RE: 50k bid, no sellers?All,
New news.
I will not predict that it is about to go up or down - you never know in this market. I will say that I picked up a bit more today in expectation of their 43-101 expect this month, which is consistent with what I heard at the PDAC.
At PDAC I was concerned that they did not have enough tonnage. They appear to have improved this aspect with these latest results, and they have noted the Moly which is good.
Still only a small-fry...3,500 shares.
Cheers,
Issimo2
Linear Metals Extends Cobre Grande's Main Zone Strike Length to 1.6 Kilometres
09:21 EDT Monday, April 14, 2008
TORONTO, ONTARIO--(Marketwire - April 14, 2008) - Linear Metals Corporation (TSX:LRM) is pleased to report that drilling has extended the strike length of the Cobre Grande Main Zone to 1.6 kilometres (2250N to 3850N), a significant 300 metre, or 23%, increase over the previously defined strike of mineralization. This increase results from drilling that has closed a 100 metre "Gap" that previously existed between the North and South Zones and by extension of the North Zone by an additional 200 metres. The combined North and South Zones at Cobre Grande, which are now connected, will henceforth be referred to as the Main Zone.
Highlights from the most recent drill results of the Main Zone include the following significant copper and molybdenum intercepts:
- CG-60: 61.77 metres of 1.02% copper, 1.00% zinc, 0.051% molybdenum, and 31.1 grams per tonne silver;
- CG-62: 31.83 metres of 1.63% copper, 1.03% zinc, 0.031% molybdenum and 37.3 grams per tonne silver;
- CG-63: 16.0 metres of 2.13% copper, 3.66% zinc, 0.057% molybdenum, and 78.8 grams of silver; and
- CG-64: 24.0 metres of 1.57% copper, 0.56% zinc, 0.091% molybdenum and 44.0 grams per tonne of silver;
as well as the following intercepts from step-out holes to the north:
- CG-67: 64.6 metres of 1.10% copper, 0.017% molybdenum, and 19.7 grams per tonne silver; and
- CG-69: 166.0 metres of 0.35% copper, 0.041% molybdenum, and 6.8 grams per tonne silver.
The holes reported in this release are the last holes from the Main Zone delineation drill program, completed in January 2008. A drill-hole location map is available on the Company's website at www.linearmetals.com.
The "Gap" Is Gone - North and South Zones Connected into Main Zone--------------------------------------------------------------------------- Silver From To Interval(1) Copper Zinc Molybdenum grams/HOLE-ID (metres) (metres) (metres) % % % tonne---------------------------------------------------------------------------CG-57 150.40 181.85 31.45 0.04 1.01 0.002 4.2------------------------------------------------------------------------------------------------------------------------------------------------------CG-58 4.57 124.00 119.43 0.57 0.06 0.024 9.3---------------------------------------------------------------------------including 48.00 66.00 18.00 1.75 0.13 0.027 23.6--------------------------------------------------------------------------- 134.96 270.00 135.04 0.10 0.04 0.046 1.9---------------------------------------------------------------------------Notes: Intervals in the table are based on core lengths and do notrepresent true widths of the zone, see text for comments on true widths.CG-58 was drilled down a steep slope, consequently, the vertical depth ofintercepts below surface are less than the metres indicated down hole.
Drill hole CG-58 has closed the previous 100 metre long section of the "Gap", intersecting 119.43 metres of 0.57% copper, 0.024% molybdenum, and 9.3 grams per tonne silver. As previously reported, the "Gap" between the North and South Zones was reduced to 100 metres by the mineralization intersected in CG-55 CG-50 The 100 metre section, that remained, has now been closed by CG-58 and the "Gap" has been eliminated.
Vertical hole CG-57 was drilled from the same setup as west directed angle hole CG-55 and while CG-57 cut 31.45 metres of 1.01% zinc and 0.04% copper, the reduced level of mineralization indicates that the copper bearing skarn, intersected in CG-55, may weaken towards the east or has a vertical dip.
