Volcan Drilling Returns 22m @ 6.7 g/t Auwow!!!!!!
This thing keeps getting better and better avery day!
ANDINA Minerals Inc.: Volcan Project Drilling Returns 22 Metres Grading 6.70 g/t Gold
Monday March 6, 5:27 pm ET
TORONTO, ONTARIO--(CCNMatthews - March 6, 2006) -
Includes High Grade Interval of 4 Metres Grading 22.16 g/t Gold
ANDINA Minerals Inc. (TSX VENTURE:ADM - News; "Andina" or "the Company") is pleased to update the results from the ongoing drilling program on its Volcan Gold Project which is centrally located in Chile's Maricunga Gold Belt. Andina recently published an updated gold resource estimate of 459,800 ounces in the Indicated Mineral Resource category and 773,400 ounces in the Inferred Mineral Resource category (see Andina press release February 22, 2006) which incorporated all of the drill holes summarized in this release with the exception of DCA-03 which was received subsequent to the resource audit.
Central Zone High Grade Gold
Diamond drill hole DCA-03 (see Table 1), which returned 22 metres grading 6.70 grams per tonne ("g/t") gold including 4 metres of abundant black quartz veining grading 22.16 g/t gold, established the presence of a significant high grade core to the Central Zone. The higher grade section was part of a wider 46 metre interval which returned 3.67 g/t gold at a depth of approximately 175 metres below surface. DCA-03 cut the Central Zone approximately 100 metres east of the previously reported intersection from DCA-07, the deepest hole drilled to date into the Central Zone. DCA-07 returned 118 metres grading 1.40 g/t gold including a higher grade core of 46 metres grading 2.19 g/t at a vertical depth of 275 metres with two narrower 4 metre intervals of 5.24 g/t and 6.11 g/t.
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Table 1. Summary of Significant Volcan Drill Assay Results
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Hole # Zone From To Length(1) Grade(2)
(metres) (metres) (metres) (g/t gold)
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RVA-06 East 0 38 38 0.99
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72 122 50 0.91
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RVA-08 East 164 190 26 1.04
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RVA-16 East 72 122 50 0.94
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DCA-03 Central 34 94 60 0.67
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198 244 46 3.67
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incl 198 220 22 6.70
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with 200 204 4 22.16
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and 204 220 16 3.47
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RCA-20 Central 44 96 52 1.24
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incl 64 88 24 2.00
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RCA-24 Central 144 192 48 0.81
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incl 168 178 10 1.58
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(1) Assay composite intervals are based upon a 0.5 g/t cut off grade
(2) All intervals represent downhole lengths and not true widths
Drill holes DCA-03 and DCA-07, along with others, suggest that the Central Zone hosts a relatively high grade core of gold mineralization with a potential strike length of approximately 200 metres which is open to depth. It is not uncommon in the Chilean Andes for telescoped, high-level porphyry related breccia systems to exhibit significant zones of gold enrichment.
The remainder of the drill holes from the Central Zone area (see tables 1 below and 2 attached) returned intervals of gold mineralization largely as anticipated. RCA-20 cut the core of the Central Zone closer to surface (vertical depth of approximately 60 metres) returning 52 metres grading 1.24 g/t gold including a slightly higher grade core grading 2.00 g/t gold over 24 metres.
Also of note is drill hole RCA-07, collared 150 metres northeast of and drilled towards the Central Zone, which returned a broad zone of lower grade gold mineralization, 134 metres of 0.52 g/t gold, before intersecting the western extension of the main Central Zone structure. Drill hole RCA-24, collared 150 metres southeast of RCA-07, cut a similar lower grade interval of gold mineralization, 122 metres grading 0.58 g/t gold including several higher grade intervals. Unfortunately the drill hole was lost before reaching the main Central Zone structure.
Drill plans for both the Central and East Zone can be found on the Andina website at www.andinaminerals.com.
