Centenera Mining Corporation (“Centenera” or the “Company”)
- (TSX-V:CT) (OTCQB:CTMIF), reports that it has received
positive results from surface samplings at the El Quemado Lithium
Pegmatite Project (the “El Quemado Project”), solidifying the Santa
Elena target ("Santa Elena") as the top priority going
forward. Santa Elena has returned multiple anomalous channel
samples (
see Table 1 and Figure 1
& Figure 2 below)
demonstrating that the lithium mineralization is extensive in the
outcropping pegmatite dikes. In addition, the orientation
soil sampling results are interpreted by the Company as
demonstrating that lithium bearing pegmatites likely continue under
soil cover to the north and the south of Santa Elena. The
Company intends to continue with additional soil sampling to
establish the total potential strike length of the mineralized
pegmatites.
Figures accompanying this announcement are
available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/0fcd9598-47e9-43fc-8dc6-eecb06eb7b68
http://www.globenewswire.com/NewsRoom/AttachmentNg/9697ae77-5eb8-42d0-97ce-ba5220d45c12
http://www.globenewswire.com/NewsRoom/AttachmentNg/1d0bada3-b670-4d50-96cb-ca9b22149e6c
Santa Elena Rock Sampling
Results
Outcropping pegmatites were sampled by standard
rock chip samples and channel samples taken using a mechanical rock
saw to cut a channel across the pegmatites. All samples were
taken perpendicular to the strike of the pegmatite veins and, as
such, closely approximate their true width. Channel samples
are more time consuming and expensive to obtain, but result in
superior quality samples as they remove subjectivity from the
sampling process. Highlights of the channel sampling results
are included in Table 1 below.
Table 1. Highlights of
Rock Channel Sampling at Santa Elena Target. |
|
|
|
Channel ID |
Length (m) |
Li2O (%)* |
ElQ-0013 |
6 |
1.41 |
ElQ-14B |
2.2 |
1.32 |
ElQ-14C |
2 |
0.77 |
ElQ-0007 |
10 |
0.73 |
ElQ-0012 |
0.6 |
0.68 |
ElQ-0006 |
10 |
0.64 |
ElQ-0071 |
6.7 |
0.49 |
ElQ-0010 |
2.7 |
0.48 |
ElQ-0008 |
1.7 |
0.36 |
*Li2O %
values calculated using (Li ppm/10,000) x 2.153 |
Orientation soil samples were taken northwest
and southeast of the outcropping pegmatite dikes. The purpose of
the orientation survey was to investigate whether soil sampling
could be used to detect lithium mineralized pegmatites under soil
cover.
At Santa Elena, lithium was detected in soils
directly along strike from mineralized outcrops (Figure
1), suggesting that mineralized pegmatites at Santa Elena
can be detected using soil sampling. These initial results
provide the Company with a cost-effective tool with which to
evaluate the remainder of the target area. It is likely that
systematic soil sampling will allow pegmatite mineralization to be
traced under soil cover generating targets that can be tested by
trenching or drilling as appropriate. It should be possible
to establish a total expected strike length and, potentially, the
number of pegmatite dikes, before trenching or drill testing
commences.
Rock Sampling at Other El Quemado
Project Targets
Sampling at the Las Pailas
target was severely curtailed by bad weather which resulted in the
exploration work being abandoned. As a result, only 11
channel samples from approximately 75 planned channel samples were
taken (Figure 3). No anomalous lithium
was identified in the samples taken, but field reports indicate
that the lithium mineral spodumene was identified in outcrop.
As a result, the Las Pailas target area remains a high priority for
future work.
Potential pegmatite dikes at the El
Penon target were field checked and identified as
un-mineralized dacite porphyry dikes of no further interest.
Pegmatite dikes were located at the Tres Cumbres
target, but sampling did not locate anomalous lithium
mineralization and no future work is planned for this target
area.
No sampling was undertaken at the
Leilita target, located at the far north end of
the El Quemado Project. This target remains open for future
exploration.