Main Zone Extended to a Strike of 1600 Metres--------------------------------------------------------------------------- Silver From To Interval Copper Zinc Molybdenum grams/HOLE-ID (metres) (metres) (metres) % % % tonne---------------------------------------------------------------------------CG-48 114.80 130.80 16.00 0.04 4.08 0.001 2.9--------------------------------------------------------------------------- 206.55 231.00 24.45 0.31 0.44 0.024 11.6--------------------------------------------------------------------------- 297.48 305.00 7.52 1.36 0.07 0.004 40.1------------------------------------------------------------------------------------------------------------------------------------------------------CG-67 282.00 346.60 64.60 1.10 0.04 0.017 19.7------------------------------------------------------------------------------------------------------------------------------------------------------CG-69 229.00 395.00 166.00 0.35 0.04 0.041 6.8---------------------------------------------------------------------------including 229.00 283.00 54.00 0.57 0.07 0.030 9.6---------------------------------------------------------------------------and 293.00 341.60 48.60 0.36 0.03 0.048 9.2--------------------------------------------------------------------------- 353.00 395.00 42.00 0.23 0.03 0.056 2.7---------------------------------------------------------------------------Notes: Intervals in the table are based on core lengths and do notrepresent true widths of the zone, see text for comments on true widths.All holes were drilled down steep slopes, consequently, the vertical depthof intercepts below surface are less than the metres indicated down hole.CG-66 was a vertical hole at the same site as CG-48 and failed to hitmineralization to its total depth of 192 metres and is not reported in thetable. CG-48 was reported previously to a depth of 297.48 metres. The holewas reentered and completed to a depth of 468.2 metres.
Drill holes CG-69 and CG-67, 100 and 200 metre step outs from the north end of the Main Zone, respectively, have extended the mineralization a further 200 metres north. Within CG-69, the copper and molybdenum zones overlap, producing a 166.0 metre long intercept of 0.35% copper, 0.041% molybdenum, and 6.8 grams per tonne silver. Hole CG-67 returned a higher grade copper-silver zone with 64.6 metres of 1.10% copper, 19.7 grams per tonne silver, and 0.017% molybdenum but did not encounter the molybdenum stockwork zone. Both CG-67 and CG-69 encountered substantially better mineralization than encountered in CG-46 and CG-61, which previously marked the north end of the Main Zone.
Results for the first 297.48 metres of CG-48 were reported in a press release dated January 31, 2008. During the most recent phase of drilling, CG-48 was deepened from 297.48 metres to 462 metres and encountered several short copper-silver rich skarn intervals highlighted by 7.52 metres of 1.36% copper and 40.1 grams per tonne silver beginning at 297.48 metres. This hole, located 100 metres north of CG-67, is not included in the quoted 1.6 kilometre Main Zone strike length because the copper skarn mineralization in the hole cannot yet be confidently correlated with the Main Zone's copper skarn; however, the significant, bedding controlled zinc and copper mineralization encountered in CG-48 suggest Main Zone type mineralization may lie just to the west of the short high grade copper intersection in CG-48.
