Valley High Ventures: High Grade Contact Replacement Style Mineralization Discovered in Josefina Zone, Cordero Project Mexico
17.03.2011 | Marketwire
50 Metres Grading 97 g/t Silver, 0.30 g/t Gold, 3.2% Zinc & 1.6% LeadVANCOUVER, 03/17/11 - Valley High Ventures Ltd. ('Valley High', or the 'Company') (TSX VENTURE: VHV) is pleased to announce, that Levon Resources Ltd. ('Levon'), as Operator of the Cordero Joint Venture, has provided additional assays from the ongoing Phase III exploration and drill program currently underway at the Company's 49% owned Cordero silver, gold, zinc and lead project located 35 kilometres northeast of Hidalgo Del Parral, Chihuahua, Mexico. Drill results are highlighted by the discovery of high grade contact replacement-style mineralization in the Josefina Zone in hole C11-105 where a 50 metre interval returned 97.2 g/t silver, 0.30 g/t gold, 3.2% zinc and 1.6% lead. In addition, drilling at the north end of the Porphyry Zone, continues to expand and highlight the potential of this new area of mineralization demonstrated by drill hole C11-102 which returned 122 metres grading 22.9 g/t silver, 0.90% zinc and 0.40% lead
Drill results presented herein are from a variety of targets on the large Cordero property and include holes designed as initial tests of distal targets (Molina de Viento, Dos Mils Diez), three holes along the eastern perimeter of the Pozo de Plata Zone, five holes from the large Porphyry Zone target and two holes from the Josefina Zone located between the Pozo de Plata and the Porphyry Zones.
Tables 1a to 1d summarize the results. Silver equivalent definitions are presented at the end of this release. Table 2 summarizes the drill hole locations and Figure 1 illustrates the drill hole locations.
Josefina Mine Zone
The Josefina Mine Zone (Josefina) is located east of the Pozo de Plata Diatreme discovery and extends for 800 metres northeast towards the Porphyry zone. The Josefina has been tested by a number of holes that include strong results from holes previously reported holes C10-23 and C10-32 (news release of May 13, 2010). Hole C11-105 was collared 100 metres northeast of hole C10-32 and was drilled to the north at -60 degrees. The drill hole encountered numerous well mineralized intervals with the most significant being a high grade intercept of over 50 metres of mineralized diatreme breccia cutting hornfels limestone grading 97.2 g/t silver, 0.30 g/t gold, 3.2% zinc and 1.63% lead beginning at 314 metres depth.
Table 1a: Josefina Zone Drill Results
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length Ag Au Ag Eq.
HoleID from (m) to (m) (m) (g/T) (g/T) Zn % Pb % (g/T)(i)
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C11-98 120 130 10 11.4 0.310 0.48 0.19 32.97
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C11-105 8 28 20 26.1 0.160 0.11 0.09 33.01
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C11-105 86 94 8 51.7 0.035 3.25 0.96 176.71
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C11-105 118 126 8 29.7 0.033 0.56 0.49 62.42
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C11-105 226 246 20 31.9 0.104 0.90 0.53 80.33
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C11-105 270 278 8 17.4 0.050 1.28 0.20 63.91
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C11-105 314 364 50 97.2 0.298 3.24 1.63 259.87
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Pozo de Plata Diatreme Zone
Three holes were drilled to define the eastern limits of the Pozo de Plata Diatreme Zone ('Pozo'). All three holes encountered intervals of mineralization including a 6 metre high grade section in hole C11-103 starting at 244 metres depth. The Pozo appears to be limited to the east; however these results may represent a low grade interval between two higher grade lobes that define the Pozo de Plata deposit and the Josefina to the east. The Pozo remains open to the south and southwest where additional drilling is ongoing with results pending.
Table 1b: Pozo de Plata Zone Drill Results
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length Ag Au Ag Eq.
