Concordia Completes First Stage Exploration and Prepares for Drilling at its Argentine Properties
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 8, 2011) - Concordia Resource Corp. (News - Market indicators) ("Concordia" or "the Company") is pleased to provide an exploration update on the Company's activities in Argentina. Concordia's wholly owned subsidiary, Meryllion Minerals Corporation ("Meryllion"), has completed the first stage of its exploration campaign at its Providencia silver-copper property in northwestern Argentina, and is now preparing for an initial program of approximately 3,000 m of core drilling. The program will start in July-August of this year. In addition, Meryllion has completed an environmental report on its Cerro Amarillo copper-gold property located in west central Argentina and is in the process of finalising an agreement to construct an access road to facilitate a seven-hole drilling program of approximately 2,600 m planned for the fall of 2011.
Providencia
The property comprises mineral concessions totaling approximately 3,000 ha situated 4,200 m above sea level and some 260 km by good road from San Salvador de Jujuy, the capital of the Jujuy Province. The property hosts silver-copper mineralization, and produced some five million ounces of silver between 1986 and 1997 from ore grading between 400 – 500 g/t silver.
The mineralization is hosted by a gently dipping, poorly consolidated, green conglomerate unit floored and capped by dark red mudstones and white sandstones respectively. Mineralizing fluids appear to have moved along multiple sets of steeply dipping structures that intersect these units, and to have preferentially mineralized the more porous conglomerate unit. The conglomerate unit was the primary target of previous mining, and mineralization is open to the south, east and north of the old shallow pit workings.
Previous channel sampling in the old workings by Cardero in 2003 returned values ranging up to 4,064 g/t silver and 3.97% copper and the average unweighted values for all samples collected from the Green Conglomerate Member were 506 g/t silver and 0.46% copper. The objectives of the drilling program are to: a) confirm these results; b) delineate resources around the workings; and, c) extend the mineralization along strike, down-dip, and below the historic workings.
Permitting applications and environmental reports have been submitted to the relevant authorities, and a drill contract is in the process of being awarded. Drilling operations are anticipated to begin in July/August of this year.
Cerro Amarillo
In related news, Meryllion has concluded its austral summer campaign at its Cerro Amarillo-Cajon Grande prospect in the Mendoza Province of west central Argentina, and will start up again after winter snows melt in the latter part of the year.
Cerro Amarillo-Cajon Grande is a gold-rich porphyry property containing two partially explored mineralized porphyry systems and four unexplored color anomalies. The two porphyry occurrences are known as Cerro Amarillo and Cajon Grande. Neither occurrence has ever been drill tested. The 14,000 ha property is located near the town of Malargüe in southern Mendoza Province and approximately 25 km due east of the Chilean border. The prospect lies at an elevation of about 3,400 m above sea level in the foothills of the Cordillera.
The Cerro Amarillo occurrence contains a classical porphyry system that includes quartz stock-work, disseminated skarn, breccia and vein-styles of mineralization. The porphyry system comprises a potassic core, an intermediate phyllic zone, and an outer propylitic zone of hydrothermal alteration. Previous sampling from the potassic core has indicated values ranging up to 1.47% copper, 0.98 g/t gold, and 550 ppm molybdenum. Hydrothermal breccias are also present, and random sampling of these returned up to 0.5 g/t gold, with one isolated outcrop some 600 m southeast of the core returning assays ranging from 1.0 g/t gold up to 57.0 g/t gold.
Detailed mapping of the Cerro Amarillo occurrence has led to the development of a drill proposal for some 2,600 m in seven holes designed specifically to test the primary and supergene mineralization in the stock-work, breccia, and skarn mineralization as well as a ground magnetic anomaly directly to the south of the outcropping intrusive.
Meryllion has completed an environmental report including water and glacier studies, and is in the process of finalising an agreement to construct an access road.
ABOUT MERYLLION
Meryllion Minerals is a wholly owned subsidiary of Concordia with the charter to conduct mineral exploration in South America with a primary focus on precious and base metals. Meryllion operates out of offices in Buenos Aires under the direction of Dr. Willem Fuchter, P.Geo., a PhD geologist with extensive international experience and a Qualified Person under NI 43-101.
ABOUT THE COMPANY
Concordia is a mineral exploration company with properties in Argentina, Nevada and New Mexico and an earn-in agreement with Renaissance Gold Inc. for the Baza gold-copper project in Spain. The Company has its head office and executive management team in Vancouver, Canada; and its technical team is based in Reno, Nevada.
(1) Concordia has not completed sufficient work to verify or classify the historical estimate as current mineral resources under National Instrument 43-101. The Company is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.
(2) The contents of this press release were prepared by Dr. Willem Fuchter, P.Geo., a Qualified Person as defined by NI 43-101. It has been reviewed for Concordia by Ms. Pamela Klessig, having sufficient experience to review this release and is a Qualified Person as defined by NI 43-101.
Forward-Looking Statements
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Ontario Securities Act, including the receipt of necessary permits to conduct exploration and construction, timing of anticipated exploration program, the number of the holes and meters to be drilled and future plans of the Company. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; uncertain political and economic environments; changes in laws or policies, delays or the inability to obtain necessary governmental permits; and other risks and uncertainties, including those described in each management discussion and analysis. Forward-looking information is in addition based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of metals; appropriate equipment and sufficient labour and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information. Accordingly, readers are advised not to place undue reliance on forward-looking information.
On behalf of the Board of Concordia Resource Corp.
R. Edward Flood, Chairman
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.