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 |   Thu Oct 30, 2008
High Grade Results Continue To Extend Gold & Base Metal Mineralization At The Corak Property
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Vancouver, B.C., October 30, 2008 -- Mediterranean Resources Ltd. (TSX: MNR, Frankfurt: MHM1) announces results from four infill diamond core holes drilled at the Corak property confirming the continuity of very high grade near-surface gold and base metal values. MNR owns 100% of the Corak and Tac advanced exploration properties together with six other properties situated along a contiguous 12 kilometre mineralized trend in northeastern Turkey. Drilling of two new areas, Celtik and West Corak, is now under way.
Highlights
- Gold values up to 71.4 g/t; one interval of 5.15 g/t over 22.2 metres.
- Multiple intercepts in each hole reported, from 12 to 126 metres depth.
- Four high grade intercepts from drill hole CD-191 and three from drill hole CD-193.
- Associated silver, lead and zinc values up to 203 g/t silver, 7.89 % lead, 14.95 % zinc.
- An updated Corak resource estimate incorporating current results is expected by year end.
Current Corak Drilling Program
Approximately 7,000 metres of the 8,000 metre 2008 Corak drill campaign have been completed to date. Four infill drill holes are reported in this release: CD-191, 193 and 194 drilled in the Village Zone and CD-196, drilled in the South Zone, confirming the presence of high grade gold and base metal mineralization along the 700 metre corridor comprising both mineralized zones. The attached map (or link to www.medresources.ca/s/Maps.asp ) correlates the mineralized zones with the new drill holes.
A resource of over 1 million ounces (indicated and inferred gold equivalent) has already been established at Corak in an NI 43-101 compliant report released earlier this year. Current drilling will provide an updated resource estimate, expected by year end.
Results are tabled below. True widths of the high grade veins reported are indeterminable at this stage. Depths of the reported holes range from 130 to 230 metres.
CD-191 |
From (m) |
To
(m) |
Interval (m) |
Au
(g/t) |
Ag
(g/t) |
Cu
(%) |
Pb
(%) |
Zn
(%) |
| |
27.2 |
28.2 |
1.0 |
36.90 |
21.40 |
0.06 |
0.52 |
1.28 |
and |
36.3 |
37.3 |
1.0 |
53.70 |
23.30 |
0.30 |
4.05 |
5.18 |
and |
59.2 |
60.2 |
1.0 |
37.60 |
203.00 |
0.12 |
1.90 |
1.12 |
and |
72.1 |
73.1 |
1.0 |
8.70 |
33.80 |
0.09 |
5.53 |
14.95 |
inc |
92.5 |
93.8 |
1.3 |
0.93 |
14.20 |
0.21 |
2.27 |
9.57 |
and |
121.0 |
122.0 |
1.0 |
0.14 |
5.80 |
0.06 |
1.22 |
6.09 |
CD-193 |
From (m) |
To
(m) |
Interval (m) |
Au
(g/t) |
Ag
(g/t) |
Cu
(%) |
Pb
(%) |
Zn
(%) |
| |
26.9 |
28.0 |
1.1 |
56.50 |
36.50 |
0.05 |
1.56 |
1.60 |
and |
49.5 |
51.2 |
1.7 |
6.22 |
19.50 |
1.06 |
1.02 |
2.54 |
and |
125.0 |
126.0 |
1.0 |
12.90 |
5.30 |
0.04 |
0.44 |
1.66 |
CD-194 |
From (m) |
To
(m) |
Interval (m) |
Au
(g/t) |
Ag
(g/t) |
Cu
(%) |
Pb
(%) |
Zn
(%) |
| |
21.1 |
22.1 |
1.0 |
1.45 |
22.40 |
0.32 |
7.89 |
8.59 |
and |
27.0 |
28.0 |
1.0 |
4.17 |
10.40 |
0.63 |
2.15 |
8.94 |
and |
29.0 |
30.0 |
1.0 |
0.15 |
10.90 |
0.09 |
1.72 |
6.97 |
and |
35.9 |
36.9 |
1.0 |
0.15 |
20.70 |
0.14 |
1.86 |
9.34 |
and |
44.1 |
48.4 |
4.3 |
1.99 |
11.88 |
0.04 |
1.77 |
1.29 |
and |
69.1 |
81.8 |
12.7 |
1.12 |
3.03 |
0.03 |
0.32 |
0.68 |
inc |
77.7 |
79.8 |
2.1 |
2.24 |
7.88 |
0.14 |
1.50 |
3.22 |
and |
113.0 |
114.0 |
1.0 |
0.29 |
6.80 |
0.05 |
1.27 |
4.59 |
CD-196 |
From (m) |
To
(m) |
Interval (m) |
Au
(g/t) |
Ag
(g/t) |
Cu
(%) |
Pb
(%) |
Zn
(%) |
| |
12.0 |
13.2 |
1.2 |
2.05 |
39.20 |
1.43 |
6.23 |
11.50 |
and |
21.7 |
25.8 |
4.1 |
1.41 |
12.98 |
0.61 |
1.66 |
3.69 |
and |
72.2 |
94.4 |
22.2 |
5.15 |
2.08 |
0.02 |
0.09 |
0.17 |
inc |
72.2 |
73.2 |
1.0 |
9.79 |
1.00 |
0.01 |
0.12 |
0.06 |
inc |
83.9 |
85.0 |
1.1 |
71.40 |
19.00 |
0.04 |
0.14 |
0.58 |
and |
117.0 |
118.0 |
1.0 |
0.24 |
1.00 |
0.04 |
0.20 |
3.37 |
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 begun on the Celtik property 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.
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 were acquired directly by MNR. Mediterranean is well financed for continued exploration, with a cash position of $5.5 million as of the date of this release.
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
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