East Zone
The latest drill holes from the East Zone drilling campaign (summarized in tables 1 above and 3 attached) returned results that were generally as anticipated with the exception of drill holes DVA-14 and DVA-16. Combined, these two drill holes, collared at the same location on Section 2VC and drilled in opposite directions, cut significant widths of +0.5 g/t gold mineralization confirming the potential to increase the resource base of the East Zone beyond the western limits of the recently updated resource estimate.
West Zone Drilling Program Commences
On February 28, 2006, Andina commenced diamond drilling the West Zone which is located approximately 700 metres west of the Central Zone. Earlier channel sampling completed by the Company in the West Zone returned 185 metres grading 0.80 g/t gold (including 60 metres grading 1.00 g/t and 70 metres grading 1.08 g/t) and 50 metres grading 1.11 g/t gold (see Andina press releases dated December 15, 2005 and January 11, 2006). The exploration plan envisions the drilling of 3 to 5 diamond drill holes to be followed by additional reverse circulation drilling if the results warrant. The first assay results from the West Zone will not be available until April 2006.
About Andina Minerals Inc.
Andina is an Americas focused exploration company with a portfolio of precious metals exploration projects in Chile. The Company is dedicated to maximizing the value of its exploration assets through a commitment to fiscally responsible exploration. The Company is earning a 100% interest in the Volcan project by undertaking certain work commitments and making a series of escalating payments ending in 2008.
Under the guidelines of National Instrument 43-101 ("NI 43-101") of the Canadian Securities Administrators, the qualified person for the Volcan exploration project is Eduardo Magri, Ph.D. in mining engineering (Witwatersrand) and a Fellow of the SAIMM with over 30 years of industry experience. Mr. Magri has approved the exploration program and established the quality assurance and quality control programs to ensure the accuracy of the collection and analysis of samples. Michael Easdon, a Register Professional Geologist of Santiago, Chile and an "Independent Qualified Person" as defined by NI 43-101, audited and confirmed the resource estimate presented in this press release.
The reverse circulation ("RC") chips and diamond drill core from Andina's ongoing drill campaign are collected at the drill under the direct supervision of Andina staff. All samples are appropriately logged, 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 with atomic absorption finish. Samples which returned gold values greater than 1.00 gram per tonne are re-analyzed by Geoanalitica using fire assay techniques with a gravimetric finish. Duplicate samples are inserted at a rate of approximately 5%. Andina also inserts standard samples within each sample batch to ensure laboratory quality control procedures. Occasionally Andina requests Geoanalitica send samples to ALS Chemex in La Serena, Chile for 47 trace element analysis using ICP.
A NI 43-101 compliant Technical Report detailing the February 22, 2006 revised Volcan Gold Project resource estimate is being prepared and will be appropriately filed prior to April 7, 2006. A Technical Report titled "Technical Report on the Volcan Gold Project. Region III, Chile" dated November 2005 and available at www.sedar.com provides a summary of the Volcan Inferred Resource estimate published by the Andina in October 2005. Further, a summary of the work performed by the previous explorers of the Volcan Gold Project, including a discussion of the quality assurance and quality control of the previous drilling programs, is reported within the Company's Technical Report titled "Review of Gold and Copper Exploration Potential of Mineral Properties in Chile" which was filed at www.sedar.com on November 24, 2004.
The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in the company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected.
Please note to view the table titled: "Table 2 - Central Zone (Volcan Project) Phase II Drilling Summary - March 6, 2006", please click on the following link: https://www.ccnmatthews.com/docs/andtable2.pdf
To view the table titled: "Table 3 - East Zone (Volcan Project) Phase II Drilling Summary - March 6, 2006", please click on the following link: https://www.ccnmatthews.com/docs/andtable3.pdf
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Carl Hansen
ANDINA Minerals Inc.
President and CEO
(416) 203-3488
www.andinaminerals.com
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Source: ANDINA Minerals Inc.