Copper Skarn in North Continues to Produce Significant Copper Intersections--------------------------------------------------------------------------- Silver From To Interval(1) Copper Zinc Molybdenum grams/HOLE-ID (metres) (metres) (metres) % % % tonne---------------------------------------------------------------------------CG-56 290.45 310.00 19.55 0.41 0.84 0.015 15.8------------------------------------------------------------------------------------------------------------------------------------------------------CG-59b 226.00 348.00 122.00 0.43 0.49 0.050 14.1---------------------------------------------------------------------------including 238.00 283.70 45.70 0.68 0.64 0.053 25.2------------------------------------------------------------------------------------------------------------------------------------------------------CG-60 3.66 264 260.34 0.29 0.30 0.054 9.6---------------------------------------------------------------------------including 8.23 70.00 61.77 1.02 1.00 0.051 31.1------------------------------------------------------------------------------------------------------------------------------------------------------CG-61 166.62 256.00 89.38 0.17 0.08 0.039 7.2------------------------------------------------------------------------------------------------------------------------------------------------------CG-62 4.27 36.10 31.83 1.63 1.03 0.036 37.3--------------------------------------------------------------------------- 193.55 318 124.45 0.02 0.02 0.057 1.2------------------------------------------------------------------------------------------------------------------------------------------------------CG-63 74.00 90.00 16.00 2.13 3.66 0.057 78.8--------------------------------------------------------------------------- 101.45 232.20 130.75 0.22 0.08 0.053 7.3------------------------------------------------------------------------------------------------------------------------------------------------------CG-64 16.76 121.00 104.24 0.40 0.17 0.074 11.7---------------------------------------------------------------------------including 19.00 43.00 24.00 1.57 0.56 0.091 44.0------------------------------------------------------------------------------------------------------------------------------------------------------Notes: Intervals in the table are based on core lengths and do notrepresent true widths of the zone, see text for comments on true widths.All holes except CG-56 were drilled down steep slopes, consequently, thevertical depth of intercepts below surface are less than the metresindicated down hole. No samples were submitted for assay from CG-59 whichwas lost prior to reaching target. The hole was twinned by CG-59b. Assaysfor the interval 260.34 to 434.95 in CG-60 are pending.
As part of the delineation program four holes were drilled on 100 metre centres, from south to north, across the top of the outcropping copper skarn in the north end of the Main Zone (from south to north, CG-60, CG-62, CG-64, and CG-63). This 300 metre long section of the Main Zone is characterized by partial oxidation, supergene enrichment, and overlap of zinc, copper and molybdenite zones providing the overall highest combined grades on the project. The zone comes to surface and sampling of the new road cuts across the zone has produced a 30 metre section of 2.95% copper, 0.46% zinc, 20 grams per tonne silver and 0.77 grams per tonne gold, and a 20 metre section of 1.96% copper, 1.79% zinc, 0.019% molybdenum, and 39 grams per tonne silver. Historically, gold assay results have not been significant leading to the discontinuation of drill core assaying for gold after CG-28. Based on the surface sampling gold assays, in this part of the Main Zone, copper bearing intervals from holes in this area will be submitted for gold assay. Two of the holes on this fence started within the outcropping zone (CG-60 and 62) and did not cut the full mineralized section including the high grade structural contact with hanging wall limestones (the absence of ore grade surface mineralization is due to drilling barren talus making up the drill pads).
At the south end of the fence, CG-60 cut 61.77 metres of 1.02% copper, 1.00% zinc, 0.051% molybdenum, and 31.1 grams per tonne silver starting at 8.23 metres. Hole CG-62, located 100 metres to the north, drilled 31.83 metres, starting at 4.27 metres, with 1.63% copper, 1.03% zinc, 0.036% molybdenum and 37.3 grams per tonne silver. The next two holes to the north, CG-64 and CG-63, started up slope from the outcropping skarn and passed through shorter, but still high grade, intervals. Beginning at 19 metres, CG-64 intersected a particularly good grade copper-molybdenum intercept with 24 metres of 1.57% copper, 0.56% zinc, 0.091% molybdenum and 44.0 grams per tonne of silver. As well, CG-63 had one of the highest grade intercepts to date at Cobre Grande, returning 16 metres of 2.13% copper, 3.66% zinc, 0.057% molybdenum, and 78.8 grams per tonne of silver.
Hole CG-59b was drilled to fill in between holes CG-40b to the north and CG-50 to south. All 3 holes demonstrate that the outcropping mineralization, which is also seen in the fence of holes discussed in the previous paragraph, continues down dip for a minimum of 175 metres. Hole CG-59b drilled underneath west dipping hole CG-32 (74.88 metres of 1.15% copper, 1.12% zinc, 0.038% molybdenum, and 41.2 grams per tonne silver) encountering lower copper grades but a substantially wider intercept with better molybdenum including 122.0 metres of 0.43% copper, 0.49% zinc, 0.050% molybdenum, and 14.1 grams per tonne silver.
