|  |  | |
 |   Tue Dec 16, 2008
Mediterranean Announces New Discovery At Celtik 6.51 G/T Gold And 0.9 % Copper Over 18.4 Metres
|
| | Vancouver, BC, December 16, 2008 -- Mediterranean Resources Ltd. (TSX: MNR, Frankfurt: MHM1) announces initial drill results confirming the Celtik property as a new discovery at the eastern extension of MNR's 12 kilometre Yusufeli mineralized trend in northeastern Turkey. Assays from three holes returned multiple intercepts with gold and copper values up to 6.51 g/t Au and 0.9% Cu over 18.4 metres (HD-04) at a depth of 166.2 to 184.6 metres.
The Celtik drilling program is now completed. MNR drilled approximately 9,400 metres in 2008: 6,500 metres of infill drilling at Corak; 1,000 metres extension drilling at West Corak; and 1,900 metres at the new Celtik discovery area. Significant mineralization has now been identified at three areas within MNR's land package, which comprises over 100 square kilometres (10,000 hectares). Updated Tac and Corak resource estimates incorporating the Celtik results as an extension to Tac and those for West Corak as an extension to Corak are expected by the end of January 2009.
Celtik Program Highlights
- Significant gold and copper values over multiple intervals in each hole are reported from surface to 314 metres depth.
- Wide alteration and mineralization supporting a high sulphidation epithermal system.
- Consistent gold grades along silicified and brecciated sections including 1.63 g/t gold from surface to 20.6 metres and 0.62 g/t gold over 40.5 metres (HD-02 drilled to 347 metres).
- The indicated potential for expanding on these initial results make Celtik a significant component of MNR's 2009 drilling program plans. Mineralization has now been expanded at the western and eastern ends of the 12 kilometre Yusufeli trend.
Celtik Drilling Program
The exploration drill campaign at Celtik comprised seven diamond core drill holes totaling approximately 1,900 metres. The three diamond core exploration drill holes reported in this release were conducted to follow up on targets identified from an extensive ground exploration program including detailed geological mapping, systematic rock sampling, grid soil sampling and a geophysical IP survey comprising 10 lines totaling 12.9 line kilometres. Assay results from three additional diamond drill holes are pending. The fourth drill hole, HD-3, returned mineralization to a depth of 88 metres at which point it entered a fault and drilling was discontinued.
The attached map (or link to www.medresources.ca/s/Maps.asp ) shows the location of Celtik at the northeastern extension of the Yusufeli mineralized trend relative to the Tac and Corak properties and a second map shows the location of the drill holes at Celtik.
Results are tabled below. True widths of the high grade veins reported are indeterminable at this stage. Depths of the reported holes range from 217 to 347 metres with the average being 266 metres.
HD-04 |
From
(m) |
To
(m) |
Interval
(m) |
Au
(g/t) |
Ag
(g/t) |
Cu
(%) |
Pb
(%) |
Zn
(%) |
|
21.9 |
28.7 |
6.8 |
0.23 |
50.88 |
0.3 |
0.8 |
0.5 |
and |
32.0 |
35.7 |
3.7 |
0.87 |
6.82 |
0.2 |
0.1 |
0.1 |
and |
44.0 |
45.0 |
1.0 |
1.97 |
27.60 |
- |
0.9 |
1.0 |
and |
49.7 |
55.9 |
6.2 |
0.70 |
14.44 |
0.1 |
0.2 |
0.3 |
and |
60.9 |
62.0 |
1.1 |
3.13 |
27.60 |
0.3 |
- |
0.1 |
and |
166.2 |
184.6 |
18.4 |
6.51 |
16.85 |
0.9 |
0.2 |
- |
HD-02 |
From
(m) |
To
(m) |
Interval
(m) |
Au
(g/t) |
Ag
(g/t) |
Cu
(%) |
Pb
(%) |
Zn
(%) |
|
0.0 |
20.6 |
20.6 |
1.62 |
16.79 |
0.1 |
0.1 |
0.1 |
inc |
8.5 |
11.0 |
2.5 |
2.35 |
21.36 |
0.1 |
0.2 |
0.1 |
inc |
