VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 26, 2015) - Excelsior Mining Corp. (TSX VENTURE:MIN)(3XS.F)(EXMGF) ("Excelsior" or the "Company") is pleased to announce the completion of the hydrology drill program at the Gunnison Copper Project in Arizona. Excelsior is also releasing the diamond drill assay results from the feasibility resource upgrade program.
The hydrological drill program announced on October 28, 2014 has now concluded. The primary component of the hydrological program comprised 26 hydrology test and observation wells totalling approximately 28,000 feet. Extensive geophysical logging was completed on all holes. Pump testing has begun and will continue over the next several months. The objective of the program is to characterize the hydrological parameters of the mineralized rocks by measuring groundwater movement through the rocks. Results will be used to construct a numerical groundwater flow model to simulate in-situ recovery operations and to assist with permit applications. Additional long-term aquifer testing will also be conducted on previously constructed wells. Data interpretation and modeling is expected to be completed in Q2 2015.
Commenting on these results, President & CEO, Stephen Twyerould stated, "The completion of the hydrology drill program represents another key feasibility milestone completed on time and on budget. The remaining key feasibility work programs are on schedule, with additional data sets due in early Q3. Given our good performance to date, it is exciting to see our Gunnison Copper Project progress in such a rapid and efficient manner."
Assay results (see table below) for the geological drilling program consisting of 13 diamond drill holes, totalling 17,110 feet, have now been returned. The program was designed to investigate the marginal extremities of the North Star deposit and collect additional geological information. Results are consistent with expectations and previous drill holes in the area. A new resource calculation will be incorporated into the feasibility study currently being prepared, together with additional data from the comprehensive metallurgical and hydrology programs. Total copper grades should be considered in the context of the proposed mining method. Excelsior intends to mine the Gunnison Copper Project using in-situ recovery, whereby a weak acid solution dissolves copper minerals from the surfaces of naturally occurring fractures. The host rocks remain substantially undisturbed; however, the host rocks must be included in the calculation when determining total copper grades for the purpose of establishing a mineral resource that is prepared in accordance with National Instrument 43-(101).
| |
2014 Gunnison Copper Project Resource Drilling
0.05% Total Copper Cut-off |
| |
From
(ft) |
To
(ft) |
Intercept
(ft) |
Total
Copper
% |
| NSD-030 |
270 |
613.3 |
343.3 |
0.25 |
| NSD-033 |
640 |
1510 |
870 |
0.29 |
| NSD-034 |
440 |
830 |
390 |
0.14 |
| NSD-035A |
300 |
840 |
540 |
0.26 |
| NSD-036 |
576.8 |
610 |
33.2 |
0.55 |
| NSD-037 |
620 |
670 |
50 |
0.11 |
| and |
780 |
1030 |
250 |
0.14 |
| and |
1190 |
1284.4 |
94.4 |
0.22 |
| NSD-038B |
1100 |
1591 |
491 |
0.28 |
| NSD-039 |
740 |
1030 |
290 |
0.10 |
| and |
1090 |
1490 |
400 |
0.32 |
| NSD-040 |
931 |
1880 |
949 |
0.23 |
| NSD-041 |
1106.5 |
1390 |
283.5 |
0.12 |
| and |
1520 |
1766 |
246 |
0.46 |
| NSD-042 |
460 |
1513 |
1053 |
0.17 |
| NSD-043 |
730 |
880 |
150 |
0.15 |
| and |
1294.3 |
1326.5 |
32.2 |
0.29 |
| and |
1414 |
1650 |
236 |
0.26 |
| and |
1720 |
1736 |
16 |
0.10 |
| NSD-044 |
Drill hole collapsed before reaching target. |
| |
A map showing the location of the drill holes can be found on the Company's website at www.excelsiormining.com.
All samples were prepared from manually split half-core sections on site in Arizona. Split drill core samples are then sent to Skyline Assayers & Laboratories ("Skyline") in Tucson, Arizona, an independent laboratory, for Total Copper and Sequential Copper analyses. Skyline is accredited with international standard ISO/IEC 17025:2005 General Requirements for the Competence of Testing and Calibration Laboratories. Total Cu (TCu), acid soluble Cu (ASCu) and cyanide soluble Cu (CNCu) were analyzed. Excelsior has no relationship with Skyline Labs other than Skyline being a service provider. Standards, blanks, and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control Program. The drill holes are vertical and the mineralization ranges from flat lying to a 30 degree dip to the east resulting in a 1 to 1 relationship between sample length and true thickness to a 1 to 0.87 relationship between sample length and true thickness depending on the dip of the mineralization.
Dr. Roland Goodgame, Member AIG, Executive Vice President of Excelsior, and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information disclosed in this news release. Dr. Goodgame has verified the data underlying the results by supervising the drilling, sampling, assay, geology, quality assurance, quality control and interpretation.
About Excelsior
Excelsior is a mineral exploration and development company that is advancing the Gunnison Copper Project. The Excelsior management team consists of experienced professionals with proven track records of advancing mining projects into production. Further information about the Gunnison Copper Project can be found in the technical report filed on SEDAR at www.sedar.com entitled: "Gunnison Copper Project, NI 43-101 Technical Report, Prefeasibility Study" dated February 14, 2014.
For more information on Excelsior, please visit our website at www.excelsiormining.com.
ON BEHALF OF THE EXCELSIOR BOARD
Mark J. Morabito, Executive Chairman
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to (i) the details, expected results, and time for completion of the hydrology program; (ii) the in-situ recovery process; (iii) the interpretation of the results of the drill program; and (iv) the advancement of the Gunnison Project.
Such forward-looking information can be identified by the use of word "will". Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and mineral reserves, the realization of resource and reserve estimates, copper and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Gunnison Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the permitting process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Gunnison Project, risks relating to variations in mineral resources and reserves, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Gunnison Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and no securities regulatory authority has either approved or disapproved of the contents of this release.