| |  | |
 |   Thu Apr 8, 2010
Mediterranean Announces Celtik Drill Results, Update On Surface Exploration At Cevreli, And Updates Tac And Corak Preliminary Economic Assessment
|
| | Vancouver, BC, April 8, 2010 - Mediterranean Resources Ltd. (TSX: MNR, Frankfurt: MHM1) announces drill results to date on resource drilling conducted on the Celtik property following the announcement in December, 2008 of a new discovery at the eastern extension of MNR's 12 kilometre Yusufeli mineralized trend in northeastern Turkey. MNR announces soil geochemistry results from its Cevreli project and also provides an update on the Preliminary Economic Assessment (PEA) being conducted by SRK Consulting on the Tac and Corak projects.
MNR drilled approximately 1,900 metres at Celtik in 2008 but was not able to continue drilling until late 2009 due to drill and road construction permits being disallowed under a judiciary order. MNR resumed drilling in December, 2009 during a time window when drilling was allowed. The 3,000 metre resource drilling campaign was curtailed after completing approximately 1,350 metres due to unsafe ground conditions brought on by an abnormally warm winter. The five drill holes completed at depths ranging between approximately 200 metres to 400 metres were conducted as part of a campaign to identify the resource potential at Celtik.
Celtik Project Highlights- Following on from the drill results reported in December 2008, when significant gold and copper values over multiple intervals in each hole were reported, the results from the 5 drill holes reported here confirm the continuity of mineralization along the main strike length, northeast to southwest.
- Close to surface multiple gold grade and intervals from all five holes are encouraging and will be used to plan a resumption of the resource drilling program as allowed by safe ground conditions expected towards the end of April.
- The wide alteration and mineralization at the eastern end of the 12 kilometre Yusufeli trend support a high sulphidation epithermal system.
- The wide alteration and mineralization at the eastern end of the 12 kilometre Yusufeli trend support a high sulphidation epithermal system.
The potential for resource expansion at Celtik is indicative of that existing along the 12 kilometre strike length of the Yusufeli Property.
The regional map of the Yusufeli Property (www.medresources.ca/s/Maps.asp) shows the location of Celtik at the northeastern extension of the Yusufeli mineralized trend. Other maps include a compilation map with geology and drill hole locations, a drill hole only location map and a series of 5 drill hole cross sections.
Results from the five holes are tabled below. True widths of the high grade veins reported are indeterminable at this stage. Depths of the reported holes range from 192 to 399 metres with the average being 270 metres.
HD-08 |
From (m) |
To
(m) |
Interval (m) |
Au
(g/t) |
Ag
(g/t) |
Cu
(%) |
Pb (%) |
Zn (%) |
| |
13.9 |
17.0 |
3.1 |
3.40 |
18.89 |
- |
- |
- |
and |
37.4 |
38.4 |
1.0 |
0.32 |
1.80 |
- |
- |
- |
and |
119.4 |
123.1 |
3.7 |
0.46 |
2.59 |
- |
- |
- |
and |
218.1 |
219.1 |
1.0 |
0.43 |
76.40 |
0.1 |
3.1 |
2.9 |
and |
338.2 |
339.4 |
1.2 |
0.57 |
6.20 |
0.6 |
- |
- |
|
|
|
|
|
|
|
|
|
HD-09A |
From
(m) |
To
(m) |
Interval (m) |
Au
(g/t) |
Ag
(g/t) |
Cu
(%) |
Pb
(%) |
Zn
(%) |
| |
44.9 |
56.9 |
12.0 |
1.32 |
18.87 |
0.1 |
|
0.1 |
and |
70.8 |
87.6 |
16.8 |
2.00 |
24.03 |
0.1 |
0.2 |
0.7 |
and |
123.4 |
130.5 |
7.1 |
1.51 |
23.35 |
0.1 |
0.3 |
1.1 |
and |
216.8 |
218.8 |
2.0 |
0.61 |
11.50 |
0.1 |
0.2 |
0.6 |
and |
224.2 |
225.2 |
1.0 |
0.49 |
6.90 |
- |
|
|
and |
348.4 |
349.4 |
1.0 |
0.31 |
1.60 |
- |
|
0.1 |
|
|
|
|
|
|
|
|
|
HD-10 |
From
(m) |
To
(m) |
Interval (m) |
Au
(g/t) |
Ag
(g/t) |
Cu
(%) |
Pb
(%) |
Zn
(%) |
| |
5.0 |
6.0 |
1.0 |
4.17 |
6.60 |
- |
0.2 |
0.7 |
and |
48.0 |
62.2 |
14.2 |
0.37 |
17.72 |
- |
0.3 |
0.2 |
and |
86.1 |
87.1 |
1.0 |
0.33 |
21.40 |
- |
- |
0.1 |
and |
95.1 |
96.2 |
1.1 |
2.10 |
10.00 |
0.1 |
- |
- |
and |
108.0 |
111.1 |
3.1 |
0.40 |
11.09 |
- |
0.1 |
0.1 |
and |
176.5 |
177.5 |
1.0 |
0.51 |
7.20 |
- |
0.2 |
0.3 |
HD-11 |
From
(m) |
To
(m) |
Interval (m) |
Au
(g/t) |
Ag
(g/t) |
Cu
(%) |
Pb
(%) |
Zn
(%) |
| |
31.3 |
33.3 |
2.0 |
0.37 |
0.65 |
- |
- |
0.1 |
and |
44.6 |
60.6 |
16.0 |
0.43 |
8.44 |
- |
0.2 |
0.2 |
|
|
|
|
|
|
|
|
|
HD-12 |
From
(m) |
To
(m) |
Interval (m) |
Au
