NEWS!EXMIN Provides Update on Exploration at the Horcon Project, Guanajuato Region, Mexico
09:31 EDT Tuesday, May 22, 2007
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 22, 2007) - EXMIN Resources Inc. (EXMIN) (TSX VENTURE:EXM) is pleased to announce assay results from the ongoing exploration at the 100% owned Horcon Project located in the Guanajuato region, Mexico. Exploration at the Horcon project consists of a regional program to catalogue and evaluate old mines and prospects on the 7,900 hectare land package and a drill program to test high grade structures that are exposed in the Horcon mine (see News Release of December 6, 2006). Three holes have now been completed for a total of approximately 750 metres of HQ core, and the fourth hole is in progress. EXMIN has received assay results for a portion of the first hole as well as for samples from one of the veins in the Horcon mine. The remaining samples from the first three drill holes have been sent to the lab; results are pending for these samples.
The first hole cut a wide mineralized zone corresponding to the Diamantillo vein. A 30 cm vein (estimated 20 cm true width) intercepted at 53.9 metres down hole assayed 18.2 grams per metric ton (g/t) gold, 124 g/t silver, 8.2% zinc and 13% lead within a wider zone that measures 3.6 m (estimated 2.4 metre true width) with 2.9 g/t gold, 60.9 g/t silver, 2.2% zinc and 2.8% lead. Please see the attached table for more complete assay results, and go to www.exmin.com to view photos of the core. The intercepts reported are larger than true widths due to the angle of intercept, as indicated in the table.
Craig Gibson, Executive Vice President of Exploration for EXMIN, stated, "This is EXMIN's first drill program using the drill secured late last year. Although the drill program started a little later than originally planned, we are very pleased to be advancing one of our 100% owned projects. The first hole was successful in cutting a high grade vein structure near the surface with assay values similar to those found within the Horcon mine. There is also a wide zone of stockwork and sheeted veining surrounding this structure with low grade metal values, possibly indicating the potential for a bulk mineable deposit in a style similar to the nearby San Anton project."
Targets
The current drill program was designed to test the continuity of high grade veins that were exploited over the past several hundred years from the Horcon mine. In the mine, several relatively flat lying veins are exposed in the footwall of the steeply dipping Diamantillo vein. Average values from some of the veins that were included in an historical database are shown below. EXMIN took samples along an approximately continuous 37 metre long exposure of the San Guillermo vein that assayed 13.4 g/t gold, 52.9 g/t silver, 0.2% copper, 6.2% zinc and 6.0% lead (see table below). Individual samples were taken over 0.3 m to 4.8 m lengths along the strike of the vein and 0.25 cm to 1.75 m perpendicular to the vein as exposed in the mine workings. The average true width of the vein is estimated at 40-50 cm.
All three holes completed to date are within granitic intrusive rocks. In general, only a few large discrete veins have been intercepted, but several zones of finer quartz-sulfide veinlets and breccia fill have been cut. Further sampling of surface exposures is planned to explore for potential low grade, bulk tonnage mineralization within the main area of veining.
About the Horcon Project
The Horcon project is located about 50 kilometres northwest of Guanajuato along the regional strike of mineralization. Guanajuato is a world class mining region and is the site of exploration and mining programs being carried out by several international resource companies, including the main Guanajuato district (Great Panther and Gammon Lake Resources) and the San Anton project (San Anton Resources). For more information on the Horcon Project, please see the News Releases of March 5, 2007, and December 6, 2006.
Quality Assurance
Core drilling is being undertaken using an Atlas Copco CS1000 P6 hydraulic rig provided under an agreement with Globexplore Drilling, S.A. de C.V., of Hermosillo, as reported in the News Release of December 7, 2006. All of the samples to date have been taken of HQ core that has been split into two approximately equal portions. Sample weights are generally between about 1 and 6 kilograms, corresponding to approximately 25 cm to 1.5 metres of split core, but a few smaller samples were taken to provide specific geologic information. Rock samples from the San Guillermo vein weighed between 2 kg and 7 kg.
Samples were prepared and analyzed by ALS Chemex at their labs in Guadaljara and Vancouver, respectively. Gold analyses were performed by 30 gram fire assay with an AA finish; samples with more than 10 g/t gold were analyzed by fire assay and gravimetric methods. Silver and the base metals were analyzed as part of a multi-element ICP package using an aqua regia digestion; samples with more than 100 g/t silver or more than 1% base metals were analyzed by AA. EXMIN inserted standard pulps into the sample stream from drill holes for quality assurance purposes.
