07-20
|
5.25
|
14.00
|
8.75
|
0.068
|
0.05
|
18.9
|
Bottomed
in mineralization
|
|
26.00
|
81.17
|
55.17
|
0.043
|
0.11
|
2.6
|
|
|
98.20
|
104.28
|
6.08
|
0.044
|
0.13
|
3.3
|
|
|
|
|
|
|
|
|
|
K-07-21
|
21.00
|
67.40
|
46.40
|
0.037
|
0.07
|
1.9
|
Bottomed
in mineralization
|
|
|
|
|
|
|
|
|
K-07-22
|
24.55
|
41.20
|
16.65
|
0.039
|
0.09
|
1.6
|
Bottomed
in mineralization
|
|
52.83
|
59.90
|
7.07
|
0.049
|
0.08
|
2.0
|
|
|
67.50
|
72.85
|
5.35
|
0.036
|
0.16
|
4.2
|
|
|
|
|
|
|
|
|
|
K-07-23
|
4.00
|
13.50
|
9.50
|
0.102
|
0.09
|
2.0
|
|
|
|
|
|
|
|
|
|
K-07-24
|
257.80
|
342.70
|
84.90
|
0.045
|
0.10
|
2.9
|
Bottomed
in mineralization
|
|
|
|
|
|
|
|
|
K-07-25
|
288.45
|
350.00
|
61.55
|
0.065
|
0.12
|
3.1
|
Bottomed
in mineralization
|
|
|
|
|
|
|
|
|
K-07-26(3)
|
125.15
|
325.85
|
200.70
|
0.050
|
0.06
|
1.9
|
Bottomed
in mineralization
|
|
|
|
|
|
|
|
|
K-07-27(4)
|
134.50
|
263.60
|
129.10
|
0.060
|
0.07
|
2.6
|
Bottomed
in mineralization
|
|
277.60
|
343.00
|
65.40
|
0.062
|
0.06
|
1.2
|
|
|
|
|
|
|
|
|
|
K-07-28(4)
|
221.00
|
267.10
|
46.10
|
0.100
|
0.06
|
1.9
|
Bottomed
in mineralization
|
|
279.50
|
330.50
|
51.00
|
0.048
|
0.04
|
1.2
|
|
Note 1: Intersections in the table above are based on core
length. Average sample length is 1.5 metres.
Note 2: In all
cases where 2 or more composites are shown for a hole, the gaps between the
composites are filled by larger bodies of post-mineral dykes. Post-mineral
dykes of less than 5.0
metres width are included in the composite
calculations.
Note 3: K-07-26 is
an exception to Note 2 above, where for simplification of the assay results
summary table above, the composite interval has been calculated including 5
intervals of post-mineral dykes > 5 metres in width. See
text for further explanation.
Note 4: Three 1.5 metre samples
exceded 0.50% molybdenum and have been cut to 0.50%. These were a 1.1%
sample in K-07-27 and 0.86% and 2.3% samples in K-07-28. Uncut molybdenum
assays are 0.067% molybdenum over 129.1 metres from
hole K-07-27 and 0.17% over 46.1 metres from hole K-07-28.
Main Zone – South Side
K-07-19 was
drilled to a depth of 155
metres, from the same location as K-07-18, at an
angle of -75�, and demonstrates the down dip continuity of mineralization
at depth in this area.
Holes K-07-20
to K-07-22 were shallow holes (<100 metres), located
within 25 metres
of the collar of K-05-07. The holes were designed to test for strike
continuity of the high grade mineralization previously reported in K-05-07.
These holes intersected typical stock-work veining, cut by several
post-mineral dykes, and seemingly representative of the mineralization at
relatively shallow depths (i.e. slightly lower grade than at depth). No
additional high grade mineralization was intersected. It appears that one
to three metre intervals of high grade mineralization are relatively common
at KM 61, but it is also apparent that the controls and geometry of this
high grade mineralization need to be investigated further
K-07-23
intersected 9.5
metres of 0.102% molybdenum at the top of the hole
followed by 200
metres of 0.010% to 0.035% molybdenum. This drop in
molybdenum grade in relation to holes located on the same fence, to the
southwest, suggests a possible northward fault-offset in this area. Further
drill testing in this area, including the deepening of holes K-07-14,
K-07-16 and K-07-18 which all bottomed in mineralization, is required to
characterize the footwall contact of the Main Zone.
Main
Zone – North Side
Holes K-07-24
to K-07-28 were all drilled to approximately 350 metre depths, at
-50� dip, and all intersected significant widths of low grade
(approximately 0.010% molybdenum) mineralization starting at surface before
encountering the steeply north-dipping Main Zone at down-hole depths of 125
to 220 metres
(please refer to cross-section posted on the website). All holes were
stopped in mineralization within the Main Zone and may be deepened in the
future to further investigate the zone below vertical depths of 200 to 250 metres.
