27 Nov 2007 06:01 ET
Marketwire
Ecometals Limited
November 27, 2007 - 06:01:00 AM
Ecometals Reports Encouraging Drill Results for Condor Project, Provides
Status Update on Rio Zarza Project
TORONTO, ONTARIO--(Marketwire - Nov. 27, 2007) - Ecometals Limited (TSX
VENTURE:EML) -
Ecometals Limited (formerly Goldmarca Limited) is pleased to announce results
of the diamond drilling program on the Condor Epithermal Gold Project and the
status of the Rio Zarza Gold Project, both in Ecuador.
Condor Project
The Condor Epithermal Gold Project is located in the Zamora-Chinchepe Province
of southern Ecuador, near the Peruvian border. The Condor gold deposit is
hosted in Jurassic intrusive and volcanic rocks within a continental magmatic
arc. Epithermal type gold and base metal mineralization is localized in
intrusive, phreatomagmatic, hydrothermal and tectonic breccias within the
Condor Breccia Complex, which comprises felsic intrusive and related
fragmental textured lithologies.
The diamond drilling program at Condor aims to build mineral resources in the
Los Cuyes and Soledad sectors using a bulk tonnage, low grade geologic model.
The program is designed to upgrade the mineral resource to indicated and
inferred categories in the Los Cuyes sector, and define and expand upon the
geological boundaries of the Soledad sector. An updated independent mineral
resource estimation is planned for the first quarter of 2008.
From August to November, 7,554.6 metres of drilling in 21 holes has been
completed, with analytical results from approximately half of the core
sampling received. The quality control protocols use industry-standard control
samples including blanks, internationally Certified Reference Material (CRM)
and duplicates. Samples are analyzed at Acme Analytical Assay Laboratory in
Vancouver for gold and silver using Fire Assay/ICP and copper, lead and zinc
analysed by AAS methods.
Gold and base metal mineralization and associated alteration is zoned within
the Condor complex, reflecting variations in the temperature of the
mineralizing hydrothermal fluids. Initial analytical results are encouraging,
and confirm the consistency of the disseminated, network veinlet and
replacement style of epithermal mineralization.
Some of the new drill holes in both the Los Cuyes and Soledad sectors have
intersected higher grade mineralization over longer intervals than has been
previously encountered in this area.
Exploration Drilling Results For Condor Project
Los Cuyes Sector
--------------------------------------------------------------------
ELEV DEPTH AZIMUTH DIP From To
HoleID (m) (m) (degrees) (degrees) (m) (m)
--------------------------------------------------------------------
DCU-27 1470.14 480.20 233 -80 0.00 480.20
769251.11E ---------------
9552679.12N 0.00 128.00
---------------
18.00 22.00
---------------
94.00 128.00
---------------
262.00 306.00
---------------
396.00 406.00
---------------
440.00 448.00
--------------------------------------------------------------------
DCU-31 1374.03 601.00 53 -60 68.00 596.00
769081.02E ---------------
9552543.24N 218.00 276.00
---------------
252.00 254.00
---------------
322.00 340.00
---------------
430.00 568.00
---------------
435.00 446.00
---------------
486.00 496.00
--------------------------------------------------------------------
DCU-32 1366.87 469.65 53 -55 12.00 40.00
769011.17E ---------------
9552572.18N 146.00 469.65
---------------
178.00 352.00
---------------
282.00 292.00
---------------
384.00 469.65
--------------------------------------------------------------------
--------------------------------------------------------------------
Intercept Au Ag Cu Pb Zn
HoleID (m) (g/t) (g/t) (%) (%) (%)
--------------------------------------------------------------------
DCU-27 480.20 1.54 6.18 0.02 0.03 0.18
769251.11E ------------------------------------------------------
9552679.12N 128.00 3.51 6.28 0.01 0.04 0.13
------------------------------------------------------
4.00 69.54 47.00 0.02 0.28 0.50
------------------------------------------------------
34.00 3.37 6.00 0.01 0.04 0.04
------------------------------------------------------
44.00 2.25 16.39 0.04 0.03 0.04
------------------------------------------------------
10.00 2.26 6.70 0.02 0.01 0.75
------------------------------------------------------
8.00 2.36 13.25 0.04 0.01 0.51
--------------------------------------------------------------------
DCU-31 528.00 0.65 5.11 0.02 0.03 0.16
769081.02E ------------------------------------------------------
9552543.24N 58.00 1.23 4.53 0.01 0.01 0.14
------------------------------------------------------
2.00 8.67 13.00 0.03 0.04 0.13
------------------------------------------------------
18.00 1.07 3.44 0.01 0.00 0.65
------------------------------------------------------
138.00 1.02 6.52 0.03 0.02 0.08
------------------------------------------------------
11.00 1.54 6.55 0.01 0.02 0.01
------------------------------------------------------
10.00 2.35 10.80 0.06 0.02 0.08
--------------------------------------------------------------------
DCU-32 28.00 0.39 13.54 0.00 0.20 0.25
769011.17E ------------------------------------------------------
9552572.18N 323.65 0.90 8.14 0.02 0.02 0.43
------------------------------------------------------
174.00 1.02 9.42 0.03 0.02 0.44
------------------------------------------------------
10.00 2.17 9.20 0.04 0.01 0.47
------------------------------------------------------
85.65 1.18 8.07 0.03 0.02 0.34
--------------------------------------------------------------------
Soledad Sector
--------------------------------------------------------------------
ELEV DEPTH AZIMUTH DIP From To
HoleID (m) (m) (degrees) (degrees) (m) (m)
--------------------------------------------------------------------
DSO-21 1355.00 430.50 92 -55 0.00 412.00
769219.01E ---------------
9551573.96N 250.00 380.00
---------------
294.00 310.00
---------------
318.00 332.00
--------------------------------------------------------------------
--------------------------------------------------------------------
Intercept Au Ag Cu Pb Zn
HoleID (m) (g/t) (g/t) (%) (%) (%)
--------------------------------------------------------------------
DSO-21 412.00 0.56 7.43 0.02 0.05 0.46
769219.01E ------------------------------------------------------
9551573.96N 130.00 1.13 8.76 0.01 0.10 0.69
------------------------------------------------------
16.00 1.67 7.88 0.02 0.11 1.10
------------------------------------------------------
14.00 2.28 6.71 0.02 0.07 1.21
--------------------------------------------------------------------
Drill hole coordinates UTMZ17S/PSAD56 datum
Cautionary Note: Analytical results reported herein should be considered in
the context of the geological model currently being constructed for the new
resource estimation.