HoleID from (m) to (m) (m) (g/T) (g/T) Zn % Pb % (g/T)(i)
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C11-103 198 212 14 41.6 0.037 1.34 0.99 112.40
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C11-103 262 270 8 25.4 0.015 1.13 0.50 73.97
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C11-103 344 350 6 244.4 0.470 4.72 2.91 470.09
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C11-108 304 310 6 46.6 0.480 0.97 0.35 88.11
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C11-108 360 370 10 4.5 0.007 1.65 0.07 54.99
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C11-109 16 46 30 7.5 0.014 0.86 0.04 34.76
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C11-109 148 184 36 42.0 0.171 0.52 0.56 84.95
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C11-109 196 206 10 18.7 0.089 0.35 0.15 38.99
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C11-109 274 288 14 8.6 0.240 1.15 0.29 52.38
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Porphyry Zone
The Porphyry Zone is located 1,000 metres east of the Pozo de Plata Diatreme Zone and comprises a number of mineralized centres over a large area of 1,200 metres by 800 metres. Reported current holes at the north end of the Porphyry zone in holes C11-102, C11-97 and C11-92 have returned several long intervals of mineralization including an interval in hole C11-102 of 122 metres grading 22.9 gpT Ag, 0.90% Zn and 0.40% Pb. These values are consistent with previously drilled holes in the Porphyry zone including holes C10-41, C10-87, C10-72 and cover an area of 300 metres by 270 metres that remains open to expansion.
Table 1c: Porphyry Zone Drill Results
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length Ag Au Ag Eq.
HoleID from (m) to (m) (m) (g/T) (g/T) Zn % Pb % (g/T)(i)
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C10-90 84 108 24 25.9 0.057 0.27 0.25 44.82
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C10-90 124 136 12 21.2 0.390 0.17 0.14 32.80
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C10-90 166 212 46 29.6 0.049 0.35 0.20 49.15
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C10-90 240 284 44 19.6 0.060 0.26 0.22 37.74
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C10-90 342 354 12 21.9 0.096 0.47 0.12 45.57
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C10-90 630 652 22 17.3 0.024 0.78 0.21 47.84
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C10-90 664 678 14 33.9 0.032 1.93 1.30 130.39
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C10-90 720 730 10 31.3 0.116 0.83 0.32 72.60
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C10-92 0 52 52 26.0 0.031 0.40 0.39 50.9
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C10-92 104 138 34 22.1 0.021 0.41 0.41 47.4
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C10-93 82 98 16 31.5 0.047 0.23 0.42 53.64
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C10-95 No sig results
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C10-97 56 114 58 26.3 0.023 0.49 0.53 57.47
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C10-97 206 220 14 37.0 0.144 0.04 0.12 51.35
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C10-97 370 408 38 19.9 0.022 1.05 0.52 67.25
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C10-97 460 486 26 11.3 0.036 1.01 0.17 48.10
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C10-97 558 642 84 29.1 0.050 1.38 0.35 83.14
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C10-97 668 692 24 17.1 0.044 0.56 0.41 48.34
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C11-102 18 24 6 16.2 0.164 0.74 0.03 49.61
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C11-102 216 338 122 22.9 0.90 0.40 62.3
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C11-102 216 272 56 39.7 0.040 1.31 0.74 102.60
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C11-102 292 308 16 14.7 0.030 0.59 0.23 40.61
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C11-102 320 338 18 9.1 0.013 0.82 0.18 39.10
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C11-102 526 532 6 26.0 0.034 1.21 0.43 76.13
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C11-106 176 188 12 25.8 0.001 1.61 0.27 80.82
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Molina de Viento and Dos Mils Diez Diatreme Complexes
Reconnaissance style drilling of a number of outlying targets returned low values. Targets drilled included the Molina de Viento Diatreme complex located 8 kilometres west of Pozo de Plata where covered chargeability anomalies were cut by three widely spaced holes. Although metal values were low, core exhibited pervasive propylitic alteration with some lead and zinc veins with phyllic alteration selvages. Additional exploration is planned in this un-prospected area.