Hole CG-56 was a vertical hole drilled from the same setup as CG-42b and, as has been the case with other vertical holes testing the deep down dip extension to the skarn, returned marginal results. The indication is that the skarn is weakening down dip to the east. Hole CG-61, located between CG-63 and CG-69, both excellent holes, cut lower copper and molybdenum values of 0.17% copper, 0.039% molybdenum and 7.2 grams per tonne silver over 89.38 metres.
Molybdenum Stockwork Expands on West Side of Main Zone
This phase of drilling was also very successful in delineating the northern 700 metres of the molybdenum stockwork body, which lies to the west of the copper skarn, returning long intercepts of significant molybdenum mineralization. A summary of the significant molybdenum mineralization included elsewhere within this release includes:
- CG-58 - 135.04 metres of 0.046% molybdenum;
- CG-59b - 122.00 metres of 0.050% molybdenum;
- CG-60 - 260.34 metres of 0.054% molybdenum - open to depth with assays pending;
- CG-61 - 89.38 metres of 0.039% molybdenum;
- CG-62 - 124.45 metres of 0.057% molybdenum;
- CG-63 - 130.75 metres of 0.053% molybdenum;
- CG-64 - 104.24 metres of 0.074% molybdenum; and
- CG-69 - 166.00 metres of 0.041% molybdenum
Most significantly, many of these intercepts came with substantial copper and silver (see table).
The overall geometry of the molybdenite stockwork has yet to be determined so the relation of the above intercepts to true widths is uncertain. Additionally, some of the intercepts include oxidized and partially oxidized intervals from which recoveries will be limited. Nevertheless, the most recent drill program, initiated last August, has begun to outline a significant molybdenum stockwork zone, at grades of 0.04% to 0.09% molybdenum, over 1500 metres of strike, along the west side of the Main Zone, with few apparent gaps.
Robert Page, Vice President Exploration, comments that "Cobre Grande has progressed from a copper project with potential molybdenum credits, to a copper-molybdenum project. We have a good understanding of the geometry and grade distribution in the copper skarn of the Main Zone as it has been the focus of all drilling previous to the most recent drill program. We now look forward to establishing a better understanding of the geometry and grade distribution in the emerging molybdenum zone at the ever expanding Cobre Grande deposit."
Looking Ahead
Results from two diamond drill holes on the NW Skarn are expected shortly. One reverse circulation drill is currently active at Cobre Grande testing the NW Skarn and other outlying targets. The initial metallurgical testing program at SGS Lakefield is nearing completion with results expected in the coming weeks. A 43-101 resource estimate is in progress and is expected to be completed by the end of April.
The Quality Control program at Cobre Grande is supervised by Linear Metals' Senior Resource Geologist, Geoff Chinn, P.Geo., 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 via 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 4 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% of each sample shipment.
This press release was prepared under the supervision of Linear Metals' Vice President of Exploration, Dr. Robert Page, P. Geo., who is a Qualified Person as defined under National Instrument 43-101. Dr. Page has reviewed the scientific and technical information in this press release.
Robert Page, Vice-President Exploration
Forward-Looking Information:
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, continuity of mineralization, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. The likelihood of future mining at Cobre Grande is subject to a large number of risks and will require achievement of a number of technical, economic and legal objectives, including obtaining necessary mining and construction permits, completion of pre-feasibility and final feasibility studies, preparation of all necessary engineering for pits and processing facilities as well as receipt of significant additional financing to fund these objectives, as well as funding mine construction. Such funding may not be available to the Company on acceptable terms or on any terms at all. There is no known ore at Cobre Grande and there is no assurance that the mineralization at Cobre Grande will ever be classified as ore. For more information on the Company and the risk factors inherent in its business, investors should review the Company's Annual Information Form at www.sedar.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Linear Metals CorporationInvestor Relations(416) 216-4708 or North America Toll Free: 1-866-376-7683Website: www.linearmetals.com