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Past exploration confirmed near surface gold-silver deposit open to expansion
Inomin Mines Inc. (TSXV: MINE) is pleased to announce the filing of a technical report ("Technical Report"), in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), for the company's La Gitana Gold-Silver property in Mexico.
Highlights
- Previous core drilling confirmed La Gitana hosts a significant gold-silver deposit
- Initial 38 holes drilled with grades ranging from 0.25 to 27.8 g/t gold and 5 to 2,330 g/t silver
- Discovery drill hole intersected 133.5 metres (438 feet) of 1.78 g/t gold and 100.7 g/t silver
- Gold-silver mineralization is open to the southeast, at depth, and laterally
- Property prospective for near-surface bulk-tonnage and underground gold-silver deposits
The La Gitana gold-silver property is located in Oaxaca State in southern Mexico. The property is situated within the Oaxaca Gold-Silver Belt, a major northwest trending regional structure hosting several operating precious metals mines and prospects including Gold Resource's Arista and Mirador gold-silver mines, and Fortuna Silver's San Jose gold-silver mine.
La Gitana is an advanced, gold-silver exploration project where exploration, including surface mapping, surface rock sampling, IP-resistivity geophysics, as well as diamond drilling, has delineated a substantial near-surface, low-sulphidation, epithermal gold-silver mineral system. The gold-silver mineralization is open to expansion to the southeast and at depth from drill-tested areas.
Previous drilling programs at La Gitana in 2004 - 2006 by Chesapeake Gold Corp. (TSXV: CKG), intersected gold-silver mineralization in a core zone 400 to 500 metres long, 50 to 150 metres wide and 50 to 300 metres depth, with grades ranging from 0.25 to 27.8 g/t gold and 5 to 2,330 g/t silver.
Gold and silver mineralization is found in high-grade shoots in northwest trending, sub-vertical structures, and as low-grade disseminations within broad zones of quartz stockworks and breccias. The main structure has been traced for more than 1.4 kilometres up to 300 metres wide and a vertical extension of approximately 400 metres. Structures dip steeply between 70° and 90°. Gold and silver are present as electrum and acanthite within epithermal quartz veins.
A second less developed zone is located approximately 300 metres south of the main zone, as defined by soil geochemistry, channel sampling, and minimal drill testing. Mineralization also appears open laterally: to the east surface veins have not been drill tested; to the west is an untested overburden covered area.
The Technical Report authors believe that sufficient exploration has been completed at La Gitana to confirm the existence of a gold-silver deposit. A two phase exploration program including drilling is recommended at La Gitana to determine the scope of the mineralization and complete a preliminary resource calculation.
Initial communication with the local community has been encouraging. The company looks forward to continuing to build a positive working relationship with all stakeholders.
John Gomez, President of Inomin says, "La Gitana provides the opportunity to define and develop a substantial gold-silver deposit. We look forward to advancing the project to create significant benefits for all stakeholders."
The La Gitana technical report and other information on the project is available on Inomin's website www.inominmines.com.
Inomin Mines Director, L. John Peters P.Geo, a qualified person as defined by NI 43-101, has reviewed and approved the technical information in this news release.
About Inomin Mines
Inomin Mines is engaged in the identification, acquisition and exploration of mineral properties, especially gold, silver and nickel projects that display strong potential to host significant mineral resources. Inomin holds the La Gitana and Pena Blanca gold-silver properties in Mexico. The company owns a 100% interest in the Beaver-Lynx sulphide nickel project in south-central British Columbia, and the Fleetwood zinc-copper-gold-silver VMS project in south-west British Columbia. Inomin also owns 100% of the King's Point gold-copper-zinc project in Newfoundland under option to Maritime Resources Corp. Inomin trades on the TSX Venture Exchange under the symbol MINE. For more information visit www.inominmines.com and follow us on Twitter @InominMines.
On behalf of the board of Inomin Mines:
Inomin Mines Inc.
Per: "John Gomez"
President and CEO
For more information please contact:
John Gomez
Tel. 604.566.8703
info@inominmines.com
Forward-Looking Statements: This news release contains certain statements that may be deemed "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/89918