About Lithium
Lithium is produced from both brines and
hard-rock sources (pegmatites). Estimates from 2015 suggest
that global lithium production from conventional hard-rock mining
of lithium minerals may be as high as 44% (source: Macquarie
research 2016). Lithium pegmatites are a viable source of the
metal due to their high concentration in ores relative to
brines. Production from these lithium pegmatite deposits
mitigates global concerns regarding undue dependence on supplies
from dominant brine producers in Chile and Argentina. As a
grade comparison, moderate to high brine grades of 400ppm lithium
equate to 0.04% lithium, whereas initial sampling at the El Quemado
Project has returned grades as high as 9,400ppm or 0.94%
lithium. Chemical-grade lithium refers to spodumene that is
converted to lithium carbonate or lithium hydroxide. Pegmatites are
a source of technical-grade lithium, where spodumene is used
directly in the ceramics or glass industries without
processing.
About Pegmatites
Pegmatites are igneous rocks that form during
the final stage of a cooling magma's crystallization. To be
called a pegmatite, a rock should be composed almost entirely of
crystals that are at least one centimeter in diameter. Most
pegmatites have a composition that is similar to granite with an
abundance of quartz, feldspar and mica. Pegmatites can be
sources of valuable minerals such as spodumene (a lithium-bearing
mineral) that are rarely found in economic amounts in other types
of rocks. In the initial stages of crystallization, the ions
that form high-temperature minerals are depleted from the melt.
Rare ions that do not participate in the crystallization of
common rock-forming minerals become concentrated in the melt and in
the excluded water. These ions can form the rare minerals
that are often found in pegmatites. Examples include small
ions such as lithium and beryllium that form spodumene or large
ions such as tantalum that form tantalite. Rare elements
concentrated in large crystals make pegmatite a potential source of
economic concentrations.
Quality Assurance / Quality
Control
Quality assurance and quality control procedures
include the systematic insertion of blanks, standards and
duplicates into the channel, rock and soil sample sequences.
The results of the control samples are evaluated and results
are re-analysed and/or resubmitted as needed. All results stated in
this news release have passed the Company’s quality assurance and
quality control protocols.
Channel samples were taken using a gas-powered
rock saw with a diamond tipped saw blade to cut a channel across
the outcropping pegmatite dikes. The rock saw was used to
prepare a channel approximately 5 cm in width and depth, the rock
was then broken out from the channel using a hammer and
chisel. All rock samples were accompanied by a hand specimen,
identified with the number of the sample for later petrographic
work if warranted. All samples were collected and catalogued under
the supervision of Company geologists in accordance with standard
industry practice. Samples were dispatched to the SGS
laboratory in Callao, Peru, an ISO 9001:2000 accredited laboratory,
for digestion using sodium peroxide fusion method and analysis
using inductively coupled plasma atomic emission
spectroscopy.
Qualified Person
Tyler Caswell, P.Geo., the Company's Exploration
Manager and a qualified person as defined by National Instrument
43-101, has reviewed the scientific and technical information that
forms the basis for portions of this news release, and has approved
the disclosure herein. Mr. Caswell is not independent of the
Company, as he is an employee and holds incentive stock
options.
About Centenera Mining
Corporation
Centenera is a mineral resource company trading
on the TSX Venture Exchange, under the symbol "CT" and on the OTCQB
exchange under the symbol "CTMIF". The Company is focused
100% on prospects in Argentina. The Company intends to focus
its 2017 exploration activities on drill-testing its
flagship Huachi copper-gold project. The
Company has made application for a drilling permit through the
underlying owner and is awaiting approval to begin
exploration. Other assets, such as the El
Quemado lithium pegmatite project in Salta Province
are intended with be explored by the Company with the aim of
proving project potential and attracting a joint venture partner or
a project sale. The Company also intends to seek a joint venture
partner for its Organullo gold project, which
has approximately 8,000 meters of historical drilling and assay
results. The Organullo project has a geological target range from
19.8 million tonnes grading at 0.94 g/t gold (600,000 ounces) to
31.6 million tonnes grading 0.92 g/t gold (940,000 ounces) using a
0.5 g/t gold cut-off-grade. It should be noted that these
potential exploration target quantities and grades are conceptual
in nature, that insufficient exploration and geological modelling
has been done to define a mineral resource, and that it is
uncertain if further exploration will result in the delineation of
a mineral resource.
