Linear Metals Initiates Exploration Program at Its La Morena Copper-Silver-Gold Project
HALIFAX, NOVA SCOTIA -- (Marketwire) -- 08/05/10 -- Linear Metals Corporation (TSX: LRM) is pleased to announce that it has initiated a two-stage exploration program on its LaMorena Copper-Silver Gold project in Coahuilla State, Northern Mexico. The project is located approximately 250 kilometres southeast of Chihuahua, and 40 kilometres north of the Hercules iron mine (skarn), within a known belt of deformed sediments that host Carbonate Replacement Deposits ('CRD's) such as MAG Silver's recent Cinco de Mayo discovery, and at least in part, Goldcorp's Penasquito deposit. Within this overall belt, LaMorena is located at the intersection of prominent regional northeast and northwest trending faults.
Previous drilling by Linear Metals and Linear Gold Corp., as well as earlier historic drill holes were focused on outcropping, sub-vertical vein structures and not the potential for deeper, sub-horizontal CRD ('Manto') and skarn mineralization. Even so, previous drilling intersected significant copper and silver mineralization with intervals of up to 1,245 g/t silver and based on re-examination of drill logs, the better mineralized intervals in drill-holes M-1, M-2, and LM-4, highlighted below, may be from sub-horizontal CRD horizons:
Highlights of Previous Drilling
-- M-1: 4.7 metres of 2.5% Copper, 2.2 g/t gold, and 161 g/t Silver;
-- M-2: 8.0 metres of 3.9% Copper, 5.5 g/t gold, and 151 g/t Silver;
-- LM-4: 3.0 metres of 0.5% Copper, trace gold, and 1245 g/t Silver.
Exploration at LaMorena has commenced this week and will include an initial geophysics program followed by diamond drilling. The exploration program will begin with ground truthing of the near-surface induced polarization ('IP') chargeability-resistivity targets interpreted from the historic IP survey. This will be followed by 'confirmation' re-surveying of most targets, especially the deep targets, using modern, deeper-penetrating IP equipment. The exploration program will also include surveying of a more recently recognized zone of alteration and historic artisanal mine workings, to the north, which has seen limited modern exploration beyond grab sampling which returned up to 1750 g/t Ag, 0.9% Cu, greater than 30% Zn, and 17.4% Pb.
As phase two of the exploration program, approximately 1,500 metres of diamond drilling will test the highest priority IP targets.
Table 1: Significant Historic Drill Hole Results (1978-2005)
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Hole From (m) To (m) Thickness (m) Copper % Silver g/t Gold g/t
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M-1 12.0 16.7 4.7 2.5 161.3 2.2
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M-2 120.5 128.5 8.0 3.9 151.4 5.5
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M-5 146.9 151.2 4.3 1.0 16.4 trace
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incl 146.9 147.9 1.0 0.7 65.6 trace
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incl 150.9 151.2 0.3 1.6 214.8 trace
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LM-2 115.9 145.7 29.8 0.6 38.8 trace
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incl 122.8 136.2 13.4 0.9 57.9 trace
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LM-4 285.0 308.2 23.2 0.1 218.2 trace
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incl 285.0 288.0 3.0 0.2 351.0 trace
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incl 300.0 303.0 3.0 0.5 1245.0 trace
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LM-7 233.5 235.3 1.8 0.8 147.0 trace
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LM-9 81.7 84.7 3.0 0.1 42.6 trace
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LM-9 160.3 163.5 3.2 0.1 34.0 trace
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LM-10 308.1 334.8 26.7 1.2 114.4 trace
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incl 308.1 329.3 21.2 1.4 140.4 trace
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Historic exploration in the region, and on the immediate property, was undertaken as a joint venture between the Consejo de Recursos Minerales ('CRM') and Metal Mining Agency of Japan ('MMAJ') under the umbrella of Japanese International Cooperation Agency ('JICA'), in the mid to late 1970's. The group initiated geologic mapping and geochemical sampling, collecting 283 surface samples and drilled five diamond drill holes (M-1 to M5) totaling 1,200 metres.
Re-interpretation of historic IP survey data (1970's), recently recovered from the JICA archives, has confirmed that most of the originally interpreted near surface targets remain untested, while also defining six new untested deeper chargeability targets identified at 75 to 175 metres vertical depth.
The historic IP targets are located within the halo of a large, 1.5 kilometres x 3.5 kilometres, ovoid area of re-crystallized and lesser skarn-altered limestones of the Aurora, La Pena and El Cupido formations. The latter two formations are particularly prospective regionally, as they host numerous known CRD deposits such as Providencia-Concepcion Del Oro. The altered area is presumably underlain at depth by an intrusive stock and/or dyke swarm, indicating a potential for skarn and perhaps porphyry-style mineralization.
Linear has recently expanded the LaMorena project through staking of the LaMorena Dos mineral concession to cover numerous oxidized zones beyond the area of the two original concessions (LaMorena & El Refugio). Although compilation is ongoing, previous sampling from the LaMorena concession has returned up to 16.1% Cu, 5.8 g/t Au, 9090 g/t Ag, 21.1% Zn and 10.9% Pb from surface veins, 'mantos', and mine dumps.
Within Mexico, CRDs represent approximately 40% of the country's 10-billion ounce historic silver production. They are characterized by massive to semi-massive silver-lead-zinc-copper sulphide horizons; which replace certain limestone beds. CRDs occur along major regional structures, such as the NW-trending regional structures that host several of the largest CRDs in Mexico. Although they've been mined in Mexico for more than four centuries, CRDs are now receiving renewed attention, as the application of modern geoscience tools and techniques makes detection of sulphide systems at depth much better than in the past. CRDs are attractive exploration targets as they have the potential for large tonnage, high grades and substantial base metal credits to any precious metal resource.
This press release was prepared under the supervision of Matthew Ian Rees, P.Geo., VP Exploration for Linear Metals, who is a Qualified Person as defined under National Instrument 43-101. Mr. Rees has reviewed the scientific and technical information in this press release.
Forward-Looking Information:
This release includes certain statements that may be deemed 'forward-looking statements'. All statements in this release, other than statements of historical facts, that address future production, reserve potential, continuity of mineralization, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes that 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 developments may differ materially from those in the forward-looking statements. There is no known ore at LaMorena and there is no assurance that the mineralization at LaMorena will ever be classified as ore. The likelihood of future mining at LaMorena is subject to a large number of risks and will require achievement of a number of technical, economic and legal objectives, including obtaining necessary mining and construction permits, completion of pre-feasibility and final feasibility studies, preparation of all necessary engineering for pits and processing facilities as well as receipt of significant additional financing to fund these objectives, as well as funding mine construction. Such funding may not be available to the Company on acceptable terms or on any terms at all. For more information on the Company and the risk factors inherent in its business, investors should review the Company's Annual Information Form at www.sedar.com.
The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Linear Metals Corporation
Brian MacEachen
President and Chief Executive Officer
(902)-482-1240
www.linearmetals.com