NR Just out.Titan 24 Geophysical Survey Successfully Identifies Drill Targets
Last Update: 1/26/2010 9:29:06 AM
Jan 26, 2010 (TheNewswire.ca via COMTEX) --(via Thenewswire.ca)
Lori McClenahan, President of St. Elias Mines Ltd. ("St. Elias" or the"Company"), is pleased to announce that the Company has received thefinal Geophysical Survey Interpretation Report from Quantec GeoscienceLimited ("Quantec") with respect to the Titan 24 survey conducted atthe Tesoro Gold Project located in southwestern Peru. The survey hassuccessfully identified at least twelve (12) first priority geophysicalanomalies with potential for gold mineralization from near surface to>400 meters (1,312 ft.) depth and eight (8) zones which areclassified as second priority targets for follow up. These zones areinterpreted to be related to, and/or the extension of, previouslydiscovered mineralized zones in the property.
Titan 24 Survey Results
During the fall of 2009, Quantec conducted Direct CurrentResistivity (DC) and Induced Polarization (IP) and MT Resistivity (MT)surveys over the Tesoro Project. The field data was acquired over aperiod of 10 days from October 5 to October 14, 2009. The DC, IP and MTsurveys consisted of nine (9) lines covering approximately 21.6 linekilometers over the project area. The exploration objective at theTesoro Project was to map DC resistivity and IP chargeability anomaliesand to delineate target zones potentially related to mesothermal goldmineralization and alteration zones to depth.
Based on the IP chargeability inversion models and the DCresistivity association, a total of twenty (20) anomalous zones havebeen identified in the property from near surface to approximately>400 meters (1,312 ft.) depth. Of the interpreted DC/IP and MTzones, twelve (12) have been classified as high priority targets, andeight (8) zones are classified as second priority targets for follow upat the Tesoro Project. Several of the Titan 24 DC/IP and MT anomaliessuccessfully correlate with areas where gold mineralization waspreviously discovered at Tesoro, particularly within the "TesoroStructural Corridor", Zona Canchete, Zona Central, Zona Sur, ZonaIncognito and Zona Este. In addition, the survey has identifiednumerous zones outside of the main mineralized corridor that werepreviously unknown by the Company. The interpreted deep anomalies belowand in the vicinity of the shallower DC and IP zones suggests thepresence of significant mineralization and/or alteration zones atdepth. These deep responses are possibly geologically and structurallycontrolled.
First Priority Targets are identified as large to moderate area(>600m X 600m) anomalies exhibiting moderate-strong IP response withDC and MT resistivity moderate-low association, interpreted to beconsistent with structural zones, sulphide/oxide mineralization and/oralteration zones with potential for gold mineralization. In addition,first priority targets are identified as large to moderate area(>600m X 600m) anomalies exhibiting moderate-strong IP responselocated at the edges and/or over DC and MT resistivity moderate to highgradient zones interpreted to be consistent with structures (faults,shears and fractures) where disseminated to weak sulphide/oxide andgold mineralization may be encountered.
Second Priority Targets are identified as large-moderate area(>400 X 400m) anomalies below and/or in the vicinity of knownmineralization, with strong to moderate IP response, DC and MTresistivity moderate-low association located over DC resistivity highand/or gradient zones. Interpreted to be the potential extension ofpreviously documented mineral zones.
Drilling
Quantec has recommended an initial 33 hole drill programtotalling 13,400m to test the first and second priority targetsinterpreted in the property. Thirteen (13) drillholes are recommendedto test the first priority anomalous zones and twenty (20) drillholesare proposed to test the second priority target zones.
Quantec Geoscience Limited
Quantec is a 22 year old company engaged in the provision ofadvanced geophysical surveys and services for the mineral, geothermaland oil and gas exploration industries. Quantec's cutting edgetechnology has positioned them as a world leader in geophysical dataacquisition. The Titan 24 is a key technology of Quantec used to assistin finding economic mineralized targets at depth.
Titan 24 Geophysical Survey
The program was designed specifically to map and detectmesothermal gold mineralization to depth within the Tesoro Project fordrill targeting. Titan 24 is the leading deep earth imaging technologyfor delineating ore bodies to depth. While deep drilling can beexpensive, Titan 24 focuses drilling and achieves success by clearlyprioritizing targets. With the depth achieved, Titan 24 is a highlycost effective means to not only unlocking, but realizing a property'sfull value.
Measuring the parameters of DC (resistivity), IP(chargeability) and MT (magnetotelluric resistivity), Titan 24 measuresto depths of 750 meters with IP and can explore beyond 1.5 kilometerswith MT data. These depths and multi-parameter data make the system thebest option available for obtaining deep subsurface pre-drillinginformation related to geological structure and for the directdetection of mineral deposits anywhere in the world.
The Tesoro Gold Project
The Tesoro Gold Project is 100% owned by the Company with nounderlying royalties. The Property covers approximately 2,000 hectares(5,000 acres) and is part of the well-known gold-bearing Nazca-Oconabelt that is located in southern Peru. The Nazca-Ocona gold belt has along mining history dating back to pre-Incan time. Gold is associatedwith disseminated to semi-massive sulphides in quartz veins cutting adiorite intrusion. The continuity of the quartz veins and fractures isvery impressive in the Nazca-Ocona belt. While the veins tend to benarrow, the grade is significant and the mineralized structures tend toextend along strike for kilometres and to depths of up to 1,000 metres.
To date, the Company has identified five mineralized zones withmore than 50 quartz veins (having a total combined length of 9km) atthe Tesoro Project and has carried out underground exploration anddevelopment work on three of these veins (C1, C2 and A4 Veins.) Theveins are mesothermal, indicating that the vein structures may extendto considerable depths.
The Tesoro Property has never been evaluated to depth, or toits full strike potential. This leaves a large potential for thediscovery of additional mineralization.
Qualified Person
The data contained in this News Release has been reviewed andverified by Duncan Bain, B.Sc., P.Geo., a "qualified person" for thepurposes of National Instrument 43-101 Standards of Disclosure forMineral Projects of the Canadian securities administrators.
For additional information on St. Elias and its projects, please visit us atwww.steliasmines.comor call 1-888-895-5522 (toll free US and Canada).
ST. ELIAS MINES LTD.
(signed "Lori McClenahan")
Lori McClenahan,
President
The TSX Venture Exchange has not reviewed and does not acceptresponsibility for the adequacy or the accuracy of the contents of thisdocument.
This News Release may contain forward-looking statementsincluding, but not limited to, comments regarding the timing andcontent of upcoming work programs, geological interpretations,potential mineral recovery processes, etc. Forward-looking statementsaddress future events and conditions and therefore involve inherentrisks and uncertainties. Actual results may differ materially fromthose currently anticipated in such statement
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