Linear Metals Connects Mineralization Across the Main
Zone and Makes a New Discovery at the Southwest Zone at KM61
Molybdenum-Copper-Silver Project
May 8, 2008 – Toronto, Ontario
– Linear Metals Corporation (TSX: LRM) is pleased to
announce drill results expanding the scale of its KM61
discovery through expansion of the Main Zone and a new discovery in the
Southwest Zone. Linear is in the midst of a 25,000 metre drill program with
results provided here from the first sixteen diamond drill holes (K-07-30
to K-07-33 and K-07-35 to K-08-46), representing 5,140 metres, of this
Phase II drill program, initiated in December 2007, at its 100%-owned KM61
project.
Highlights
from the most recent results in the Main Zone include:
�
Hole K-08-36: 64.5 metres of 0.088% molybdenum and 162.6
metres of 0.057% (0.061 % uncut) molybdenum;
�
Hole K-08-40: 105.9 metres of 0..085% molybdenum and 27.9
metres of 0.088% molybdenum;
�
Hole K-08-42: 35.5 metres of 0.085% molybdenum, and 28.0
metres of 0.073% molybdenum, and 104.0 metres of 0.063% molybdenum;
�
Hole K-08-46: 73.4 metres of 0.071% molybdenum;
and from the New discovery in the
Southwest Zone:
�
Hole K-08-41: 54.0 metres of 0.063% molybdenum, 0.12% copper
and 4.4 grams per tonne silver.
The results
from this drilling have successfully demonstrated the continuity of
mineralization between the North and South Porphyry trends, with higher
grades (>0.05% Mo) over a strike length of approximately 600 metres.
This effectively joins the North and South Porphyry trends into a large
right-lateral sigmoid, or flattened “S-shape”, reflecting the
structural dilatent zone that hosts the porphyry dykes and related
stockwork mineralization.
Within the
Main Zone at KM61, molybdenite-chalcopyrite mineralization 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 1,250 metres
and 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, extending the full width to 500 metres. The deposit remains
open along strike to the north-east and at depth, with many holes bottoming
in mineralization.
The extent of
mineralization in the new discovery within the Southwest Zone has not yet
been determined but is in addition to the 1,250 metre Main Zone.
Main
Zone Results
Composite
assay results for intervals of greater than 0.04% molybdenum are detailed
in the tables 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
|
K-07-34
|
42.00
|
54.70
|
12.70
|
0..042
|
0..08
|
2..7
|
|
|
71.80
|
186.50
|
114.70
|
0..061
|
0..10
|
3..4
|
two samples cut to 0.5% molybdenum, uncut runs 0.088% Mo
|
|
216.70
|
233.50
|
16.80
|
0..040
|
0..08
|
2..6
|
|
|
247.50
|
331.50
|
84.00
|
0..049
|
0..07
|
3..3
|
bottoms in FWT(3)
|
CT
|
|
|
228.20
|
0.054
|
0.09
|
3.3
|
|
|
|
|
|
|
|
|
|
K-08-36
|
142.00
|
206.50
|
64.50
|
0..088
|
0..11
|
3..7
|
|
|
216.90
|
223.30
|
6.40
|
0..078
|
0..18
|
6..7
|
|
|
234.40
|
397.00
|
162.60
|
0..057
|
0..12
|
3..3
|
two samples cut to 0.5% molybdenum, uncut runs 0.061% Mo
|
|
415.90
|
426.00
|
10.10
|
0..039
|
0..11
|
1..6
|
bottoms in 0.06% Mo at 443m
|
CT
|
|
|
243.60
|
0.065
|
0.12
|
3.4
|
|
|
|
|
|
|
|
|
|
K-08-38
|
160.35
|
173.80
|
13.45
|
0..047
|
0..04
|
1..2
|
|
|
181.50
|
201.10
|
19.60
|
0..045
|
0..09
|
2..1
|
|
|
214.70
|
230.10
|
15.40
|
0..067
|
0..12
|
3..4
|
|
|
269.50
|
384.50
|
115.00
|
0..051
|
0..15
|
3..6
|
bottoms in FWT(3)
|
CT
|
|
|
163.45
|
0.051
|
0.13
|
3.2
|
|
|
|
|
|
|
|
|
|
K-08-40
|
6.60
|
112.50
|
105.90
|
0..085
|
0..08
|
2..5
|
|
|
121.60
|
149.50
|
27.90
|
0..088
|
0..07
|
2..0
|
|
|
193.50
|
227.50
|
34.00
|
0..053
|
0..06
|
1..6
|
includes dilution from 7.2 m of dykes
|
|
233.90
|
282.00
|
48.10
|
0..057
|
0..11
|
2..5
|
bottoms in FWT(3)
