More Good News From DrillingLagasco announces first assay results from Anchaca trenching and provides exploration update
7/28/2010 9:39 AM - Canada NewsWire
VANCOUVER, Jul 28, 2010 (Canada NewsWire via COMTEX News Network) -- Symbol: LCO - TSXV
LAGASCOCORP. ("Lagasco" or the "Company") is pleased to announce the firstassay results from the ongoing exploration program on the AnchacaProject in southern Peru.
Results from the first two surfacetrenches confirm significant outcropping mineralization (+$100/t rock)over potentially mineable widths (+3 meters), including:
<< - Basilia Sur 6.35 meters 2.1 gm/t Au with 1.45% Cu at a1.0 gm/t Au cutoff - Basilia Norte 3.45 meters 2.4 gm/t Auwith 0.046% Mo at a 1.0 gm/t Au cutoff >>
Importantly,the gold-copper and gold-moly reported in these first two trenches isassociated with porphyritic intrusive rock. This supports theinterpretation that outcropping gold-copper-moly mineralizationrepresents the surface expression of a buried porphyry system and isconsistent with geology, geophysics, alteration and geochemistry. Withinthis system our initial exploration program will focus on high gradeore chutes exploitable by surface and low-cost bulk underground mining.The Company would have an option to truck early production to a numberof nearby mills.
The exploration program is now in full-swing. Asecond drill commenced work at the Anchaca project mid-month, and withits addition the Company is now at target productivity of +50 meters perday. In addition to the drilling program, surface sampling ofoutcropping gold, silver and copper mineralization is continuing andproving to be very efficient. Many hundreds of samples from both thetrenching and drilling program are currently in the assay lab foranalysis. Initial surface sampling as well as drilling focused on thenewly discovered Basilia area. With multiple sampling crews and twodrills work is also ongoing in the Condor area, the site of initialdiscovery.
Quoting Leigh Freeman, President and CEO of Lagasco:"We are very pleased with our progress, and thrilled with the creativegeological and execution acumen of our team. Our efficient execution of adrilling and trenching program in the middle of the Andean winter athigh elevation is a testament to the quality of people we bring to bearon exploration projects. And initial assay results confirm BernieBernstein's geological premise. While the first trench sample resultsmay not appear to be as spectacular as some, they confirm potentiallyeconomic mineralized intercepts completely consistent with ourgeological premise that surface, high-grade mineralization could be theproverbial "tip of an iceberg". As promised, the Company is executing onits plans."
The Company anticipates completion of this phase ofthe exploration program by the end of August leading to a decision toexercise a purchase option for 100% of the Anchaca project beforemid-October. The current exploration program is designed to identify aninitial resource of at least one million tonnes of +$100 rock ($100million gross value) as an inferred resource and confirm the geologicalmodel that outcropping, high-grade mineralization represents the surfaceexpression of an underlying porphyry gold-copper mineral system.
A site visit is scheduled in the second half of August for an updated NI 43-101 report to be filed shortly thereafter.
About Lagasco Corp.
LagascoCorp. is a newly constituted minerals exploration company focused onthe discovery of large precious- and base-metal mineral systems instable political terrains. The Company's first project is Anchaca, a2,200 hectare gold-copper property in southern Peru.
Neither theTSX Venture Exchange nor its Regulation Services Provider (as that termis defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
SOURCE: Lagasco Corp.
D. Barry Lee, Chairman, (604) 689-8336
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