Toronto, Ontario – Linear
Metals Corporation (TSX: LRM) is pleased to report a new discovery on
the Northwest Skarn target, located 600 metres west of the Main Zone, at
its Cobre Grande Project, in Oaxaca, Mexico. The recently announced
49.8 million tonne resource estimate from the Cobre Grande Project did not
include any mineralization from the Northwest Skarn, which now represents a
priority target for significant expansion of the Cobre Grande
Project’s initial resource. The second hole, in this previously
undrilled target, has produced the following discovery intercept and
highlights the excellent exploration potential remaining to be tested at
Cobre Grande:
� CG-68:
228 metres of 0.91% copper equivalent starting at 29 metres.
Linear is also pleased to announce that
it has received assays from the bottom of hole CG-60 which include:
� CG-60:
72 metres of 0.073% molybdenum
Added to the previously reported
intercept of the hole the new assays document the longest molybdenum-rich
intercept to date on the property of 332 metres of 0.058% molybdenum
starting at 4 metres depth.
Details of the drill-hole CG-68 discovery
intercept are provided in the table below. A drill hole location map
is available on the Company’s website at www.linearmetals.com.
Discovery Hole at Northwest Skarn
HOLE-ID
|
From
(metres)
|
To
(metres)
|
Interval
(metres)
|
Copper
%
|
Zinc
%
|
Molybdenum
%
|
Silver
Grams/
Tone
|
Copper-equivalent
%
|
CG-68
|
29.00
|
257.00
|
228.00
|
0.62
|
0.07
|
0.034
|
10.0
|
0.91(1)
|
Incl.
|
29.00
|
167.55
|
138.55
|
0.62
|
0.04
|
0.016
|
10.3
|
0.79(2)
|
and
|
167.55
|
200.15
|
32.60
|
0.85
|
0.24
|
0.039
|
12.4
|
1.09(4)
|
and
|
200.15
|
228.80
|
28.65
|
0.87
|
0.09
|
0.042
|
10.0
|
1.20(2)
|
and
|
228.80
|
257.00
|
28.20
|
0.15
|
0.03
|
0.113
|
6.3
|
1.00(3)
|
Notes: Intervals in the table are based on core lengths and
do not represent true widths of the zone, see text for comments on true
widths. Copper equivalent calculations were calculated based on estimated
NSR’s with copper at $2.50 per pound, molybdenum at $20.00 per pound,
and silver at $13.50 per ounce. The copper equivalent calculations
also take into account assumptions regarding concentrate properties,
smelter charges, and payable percentages as well asmetallurgical recoveries
(zinc will not be recovered in any of the mineralization types encountered
in this hole) which vary between sub-zones, resulting in different copper
equivalent formulas for each zone as follows:
1. Composite weighted
average copper equivalent from intervals below.
2. Copper sulphide
skarn copper equivalent = Cu%+Mo%($233.01/$39.25) + Ag g/t($0.31/$39.25);
3. Molybdenum
sulphide stockwork = Mo%($349.65 /$39.25); Pending further metallurgical
testing, copper and silver are assumed non-recoverable in the Molybdenum Stockwork
sub-zone.
4. Partially oxidized
copper and molybdenum zones copper equivalent = Cu%+Mo%($150.98/$37.84) +
Ag g/t($0.27/$37.84)
Hole CG-68 is one of the longest
continuously mineralized intercepts to date at Cobre Grande.
This hole, a -70� east directed angle hole, started in an oxide zone of
mineralized garnet skarn and entered the sulphide zone beginning at 29
metres. It then continued through increasingly altered and quartz
veined skarn until passing through a major fault at 257 metres and into
weakly altered footwall rocks. This intercept appears to be in a skarn
that is, in terms of sulphide mineralogy and skarn alteration, similar to
the copper bearing skarn of the Main Zone, 600 metres to the
east. Based on this interpretation, hole CG-68 may have drilled
down-dip a steeply east dipping body with a true thickness, by analogy to
the Main Zone, of approximately 20 to 100 metres. Additional drilling
will be required to better understand the orientation of the geology in
this new discovery zone and confirm the true thickness.
HOLE-ID
|
From
(metres)
|
To
(metres)
|
Interval
(metres)
|
Copper
%
|
Zinc
%
|
Molybdenum
%
|
Silver
Grams/
tonne
|
Copper-equivalent
%
|
CG-65.
|
407.45
|
407.90
|
0.45
|
12.50
|
0.22
|
0.011
|
865.0
|
19.40(2)
|
and
|
419.00
|
471.00
|
51.00
|
0.01
|
0.00
|
0.052
|
1.2
|
0.46(3)
|
Notes: Intervals in the table are based
on core lengths and do not represent true widths of the zone, see text for
comments on true widths. The copper equivalent values are based on the same
notes as given for the first table.
