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TORONTO, Sept. 27
Karmin Exploration reports drill results from Aripuana project in Brazil - 15,000 metre program underway with 4 drill rigs
TORONTO, Sept. 27 /CNW/ - Karmin Exploration Corporation (TSX-V: KAR) is pleased to release the results of its 22-hole, 8,652 m drill program and announces a new 15,000 metre drill program at its 28.5% owned Aripuana polymetallic project in Brazil.
The results, from reports supplied to Karmin between May and August 2005, by project operator Votorantim Metais are summarised in Table 1. The program was designed to develop a more accurate geological model, supply material for metallurgical testing and to test extensions of the Ambrex mineralization (A copy of this press release has been filed and can be found at www.sedar.com and such copy contains a property map.). The program achieved thick intersections in holes targeted within the previously discovered ore bodies at Ambrex and Arex, and confirmation of high grade potential to both the NW and SE of Ambrex remaining open along strike. Highlights include:
- FPAR 9 - 48.4 m with 13.2% zinc, 5.5% lead, 100 g/t silver
- FPAR 11 - 42.4 m with 9.7% zinc, 5.0% lead, 92 g/t silver
- FPAR 12 - 14.6 m with 18.5% zinc, 5.5% lead, 108 g/t silver
- FPAR 15 - 14.2 m with 17.0% zinc, 4.0% lead, 61 g/t silver
Following the success of this drill campaign, an additional 15,000m drill campaign has started, with two drill rigs already drilling and two more rigs en route to the project. The goal is to confirm a new geological model, and ultimately increase resources at depth and by lateral extensions. Unexplored geophysical conductors will also be tested. As of August 31, 2005, 6 holes totalling 835m of the second program had been completed and results are pending.
Drill Program Details:
Votorantim Metais is continuing exploration at the Aripuana massive sulphide district seeking zinc, copper, lead, silver and gold. The 2004/05 program consisted of 8,682 m of diamond drilling in 22 holes, of which 4 were wedge holes, covering four target areas. Drill core was sent to Votorantim's laboratories for metallurgical testing.
1. Ambrex NW extension. FPAR 12 and 13 were completed in the area of the
500m stepout hole FD-57 (see press release dated October 16, 2001).
The results included FPAR 12 which intersected 14.6m of 18.5% zinc,
5.5% lead and 108 g/t silver.
2. Ambrex SE extension. Votorantim carried out detailed Electro Magnetic
(EM) surveys in this area to assist drill targeting. FPAR 6 & 6A, 10,
14, 15, 16, 17, 18 & 19 were drilled, and FPAR 15 intersected 14.2m
grading 17.0% zinc, 4.0% lead & 61 g/t silver. The mineralization is
open to the south east.
3. Ambrex - (also known as the Valley deposit). This deposit is the
largest discovered to date. The most consistent mineralization is
contained within a 300 metre strike length, but the geophysical
signature extends NW and SE. Drill holes FPAR 5, 5A, 8, 9 & 11 were
drilled into the main Ambrex deposit testing the updated geological
model and collecting material for metallurgical testing. The results
included FPAR 9 which contained 5 mineralized zones totaling
89.2 metres within a 188.9 metre section. Two of these intersections
returned 48.4 metres grading 13.2% zinc, 5.5% lead and
100 g/t silver and 12 metres grading 12.7% zinc, 5.9% lead, and
106.6 g/t silver.
4. Arex. This deposit is richer in copper than the remainder of the
massive sulphide district. FPAR 1, 2, 3 & 3A, 4 & 4A were infill
drill holes. Drilling in this area tested the updated geological
model and collected material for metallurgical testing. The results
included FPAR 4 which returned 11.8 metres grading 2.6% copper,
8.1% zinc, 3.7% lead and 142 g/t silver.
The Aripuana Project:
The Aripuana property is located approximately 20 kilometres from the town of Aripuana in the State of Mato Grasso, Brazil. Karmin (formerly Ambrex) discovered the Ambrex deposit in 1995, and subsequently consolidated its land position into a joint venture, which now controls the complete mineralized district. The district contains over 25 kilometres strike length of favourable geology, containing at least 5 massive sulphide mineralizations at Arex, Ambrex, Massaranduba, Mocoto and Babacu. Karmin also holds 95% interest in the Aripuana oxide project, the 50 metre thick weathered cap overlying the unweathered massive sulphides covering part of the district, where previous drilling has encountered gold mineralization. The oxide mining operations must not interfere with sulphide development and are subject to a royalty payment.
Karmin Exploration through its subsidiary Mineracao Rio Aripuana Ltda. owns 28.5% of the project, SGV Merchant Bank owns 1.5% of the project. The remaining 70% interest in the project is owned by Anglo American PLC (LSE: AAL) and Votorantim Metais (NASQ: AAUK) is currently earning into Anglo American's interest. Karmin and SGV Merchant Bank's interests are carried until a bankable feasibility study is completed, at which time, Karmin and SGV Merchant Bank must contribute its pro-rata contributions towards bringing Aripuana into production.
About Votorantim Metais:
Votorantim Metais' operations are focused on mining, smelting and refining of zinc, nickel and long steel. It owns both of Brazil's zinc smelters. The company has operations in the states of Sao Paulo, Rio de Janeiro, Minas Gerais and Goias, and in Lima, Peru, and employs more than 7,000 people.
About Karmin Exploration:
Karmin Exploration is a mineral exploration company focused on exploration and development in Brazil. Karmin is publicly traded on the TSX-Venture Exchange under the symbol KAR. The company has 33,190,434 shares outstanding and 34,790,434 fully diluted. William Fisher, P.Geo. President of Karmin, is the designated Qualified Person under NI 43-101. He has reviewed this release and verified the data contained herein.