On Behalf of the Board of Directors of
CENTENERA MINING
CORPORATION
"Keith Henderson"
President & CEO
For further details on the Company readers are
referred to the Company's web site (www.centeneramining.com) and
its Canadian regulatory filings on SEDAR at www.sedar.com.
For further information, please
contact:
Keith Henderson
Phone: 604-638-3456
E-mail: info@centeneramining.com
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 news release.
This news release contains forward-looking
statements and forward-looking information (collectively,
“forward-looking statements”) within the meaning of applicable
Canadian and U.S. securities legislation, including the United
States Private Securities Litigation Reform Act of 1995. All
statements, except for statements of historical fact, that address
activities, events or developments that management of the Company
expects or anticipates will or may occur in the future including
such things as the anticipated exploration program results from
exploration activities, the discovery and delineation of mineral
deposits and rock sampling results from the El Quemado lithium
pegmatite project, Huachi copper-gold project and Organullo gold
project, the Company’s ability to enter into a joint venture
agreement or sale agreement for the El Quemando an Organullo
projects, the anticipated content, commencement, and cost of
exploration programs in respect of the Company's projects and
mineral properties, the anticipated business plans and timing of
future activities of the Company, future capital expenditures
(including the amount and nature thereof), business strategies and
measures to implement strategies, competitive strengths, goals,
expansion and growth of the business and operations, plans and
references to the future success of the Company, and such other
matters, are forward-looking statements. Often, but not
always, forward-looking statements can be identified by words such
as “pro forma”, “plans”, “expects”, “may”, “should”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”,
“believes”, “potential” or variations of such words including
negative variations thereof, and phrases that refer to certain
actions, events or results that may, could, would, might or will
occur or be taken or achieved. Forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company to differ materially from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Such risks and other factors
include, among others, the ability of the Company to obtain
sufficient financing to fund its business activities and plans,
operating and technical difficulties in connection with mineral
exploration and development and mine development activities for
Company's projects generally (including geological mapping,
prospecting and sampling programs), actual results of exploration
activities (including the estimation or realization of mineral
reserves and mineral resources), the timing and amount of estimated
future production, costs of production, capital expenditures, the
costs and timing of the development of new deposits, the
availability of a sufficient supply of water and other materials,
requirements for additional capital, future prices of precious
metals, tantalum and lithium, changes in general economic
conditions, changes in the financial markets and in the demand and
market price for commodities, possible variations in ore grade or
recovery rates, possible failures of plants, equipment or processes
to operate as anticipated, accidents, labour disputes and other
risks of the mining industry, delays in obtaining governmental and
regulatory approvals (including of the TSX Venture Exchange),
permits or financing or in the completion of development or
construction activities, changes in laws, regulations and policies
affecting mining operations, hedging practices, currency
fluctuations, title disputes or claims limitations on insurance
coverage and the timing and possible outcome of pending litigation,
environmental issues and liabilities, risks related to joint
venture operations, and risks related to the integration of
acquisitions, as well as those factors discussed under the heading
“Risk Factors” in the Company’s most recent annual management’s
discussion and analysis and other filings of the Company with the
Canadian Securities Authorities, copies of which can be found under
the Company's profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue
reliance on forward-looking statements. The Company
undertakes no obligation to update any of the forward-looking
statements in this news release or incorporated by reference
herein, except as otherwise required by law.
Centenera Mining Corporation (TSXV:CT)
Historical Stock Chart
From May 2024 to Jun 2024
Centenera Mining Corporation (TSXV:CT)
Historical Stock Chart
From Jun 2023 to Jun 2024