Dr. Craig Gibson, PhD., Executive Vice President of Exploration, is the authorized professional geologist for EXMIN Resources Inc. and the direct manager of all technical programs and information on the part of EXMIN.
Assay results for part of diamond drill hole HOR-07-1, Horcon project
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True
Hole Depth Intercept Width(i) Au Ag Cu Pb Zn
m m m g/t g/t % % %
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------------------------------------------------------------------------
HOR-07-1 26.6 2.9 2 0.55 16.4 0.1 0.3 0.2
includes 28.8 0.4 0.3 2.89 85.3 0.3 1.9 1.4
48.0 24.0 16 0.75 20.9 0.1 0.6 0.7
includes 48.0 13.7 9 1.12 29.3 0.1 0.9 0.9
includes 52.0 3.6 2.4 2.88 60.9 0.2 2.8 2.2
includes 53.9 0.3 0.2 18.20 124.0 0.7 13.0 8.2
81.55 0.7 0.5 1.75 73.7 0.3 1.7 1.6
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Depths and intercepts are the values measured along the core.
(i)True widths are estimated to be about two thirds of the measured
intercept.
Weighted averages of historical samples, Horcon mine
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Average
Specific Vein Width Gold Silver Copper Lead Zinc(i)
(Number of samples) cm g/t g/t % % %
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Raton Veins (12) 63 4.8 79 0.2 2.1 3.1
Unnamed Vein 1 (4) 59 3.0 27 0.1 1.6 1.9
San Guillermo Vein (21) 44 15.7 85 0.3 2.9 3.9
La Galvana Vein (9) 41 17.9 134 0.1 3.5 1.5
Diamantillo Vein (5) 141 1.5 20 0.1 0.8 0.8
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(i)Samples from all of the veins except for Diamantillo contained
assays with greater than 5% Zn that were averaged using 5%.
Assays for Individual samples were included in the Press Release of
Dec. 6, 2006.
This table was included in the Press Release of Mar. 5, 2007 and is
included here for clarity.
Samples taken by EXMIN from the San Guillermo vein, Horcon mine
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SAMPLE Length(i) Width(i) Au Ag Cu Pb Zn
m m g/t g/t % % %
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4101 0.3 1.00 7.18 38.5 0.1 1.3 3.1
4102 2.5 1.00 3.40 54.3 0.3 10.0 7.9
4103 3.4 1.75 10.75 48.5 0.2 3.8 7.9
4104 4.2 1.00 30.40 89.1 0.4 14.6 8.0
4105 3.3 0.30 7.52 58.5 0.3 3.5 5.2
4106 2.9 0.40 6.53 34.1 0.2 2.8 2.7
4107 4.2 0.40 41.10 90.7 0.2 5.5 6.5
4108 3.7 0.25 2.79 16.3 0.1 1.1 2.4
4109 4.4 0.30 0.44 8.6 0.0 0.4 0.7
4110 3.7 0.35 4.86 41.2 0.2 2.2 4.1
4111 4.8 0.40 0.78 18.7 0.1 1.5 4.3
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Averages 37.4 0.45 13.37 52.9 0.2 6.0 6.2
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(i)Sample lengths were measured along the strike of the vein, and
widths were measured perpendicular to the vein. The sample
widths are as measured on the mine workings and are slightly
larger than true widths, which is estimated at an average of
40-50 cm.
About EXMIN
EXMIN Resources Inc. (EXMIN) is currently focused on the exploration and development of precious metal properties of exceptional merit in the Sierra Madre gold belt of Northwestern Mexico as well as in other highly mineralized areas of Mexico.
Note: EXMIN Resources Inc. (EXMIN) has taken all reasonable care in producing and publishing information contained in this news release. Material in this news release may still contain technical inaccuracies, omissions or typographical errors, for which EXMIN assumes no responsibility. This news release may include certain "forward-looking statements" including but not limited to comments regarding predictions and projections. All statements, other than statements of historical fact, included in this news release, including, without limitation, statements regarding potential mineralization, exploration results, and future plans and objectives of EXMIN, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in documents filed from time to time with the regulatory authorities.
FOR FURTHER INFORMATION PLEASE CONTACT:
EXMIN Resources Inc.
Karl J. Boltz
President & CEO
1-888-244-0304
or
EXMIN Resources Inc.
Investor Relations
1-888-244-0304
Email: info@exmin.com
Website: www.exmin.com
The TSX Venture Exchange has not reviewed this release and does not accept responsibility for the adequacy or accuracy of this news release.
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