12.7 |
16.3 |
3.6 |
4.69 |
48.68 |
0.2 |
- |
- |
and |
157.9 |
181.5 |
23.6 |
0.40 |
11.17 |
- |
0.3 |
0.7 |
and |
243.4 |
283.9 |
40.5 |
0.61 |
7.60 |
0.1 |
0.1 |
0.1 |
inc |
243.4 |
244.4 |
1.0 |
2.93 |
25.80 |
1.2 |
0.7 |
1.5 |
inc |
264.0 |
265.5 |
1.5 |
4.71 |
17.10 |
0.1 |
0.2 |
0.1 |
inc |
274.7 |
280.4 |
5.7 |
0.84 |
17.62 |
0.1 |
- |
- |
HD-01 |
From
(m) |
To
(m) |
Interval
(m) |
Au
(g/t) |
Ag
(g/t) |
Cu
(%) |
Pb
(%) |
Zn
(%) |
|
1.5 |
6.9 |
5.4 |
0.75 |
2.81 |
- |
- |
- |
and |
14.5 |
15.5 |
1.0 |
3.27 |
4.20 |
- |
0.2 |
0.2 |
and |
83.0 |
95.8 |
12.8 |
0.62 |
5.43 |
- |
0.1 |
0.2 |
inc |
91.9 |
95.8 |
3.9 |
1.38 |
12.84 |
0.1 |
0.3 |
0.4 |
and |
165.9 |
179.2 |
13.3 |
0.67 |
1.66 |
- |
- |
0.1 |
inc |
165.9 |
170.4 |
4.5 |
1.06 |
1.10 |
- |
- |
- |
inc |
176.4 |
179.2 |
2.8 |
0.86 |
1.30 |
- |
- |
0.1 |
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.
Project Overview
NI 43-101 compliant resource estimates (over 2 million ounces in total, Au equivalent, indicated and inferred) have been established at the Tac and Corak properties; drilling has been conducted on the Celtik property, which is the subject of this release, and also on the West Corak property on targets identified by ground exploration programs including soil geochemistry and IP geophysical surveys. Ground exploration to develop drilling targets is ongoing at the Cevreli property. Additional exploration licenses have been obtained which allow an uninterrupted property holding along a 12 kilometre mineralized trend that runs from Corak in the southwest to Celtik in the northeast.
Corak Resource Estimate -- 1.15 Million Ounces Gold Equivalent, Indicated and Inferred
In 2007 MNR drilled approximately 17,500 metres at Corak over a mineralized area including the Village and South Zones. A NI 43-101 compliant resource estimate (March 11, 2008) outlined 542,163 ozs of gold, indicated, on a gold equivalent basis at an average grade of 1.74 g/t using a threshold value of $13/tonne contained metal value. An inferred resource was also outlined of 606,925 ozs of gold on a gold equivalent basis at an average grade of 1.6 g/t and $13/tonne contained metal value.
Tac Resource Estimate -- 1.18 Million Ounces Gold Equivalent, Indicated and Inferred
Tac is situated approximately 8 km northeast of Corak. Tac has an NI 43-101 compliant indicated resource of 1,055,954 ozs of gold on a gold equivalent basis at an average gold grade of 1.61 g/t using a threshold value of $13/tonne contained metal value. An inferred resource was also outlined of 123,965 ozs of gold on a gold equivalent basis at an average grade of 1.71 g/t and $13/tonne contained metal value.
About Mediterranean Resources
Mediterranean acquired an undivided interest in the Tac and Corak properties from a major mining company in 2006. Approximately $14 million in cumulative expenditures have been made to date, resulting in over 2 million ounces (gold equivalent) combined resource estimates. The Cevreli and Celtik properties located along the Yusufeli mineralized trend were acquired directly by MNR. Mediterranean is well financed for continued exploration, with a cash position of over $4 million as of the date of this release and has recently signed a letter of intent with a major Turkish mining and smelting company to joint venture the exploration, development and mine operation of properties along the trend.
For further information please contact:
Dr. Peter J. Guest
President & CEO
604-669-3397
Mr. Douglas Hickey
Manager, Investor Relations
604-629-4807
www.medresources.ca
|
| |
| You can return to the Top of this page
|
|
|
