Petaquilla Minerals Ltd PTQMF

CMR news

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26 November 2003 
Cambridge Mineral Resources plc

 

POSITIVE GOLD ASSAYS RETURNED FROM SAN TELMO PROJECT IN SOUTHERN SPAIN

 

 

• SURFACE SAMPLING ON THE CARPIO TARGET WITHIN THE SAN TELMO CONCESSION block returns high gold assay results in excess of 9 g/t

   

• EVALUATION CONFIRMS STRUCTURES COMPARABLE TO LOMERO-POYATOS

  Cambridge Mineral Resources plc ("Cambridge" or "the Company") is pleased to report positive results from its initial exploration over the San Telmo concession block ("San Telmo") which lies contiguously along strike to its gold rich Lomero-Poyatos deposit in the Iberian Pyrite Belt in Southern Spain.

  Surface sampling at the Carpio target has returned excellent values from outcrop and float samples which include assays of 9.28, 8.36, 4.99, 4.94 and 3.73 g/t of gold, illustrating the significant gold potential of this prospect.

  San Telmo comprises 34 concessions covering approximately 12.5 square kilometres including the Santa Barbara Mine and several other mineralized zones. Combined historical production of some 14 million tonnes of copper and zinc ore has been recorded. The Company believes that there is the potential for a multi-million ounce gold discovery from within the permit area.

  A reconnaissance field review of the known targets within San Telmo has identified geological structures and host rocks directly comparable with those at Lomero-Poyatos, further increasing their prospectivity.

  Multiple prospects on San Telmo are now being evaluated in addition to Carpio, including a new area of interest where historic drill information indicates both gold and copper mineralization 300 metres west of the Lomero-Poyatos permit.

  Cambridge is well funded, has a major competitive advantage, a large exploration land base within the Iberian Pyrite Belt and is intent on capitalising exclusively on the combined potential of the Lomero-Poyatos deposit and San Telmo. Over the coming months geological interpretation and advanced technologies will be applied to maximise the opportunity for a further major discovery.

  Executive Chairman, Mr Michael Thomsen, said, "Cambridge is the first company to explore both permit areas as a coherent project. We can now begin to capitalise on this reality. There is an exceptional opportunity to increase our already impressive gold inventory within the Iberian Pyrite Belt and our exploration efforts will continue to focus on high grade, high tonnage targets".