Linear Metals drills 144.16 m of 0.72% CuLinear Metals drills 144.16 m of 0.72% Cu at Cobre
2008-01-31 11:29 ET - News Release
Mr. Robert Page reports
LINEAR METALS EXTENDS MINERALIZATION BY 200 METRES AND INTERSECTS NEW ZINC ZONE AT COBRE GRANDE PROJECT, OAXACA, MEXICO
Drilling has extended both the North and South zones at Linear Metals Corp.'s Cobre Grande project, resulting in a 200-metre increase in the combined strike of the two zones, by extending both zones into the previously assumed gap between them. The combined strike of the two zones now totals 1,300 metres.
Linear is also pleased to announce drill hole CG-48 intersected 16 m of 4.08 per cent zinc, in a potentially new zinc zone, 300 m north of the previously identified limit of the North zone,. This intercept, in combination with new soil data, provide a highly prospective large and undrilled target area that could significantly extend the mineralized system to the north.
Highlights from the most recent drill results include:
CG-50 (gap): 144.16 m of 0.72 per cent copper, 0.52 zinc, 0.034 per cent molybdenum and 18.9 grams per tonne silver;
CG-55 (gap): 52.00 m of 1.04 per cent copper, 0.016 per cent molybdenum, and 24.9 g/t silver and 140.06 m of 0.51 per cent copper, 0.044 per cent molybdenum, and 10.9 g/t silver;
CG-48 (North zone): 16 m of 4.08 per cent zinc and 2.9 g/t silver.
Assay results are pending for completed holes CG-56 through CG-64, which complete this phase of delineation drilling on the North and South zones. The results from all drill holes up to CG-64 will be incorporated into an NI 43-101-compliant resource estimate to be completed by April, 2008.
Assay results from drill holes CG-43, CG-49, CG-51 and CG-53 in the South zone; CG-50, CG-52 and CG-55 in the previously assumed gap (between the North and South zones); and CG-48, located 300 m north of the North zone, have been received. All holes except for CG-54, which tested a peripheral induced polarization anomaly east of the gap, encountered mineralized skarn with significant intercepts as indicated herein. A drill hole location map is available on the company's website.
CONNECTING NORTH AND SOUTH ZONES ACROSS THE GAP
Inter- Molyb- Silver
From To val (1) Copper Zinc denum grams/
HOLE-ID (metres) (metres) (metres) % % % tonne
CG-50 260.00 404.16 144.16 0.72 0.52 0.034 18.9
including 270.00 280.00 10.00 0.01 2.06 0.018 11.8
including 296.00 382.00 86.00 1.07 0.47 0.035 27.5
CG-52 329.45 354.00 24.55 0.39 0.51 0.018 23.1
including 331.75 340.26 8.51 0.74 0.92 0.014 46.8
And 370.00 390.00 20.00 0.45 0.05 0.015 9.5
CG-55 86.10 121.80 35.70 0.41 0.38 0.005 19.1
including 88.70 96.70 8.00 0.96 1.25 0.011 38.2
And 132.00 184.00 52.00 1.04 0.08 0.016 24.9
including 164.00 181.90 17.90 2.37 0.09 0.021 47.7
And 193.70 333.76 140.06 0.51 0.04 0.044 10.9
including 231.00 269.00 38.00 0.91 0.05 0.055 18.2
including 277.40 292.30 14.90 0.37 0.06 0.084 8.8
(1) The intervals in the table are based on core lengths and are not
true widths of the zone. See the text for comments on true widths.
All holes are drilled down steep slopes, consequently, the vertical
depth of intercepts below surface are less than the metres indicated
downhole.
Drill hole CG-50 has extended the North zone 100 m to the south, intersecting 144.16 m of 0.72 per cent copper, 0.52 per cent zinc, 0.034 per cent molybdenum and 18.9 g/t silver, over an interpreted true width of 65 m. Hole CG-55 has extended the South zone 100 m to the north, intersecting 52.00 m of 1.04 per cent copper, 0.016 per cent molybdenum and 24.9 g/t silver, and 140.06 m of 0.51 per cent copper, 0.044 per cent molybdenum, and 10.9 g/t silver, over a combined interpreted true width of 95 m. The North and South zones have been offset by a transverse fault, which has displaced the North zone 150 m to the east of the South m, in the vicinity of CG-52. The skarn encountered in CG-52, located midway between these two holes, is well developed, but less well mineralized with copper, suggesting it may have been drilled to the east of higher-grade mineralization. The result is that the skarn has now been tracked for 1,400 m north-south (from 3600N to 2200N) with only drilling on section 3100N failing to produce a significant intercept to date. Hole CG-58 may change this as it has since been drilled on 3100N, to test the area west of CG-52 and, if mineralized, would close this remaining 100-metre gap.
NORTH ZONE EXTENSION
Inter- Molyb- Silver
From To val (1) Copper Zinc denum grams/
Hole ID (metres) (metres) (metres) % % % tonne
CG-48 74.48 95.65 21.17 0.03 1.35 nil 4.1
AND 114.80 130.80 16.00 0.04 4.08 nil 2.9
AND 206.55 231.00 24.45 0.31 0.44 0.024 11.6
(1) The intervals in the table are based on core lengths and are not
true widths of the zone. See the text for comments on true widths.
