Mr. Ron Shenton reports
TOSCA ENCOUNTERS STRONG MOLYBDENUM AND COPPER MINERALIZATION AT RED HILLS, TEXAS
Tosca Mining Corp. has received assay results for seven holes (TMC-8 to TMC-14) from the 2,865 metre (9,400 ft.) phase 1 diamond drill program carried out at the Red Hills Molybdenum-Copper project, located in Presidio, County, Texas. Results of the remaining four holes are pending.
The results of the seven holes are summarized in the attached table. All holes are vertical except for TMC-8.
Hole Length From To Interval Interval Cu % Mo % (ft) (ft) (ft) (ft) (m) TMC-8 1,400 65 240 175 53.3 0.21 0.043 240 280 40 12.2 0.26 280 930 650 198.1 0.074 TMC-9 269 0 80 80 24.4 0.32 0.044 0 269 264 80.5 0.15 0.057 TMS-10 220 45 150 105 32.0 0.32 0.04 150 220 70 21.3 0.088 TMC-11 349 125 310 185 56.4 0.80 0.067 TMC-12 1129 15 105 90 27.4 0.16 0.056 175 1129 954 290.8 0.071 TMC-13 189 15 140 125 38.1 0.21 0.05 TMC-14 1169 10 700 690 210.3 0.085 Includes 50 400 350 106.7 0.098 700 979 279 85 0.058 979 1169 190 57.9 0.031
The results of the shallow holes (TMC 9, 10, 11 and 13) corroborate the presence of a copper blanket with accompanying molybdenum mineralization located immediately below the oxide zone. The grades range from 0.21% Cu and 0.05% Mo over 38.1 m (125ft) in hole TMC-13 to 0.80% Cu and 0.067% Mo over 56.4 m(185ft) in hole TMC-11. The grades and thicknesses encountered to date in the 2011 drill program are generally comparable to those found in adjoining historic holes.
The deep holes (TMC-8, 12 and 14) point to the existence of a deep molybdenum porphyry characterized by wide, well mineralized intercepts: 198.1 m (650ft) of 0.074% Mo in hole TMC-8, 290.8 m (954ft) of 0.071% Mo in hole TMC-12 and 210.3 m (690ft) of 0.085% Mo in hole TMC-14. The distribution of molybdenum grades within the Red Hills deposit is very homogeneous over significant widths due to dense stockwork nature of the molybdenite mineralization. Note that these three holes are either new holes (TMC-08) or holes that deepened previous shallow holes (TMC-12 and 14). Hence they will expand the historic data base.
The results from these seven holes are "very encouraging" quotes Dr. Sadek El-Alfy, CEO. "They demonstrate and verify the continuity of the shallow copper-molybdenum blanket and indicate that we are on our way toward the confirmation of a large molybdenum deposit. As a term of reference, the grades of the molybdenum porphyry projects currently considered of potential economic interest are in the 0.06% to 0.10 % Mo range".
As described in the Company's news release dated March 2, 2011, the Red Hills project consists of a large molybdenum porphyry system overlain a by a copper (chalcocite) enrichment blanket developed below the oxide-sulphide transition zone. Eighty eight holes were drilled on the property between 1955 and 1972. This work led to the identification of a non-43-101 compliant resource of 17 million tons grading 0.35 Cu% with associated molybdenum mineralization in the shallow copper blanket. The previous activity also led to the discovery of a linear trend of high grade copper mineralization defined by three vertical holes which included 33.55 metres (110ft) of 9.09 % Cu. Based on historic drilling, the molybdenum mineralization occurs within a horseshoe shaped area measuring 1,000 m x 200 m (3280ft x 656ft) and is open in two directions and at depth. Although many of the holes drilled in the molybdenum system were stopped in mineralization at shallow depths, the deeper holes were mineralized throughout (e.g. hole Duval 07, was 642 meters(2100ft) of 0.076% Mo).
Drilling and QA/QC
The drilling was carried out by Ruen Drilling of Idaho, using a wire- line rig and NQ core recovery. The core boxes are transported to Marfa, Texas, where Tosca maintains a secure office/warehouse facility. The core undergoes geotechnical and geological logging by Tosca geologists. Sample intervals are designated and the core is split in half using a rock saw. Half of the core is left in the boxes and the other half is bagged and shipped to Skyline Assayers and Laboratories ("Skyline) in Tucson, Arizona to be analyzed for Cu and Mo using ICP/OES. Skyline is an ISO/17025 accredited laboratory. Skyline monitors quality control through the introduction of blanks, standards and duplicates. In addition, Tosca's employees routinely insert blanks and standards in the sample stream.
Luca Riccio, PhD, P.Geo, a qualified person as defined by NI 43-101 is responsible for the technical information contained in this release.
We seek Safe Harbor.