(g/t) |
Ag
(g/t) |
Cu
(%) |
Pb
(%) |
Zn
(%) |
|
27.6 |
28.6 |
1.0 |
1.04 |
26.20 |
0.2 |
0.1 |
0.3 |
and |
68.4 |
72.6 |
4.2 |
0.52 |
49.05 |
0.2 |
0.7 |
1.3 |
and |
127.9 |
140.4 |
12.5 |
0.52 |
9.84 |
- |
0.3 |
0.6 |
and |
147.0 |
148.0 |
1.0 |
0.36 |
0.20 |
- |
- |
0.1 |
and |
169.4 |
177.7 |
8.3 |
0.54 |
17.19 |
0.1 |
0.7 |
1.0 |
and |
184.8 |
190.9 |
6.1 |
0.75 |
2.20 |
0.1 |
- |
- |
and |
205.0 |
210.0 |
5.0 |
0.50 |
1.40 |
- |
- |
- |
Cevreli Project
The Cevreli project, held under an exploration license, is located in the middle of the 12 kilometre mineralized trend comprising the Yusufeli property. MNR completed detail geological mapping and geochemical sampling over the project area during 2008 and 2009 which resulted in target areas being identified for exploration drilling. Rock samples and soil samples returned gold grades up to 7,760 ppb and 2,760 ppb respectively over the Cevreli target. An area identified as an extension of Cevreli, namely Cevreli West returned gold grades up to 3,690 ppb from grid soil sampling.
The Company is planning to expand the ground exploration during 2010 to Cevreli West and conduct an IP geophysical survey over both Cevreli and Cevreli West.
A regional map of the Yusufeli Property shows the location of the Cevreli project area including Cevreli West (www.medresources.ca/s/Maps.asp) relative to the project areas of Tac, Corak and Celtik. A compilation map shows the rock and soil sample locations at Cevreli and the grid soil sample locations at Cevreli West
Preliminary Economic Assessment (PEA)
SRK Consulting Inc. (SRK) has indicated that the Tac and Corak PEA will be delayed until the third quarter of 2010 in order to accommodate a more complete and representative metallurgical test work program. Further metallurgical samples will be taken from zones within the preliminary Whittle optimization pit shells to ensure potentially mineable mineralization is adequately represented in the test program. Several mineral processing options exist for the Tac and Corak deposits and further metallurgical test work is needed to estimate the best path forward for gold extraction.
SRK completed a NI 43-101 compliant resource estimate on the Tac and Corak projects in 2009 which established an indicated resource of 49.5 million tonnes grading 1.32 g/t Au Eq. containing 2.09 million ounces of Au Eq. of which the gold only content is 1.58 million ounces and an inferred resource of 11.0 million tonnes grading 1.16 g/t Au Eq. containing 409,000 ounces of Au Eq. of which the gold only content is 290,000 ounces. The strike length of the Tac project explored to date and utilized in the resource estimate reported is approximately 1.0 km long compared to a strike length of approximately 12 kms that describes the entire mineralized area held under license. The Corak project strike length is approximately 800 metres along the 12 km mineralized extent
Qualified Person and QA/QC
Dr. Peter Guest is the qualified person who has reviewed the data in this news release. The ALS Chemex Vancouver laboratory used standard fire assay and atomic absorption methods in performing all gold and multi-element analyses.
About Mediterranean Resources
MNR is an advanced gold exploration company operating in north eastern Turkey. MNR has a 100% interest in the Tac and Corak deposits where the aforementioned NI 43-101 compliant resource estimate established an indicated resource of 49.5 million tonnes grading 0.99 g/t Au containing 1.58 million ounces of gold and an inferred resource of 11.0 million tonnes grading 0.83 g/t Au containing 290,000 ounces of gold.
MNR controls a contiguous 12km mineralized trend known as the Yusufeli Property which provides considerable exploration potential. Approximately $16 million in cumulative expenditures have been made to date.
On behalf of the Board of Directors,
"Dr. Peter J. Guest"
President & CEO
For further information please contact:
Peter J. Guest
President & CEO
Ph: 604-669-3397
[email protected]
Website: www.medresources.ca
or
John Walter
Communications Manager, IR
Ph: 1-647-430-0197
[email protected]
Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that the actual developments or results may vary materially from those in these "forward-looking statements"
The TSX does not accept responsibility for the adequacy or accuracy of this release. |
| |
| You can return to the Top of this page
|
|
|
