Drilling Operations at Its Providencia Property inConcordia Receives Authorization to Proceed With Drilling Operations at Its Providencia Property in Argentina
9/2/2011 8:31:15 AM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Sep 02, 2011 (MARKETWIRE via COMTEX News Network) --
Concordia Resource Corp. (TSX VENTURE: CCN) ("the Company") is pleased to announce that its wholly owned subsidiary, Meryllion Minerals Corporation ("Meryllion"), has received authorization from the Directorate of Mines - Province of Jujuy to proceed with drilling at its Providencia Ag-Cu prospect in northwestern Argentina.
The property hosts Ag-Cu mineralization, and produced some five million ounces of silver between 1986 and 1997 from ore grading between 400 - 500g/t Ag. Mineralization is hosted by a gently dipping, poorly consolidated, green conglomerate unit floored and capped by dark red mudstones and white sandstones respectively. The conglomerate unit was the primary target of previous mining, and four shallow open pits were developed - the North, Central, South, and West Pits. Mineralization is open along strike to both the north and south, as well as down-dip to the east within the gently dipping conglomerate unit, and the objectives of the drill program are to extend known resources in the near surface environment as well as to test for higher grade mineralization at depth.
As part of the permitting process, Meryllion completed a comprehensive environmental study, and solicited and received documented support from the two local indigenous communities for its exploration activities. The Company has prepared a drill proposal for an initial program of approximately 3000 m of core drilling and has awarded the drilling contract to Major Perforaciones SA, the Argentine subsidiary of Major Drilling Group International Inc. Major has mobilized a UDR200D rig, and drilling is expected to commence in early September.
Exploration at Providencia is being conducted under the supervision of Dr Willem Fuchter PGeo, CEO of Meryllion and a Qualified Person as defined by Canada's National Instrument 43-101, and the contents of this release have been reviewed by Ms Pamela Klessig, Director of Concordia and a Qualified Person.
ABOUT MERYLLION
Meryllion Minerals is a wholly owned subsidiary of Concordia with the charter to conduct mineral exploration in South America with a primary focus on precious and base metals. Meryllion operates out of offices in Buenos Aires under the direction of Dr. Willem Fuchter, PGeo, a PhD geologist with extensive international experience and a Qualified Person under NI 43-101.
ABOUT THE COMPANY
Concordia Resource Corp. is a mineral exploration company with property holdings in North and South America and Spain. The Company holds the Albisu gold discovery in Nevada, and is earning from Renaissance Gold Inc. a 70% interest in the Baza gold-copper project in Spain. Through its wholly owned South American subsidiary, Meryllion Minerals Corp, the Company is earning 100% of the historic La Providencia silver mine located in the Puna of northwestern Argentina and has also acquired an option to purchase the 14 000 ha Cerro Amarillo-Cajon Grande copper-gold property located in the Malargue District of Argentina. Concordia has its head office and executive management team in Vancouver, Canada; and its technical team is based in Reno, Nevada.
On behalf of the Board of Concordia Resource Corp.
R. Edward Flood, Chairman