Mahdia Gold Corp. (CNSX:MGD) Confirms Gold Grades of 4.41 Grams Gold per Tonne Across 16.9 Metres Wenot West Diamond Drill Hole (First Results from Phase I Drilling)
TORONTO, ONTARIO--(Marketwire - Feb. 13, 2013) - Mahdia Gold Corp. (the "Company") (CNSX:MGD) is pleased to announce that it has received the first stage of gold assays from the 2012 diamond drilling program with confirmation of significant gold intercepts and indicative of potential for continued expansion of the 3 km long Wenot Mineralized system. The results available to date validated historic intercepts and discovered additional mineralized zones below previously tested targets to confirm potential for expansion.
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(Meters)
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DRILL HOLE NUMBER
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EASTING
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NORTHING
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HOLE
FINAL
DEPTH
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Bearing/
Dip
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From
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To
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Width
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Au g/t
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| 12WEDDH 001B1,2 |
304450 |
601486.397 |
301.00
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360/-30
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46.77
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58.40
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11.90
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3.76
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70.16
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78.82
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8.66
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3.46
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| 1A lone sample lost3 |
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101.00
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360/-50
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81.35
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84.12
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2.97
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4.80
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158.00
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173.30
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16.90
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4.41
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WENOT WEST
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233.29
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235.61
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1.32
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15.33
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| 12WEDDH 0042 |
305700 |
601232.373 |
502.00
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360/-50
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245.00
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261.50
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16.50
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0.30
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Main Target is 400 to 502 meters pending
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322.50
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330.42
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7.92
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0.83
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Total
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904.00
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1 Includes 14.43/2.9 approximate true width |
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2 Check screen fire assays pending |
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3 One sample lost at base of overburden in western paleochannel |
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| Criteria: |
| Cut off: 0.2 grams of gold per tonne across more than three contiguous samples are not included in stated intercepts. |
| Intercepts: Based on weighted mean values including many samples. |
| Grade: Based on the multiple of reported gold values and reported sample intervals. |
| Protocol: Maintained with QA/QC including the use of certified standards and blanks as developed in conjunction with AMEC. |
| Analytic Method: Fire Assay preconcentration of 30 gram subsample with AA finish, All samples exceeding 1 gram per tonne were subject to re-subsampling and fire assay/gravimetric analysis with results reported in grams per tonne. |
The Company had 2,300 samples recently assayed. 1,665 were from reconnaissance drill holes along the Wenot trend and 525 were from the Fenell mineralized system, and 110 were from routine prospecting and a mapping work to develop other targets. This news release discloses assays from the Wenot trend samples only. A further news release shall disclose assays from the Fenell mineralized system when they are available to be released. Additional holes will be drilled in this sector to augment current findings.
This first set of diamond drill results by Mahdia on the Wenot trend verifies the presence of significant gold mineralized zones extending beyond the limits of previously drilled material. These intercepts demonstrate the presence of gold concentrations higher then those historically reported on this deposit. This disclosure supports MGD's strategy for expansion and development of the new Omai mine through a systematic phased program.
The Company maintained a rigorous program of QA/QC including the use of certified standards and blanks and submitted the samples with a secure chain of custody to the Georgetown, Guyana facility of the Canadian company, Activation Laboratories, which is fully certified for gold assays.
The Co-Chairman of the Board, Mr John Reynolds stated: "We are very pleased to be able to provide our shareholders with this encouraging information and look forward to disclosing further results as they become available through our ongoing program."
The Company's qualified person, David Bending, the President of Mahdia, has reviewed the technical content of this news release and stated that the exploration team is particularly pleased with the confirmation and expansion of the Wenot West Target area and the recognition of anomalous and mineralized zones outside of the previously tested Wenot mineralized trend indicating potential for continued expansion of the exploration and development corridor.
About Mahdia Gold Corp.
Mahdia is a Canadian-based gold exploration company with active gold prospects in Guyana, South America.
Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.
Neither CNSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Mahdia Gold Corp.
David Bending
President
(416) 214-7748
info@mahdiagold.com
www.mahdiagold.com