|
CT
|
|
|
215.90
|
0.074
|
0.08
|
2.3
|
|
|
|
|
|
|
|
|
|
K-08-42
|
7.00
|
42.50
|
35.50
|
0..085
|
0..11
|
4..0
|
|
|
48.50
|
76.50
|
28.00
|
0..073
|
0..03
|
0..9
|
|
|
91.50
|
195.50
|
104.00
|
0..063
|
0..05
|
1..5
|
|
|
201.75
|
218.45
|
16.70
|
0..039
|
0..09
|
2..0
|
bottoms in FWT(3)
|
CT
|
|
|
184.20
|
0.067
|
0.06
|
1.9
|
|
|
|
|
|
|
|
|
|
K-08-44
|
11.90
|
52.50
|
40.60
|
0..058
|
0..08
|
3..0
|
|
|
58.40
|
76.70
|
18.30
|
0..074
|
0..12
|
3..1
|
|
|
82.50
|
129.20
|
46.70
|
0..042
|
0..05
|
1..3
|
|
|
137.00
|
152.00
|
15.00
|
0..059
|
0..07
|
1..4
|
|
CT
|
|
|
120.60
|
0.054
|
0.07
|
2.2
|
bottoms in FWT(3)
|
|
|
|
|
|
|
|
|
K-08-46
|
140.00
|
154.50
|
14.50
|
0..076
|
0..11
|
4..0
|
|
|
161.10
|
234.50
|
73.40
|
0..071
|
0..06
|
1..8
|
|
CT
|
|
|
87.90
|
0.072
|
0.07
|
2.2
|
|
|
272.00
|
302.00
|
30.00
|
0..040
|
0..07
|
1..2
|
mineralization extends another 58 m in lower grade
mineralization, then bottoms in FWT(3)
|
Note 1:
Intersections in the table above are based on core length but with all
holes drilled across the dip of the mineralized zone intersection widths
are thought to be close to true widths. 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%, or by
post-mineral dykes. 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.
Note 3:
“FWT” = footwall tonalite
Note 4:
“CT” = cumulative total, the weighted average of all composites
with the width of post-mineralization, waste-rock dykes greater than five
metres in width removed).
Nine even
numbered holes, starting with hole K-07-30 and extending 800 metres to the
east, to hole K-08-46, crossed the previously untested area between the
North and South Porphyry dyke trends with holes spaced approximately 100
metres apart and drilled at -45� to the southeast. These holes successfully
demonstrated the continuity of the mineralization between the two dyke
trends, with higher grades (>0.05% Mo) encountered over approximately
600 metres of strike, effectively joining the North and South Porphyry
trends.
Seven of the
nine holes drilled along this fence intersected wide intervals of +0.04%
molybdenum including:
�
K-07-34
(previously reported) was the first hole to return strong mineralization in
this inter-dyke area, and returned 228.2 metres of 0.054% molybdenum, 0.09%
copper, and 3.3 grams per tonne of silver;
�
K-08-36
bottomed in 0.06% molybdenum mineralization at a depth of 443 metres and
also returned excellent results towards the South Porphyry trend, returning
a CT of 243.6 metres of 0.065% molybdenum, 0.12% copper and 3.4 grams per
tonne of silver, including 64.5 metres of 0.088% molybdenum;
�
K-08-38
also encountered consistent mineralization with a CT of 163.45 metres of
0.051% molybdenum, 0.13% copper and 3.2 grams per tonne of silver;
�
K-08-40
returned a CT of 215.9 metres of 0.074% molybdenum, 0.08% copper, and 2.3
grams per tonne of silver, including several wide intervals of greater than
0.08% molybdenum;
�
K-08-42
returned a slightly narrower intersection with a CT of 0.067% molybdenum,
0.06% copper and 1.9 grams per tonne of silver over 184.2 metres;
�
K-08-44
returned a CT of 120.6 metres of 0.054% molybdenum, 0.07% copper and 2.2
grams per tonne of silver; and
�
K-08-46
returned excellent mineralization through the central part of the hole with
a CT of 87.9 metres of 0.072% molybdenum, 0.07% copper and 2.2 grams per
tonne of silver.
Holes K-07-30
and K-07-32 are located at the south-west end of the Main Zone and
intersected low to moderate grade, 0.01% to 0.04% molybdenum, over their
entire lengths. Additionally, the first 140 metres of K-08-36, and the
first 110 metres of K-08-38 returned 0.03% molybdenum.
