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Linear Metals Corporation (TSX-V:
LRM) is pleased to report that drilling has extended both the
North and South Zones at its Cobre Grande project, resulting in a 200
metre increase in the combined strike of the two zones by extending both
zones into the previously assumed “Gap” between them. The
combined strike of the two zones now totals 1300 metres.
Linear is also pleased to announce drill
hole CG-48 intersected 16 metres of 4.08% zinc, in a potentially new zinc
zone, 300 metres north of the previously identified limit of the North Zone
zone,. This intercept, in combination with new soil data, provide a
highly prospective large and undrilled target area that could significantly
extend the mineralized system to the north.
Highlights from the most recent drill
results include:
- CG-50 (Gap): 144.16
metres of 0.72% copper, 0.52 zinc, 0.034% molybdenum, and 18.9
grams per tonne silver; and
- CG-55 (Gap):
52.00 metres of 1.04% copper, 0.016% molybdenum,
and 24.9 grams per tonne silver and 140.06 metres of
0.51% copper, 0.044% molybdenum, and 10.9 grams per tonne silver.
- CG-48 (North Zone): 16
metres of 4.08% zinc, and 2.9 grams per tonne silver.
Assay results are pending for completed
holes CG-56 through CG-64, which complete this phase of delineation
drilling on the North and South Zones. The results from all drill
holes up to CG-64 will be incorporated into a 43-101 compliant resource
estimate to be completed by April 2008.
Assay results from drill holes CG-43,
CG-49, CG-51, and CG-53 in the South Zone, CG-50, CG-52, and CG-55 in the
previously assumed “Gap” (between the North and South Zones),
and CG-48, located 300 metres north of the North Zone, have been
received. All holes except for CG-54, which tested a peripheral IP
anomaly east of the Gap, encountered mineralized skarn with significant
intercepts as indicated herein. A drill hole location map is available on
the Company’s website at www.linearmetals.com.
Connecting North and South Zones
Across the Gap
Note 1: the intervals in the table are based on core lengths
and not true widths of the zone, see text for comments on true
widths. All holes are drilled down steep slopes, consequently, the
vertical depth of intercepts below surface are less than the metres
indicated down hole.
Drill hole CG-50 has extended the North
Zone 100 metres to the south intersecting 144.16 metres of 0.72% copper,
0.52% zinc, 0.034% molybdenum and 18.9 grams per tonne silver over an
interpreted true width of 65 metres, Hole CG-55 has extended the South
Zone 100 metres to the north intersecting 52.00 metres of 1.04 % copper,
0.016% molybdenum, and 24.9 grams per tonne silver and 140.06 metres
of 0.51 % copper, 0.044% molybdenum, and 10.9 grams per tonne silver over a
combined interpreted true width of 95 metres. The North and South
zones have been offset by a transverse fault which has displaced the North
Zone 150 metres to the east of the South Zone in the vicinity of
CG-52. The skarn encountered in CG-52, located midway between these
two holes, is well developed but less well mineralized with copper,
suggesting it may have been drilled to the east of higher-grade
mineralization. The result is that the skarn has now been tracked for
1400 metres north-south (from 3600N to 2200N) with only drilling on section
3100N failing to produce a significant intercept to date. Hole CG-58
may change this as it has since been drilled on 3100N to test the area west
of CG-52 and if mineralized, would close this remaining 100 metre gap.
North
Zone Extension
Note 1: the intervals in the table are based on core lengths
and not true widths of the zone, see text for comments on true
widths. All holes are drilled down steep slopes, consequently, the
vertical depth of intercepts below surface are less than the metres
indicated down hole.
Hole CG-48, located 300 metres due north
of the north end of the North Zone, was drilled to test an IP anomaly
projected at 250 metres down hole. Core from CG-48 shows the top of
the anomaly to be caused by a barren pyritic argillite unit starting at 231
metres. However, prior to reaching the IP anomaly, the hole cut
several zinc bearing skarn zones highlighted by 16 metres of 4.08% zinc
that is believed to approximate true width. Assays for a deeper skarn
interval, just above the argillite, returned 0.31% copper and 0.024%
molybdenum along with 0.44% zinc, from 206.55 to 231.00 metres. Given the
presence of this high temperature mineralization, Linear has recently
deepened CG-48 from 298 to 462 metres to test the rest of the IP anomaly.
Subsequent to drilling CG-48, results of
a soil survey were received and show the area north and west of CG-48 to
host the largest and strongest zinc in soil anomaly on the property, The
anomaly peaks at above 1% zinc, and has local significant coincident silver
and copper anomalies (to 44 grams per tonne and 0.2%
respectively). The anomaly is over 900 metres wide (open to the west),
and over 400 metres long, running north-south, starting at 3900N (the soil
maps are posted on the Linear website).
Note 1: the intervals in the table are based on core lengths
and not true widths of the zone, see text for comments on true
widths. All holes are drilled down steep slopes, consequently, the
vertical depth of intercepts below surface are less than the metres
indicated down hole.
Hole CG-43 is located towards the south
end of the South Zone on section 2500N. The hole cut well mineralized
skarn starting at 86 metres, returning 25.25 metres of 0.67% copper, 0.32%
zinc, 0.023% molybdenum, and 29.0 grams per tonne silver, but the zone is
truncated by a poorly mineralized porphyry dike at 111 metres. The
hole exited the dike at 151.88 metres passing into the molybdenum stockwork
zone hosted in both skarn and mineralized porphyry over a 48.76 metre
interval of 0.19% copper, 0.057% molybdenum, and 9.8 grams per tonne
silver. Given the dykes encountered in this hole, the true widths of
mineralization have not been determined. Holes CG-49 and CG-53 are
vertical holes testing the eastern down dip extent of the South Zone and
intersected the copper zone 120 and 134 metres down dip from CG-44 and
CG-47 respectively. These holes returned weaker mineralization over true
widths of 30 to 40 metres. Hole CG-51, also a vertical hole, tested the
southern limit of the South Zone and encountered unmineralized interbedded
skarn below 335.15 metres. Together these holes indicate that the
South Zone’s eastern extension may be limited and that the deposit is
either plunging more rapidly or down faulted south of Line 2200N.
Vice President of Exploration Robert Page
comments “Cobre Grande is a great project based on the mineralization
delineated to date in the North and South Zones and we look forward to
completing a resource estimate and scoping study based on these results. Additionally,
with the excellent targets yet to be tested, such as the Northwest Skarn,
we are optimistic that new discoveries will be made in the coming
months.”
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 1 to 3 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 4 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.
Linear Metals also announces
that, subject to regulatory approval, it has granted incentive stock
options to directors and officers to purchase up to 555,000 shares of the
Company at $1.00 per share for a period of up to five years. The
Company has also recently cancelled 325,000 incentive stock options
exercisable at $0.60 per share and as of this date has a total of 3,272,500
options outstanding with an average exercise price of $1.07 per share.
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 Venture 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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