All holes are drilled down steep slopes, consequently, the vertical
depth of intercepts below surface are less than the metres indicated
downhole.
Hole CG-48, located 300 m due north of the north end of the North zone, was drilled to test an induced polarization anomaly projected at 250 m downhole. Core from CG-48 shows the top of the anomaly to be caused by a barren pyritic argillite unit, starting at 231 m; however, prior to reaching the induced polarization anomaly, the hole cut several zinc-bearing skarn zones highlighted by 16 m of 4.08 per cent zinc that is believed to approximate true width. Assays for a deeper skarn interval, just above the argillite, returned 0.31 per cent copper and 0.024 per cent molybdenum, along with 0.44 per cent zinc, from 206.55 to 231.00 m. Given the presence of this high-temperature mineralization, Linear has recently deepened CG-48 from 298 to 462 m, to test the rest of the induced polarization anomaly.
Subsequent to drilling CG-48, results of a soil survey were received and show the area north and west of CG-48 host the largest and strongest zinc-in-soil anomaly on the property. The anomaly peaks at above 1 per cent zinc and has local significant coincident silver and copper anomalies (to 44 g/t and 0.2 per cent respectively). The anomaly is over 900 m wide (open to the west) and over 400 m long, running north-south, starting at 3900N (the soil maps are posted on the Linear website).
SOUTH ZONE DELINEATION
Inter- Molyb- Silver
From To val (1) Copper Zinc denum grams/
Hole ID (metres) (metres) (metres) % % % tonne
CG-43 86.00 111.25 25.25 0.67 0.32 0.023 29.0
And 150.88 199.64 48.76 0.19 0.03 0.057 9.8
CG-49 340.00 386.60 46.60 0.41 0.11 0.002 9.5
CG-53 251.90 293.93 42.03 0.79 0.25 0.002 35.9
including 266.00 293.93 27.93 1.07 0.35 0.003 49.8
And 330.00 352.55 22.55 0.56 0.19 0.005 17.9
including 332.00 342.00 10.00 0.82 0.36 0.006 31.2
(1) The intervals in the table are based on core lengths and are not
true widths of the zone. See the text for comments on true widths.
All holes are drilled down steep slopes, consequently, the vertical
depth of intercepts below surface are less than the metres indicated
downhole.
Hole CG-43 is located toward the south end of the South zone on section 2500N. The hole cut well-mineralized skarn, starting at 86 m, returning 25.25 m of 0.67 per cent copper, 0.32 per cent zinc, 0.023 per cent molybdenum and 29.0 g/t silver, but the zone is truncated by a poorly mineralized porphyry dike at 111 m. The hole exited the dike at 151.88 m, passing into the molybdenum stockwork zone hosted in both skarn and mineralized porphyry, over a 48.76-metre interval of 0.19 per cent copper, 0.057 per cent molybdenum and 9.8 g/t silver. Given the dikes encountered in this hole, the true widths of mineralization have not been determined. Holes CG-49 and CG-53 are vertical holes testing the eastern downdip extent of the South zone, and intersected the copper zone 120 and 134 m downdip from CG-44 and CG-47, respectively. These holes returned weaker mineralization over true widths of 30 to 40 m. Hole CG-51, also a vertical hole, tested the southern limit of the South zone and encountered unmineralized interbedded skarn below 335.15 m. Together, these holes indicate that the South zone's eastern extension may be limited and that the deposit is either plunging more rapidly or downfaulted south of line 2200N.
Vice-president of exploration, Dr. Robert Page, comments: "Cobre Grande is a great project, based on the mineralization delineated to date in the North and South zones, and we look forward to completing a resource estimate and scoping study based on these results. Additionally, with the excellent targets yet to be tested, such as the Northwest Skarn, we are optimistic that new discoveries will be made in the coming months."
The quality control program at Cobre Grande is supervised by Linear Metals' senior resource geologist, Geoff Chinn, PGeo, who is a qualified person, as defined under National Instrument 43-101. Drill core is sawn in half on site and samples collected over one-to-three-metre intervals based on geology. Prior to shipping, sealed sample bags are stored in a locked facility on site at the project. Samples are shipped by air to the ALS Chemex sample preparation facility in Guadalajara, Mexico. The Guadalajara prep facility then sends pulps to the ALS Chemex Vancouver, B.C., laboratory -- ISO 9001-2000 registered. All samples are assayed for silver, copper, zinc, lead and molybdenum, using four-acid digestion and ICP-AES analysis. In addition, samples from oxide zones are further analyzed for copper and zinc solubility. For copper, there is sequential analysis, first with sulfuric acid leach and sequentially for cyanide leach. For zinc there is a single solubility analysis using acetic acid. The project uses a protocol that includes blanks, standards and duplicates, which make up 12 per cent of each sample shipment.
This news release was prepared under the supervision of Linear Metals' vice-president of exploration, Dr. Page, PGeo, who is a qualified person as defined under National Instrument 43-101. Dr. Page has reviewed the scientific and technical information in this news release.
Stock options
Linear Metals also announces that, subject to regulatory approval, it has granted incentive stock options to directors and officers to purchase up to 555,000 shares of the company at $1 per share, for a period of up to five years. The company has also recently cancelled 325,000 incentive stock options exercisable at 60 cents per share, and as of this date has a total of 3,272,500 options outstanding, with an average exercise price of $1.07 per share.
We seek Safe Harbor.