RNS Number : 3544D
Uruguay Mineral Exploration Inc
12 September 2008
September 12, 2008 SYMBOLS: UME (TSXV), UGY (AIM)
Uruguay Mineral Exploration Inc
Exploration Drilling Update
Uruguay Mineral Exploration Inc ("UME" or the "Company"), a South American gold production
and exploration company, today reported
encouraging exploration drill results for Arenal Deep and Nueva Australia, near the San
Gregorio mine, and for Presidente Terra in Southern
Uruguay.
David Fowler, Chief Executive Officer, commented: "We continue to see encouraging results
from the drill campaign near the mine and have
drilled significant intercepts at both Arenal and Nueva Australia. At Arenal Deep, best
results in hole ADDL090 of 19.25 m @ 4.68 g/t Au
indicate that we are encountering widths and grades that have the potential to support an
underground operation. We are currently drilling
offsets to the intercepts in Arenal Deep to further assess the potential and this programme
should be completed by November 2008. We also
drilled three holes at Nueva Australia to test mineralization at depth. Best results, 4.65 m @
8.57 g/t Au in hole NADD003, indicate that
thicker and higher-grade mineralization exists and has the potential to host a significant
gold resource. Three offset drill holes are
planned to be completed to test the extent of mineralization by December.
"Our first pass drill program at Presidente Terra was a broad spaced program of 51 holes
over 6.6 km focusing on gold bearing vein/shear
sets in granitic host rocks. A further 2 km remains to be tested during the 2008 calendar year
as part of the first pass program. Results of
this initial program demonstrate that gold mineralisation is continuous. Follow up exploration
during the rest of 2008 will use these
results to target higher-grade areas and bulk targets," closed Mr. Fowler.
Near Mine
Near the San Gregorio mine, the deep drill campaign continues to deliver significant
intercepts from Arenal Deep and Nueva Australia.Location and details of drill holes reported from Arenal Deep and Nueva Australia are
presented below.
Hole ID East North RL Azimuth Inclination Depth (m)
ALDD090 530532.5 6505096 126 15 -80 396.65
ALDD091 530516 6504832 140 350 -65 644.35
NADD001 527021 6508149 182 15 -65 272.2
NADD002 526461 6508475 156 30 -60 239.1
NADD003 526177 6508092 156 32 -63 493.7
------
Drill hole details and collar locations for Arenal and Nueva Australia holes.
At Arenal Deep, of the two additional core holes completed, significant intercepts have
been reported from hole ALDD090 and are
presented below.
Hole From Intercept and Grade
ALDD090 247.7 m 19.25 m @ 4.68 g/t Au
including 247.7 m 2.75 m @ 3.45 g/t Au
252.0 m 4.1 m @ 5.08 g/t Au
258.0 m 5.3 m @ 4.32 g/t Au
265.5 m 1.5 m @ 20.51 g/t Au
ALDD090 269.7 m 21.75 m @ 2.34 g/t Au
ALDD090 293.1 m 1.75 m @ 2.48 g/t Au
------
Drill result composites of >0.5g/t, includes intervals of 1.0mt of <0.5 g/t. Drill hole
thickness reported, approximate true thickness.
The intercepts in this hole are the best reported to date from the deep drill program and
represent consistent grades above 2.5 g/t. The
intercept is located over 60 meters from the nearest intercept in hole ALDD089. Drilling
continues in the area with results pending for an
additional two holes with a third in progress. The drilling is designed to test for
mineralization up plunge to the northwest.
At Nueva Australia, three core holes were completed on a broad space drill pattern to test
for mineralization at depth. One of the three
holes completed, NADD003, intercepted significant mineralization. Results are presented
below.
Hole From Intercept and Grade
NADD003 420.3 m 3.35 m @ 0.94 g/t Au
NADD003 445.9 m 4.65 m @ 8.57 g/t Au
Including 445.9 m 2.00 m @ 16.83 g/t Au
------
Drill result composites of >0.5g/t. Drill hole thickness reported, approximate true
thickness.
The drill hole collar is located south of the surface exposure of the Nueva Australia
structure. The intercept is more than 400 meters
down dip from the nearest drill hole intercept. This intercept indicates that thicker
higher-grade mineralization exists within the Nueva
Australia structure, and that the structure has the potential to host a significant gold
resource. Three offset drill holes are planned to
test the extent of the mineralization along strike and up dip. These holes should be
completed by December 2008.
