Mustang Drilling Extends Copper Nickel Mineralization to Depth at Mayville
July 17 2012 - 6:00AM
Marketwired Canada
Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF) ("Mustang" or the
"Company") today announced further drill results from the Mayville Property M2
Zone in southeast Manitoba, approximately 2 hours northeast of Winnipeg. Results
confirm that the mineralization continues to depth along the west part of the M2
Zone. The Company is extremely encouraged by the significant zones of near
surface mineralization indicated by the widely spaced holes.
Drill holes MAY12-58, MAY12-56 and MAY 12-49 were drilled at 200 meter centers
over a strike length of 400 meters on the west part of the Mayville Deposit All
three holes had mineralized intercepts below previous drilling on the respective
sections. The results of the 2012 drilling are shown along with the 2006
drilling on the respective section. Mineralization is proximal to the volcanic
gabbro contact with a number of the holes encountering massive sulfides with
locally significantly higher grades. The mineralization remains open at depth.
The MAY12 series holes drilled recently are tabulated below with the MAY06
series holes (drilled in 2006) drilled on the respective section.
Hole From Interval Copper Nickel Ag Au+Pt+Pd
(m) To (m) (m) (%) (%) (g/t) (g/t)
Section 27W
MAY12-49 197.00 200.50 3.50 1.09 0.28 4.3 0.79
and 206.50 209.50 3.00 0.27 0.14 2.5 0.18
and 237.00 341.00 82.00 0.40 0.15 1.9 0.27
including 261.13 301.50 40.37 0.56 0.22 1.6 0.37
MAY06-58 159.15 161.81 2.66 1.34 0.53 NA 0.41
and 179.24 179.85 0.61 0.42 0.86 NA 0.53
and 191.23 195.73 4.50 0.35 0.20 NA 0.13
and 207.93 287.20 79.27 0.41 0.18 NA 0.19
Section 29W
MAY12-56 240.68 362.00 121.32 0.38 0.16 0.9 0.23
including 241.46 245.00 3.54 0.75 0.52 1.4 0.40
including 253.70 256.00 2.35 0.89 0.19 1.7 0.30
including 260.00 264.00 4.00 0.61 0.23 1.2 0.50
including 275.00 277.00 2.00 0.46 0.19 0.8 0.50
including 287.88 290.33 2.45 0.62 0.30 0.8 0.40
including 312.50 314.70 2.20 0.71 0.24 1.1 0.40
including 327.70 334.10 6.40 0.43 0.28 1.1 0.30
including 339.00 357.46 18.46 0.52 0.20 1.4 0.30
MAY06-74 207.01 229.27 22.26 0.44 0.23 NA 0.22
including 212.80 222.48 9.68 0.53 0.32 NA 0.31
Section 31W
MAY12-58 211.00 217.57 6.57 0.93 0.20 3.9 0.25
including 212.04 215.60 3.56 1.40 0.15 5.5 0.30
MAY05-34 120.73 140.09 19.36 0.67 0.19 NA 0.21
Widths shown are core width and not true widths. NA-not available
Discussion
The Company is pleased to see the continuation of the M2 Zone to greater depth
on the west side of the M2 Deposit. A number of the drill holes have been
surveyed with downhole EM and specific areas are targeted for follow up
drilling. Notably, the wide zone of mineralization in MAY12-56 appears to have
further potential to depth. Follow up drilling in the area of MAY12-57 is also
planned. MAY12-57 was drilled on the eastern part of the deposit and intersected
25.0 meters which assayed 1.05% copper and 0.45% nickel.
The follow up drill program is planned to start in August 2012. Thereafter the
Company anticipates completing a resource update for the Mayville Property
targeting a significant resource upgrade. Follow up work will be funded from
existing cash and working capital of the Company.
The Mayville Intrusion hosts the M2 Zone resource which is a magmatic nickel
copper system. Sulphide mineralization consists of chalcopyrite, pyrrhotite,
pentlandite and pyrite and a variety of textures ranging from disseminated to
locally massive. The M2 Deposit has a current strike length of over one
kilometer and is open at depth. The current near surface resource is 9.2 million
tonnes at 0.61% copper and 0.23% nickel.
Drill hole cross sections of the recently completed drill holes have been posted
on the Company website at www.mustangminerals.com.
QA/QC Program
All core samples are sent to Accurassay Laboratories in Thunder Bay, Ontario.
Analysis is completed for nickel, copper, cobalt and silver using an Aqua Regia
digestion followed by AAS/ICP finish. For gold, platinum and palladium, fire
assay of 30g aliquots followed by combination fire assay and AAS finish is
employed. Drill core is logged and split on the Makwa site by Mustang personnel
with half the core retained and stored. Mustang implements a QA/QC program on
drill core including inserting blanks, duplicates and commercial standards at
regular intervals with all sample submissions to the laboratory.
About Mustang Minerals Corp
Mustang Minerals has two near surface deposits located in southeast Manitoba as
well as a several exploration properties in Ontario;
1. The Makwa Ni-Cu Deposit has a NI 43-101 outlined reserve estimate
completed in February 2010 by Micon International Limited of 9.86
million tonnes in the Probable Ore Reserve category containing 0.541%
nickel, 0.113% copper 0.433 g/t PGM at the Makwa Project.
2. The Company's Mayville Project is located approximately 35 km by road
from Makwa and has a NI 43-101 Indicated Resource of 9.227 million
tonnes containing 0.61% copper, 0.23% nickel and 0.174 g/t palladium
Mustang is completing additional exploration at Mayville and on its
surrounding mineral claims.
Carey Galeschuk P.Geo. is the National Instrument 43-101 Qualified Person for
Mustang Minerals Corp.
Western Areas NL, (ASX:WSA)(TSX:WSA) an Australian based nickel producer owns
19% of the common shares of Mustang.
To find out more about Mustang Minerals Corp. (TSX VENTURE:MUM) visit our
website at www.mustangminerals.com.
We seek safe harbour.
This news release contains forward-looking statements within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
forward-looking information within the meaning of the Securities Act (Ontario)
(together, "forward-looking statements"). Such forward-looking statements may
include the Company's plans for its mineral projects in Manitoba, the overall
economic potential of its properties, the availability of adequate financing and
involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements expressed or implied by such
forward-looking statements to be materially different. Such factors include,
among others, risks and uncertainties relating to potential political risk,
uncertainty of production and capital costs estimates and the potential for
unexpected costs and expenses, physical risks inherent in mining operations,
currency fluctuations, fluctuations in the price of nickel and other metals,
completion of economic evaluations, changes in project parameters as plans
continue to be refined, the inability or failure to obtain adequate financing on
a timely basis, and other risks and uncertainties, including those described in
the Company's Management Discussion and Analysis for the most recent financial
period and Material Change Reports filed with the Canadian Securities
Administrators and available at www.sedar.com.
Shares Outstanding: 198,160,658
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