"As a result of the encouraging results returned from this recent work, and
the better understanding of the geological controls on mineralization, the
diamond drilling program at the Condor Project will be extended an additional
2,500 metres," said Fran Scola, Chief Executive Officer of Ecometals.
The additional drilling will complete the information necessary for the
resource estimation, and will test higher grade parts of the Condor Complex.
In particular, the extension of the high grade Chinapintza veins through the
complex to connect the isolated mineral occurrences at Reina del Cisne, Luna
and Enma will be tested. In historical drilling, the Chinapintza veins have
returned assay values from grab samples of more than 60 grams per tonne gold
and 900 grams per tonne silver.
Previous metallurgical studies on mineralization from the San Jose occurrence
(part of Soledad Sector) indicate free gold accounts for more than 53% of the
total gold in the tested material, with column leach test extractions of 65%
to 79% gold depending on the crushed size of the material. These results
indicate the mineralized material from the Condor deposit is amenable to
crushing and simple leach extraction of gold without flotation. More extensive
metallurgical testing of representative types of mineralization and crushed
size fractions are planned for the first quarter of 2008.
Rio Zarza Project
The Rio Zarza Gold Project is located in the same lithostructural domain as
Condor, but is at a higher erosional level and is partly overlain by
Cretaceous sediments. The Rio Zarza Project is located approximately 700
metres west of the Fruta del Norte discovery by Aurelian Resources Inc. Fruta
del Norte is an epithermal type deposit with a reported world class inferred
resource of 13.7 million ounces of gold and 22.4 million ounces of silver.
Preliminary exploration work on the Rio Zarza project included geological
mapping, multi-element soil geochemistry and geophysics. Gold in soil
anomalies are mostly transported reflecting the alluvial material in the
fossil and present-day Rio Zarza and Machinaza river drainage. Although the
alluvial gold is considered locally derived, other elements are more
diagnostic for in situ epithermal type mineralization. Significant antimony
and arsenic anomalies have been defined, which merit further investigation.
IP/Resistivity surveys have located several anomalies with a characteristic
signature typical of epithermal type mineralization. The geophysical response
suggests subvertical silicified zones with sulphide mineralization.
The process of environmental permitting of the exploration work is under way,
with the field studies completed, community presentation and consultation in
the impact area complete, and the Terms of Reference for the Environmental
Impact Assessment (EIA) submitted to Direccion Nacional de Mineria (DINAMI)
for approval. The next stage of the process is another round of public
consultation and approval of the revised EIA, which addresses community
concerns.
Diamond drilling significant geochemical and geophysical anomalies will start
immediately on approval of the EIA study, which is anticipated in the second
quarter of 2008.
The corporate philosophy of Ecometals strongly emphasizes protection of the
natural and human environment of the areas in which the company works. To
reduce the environmental impact of diamond drilling, Ecometals is using a
Hydracore man-portable drill rig that eliminates the need for construction of
access roads in many areas. Ecometals also supports communities in the direct
impact area surrounding the Condor and Rio Zarza projects for education,
health and infrastructure projects.
Qualified Person
Steven R. McMullan, P.Geo, Vice President of Exploration for Ecometals
Limited, is a Qualified Person as defined by National Instrument 43-101 and
has supervised the preparation of the technical information and verified the
data reported in this news release. Mr. McMullan has reviewed and approved
this news release for public disclosure.
About Ecometals
Ecometals Limited is a Canadian-listed mineral exploration and development
company focused on mineral resources in Latin America. Ecometals also holds
44.4% of Atomaer Holdings Pty Ltd., a private Australian holding company.
Safe Harbor Statement: Statements contained in this release that are not
historical facts are forward-looking statements which involve risk and
uncertainties, which could cause actual results to differ materially from
those expressed in forward-looking statements.
These include risks relating to changes in economic or environmental
conditions and the company's ability to execute its business model and
strategic plans. The company relies on litigation protection for
forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Ecometals Limited - Investors Mark Kesselman Chief Financial Officer Email:
mlkeuro@aol.com or info@ecometalslimited.com Website: www.ecometalslimited.com
Barnes McInerney Inc. - Media John Vincic Executive Vice President, Investor
Relations (416) 367-5000 (416) 367-5390 (FAX) Email:
jvincic@barnesmcinerney.com |