Hole CG-65 was drilled at -70� to the
west, from the same setup as hole CG-68, and starting from surface, cut the
longest continuously stockwork veined and altered section of porphyry seen
to date at Cobre Grande. At 526 metres, hole CG-65 passed through a
major fault exiting the zone of intense alteration and terminating in
weakly altered sediments. While the majority of assays in this hole
are relatively low grade, the 526 metre section above the fault averages a
strongly anomalous 0.023% molybdenum. In addition, the hole intersected
a high grade copper-silver vein that returned 12.5% copper and 865.0 grams
per tonne of silver over 0.45 metres and a deep molybdenum bearing
stockwork that returned 51 metres of 0.052% molybdenum. Despite the
relatively low overall grade of CG-65, the results are interpreted to be
very significant with respect to the potential of this new discovery.
These results include a 350 metre long
column of intensely stockworked porphyry diking which is interpreted as the
“core” to the Cobre Grande system, and from which
mineralization should have developed to both the east and west from the
north-south elongate intrusive centre. Under this model, the
eastern flank skarn appears to have been found with hole CG-68, but the
modeled west side skarn remains to be explored.
Equally important, the post mineral
fault, cut at 526 metres in Hole CG65, appears to be the same fault as cut
at 257 metres in hole CG-68 and projects up the mountain to the top of the
Main Zone. The entire altered and mineralized body, cut by these two
new holes, appears to have been down-faulted off the top of the Main
Zone. Under this model, the skarn in hole CG-68 was once the upward
continuation of the copper skarn of the Main Zone and the combined column
height, if reconstructed, approached 500 metres. Excellent potential exists
for similar mineralization to exist on the western flank of the stockworked
molybdenum porphyry which has seen no exploration to date.
Robert Page, Linear’s V.P. Exploration,
states “prior to this new discovery in the Northwest Skarn, the best
potential for expansion of the Main Zone appeared to be along strike, to
the north of the mineralized zone. Now, with this new discovery in the
Northwest Skarn, we have a second area with excellent potential for
expansion of the resource at Cobre Grande.
Furthermore, the strength of the alteration
associated with the molybdenum bearing porphyries, identified throughout
hole CG-65, point to the significant potential for a mirror image of
mineralization on the west side of the porphyry. Given the results of
this initial drilling in the Northwest Skarn, we are confident in our
ability to expand the already significant 49.8 million tonne resource at
Cobre Grande.”
Hole CG-60 returns the longest
molybdenum intercept to date at Cobre Grande
Linear previously released the top 264
metres of hole CG-60, a west directed angle hole across the northern part
of the Main Zone. The 260 metre intercept starting at 4 metres
averaged 0.054% molybdenum. Recently received results, from the bottom
of the hole, have resulted in an increase in the length of the total
intercept by 72 metres of 0.073% molybdenum bringing the total intercept to
332 metres of 0.058% molybdenum. This is the longest molybdenum-rich
intercept to date at Cobre Grande and points to the expanding molybdenum
potential on the project as more drilling is completed.
The Quality Control program at
Cobre Grande is supervised by Linear Metals’ Senior Resource
Geologist, Geoff Chinn, P.Geo., who is a Qualified Person as defined under
National Instrument 43-101. Drill core is sawn in half on site and samples
collected over one to three metre intervals based on geology. Prior to
shipping sealed sample bags are stored in a locked facility on site at the
project. Samples are shipped via air to the ALS Chemex sample
preparation facility in Guadalajara, Mexico.. The Guadalajara prep
facility then sends pulps to the ALS Chemex Vancouver, B.C. laboratory
– ISO 9001-2000 registered. All samples are assayed for silver,
copper, zinc, lead, and molybdenum using four acid digestion and ICP-AES
analysis. In addition, samples from oxide zones are further analyzed
for copper and zinc solubility. For copper, there is sequential analysis
first with sulfuric acid leach and sequentially for cyanide leach.
For zinc there is a single solubility analysis using acetic acid. The
project uses a protocol that includes blanks, standards, and duplicates
which make up 12% of each sample shipment.
This press release was prepared under the supervision of
Linear Metals’ Vice President of Exploration, Dr. Robert Page, P.
Geo., who is a Qualified Person as defined under National Instrument
43-101. Dr. Page has reviewed the scientific and technical information in
this press release.
For further details on Linear Metals Corporation and its
Cobre Grande Project, please visit the Company's website at www.linearmetals.com or contact investor
relations at (416) 216-4708 or within North America toll free at
[1-866-376-7683].
Robert Page, Vice-President Exploration
The TSX Exchange 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
Cobre Grande 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 Cobre
Grande and there is no assurance that the mineralization at Cobre Grande
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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