Dorato operator drills 28 m of 1.26 g/t Au at Lucero
Ticker Symbol: C:DRI
Dorato operator drills 28 m of 1.26 g/t Au at Lucero
Dorato Resources Inc (C:DRI)
Shares Issued 73,377,985
Last Close 4/5/2011
.62
Wednesday April 06 2011 - News Release
Mr. Keith Henderson reports
DORATO RECEIVES POSITIVE LUCERO DRILL RESULTS, 28 METRES GRADING 1.26 G/T GOLD AND 0.63% COPPER; $3.4 MILLION DORATO COMMON SHARE PURCHASE WARRANTS EXERCISED
Dorato Resources Inc. has received additional results from Minera Afrodita's drilling at the Lucero target in the Cordillera del Condor Project, northern Peru. Drilling of surface mineralization continues to intersect consistent gold-copper mineralization to the west of the target and remains open. Highlights include drillhole LUC-021, which intersected 1.26 g/t gold and 0.63% copper from surface to 28.0 metres. Dorato has a right to acquire 100% of Minera Afrodita.
The Company also announces that a total of 4,843,940 common share purchase warrants have been exercised for net proceeds of $3.44 million. Exercised warrants comprise 4,114,500 common share purchase warrants priced at
.65 and 729,440 common share purchase warrants priced at $1.05. Shareholders who exercised warrants include Franco-Nevada Corporation, which exercised 1 million common share purchase warrants, 100% of their warrant position.
"I am delighted that a multi-national gold royalty company like Franco-Nevada, who have been significant Dorato shareholders since 2008, continue to show considerable belief if the project," stated Keith Henderson, Dorato's President and CEO. "Franco's continued involvement represents a real vote of confidence in the prospectivity of targets like Lucero and Cobrecon, as well as the numerous other targets currently being evaluated in the belt."
LUCERO DRILLING
Drilling at Lucero is targeting gold and copper-gold mineralization hosted in skarn, sediments and instrusions (Figure 4). Results have been received for drillholes LUC-019, -020 and -021 and are outlined below.
Skarn Mineralization - Drillholes LUC-020 and -021 tested near-surface skarn mineralization. Drillhole LUC-021 intersected 1.26 g/t gold and 0.63% copper from surface to 28.0 metres (Figures 1 and 2). Drillhole LUC-020 intersected 0.44 g/t gold and 0.45% copper from surface to 28.2 metres depth (Figures 1 and 3). The skarn mineralization is outcropping at surface and has been subject to post-mineral erosion, such that the skarn thickness varies from 10 metres to 150 metres depending on topography (Figure 4). In the area where drillholes LUC-020 and -021 were collared, outcropping skarn-hosted mineralization has been eroded, preserving approximately 30 metres of mineralization. In drillhole LUC-008, previously announced, a thicker section of 60 metres returned 0.88 g/t gold and 0.53% copper (News Release NR11-01). Results are pending for drillholes LUC-022 and -023, which tested the thickness and continuity of mineralization as drilling continues to move westward.
Porphyry Copper-Gold Mineralization - Drillhole LUC-019 is the first drillhole testing for copper-gold porphyry mineralization at depth, collaring at the southern extent of the drilled area (Figure 1). The drillhole intersected 400 hundred metres of potassic-altered granodiorite, which contained trace amounts of fine disseminated copper mineralization (chalcopyrite) throughout. No potentially economic grades were intersected but the alteration and consistent low-grade mineralization intersected is consistent with a porphyry hosted system and is encouraging. Drillholes LUC-024 and -025 are in progress in the northern portion of the Lucero target. These drillholes are testing sediment-hosted and porphyry copper-gold targets.
ONGOING WORK
Drilling at Lucero is ongoing with drillholes LUC-024 and LUC-025 in progress testing porphyry potential to the north. Drilling at Cobrecon will begin in the coming days, where multiple porphyry-style copper targets have been delineated. Regional work is also ongoing with Targets T5 and T6 currently being evaluated with surface samples.
Cordillera Del Condor Background
The Cordillera del Condor has been one of the most important gold-bearing areas in Ecuador and Peru since pre-Incan times. On the Ecuador side of the border, historical high-grade, small scale gold production is reported to have exceeded 100,000 oz per year.
Modern exploration on the Ecuadorian side of the border has resulted in the discovery of multiple, significant and world-class gold and base metal-bearing districts, such as Kinross Gold Corp.'s Fruta del Norte Gold deposit with an inferred resource of 13.6 million contained ounces of gold averaging 7.23 g/t gold), the Mirador Copper-Gold porphyry deposit (recently sold by Corriente Resources Inc.) with measured & indicated resources of 438 million tonnes at 0.61% copper, 0.19 g/t gold plus inferred resources 235 million tonnes at 0.52% copper, 0.17 g/t gold, and the Mirador Norte Copper-Gold porphyry deposit (indicated 171 million tonnes at 0.51% copper, 0.09 g/t gold; inferred 46 million tonnes at 0.51% copper, 0.07 g/t gold), and Dynasty Metals & Mining Inc's Jerusalem Gold deposit in the Chinapintza district with measured & indicated resources of 0.58 million contained ounces gold at 12.4 g/t gold plus an additional 0.71 million ounces inferred contained ounces averaging 11.5 g/t gold). The technical information with respect to the above deposits was obtained through the respective companies' public disclosure documents available on SEDAR.
Qualified Person
John Drobe, P.Geo., Dorato's Vice President of Exploration and a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for this news release. Mr. Drobe is not independent of the Company as he is an officer and a shareholder.
The geochemical results were reviewed by Tansy O'Connor-Parsons, Senior Geochemist. Minera Afrodita on-site personnel rigorously collect and track samples which are then security sealed and shipped to ACME Laboratories, Lima, Peru for assay. ACME's quality system complies with the requirements for the international standards ISO 9001:2000 and ISO 17025:1999. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards. Blind certified reference material is inserted at regular intervals into the sample sequence by field personnel in order to independently assess analytical accuracy. In addition, representative blind duplicate samples are routinely forwarded to ACME and an ISO-compliant third party laboratory for additional quality control.
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