Toronto, Ontario – Linear Metals Corporation (TSX: LRM) is pleased to announce assay results from the
last diamond drill hole of a 4,000-metre Phase I drilling program,
completed in October 2007, as well as results from the first hole of the
current Phase II 25,000-metre drill program, initiated in December 2007, at
its 100%-owned KM61 project. A total of 16 holes were completed in the
Phase I program, the first fifteen of which (K-07-14 to K-07-28) were
previously reported, and all of which returned significant
molybdenum-copper-silver mineralization. K-07-34 is the first hole of
the ongoing Phase II program for which complete assay results have been
received, with results of holes K-07-30 to K-07-33 expected shortly.
Highlights from
the most recent results include:
- Hole K-07-29:
10.5 metres of 0.091%
molybdenum; and 11.3 metres of 0.106% molybdenum;
- Hole
K-07-34:
114.7 metres of 0.061% (0.088% uncut) molybdenum.
The KM61 project benefits
from excellent location and infrastructure. The project is 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 May 2007, completing
trenching, soil sampling, IP surveying, claim staking, and sampling of old
drill core. The Phase I and Phase II drill programs are designed to
delineate an extensive bulk tonnage molybdenum-copper-silver resource at
KM61.
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-molybdenite veins and also host significant
disseminated chalcopyrite and molybdenite. At a cut-off of
0.04% molybdenum, the mineralized zone extends over the 1,250 metres and is
up to 350 metres wide, flanked by zones of lower grade mineralization, at
0.01 to 0.04% molybdenum, particularly along the north margin of the zone
which extends the full width to 500 metres.
The deposit remains open along strike and at depth with many
holes bottoming in mineralization. Additionally, it should be noted
that several significant zones of greater than 0.100% molybdenum have been
outlined at or near surface including:
- Hole
K-05-17:
56.9 metres of 0.113% molybdenum, and
- Hole
K-07-23: 9.5 metres of 0.103% molybdenum (hole collared in
mineralization), and
- Trench
6B:
18.3 metres of 0.112% (open to south).
These higher grade intercepts may form the basis for high
grade starter pits should the project advance to development.
Main Zone – NW Portion
Holes K-07-29 and K-07-34 are both drilled into an area of
the Main Zone, interpreted to be near the northwest limits of the higher
grade mineralization found to the east and south, in the
“heart” of the zone. Both holes intersected alternating
sections of higher, moderate and lower grade mineralization supporting the
interpretation of this area of the deposit marking the northern limit of
the Main Zone.
K-07-29 was a deep angle hole, drilled to 761 metres,
designed to cut across the entire width of the Main Zone and projected to
end at twice the vertical depth of previously drilled holes, which
generally stopped at a vertical depth of 200 metres and bottomed in
mineralization. Prior to freeze-up, there was a limited area of dry
ground available for siting holes north of the Main Zone and hole K-07-29
was drilled from a site further west than the Company’s preferred
location. Despite this less than ideal location, the hole returned two
sections of excellent grade mineralization, including 10.5 metres of 0.091% molybdenum and 11.3 metres
of 0.106% molybdenum, within a zone of veining, starting at
228.5 metres and continuing to the bottom of the hole, with highly
anomalous molybdenum. This entire 532.5 metre interval averaged 0.025%
molybdenum and the hole ended in 0.035% molybdenum. Although the
grades are relatively low on this section, the results of hole K-07-29 do
bode well for sections further to the east to host wide intervals of
mineralization extending to 500 metres depth.
K-07-34 is very significant in that it is the first hole
from a new fence of holes designed to confirm the continuity of
mineralization in the altered mafic volcanics between the north and south
porphyry trends. The hole returned a strongly mineralized section with
0.061% Mo over 114.7 metres
(0.088% uncut), with the majority of the rest of the hole
grading between 0.04% to 0.05% molybdenum, as shown in the table below.
As with K-07-29, the full mineralized section of K-07-34 at
lower grade (averages 0.043% molybdenum over it’s entire length) was
much wider – the hole is quartz stockworked and mineralized from top
to bottom and also as with K-07-29 this lower grade is attributed to
a location outside the heart of the Main Zone. These two holes
strongly indicate the overall width of the higher grade portion of the
system, located further east, will have widths approaching 350 metres.