Several of
the holes warrant further description which is included below:
�
K-07-24
intersected a longer section of lower grade mineralization than expected,
and appears to indicate a flexure in the trend of the north contact of the
Main Zone. Further drilling will be required on 50 metre sections to
fully delineate this feature.
�
K-07-26
intersected five large post-mineral dykes >5.0 metres in width
within the composite quoted in the table above. For comparative purposes,
assuming these dykes are large enough to be removed as waste in an open pit
mining scenario, there is a cumulative total of 171.3 m @ 0.059%
molybdenum, 0.07% copper, and 2.2 g/t silver within the overall 200.7 metre
interval.
�
K-07-27
contains an assay of 1.1% molybdenum over 1.5 metres from
218.0 to 219.5
metres; if the sample is left uncut, the same
interval would run 0.067% molybdenum over 129.1 metres.
�
K-07-28
contains the highest grade molybdenum assay returned to date from the
property, of 2.300% molybdenum over 1.5 metres from 243.5 metres to 245 metres, preceded
by another strong value of 0.860% molybdenum over 1.5 metres from 242 metres to 243.5 metres; if
left uncut the corresponding composite value would be 0.170% molybdenum
over 46.1 metres.
It should be noted that K-07-28 was drilled at an angle of 30 degrees
off-section, resulting in an exaggerated depth to the Main Zone.
New
SW Zone
As reported
on January 10th, 2008, trenching on a large IP anomaly, starting
approximately 100
metres SW of the western end of the Main Zone,
indicates that the IP anomaly is related to stockwork mineralization
visually similar to that seen in trenches over the Main Zone. The new
mineralized area has been termed the SW Zone and is currently being drill
tested.
Additionally,
all results of a soil sampling program have been received, and show a
strong and large (2,600
metres x 400 metres), ENE-trending, elongate
molybdenum in soil anomaly over the Main Zone and the eastern portion of
the SW Zone, from approximately Line 4200E to Line 6800E. West of Line
4200E, the molybdenum in soil anomaly continues for another 600 metres, but is
“deflected” to a WNW- trend, continues off the NW corner of the
grid, and remains open. The cause of this deflection in the trend of the
mineralization appears to be related to a fault offset, and is currently
being investigated, but suggests the potential for additional mineralization
on strike to the west. A series of moderate molybdenum in soil anomalies on
the last line of the grid at its NE end (Line 7200E) suggests the potential
for additional mineralization in that direction as well.
"Results
from the Phase I program are extremely encouraging and the anticipated
results from the Phase II 25,000 drill program, started in mid-December,
will allow Linear to complete a 43-101 resource estimate before year
end”, reports Robert Page, Vice President Exploration. “Drilling
has shown mineralization to extend for at least 1,100 metres along
strike with soil sampling and IP indicating the potential for this
increasing to 2,000
metres or more for the combined Main and SW Zones.
While our focus remains on these zones, the KM 61 property hosts
unexplained lake sediment molybdenum anomalies that point to the potential
for additional mineralized zones. Linear expects to begin a property-wide
mapping, sampling, and geophysics program necessary to locate the source of
these lake sediment anomalies this spring”
The technical information in this press release
was prepared under the supervision of Matt Rees, P.Geo., Chief Geologist, a
qualified person as defined by National Instrument 43-101. The
historical KM61 drill results were obtained from Xstrata, who followed
internal drill hole sampling protocols requiring insertion of blanks and
standards. Assaying for Cu, Au, and Ag was completed by Accurassay in Thunder Bay, ON, and
for Molybdenum by ALS Chemex in Vancouver,
British Columbia. Assaying
of samples during the 2007 program is being performed by ALS Chemex in Vancouver, British
Columbia. Linear has a detailed QAQC program in
place involving the regular submittal of blanks, duplicates and external
reference standards with the core samples.
For further details on Linear Metals Corporation
and its KM61 project please visit the Company's website at www.linearmetals.com
or contact investor relations at
(416) 216-4708, or within North America at
1-866-376-7683.
Signed “Brian MacEachen”
Brian MacEachen, President
The TSX has not reviewed and does not
accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Information:
This release includes certain
statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical facts, that
address future production, reserve potential, continuity of mineralization,
exploration drilling, exploit
tation activities and events or
developments that the Company expects are forward-looking statements. Although
the Company believes that the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results or
developments may differ materially from those in the forward-looking
statements. The likelihood of future mining at KM61 is subject to a large
number of risks and will require achievement of a number of technical,
economic and legal objectives, including obtaining necessary mining and
construction permits, completion of pre-feasibility and final feasibility
studies, preparation of all necessary engineering for pits and processing
facilities as well as receipt of significant additional financing to fund
these objectives as well as funding mine construction. Such funding may not
be available to the Company on acceptable terms or on any terms at all. There
is no known ore at KM61 and there is no assurance that the mineralization
at KM61 will ever be classified as ore. For more information on the Company
and the risk factors inherent in its business, investors should review the
Company's Annual Information Form at www.sedar.com.
|