From surface; 0m to 166m grading
1.14% copper
equivalent1,2(0.84% copper, 0.36g/t
gold)
Centenera Mining Corporation (“Centenera” or the
“Company”) (TSXV:CT) (OTCQB:CTMIF) receives drill results
from the first 166m of drill hole 18-ESP-025 at the advanced
Esperanza Copper-Gold Porphyry project. Drill hole 18-ESP-025
collared in mineralization and continued to drill mineralized rock
to a total depth of 387m, at which depth the hole was abandoned due
to drilling difficulties. Laboratory results have been
returned (Table 1) for the upper 166m grading 0.84% copper and
0.36g/t gold; 1.14% copper equivalent1,2. Results for the
lower portion of the drill hole (from 166m to 387m) are pending and
expected in early May.
“Partial results for our first drill hole at
Esperanza are excellent. Mineralization at the base of this
sample batch remains strong, with 1.32% coper equivalent from 142m
to 166m. We look forward to receiving results for the
remainder of the drill hole in early May,” stated Keith Henderson,
Centenera’s President & CEO. “We acquired the Esperanza project
in 2017 because drilling results in 2006 had provided such a solid
foundation for further exploration. These first results from
our drill program demonstrate very clearly that the potential to
expand mineralization is real.”
Table 1: Partial results for drill
hole 18-ESP-025 from surface to 166m depth
Drillhole |
Azimuth |
Dip |
From (m) |
To (m) |
Interval (m) 1 |
Copper (%) |
Gold (g/t) |
Copper Equivalent (%)2 |
|
280 |
-67 |
0 |
166 |
166 |
0.84 |
0.368 |
1.14 |
18-ESP-025 |
including |
0 |
22 |
22 |
1.17 |
0.556 |
1.62 |
|
and |
142 |
166 |
24 |
1.02 |
0.367 |
1.32 |
|
|
|
|
|
|
|
|
Notes 1 True width is not known. 2 Copper
equivalent = Copper grade % + (0.795 x gold grade g/t), assuming a
copper price of $2.20/lb ($4850/t) and a gold price of $1200/oz
($38.58/g) and assuming 100% recovery.
Figure 1: Map showing location of
existing 2007 drill holes at Esperanza
(blue), the 2018 drill holes (red), both
completed and planned, is available
at
http://resource.globenewswire.com/Resource/Download/de2609a2-67d7-47cc-9087-c98942698c6a
Drilling Update
Drilling at the Esperanza Copper Gold Porphyry
project is ongoing. The first drill hole, 18-ESP-025 (Figure
1), collared 120m northwest of previous drill hole 06-HU-02.
Drill hole 18-ESP-025 collared close to the western extent of the
Canyon Stock as defined by outcropping alteration and
mineralization and drilled on an azimuth of 280°. The purpose
of the drill hole is to test the extent of mineralization to the
west and at depth. Drill hole 18-ESP-025 collared in potassic
altered (biotite, K-feldspar, biotite) and mineralized porphyry
intrusive and remained within this proximal alteration zone
throughout the entire length of the hole before being terminated
due to technical difficulties at 387m. The planned depth for
was 500m.
Drill hole 18-ESP-026 collared approximately 30m
south of 18-ESP-025 and was drilling on an azimuth of 080°.
The drill hole did not test target and was abandoned at 127m.
Drill hole 18-ESP-027 collared 100m south of
previous drill hole 06-HU-02 and is drilling on an azimuth of
285. The purpose of the drill hole is to test the extent of
mineralization to the west and at depth. The drill hole
collared in mineralized rock and is ongoing at approximately
250m. Target depth is approximately 500m.
About Esperanza Copper-Gold
Porphyry
The outcropping copper-gold porphyry
mineralization at Esperanza was first drill-tested in 2006-2007 by
7 drill holes totalling 2,011 metres. All drill holes
intersected significant copper-gold mineralization (Figure
1). Drilling highlights include:
- Mineralization is outcropping at surface with a pyrite halo
extending over a 1,400m x 850m area
- Drill holes generally intersected mineralization at
surface
- Mineralization is open all directions
- Majority of drill holes terminated in mineralization (due to
the depth limitations of the rig) and are open at depth
- Several drill holes demonstrate increasing grade with
depth
Quality Assurance / Quality
Control
The Esperanza copper-gold porphyry drill testing
was historically undertaken by Cardero Resource Corp. from 2006 to
2007. On site personnel at the project rigorously collected
and tracked samples, which were then sealed and shipped to ALS
Chemex for analysis. ALS Chemex's quality system complies
with the requirements for the International Standards ISO 9001:2000
and ISO 17025: 1999. Analytical accuracy and precision are
monitored by the analysis of reagent blanks, reference material and
replicate samples. Quality control was further assured by the
use of international and in-house standards. Blind certified
reference material was inserted at regular intervals into the
sample sequence by Cardero personnel in order to independently
assess analytical accuracy. Finally, representative blind
duplicate samples were forwarded to ALS Chemex and an ISO compliant
third-party laboratory for additional quality control.
Drilling undertaken by Centenera in 2018 has
been supervised by on site personnel at the project who rigorously
collect and track samples, which are then sealed and shipped to SGS
Minerals (“SGS”) for analysis. SGS's quality system complies
with the requirements for the International Standards ISO 9001:2000
and ISO 17025: 1999. Analytical accuracy and precision are
monitored by the analysis of reagent blanks, reference material and
replicate samples. Quality control is further assured by the
use of international and in-house standards. Blind certified
reference material was inserted at regular intervals into the
sample sequence by Centenera personnel in order to independently
assess analytical accuracy.
Qualified Person
Keith J. Henderson, P.Geo., is the Company's
qualified person as defined by National Instrument 43-101, and has
reviewed the scientific and technical information that forms the
basis for portions of this news release, and has approved the
disclosure herein. Mr.Henderson is not independent of the
Company, as he is an employee, a shareholder 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 mineral resource assets in Argentina. The Company intends
to focus its 2017 exploration activities on drill-testing its
flagship Esperanza copper-gold project. Other assets,
including the El Quemado lithium pegmatite project in
Salta Province and the Organullo gold project, are intended to be
explored by the Company with the aim of proving project potential
and attracting a joint venture partner or a project sale. The
Organullo project has approximately 8,000 metres of historical
drilling and assay results. Organullo 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
ofCENTENERA 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 HendersonPhone: 604-638-3456E-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, other than statements of historical fact, included
herein including, without limitation, statements regarding the
anticipated content, commencement, timing and cost of exploration
programs in respect of the Project and otherwise, anticipated
exploration program results from exploration activities, the
Company's expectation that it will be able to enter into agreements
to acquire interests in additional mineral properties, the
successful negotiation and execution of a definitive Option
Agreement for the Project, the discovery and delineation of mineral
deposits/resources/reserves on the Project, and the anticipated
business plans and timing of future activities of the Company, are
forward-looking statements. Although the Company believes that such
statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Often, but not always,
forward looking information 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
information. Such risks and other factors include, among others,
operating and technical difficulties in connection with mineral
exploration and development and mine development activities at the
Project, including the geological mapping, prospecting and sampling
program being proposed for the Project (the "Program"), actual
results of exploration activities, including the Program,
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 and copper, 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 or the
inability of the Company to obtain any necessary permits, consents
or authorizations required, including TSXV acceptance, for the
Property acquisition, 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
Management Information Circular (April 2016) and as discussed in
the 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 information. Except as otherwise
required by law, the Company undertakes no obligation to update any
of the forward looking information in this news release or
incorporated by reference herein.
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