Composite assay results for these two 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
2007-2008 programs.
Hole #
|
From
(metres)
|
To
(metres)
|
Interval
(metres(1),
(2))
|
Molybdenum %
|
Copper %
|
Silver g/t
|
Comments
|
|
228.5
|
761.0
|
532.5
|
0.025
|
0.09
|
2.8
|
Bottomed in
mineralization
|
|
228.5
|
239.0
|
10.5
|
0.091
|
0.09
|
3.9
|
|
|
363.4
|
374.7
|
11.3
|
0.106
|
0.17
|
6.7
|
|
|
|
|
|
|
|
|
|
|
42
|
54.7
|
12.7
|
0.042
|
0.08
|
2.7
|
|
|
71.8
|
186.5
|
114.7
|
0.061
|
0.10
|
3.4
|
Mo cut to 0.5%(3)
|
|
216.7
|
233.5
|
16.8
|
0.040
|
0.08
|
2.6
|
|
|
247.5
|
331.5
|
84
|
0.049
|
0.07
|
3.3
|
Bottomed in
mineralization
|
Note 1: Intersections in the table above are based on core
length. Average sample length is 1.5 metres.
Note 2: Where 2 or more composites are
shown for a hole, most gaps in the composite values are occupied by lower
grade mineralization of 0.01 to 0.04%. Post-mineral dykes of less than 5.0
metres width are included in the composite calculations. Post-mineral
dykes of greater than 5.0 metres width are excluded in the composite
calculations. See text for further explanation.
Note 3: Two 1.5 metre samples exceeded
0.50% molybdenum and have been cut to 0.50% for calculating the reported
composite. The two uncut 1.5 metres samples from K-07-34 returned 1.4%
and 1.8% molybdenum respectively. The uncut molybdenum interval is
0.088% molybdenum over 114.7 metres from hole K-07-34.
"Results, from the completed Phase I program and Phase
II program now in progress, continue to be very encouraging and indicate
that the Main and SW Zones combined extend for at least 1,250
metres. Additionally, recently received soil and IP data indicate the
potential to increase the total strike of the deposit to 2,000 metres. The
current drill program will allow Linear to fully test this 2,000 metre
strike. The aggressive drill program also puts Linear on schedule to
complete a 43-101 resource estimate before year end”, reports Robert
Page, Vice President Exploration.
Memorandum of
Understanding
Linear Metals is also pleased to announce
that it has entered into a Memorandum of Understanding (“MOU”)
with the Whitesand First Nation with respect to the KM61 property. The
Whitesand First Nation is within the Robinson-Superior Treaty Area, and
maintains traditional territories in the area north of Lake Nipigon which
includes the area of the KM61 property.
The MOU formalizes the desire and
commitment to develop a positive, mutually beneficial relationship amongst
both parties and establishes the process by which this is to be
accomplished while Linear is conducting exploration activities in the area.
Linear recognizes and respects the Aboriginal and Treaty rights of the
First Nation, while the community, represented by the Chief of the
Whitesand First Nation, supports the exploration activities of Linear.
Two-thirds of the current onsite project
workforce is composed of local employees, and the Whitesand First Nation
also provides various other contract services such as employee payroll
administration and road maintenance.
Included in the MOU is a provision to
finalize an Impact and Benefits Agreement (“IBA”) before
commencement of any mine development, should exploration results lead to
completion of a positive Feasibility Study.
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 for holes K-04-01 to K-05-13 were obtained from
Noranda-Falconbridge (now Xstrata), who followed internal drill hole
sampling protocols requiring insertion of blanks and
standards. Assaying for copper, gold, and silver 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 QA/QC program in place involving the
regular submittal of blanks, duplicates and external reference standards
with the core samples.
Linear Metals is working towards completion of 43-101
compliant resource estimates on its Cobre Grande and KM61 projects during
2008. For further details on Linear Metals Corporation and its
projects 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. Please visit us at our core shack display during this
year’s PDAC.
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,
exploitation 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.
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