More gold for ADMAndina Reports Volcan Gold Project Drill Results from the Ojo de Agua Area
Tue Feb 19, 9:15 AM
TORONTO, ONTARIO--(Marketwire - Feb. 19, 2008) - ANDINA Minerals Inc. (TSX VENTURE: ADM.V) ("Andina") is pleased to report drill assay results from the Ojo de Agua area of its Volcan Gold Project located in Chile's Maricunga Gold Belt. Drill hole RODA701 collared into the centre of a induced polarization chargeability anomaly (see figure 1) returned 252 metres grading 0.46 grams per tonne gold ("g/t Au") including a higher grade section of 102 metres grading 0.65 g/t Au. Table 1 summarizes the Ojo de Agua drill results.
The six square kilometre Ojo de Agua alteration system shares similar geological characteristics to the Dorado alteration system located three kilometres to the southwest. In October 2007, Andina announced a resource estimate for the Dorado West, Central and East Zone deposits of 115.1 million tonnes grading 0.79 g/t Au for 2.9 million ounces in the measured and indicated category with a further 170.3 million tonnes grading 0.77 g/t Au for 4.2 million ounces in the inferred category. Drilling is continuing in both the Dorado and Ojo de Agua areas.
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Table 1 Ojo de Agua Drill Assay Results (February 2008)
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Hole From To Length (1) Grade Target
# (metres) (metres) (metres) (g/t Au)
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RODA701 Chargeability
156 408 252 0.46 anomaly
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Including 216 318 102 0.65
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Including 216 234 18 1.03
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and 256 318 62 0.70
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RODA702 36 58 22 0.43 Andrea Zone
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84 118 34 0.30
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182 228 46 0.49
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310 328 18 0.53
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DODA704 Gold / molybdenum
194 214 20 0.31 geochemical anomaly
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288 312 24 0.42
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468 488 20 0.96
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1. All intervals represent down-hole lengths and not true widths
"We are very encouraged by the initial Phase IV drill results from the six square kilometre Ojo de Agua alteration system", said Carl B. Hansen, President and CEO of Andina. "The three drill holes, which tested three distinct targets, all returned significant gold mineralization. Drilling is continuing to follow-up on these results with a particular focus on the core of the two kilometre long chargeability anomaly that has only been tested to date by a single drill hole, RODA701."
Highlights
- RODA701 was collared to test the core of a faulted induced polarization (chargeability) anomaly which extends over a distance of approximately two kilometres and is up to one kilometre wide. The hole returned gold mineralization over a wide interval (252 metres grading 0.46 g/t Au) with higher grade sections of +0.5 g/t Au associated with increased intensity of black banded quartz veins and veinlets occurring in massive to brecciated dacitic porphyry. The highest grade returned was 2.15 g/t over a 2 metre interval with numerous +1 g/t Au samples. Additional drilling will target the mineralization in the area of RODA701, particularly near the north northeast trending structures that appears to have displaced the chargeability anomaly (see figure 1). RODA684 drilled (last season) 300 metres to the southeast cut a weak mineralization at the top of the hole before intersecting a barren instrusive.
- RODA702 was drilled into the Andrea Zone, a zone of gold mineralization discovered during the 2006/07 (Phase III) exploration program. RODA702 returned a series of lower grade intervals including 46 metres grading 0.49 g/t Au and 18 metres grading 0.53 g/t Au. The Andrea Zone shares characteristics with the upper levels of the southern section of the Dorado West Zone deposit with relatively narrower zones of gold mineralization overlying stronger mineralization at depth. Further Andrea Zone drilling will include infill drill holes but will also target the depth potential.
- DODA704 was drilled to test a gold / molybdenum talus geochemical anomaly occurring along the northern margin of the chargeability anomaly. The drill hole cut a wide interval of strong advanced argillic alteration with occasional zones of weak potassic alteration. The alteration is similar to that which forms on the outer margins of a porphyry system. Further drilling will target the chargeability anomaly to the immediate south of RODA701.
NATIONAL INSTRUMENT 43-101 COMPLIANCE REPORT
Under National Instrument 43-101 ("NI 43-101") of the Canadian Securities Administrators, the independent qualified person for the Volcan Gold Project is Ralph Gonzalez, a resident of Burnaby, British Columbia, Canada. Mr. Gonzalez is a professional engineer registered with the Association of Professional Engineers of the Province of Manitoba since 1977 and a Professional Geologist registered with the Association of Professional Engineers and Geoscientists in the Province of British Columbia since 1992. The recently released October 2007 resource estimate was prepared by NCL Ingenieria y Construccion S.A., Santiago, Chile in conjunction with Eduardo Magri, Ph.D. in mining engineering (Witwatersrand) and a Fellow of the SAIMM with over 30 years of industry experience. A NI43-101 compliant technical report related to the October 2007 resource estimate prepared by Mr. Gonzalez is filed on the SEDAR system ( www.sedar.com).
Reverse circulation ("RC") chips and diamond drill core from Andina's Volcan drilling campaign are collected at the drill under the direct supervision of Andina staff. Both the RC samples and drill core are appropriately tagged, secured and transported to the Andina exploration camp and then to Andina's secure sample logging and preparation site in Copiapo, Chile. All samples are appropriately tagged and securely stored prior to shipping to Asesoria Minera Geoanalitica Ltda.'s ("Geoanalitica") laboratory in La Serena, Chile.
Samples are processed and analyzed for gold using fire assay techniques using two assay/ton samples (about 50 gram) with an atomic absorption spectrographic finish for a sensitivity of 5 ppb (.005 ppm) gold with atomic absorption finish. Samples which return gold values greater than 1.00 g/t Au are re-analyzed by Geoanalitica using fire assay techniques with a gravimetric finish. Approximately 15% of the samples submitted to Geoanalitica comprise standard, blanks and duplicated samples ensure laboratory quality control procedures.