Dom Feliciano Belt
At Presidente Terra, drilling commenced in April of 2008 and has tested two of the three
exploration tenements, the southern and the
northern tenements, which cover an area of 12 square kilometres. Exploration permits have now
been received to drill the central area. A
total of 45 reverse circulation drill holes and 6 core drill holes have been completed for a
total of 7,457 meters. The drilling
concentrated on gold bearing vein/shear sets in granitic host rock and to date have tested a
combined 6.6 km of strike length of the vein
system.
Results are encouraging with over 45% of the drill holes reporting 2 meter or greater
intercepts of more than 1.0 g/t Au. Over 70% of
the drill holes intercepted the structural target and reported anomalous mineralization
greater than 0.5 g/t. Results are pending on all six
core holes as well as the last four reverse circulation drill holes.
Significant results are presented below.
Hole ID From Intercept and Grade Hole ID From Intercept and Grade
PT-08-001 36.0 m 4.0 m @ 1.31 g/t Au PT-08-027 17.0 m 4.0 m @ 2.88 g/t Au
PT-08-002 31.0 m 5.0 m @ 1.60 g/t Au PT-08-029 36.0 m 3.0 m @ 11.0 g/t Au
PT-08-005 73.0 m 2.0 m @ 3.11 g/t Au PT-08-031 10.0 m 4.0 m @ 3.48 g/t Au
PT-08-006 40.0 m 4.0 m @ 5.02 g/t Au 23.0 m 5.0 m @ 1.07 g/t Au
including 43.0 m 1.0 m @ 17.52 g/t Au PT-08-032 86.0 m 2.0 m @ 1.76 g/t Au
PT-08-007 29.0 m 5.0 m @ 0.66 g/t Au PT-08-036 11.0 m 3.0 m @ 0.82 g/t Au
42.0 m 4.0 m @ 1.82 g/t Au PT-08-037 89.0 m 2.0 m @ 1.62 g/t Au
48.0 m 2.0 m @ 0.67 g/t Au PT-08-040 72.0 m 2.0 m @ 1.60 g/t Au
60.0 m 2.0 m @ 2.15 g/t Au 45.0 m 2.0 m @ 4.60 g/t Au
PT-08-015 54.0 m 2.0 m @ 2.39 g/t Au PT-08-041 31.0 m 2.0 m @ 5.10 g/t Au
PT-08-021 46.0 m 2.0 m @ 2.79 g/t Au PT-08-044 145.0 m 2.0 m @ 3.47 g/t Au
PT-08-026 23.0 m 2.0 m @ 6.60 g/t Au PT-08-045 24.0 m 3.0 m @ 1.04 g/t Au
Drill result composites of >0.5g/t, may include 1.0 mt intervals of <0.5 g/t Au.
The vein shear system generally trends N15-18E and dips 60 to 70 degrees to the SE.Drilling has been directed to the NW at -60 to -65
degrees. Location and details of all drill holes are presented below.
Drilled Hole ID Easting Northing Az Dip Depth
PT-08-001 607334 6276196 285 60 128
PT-08-002 607358 6276294 285 60 120
PT-08-003 607384 6276391 285 60 125
PT-08-004 607307 6276403 285 60 125
PT-08-005 607449 6276526 285 60 133
PT-08-006 606212 6276049 285 60 141
PT-08-007 606617 6276799 285 60 125
PT-08-008 605995 6276709 285 60 125
PT-08-009 606228 6277110 285 60 146
PT-08-010 606252 6277210 285 60 130
PT-08-011 606252 6277313 285 60 125
PT-08-012 607932 6279973 285 60 135
PT-08-013 607781 6279804 285 60 126
PT-08-014 607354 6278988 285 60 130
PT-08-015 607651 6279219 285 60 140
PT-08-016 607580 6279239 285 60 120
PT-08-017 606637 6277789 285 60 119
PT-08-018 607197 6278877 285 60 125
PT-08-019DDH 606339 6276258 285 60 188.1
PT-08-020 607110 6278745 285 60 150
PT-08-021 607045 6278291 285 60 130
PT-08-022DDH 606618 6276802 285 60 101.1
PT-08-023DDH 606552 6278115 285 60 137.8
PT-08-024 605570 6278471 105 60 125
PT-08-025DDH 606823 6277679 285 60 125.1
PT-08-026 607070 6277147 285 60 108
PT-08-027 608522 6281987 285 60 125
PT-08-028DDH 608118 6282509 105 60 173.1
PT-08-029 608621 6282166 285 60 135
PT-08-030DDH 608849 6283118 285 60 199.8
PT-08-031 608674 6282357 285 60 150
PT-08-032 608774 6282442 285 60 135
PT-08-033 608668 6282149 285 60 60
PT-08-034 608645 6282160 285 60 159
PT-08-035 608550 6282190 105 70 150
PT-08-036 608646 6282263 285 65 203
PT-08-037 608694 6282249 285 65 219
PT-08-038 608826 6283017 285 60 159
PT-08-039 608596 6282069 285 65 200
PT-08-040 608902 6283205 285 60 150
PT-08-041 608997 6283568 285 60 150
Results of this first pass drill program will be used in conjunction with a recently
acquired ground magnetic survey to better define
target areas which may contain thicker and higher-grade mineralized zones. A second round of
drilling is expected to take place before the
end of the year to test the central tenement as well as the targets defined above.