New
Southwest Zone Discovery Results
Hole #
|
From
(metres)
|
To
(metres)
|
Interval
(metres(1), (2))
|
Molybdenum %
|
Copper %
|
Silver grams/tonne
|
Comments
|
K-07-35
|
87.5
|
94.00
|
6.50
|
0..104
|
0..03
|
0..9
|
within approximately 100 m wide envelope of 0.03% molybdenum
|
|
176.5
|
195.00
|
18.50
|
0..048
|
0..08
|
2..9
|
|
|
|
|
|
|
|
|
K-08-37
|
4..5
|
31.90
|
27.40
|
0..046
|
0..05
|
1..9
|
|
|
41.80
|
108.30
|
66.50
|
0..054
|
0..10
|
3..5
|
|
|
110.75
|
119.00
|
8.25
|
0..054
|
0..05
|
1..3
|
|
|
125.00
|
136.00
|
11.00
|
0..048
|
0..05
|
1..2
|
|
|
155.8.0
|
159.50
|
3.70
|
0..075
|
0..03
|
0..7
|
|
CT
|
|
|
116.85
|
0.052
|
0.08
|
2.7
|
|
|
|
|
|
|
|
|
|
K-08-41
|
58.00
|
98.50
|
40.50
|
0..063
|
0..10
|
2..2
|
|
|
104.50
|
118.00
|
13.50
|
0..062
|
0..19
|
10.8
|
|
CT
|
|
|
54.00
|
0.063
|
0.12
|
4.4
|
|
Note 1: I
Intersect
Note 1:
Intersections in the table above are based on core length but are believed
to approximate true widths. Average sample length is 1.5 metres.
Note 2: Where two
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%, or by
post-mineral dykes. 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.
Note 3: Cumulative
total (“CT”) is the weighted average of all composites with the
width of post-mineralization, waste-rock dykes greater than five metres in
width removed.
Results from
seven holes drilled in the Southwest Zone (odd numbered series of holes)
have confirmed a new discovery at KM 61. The holes confirm visual
observations that the southern flank of the Southwest Zone contains the
best mineralization, over a minimum strike length of approximately 200
metres.
K-07-35 was
collared near the east side of the Southwest Zone, close to its centre, and
is the first hole from the zone to return strong mineralization, across
narrow widths, including 6.5 metres of 0.104% molybdenum, and 18.5 metres
of 0.048% molybdenum, within an overall 100 metre wide envelope of 0.030%
molybdenum. K-08-37, located south of K-07-35 on the same section,
intersected a well mineralized zone with a CT of 116.85 metres of 0.052%
molybdenum, 0.08% copper and 2.7 grams per tonne of silver. On
the next grid line to the southwest, K-08-39 intersected weak
mineralization over its upper 100 metres, then passed out of the system
into unreceptive dacite tuff and sediments, whereas K-08-41, which
undercuts K-08-39, intersected excellent mineralization with a CT of 54
metres of 0.063% molybdenum, 0.12% copper and 4.4 grams per tonne of
silver. At depth, K-08-43 may have undercut the plunge of the zone,
as it intersected about 35 metres of 0.03% molybdenum on the same section.
Receipt of additional assay results will be necessary in the Southwest Zone
to understand what is apparently a more complex distribution of
mineralization than in the Main Zone.
K-07-31,
K-07-33, and K-08-45 are all located in the northern part of the Southwest
Zone, and returned lower grade intervals of anomalous molybdenum up to
0.04% molybdenum.
The SW Zone
appears to be a fault-offset portion of the Main Zone (in places the break
is occupied by a reversely-polarized post-mineral Logan dyke), although the
sense of displacement seems to be strictly vertical, and mineralization
styles indicate that the SW Zone is currently exposed at a slightly higher
level in the system than the Main Zone, with higher grade intervals at
depth on some sections.
The KM61
project benefits from excellent location and infrastructure.. The project
is located, east of Armstrong, Ontario, assessable by a 61 kilometre
all-weather logging road, and only 12 kilometres by road from the main CN
rail line at Ferland Station, where there are several rail sidings.
Approximately six kilometres to the east of the project, Ontario Power
Generation plans to complete an 85MW hydroelectric generating station by
2013, which will be connected to the Provincial power grid. This is
expected to greatly decrease the cost of power to any potential development
at KM61.
"The
rapidly advancing 25,000 metre drill program has not only expanded the Main
Zone it has resulted in a new discovery. This discovery, the Southwest
Zone, is important not only for the contribution it will make to the size
of the overall mineralized zone but also as an indication of the potential
for additional new discoveries at KM61. These initial Phase II drill results
from both zones are very encouraging and indicate KM61 contains
considerable widths of excellent grade molybdenum mineralization with
appreciable copper and silver credits. Our aggressive drill program puts
Linear on schedule to complete a 43-101 resource estimate before year
end”, reports Robert Page, Vice President Exploration.
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. 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.
In April
2008, Linear Metals completed a 43-101 compliant resource estimate on its
Cobre Grande project and will also complete a 43-101 compliant resource
estimate on its KM61 project 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.
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,
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.
|