836 metres grading 0.64 g/t gold.....Andina Minerals drills 836 m of 0.64 g/t Au at Volcan
Andina Minerals Inc (C:ADM)
Shares Issued 65,158,887
Last Close 2/22/2008 $4.40
Monday February 25 2008 - News Release
Mr. Carl Hansen reports
ANDINA MINERALS INC.: DORADO WEST ZONE DRILLING RETURNS 836 METRES GRADING 0.64 G/T GOLD
Andina Minerals Inc. has provided further diamond drilling results from its continuing Volcan gold project exploration program. The Volcan gold project is strategically located in Chile's Maricunga gold belt, 120 kilometres east of Copiapo and 23 kilometres northeast of Kinross gold's Maricunga gold mine.
Drill assay results from Volcan's Dorado West zone gold deposit include an 836-metre interval grading 0.64 gram per tonne gold (g/t Au), from drill hole DOA-697, including 254 metres grading 1.19 g/t Au (see table). The diamond drill hole cut the Dorado West zone deposit 300 metres below DOA-676 which had returned 668 metres grading 0.81 g/t with a core zone of 238 metres grading 1.36 g/t Au. Drill hole DOA-698, which returned 193 metres grading 0.57, is one of the most northerly holes drilled on the Dorado West zone to date confirming the strike extension of the gold deposit to the northeast.
Two holes were drilled into the Dorado NW zone including DOA-711 which cut a new zone of gold mineralization approximately 200 metres north of the Dorado NW zone. The new gold zone is situation along the margins of an induced polarization (IP) chargeability anomaly. Assay results for the first 152 metres of the 600-metre drill hole have been received with the last 76 metres of the drill hole returning 0.88 g/t Au including a 22-metre interval of 1.43 g/t Au. The remaining assay results are pending.
SIGNIFICANT DRILL ASSAY RESULTS (FEBRUARY, 2008)
Hole From To Length (1) Grade
No. (metres) (metres) (metres) (g/t Au)
DOA-697 0 836 836 0.64
including 0 86 86 0.92
and 162 218 56 0.74
and 564 818 254 1.19
including 582 714 132 1.56
DOA-698 318 510 192 0.57
DOA-703 134 294 160 0.41
DOA-711 76 152 76 0.88
including 114 136 22 1.43
(1) All intervals represent down-hole lengths and not
true widths
Three holes, drilled to test IP chargeability anomalies in the Dorado area, returned no significant results. Two holes tested the western side of an IP anomaly approximately 500 metres northwest of the Dorodo West zone. A third hole was collared approximately 500 metres northwest of the Dorado East zone gold deposit.
Exploration update/timing of resource estimate
The initial exploration drill program on Volcan's Ojo de Agua area has been completed. All six drill rigs are presently drilling on the Dorado West zone gold deposit with the goal of both expanding the gold resource and improving the resource confidence level by converting inferred category ounces to the measured and indicated category. Once the company has evaluated the results from the initial Ojo de Agua program, new targets will be identified for further drilling.
Due to poor weather this season along with poor drilling productivity earlier in the program it is now anticipated that approximately 40,000 metres of drilling will be completed by the end of the phase IV program, a reduction of approximately 20 per cent compared with initial plans. Resource drilling in the Dorado area will not be negatively impacted by the overall reduction in metres drilled. An updated resource estimate will be available during the second quarter 2008.
National Instrument 43-101 compliance report
Under National Instrument 43-101 of the Canadian Securities Administrators, the independent qualified person for the Volcan gold project is Ralph Gonzalez, a resident of Burnaby, B.C., Canada. Mr. Gonzalez is a professional engineer registered with the Association of Professional Engineers of Manitoba since 1977 and a professional geologist registered with the Association of Professional Engineers and Geoscientists in British Columbia since 1992. The recently released October, 2007, resource estimate was prepared by NCL Ingenieria y Construccion SA, Santiago, Chile, in conjunction with Eduardo Magri, PhD, in mining engineering (Witwatersrand) and a fellow of the SAIMM with over 30 years of industry experience. An NI 43-101-compliant technical report related to the October, 2007, resource estimate prepared by Mr. Gonzalez is filed on the SEDAR system.
Reverse circulation (RC) chips and diamond drill core from Andina's Volcan drilling campaign are collected at the drill under the direct supervision of Andina staff. Both the RC samples and drill core are appropriately tagged, secured and transported to the Andina exploration camp and then to Andina's secure sample logging and preparation site in Copiapo, Chile. RC chip samples are split to obtain a 15-kilogram sample for assay purposes. Representative chips are collected from each sample for logging purposes. Drill core is logged, marked at two-metre intervals for sampling and split longitudinally with a diamond drill saw. One-half of the core is bagged and sample tags attached and the second half of the core is returned to the core boxes. All samples were appropriately tagged and securely stored prior to shipping to Asesoria Minera Geoanalitica Ltda.'s laboratory in La Serena, Chile.
Samples are processed and analyzed for gold using fire assay techniques using two assay per ton samples (about 50 grams) with an atomic absorption spectrographic finish for a sensitivity of five parts per billion (0.005 parts per million) gold with atomic absorption finish. Samples which return gold values greater than 1.00 g/t Au are reanalyzed by Geoanalitica using fire assay techniques with a gravimetric finish. Duplicate samples are inserted at a rate of approximately 5 per cent. Approximately 15 per cent of the samples submitted to Geoanalitica comprise standard, blanks and duplicated samples ensure laboratory quality control procedures.
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