More information on UME's exploration activities at Presidente Terra, Nueva Australia and
Arenal Deep can be found on the Exploration
section of our website at www.uruguayminerals.com
Qualified Person's Statement
The technical information presented in this press release has been reviewed and verified
by Mr. John Sadek, Vice President Operations
and a Mining Engineer, and Mr. George Schroer Vice President Exploration and a Certified
Professional Geologist. Mr. Sadek and Mr. Schroer
are the Qualified Persons for the purposes of the AIM Guidance Note on Mining, Oil and Gas
Companies dated March 2006. Mr. Sadek has a
Bachelor of Engineering (Mining) from the University of Sydney and is a member of the AusIMM
and SME. He has over 20 years of international
experience in mining. Mr. Schroer has a Masters of Science in Geology from Colorado State
University and is a member of SEG and AIPG. He has
over 20 years of international experience in exploration.
Forward Looking Statements
All statements, other than statements of historical fact, contained or incorporated by
reference in this news release, including any
information as to the future financial or operating performance of UME, constitute
"forward-looking statements" within the meaning of
certain securities laws, including the "safe harbour" provisions of the Securities Act
(Ontario) and the United States Private Securities
Litigation Reform Act of 1995 and are based on expectations estimates and projections as of
the date of this news release. There can be no
assurance that such statements will prove to be accurate, such statements are subject to
significant risks and uncertainties, and actual
results and future events could differ materially from those anticipated in such statements.Forward-looking statements include, without
limitation success of exploration activities; permitting time lines; the failure of plant;
equipment or processes to operate as anticipated;
accidents; labour disputes; requirements for additional capital title disputes or claims and
limitations on insurance coverage. UME disclaims any intention or obligation to update or
revise any
forward looking statements whether as a result of new information, future events and such
forward-looking statements, except to the extent
required by applicable law.
ENDS
The TSX Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this news release.
About Uruguay Mineral Exploration Inc.
Uruguay Mineral Exploration Inc. (UME) is a gold production and exploration company that
identifies and develops mineral opportunities
in South America. UME is a fully integrated mining company, possessing the skills necessary to
explore and develop its discoveries. UME
operates San Gregorio, the only producing gold mine in Uruguay, and is the leading mineral
exploration company in Uruguay with an
exploration portfolio of gold, diamonds and base metal prospects, including copper, nickel,
lead, and zinc.
Uruguay Mineral Exploration Inc. is quoted in Canada (TSXV) and London (AIM) and RBC
Capital Markets is its Nominated Adviser and
Broker. More information can be found at www.uruguayminerals.com
For further information, please contact:
Uruguay Mineral Exploration Inc
Tony Shearer, Chairman: +44 (0)20 7602 1570; tonyshearer@btinternet.com
David Fowler, CEO: + 598 2 6016354; urumin@ume.com.uy
Investor Relations
Susan Borinelli, Breakstone Group: +1 646-330-5907; sborinelli@breakstone-group.com
RBC Capital Markets
Andrew Smith: +44 (0) 20 7029 7882; andrew.smith@rbccm.com
Sarah Wharry: +44 (0)20 7653 4667; sarah.wharry@rbccm.com
This information is provided by RNS
The company news service from the London Stock Exchange
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