Intrepid NewsIntrepid discovers new gold-silver vein at Casposo
2005-04-28 06:22 MT - News Release
Mr. Laurence Curtis reports
INTREPID MINERALS CORPORATION: NEW GOLD-SILVER DISCOVERY IN ARGENTINA PROVIDES ENCOURAGING INITIAL RESULTS
Intrepid Minerals Corp. has discovered a new gold-silver vein system on its Casposo property in San Juan province, Argentina. The system is strongly mineralized at surface and is located 4.5 kilometres northwest of the Kamila deposit. The new vein structure, referred to as Julieta, has been traced for a distance of 1,200 metres and consists of banded and brecciated quartz-carbonate veining with true widths of one to five metres.
A total of 75 channel samples have been taken from the vein structure at 25-metre intervals along its length. Thirty-five per cent of these samples assayed greater than one gram per tonne gold and 10 per cent assayed greater than five g/t gold. The highest grade sample (56.9 g/t gold and 274 g/t silver) occurs in a colloform banded quartz vein over a width of one metre. Table 1 below represents sampling of a significant portion of the Julieta structure extending over approximately 800 metres of strike length north to south.
This discovery comes after several years of regional and property scale exploration in San Juan province. The Julieta discovery is very significant for the Casposo project as it provides a new target of significant size within easy reach of the Kamila zone. Julieta is the latest in a number of gold and silver bearing targets to be identified in proximity to Kamila. A map is available.
TABLE 1
JULIETTA VEIN
SUMMARY OF CHANNEL SAMPLING
Sample No. Width Au Ag
(m) (g/t) (g/t)
10012-15 6.0 2.40 14.6
10016 1.2 4.46 18.9
10017 1.2 2.03 11.0
10018-20 4.5 5.77 16.6
10021 1.0 56.9 274
10022 0.50 0.276 1.20
10023 1.2 1.59 6.10
5421 0.40 0.408 2.80
10024 2.0 0.441 2.90
10025 0.60 4.93 27.7
10026 1.0 1.12 5.30
10027 1.4 2.48 8.30
10028 0.50 3.59 20.9
10029-30 3.0 0.392 1.95
5422 3.1 3.28 18.2
10031-32 3.0 1.63 6.70
10033-35 3.5 0.895 2.48
5420 1.0 2.37 16.2
TABLE 1
JULIETTA VEIN
SUMMARY OF CHANNEL SAMPLING
Sample No. Width Au Ag
(m) (g/t) (g/t)
10036-37 2.5 0.508 5.10
10038-39 2.0 0.545 3.10
5423 1.5 0.294 3.70
10040 1.5 3.03 60.5
10041 1.7 1.54 22.2
10042 1.5 1.03 12.6
10043 1.7 0.648 4.90
10044 1.6 2.24 213
10045 1.0 0.136 2.30
10046-47 3.0 0.030 0.80
10048-49 1.3 0.175 1.57
10050-51 2.4 5.73 15.1
10052-53 3.1 1.03 5.75
5424 0.60 3.70 9.40
10054 0.90 8.96 62.7
10055 2.0 4.01 25.4
5425 1.0 22.1 324
Note: Chemical analysis is being completed by ALS Chemex using 50-gram splits and fire assay/gravimetric techniques. William McGuinty, PGeo, vice-president exploration, is Intrepid Minerals' qualified person on this project.
Intrepid is currently drilling additional mineralized vein structures within a two-kilometre radius of the proposed Kamila open pit. The Julieta discovery will require further surface preparation and access improvement before it can be drilled. Drilling is expected to begin on Julieta in late 2005 as seasonal conditions dictate, given its higher elevation and the onset of winter.
Intrepid's focus this year is to expand its horizons, both within the 100-square-kilometre Casposo property and at its 19 other properties in the Calingasta district. Intrepid is searching for additional resources that will extend the life of a potential mining operation as described in the preliminary assessment commissioned by Intrepid in 2004 (press release No. 04-15). Current work also includes evaluation of a larger 700-square-kilometre project within the vicinity of Casposo.
We seek Safe Harbor.