Table 1d: Other Zone Drill Results
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HoleID Zone
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C10-94 Molina de Viento No significant assays
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C10-96 Molina de Viento No significant assays
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C11-99 No significant assays
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C11-100 Dos Mil Diez No significant assays
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C11-101 Molina de Viento No significant assays
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Discussion of Results
In general, silver, gold, zinc and lead mineralization occur in three main styles within the central area of the Cordero property. The Pozo de Plata Diatreme hosts a bulk tonnage deposit comprised dominantly of broken massive sulfide clasts, replacements and disseminated and vein controlled sphalerite and galena within a diatreme breccia. To the east, the Porphyry zone is a loosely defined area wherein mineralization is hosted by high-level stocks and related breccias and contact hornfels altered zone where mineralization is comprised of disseminated, stockwork and vein controlled sphalerite and galena. The intermediary Josefina Zone is a transitional area between the Pozo de Plata Diatreme and Porphyry Zone and hosts mineralization with the character of both areas. The discoveries are also cut by high grade sphalerite and galena veins currently being mined by artisan shaft operations to the water table and the surrounding sedimentary country rocks are potential hosts for high grade contact replacement mineralization. Replacement style mineralization is indicated from drill results in holes C11-105 and C10-31 (news release of May 13/10). This style of high grade contact mineralization is increasingly an important target type at Cordero.
Drill results in the Pozo de Plata Diatreme and Porphyry Zones have been forwarded to IMC Engineering of Tucson, Arizona who is conducting an analysis of the results for a first 43-101 resource calculation. M3 Engineering of Tucson, Arizona has initiated metallurgical testing and the engineering studies required for a 43-101 preliminary economic assessment (PEA) of Cordero. The southerly extension of the Porphyry Zone is not yet defined and is currently being drilled. A newly recognized centre of mineralization at the north end of the Porphyry Zone continues to return encouraging bulk tonnage results and is the focus of additional drilling. The Josefina Zone located midway between these two discoveries potentially hosts bulk tonnage mineralization as well as high grade contact replacement mineralization at depth, an increasingly important target type at Cordero.
QA/QC Procedures
All drill holes are started with HQ diameter core and then when necessary reduced to NQ diameter core depending on drilling conditions. The drill core is sawed through its length and samples collected in continuous two-metre intervals. All drill intercepts reported are core lengths and not true widths, which are unknown. All of the samples are prepared and analyzed by ALS Chemex at its labs in Chihuahua, Mexico, and Vancouver, Canada respectively. Gold analyses are being performed by 30-gram fire assay with an atomic absorption finish. Silver, zinc and lead were analyzed as part of a multi-element inductively coupled argon plasma ('ICP') package using a four-acid digestion with over-limit results being reanalyzed with assay procedures using ICP-AES. The company employs a rigorous quality assurance and quality control program that include standardized material, blanks and duplicates. AMEC Americas Ltd. has designed the QAQC protocol from a study and review of information provided by the Joint Venture to AMEC. Independent Mining Consultants (IMC), Tucson, Arizona reviews the QA/QC data.
The project is under the direct supervision of Vic Chevillon, MA, CPG, and Vice President of Exploration for Levon who is a qualified person within the context of National Instrument 43-101. Robert Cameron, PGeo, who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this News Release.
(i) Silver equivalent grade, based on assumed recoveries, is calculated using the following metal prices: silver at $15 per ounce, gold at $1,000 per ounce, zinc at 90 cents per pound, lead at 90 cents per pound and assumed recoveries (metallurgical and smelter deductions) of 70% for silver and gold and 50% for zinc and lead. Actual metal recoveries have not been determined. Summary assay intervals as reported above were selected based on a 22.64 g/T Ag equivalent cut-off over significant widths that by inspection show geochemical consistency down the hole among the 2 m sample intervals
About Valley High Ventures Ltd.:
Valley High is a Canadian based precious and base metal exploration company with projects located in Mexico, British Columbia and Yukon. As previously announced on January 17, 2011, Valley High and Levon Resources Ltd. ('Levon') have entered into a definitive arrangement agreement under which Levon will acquire 100% of the outstanding common shares of Valley High by way of a plan of arrangement ('Arrangement'). Under the Arrangement, Valley High shareholders will receive 1.0 share of Levon and 0.125 of a share in a new exploration company, Bearing Resources Ltd. ('Bearing'), for each Valley High share. The Cordero project in Mexico (49% interest) is being evaluated for large bulk mineable silver, gold, zinc and lead deposits. Upon completion of the Arrangement Levon will own a 100% interest in the Cordero Project.
About Bearing Resources
Bearing will be a Canadian based precious and base metal exploration company with projects located in British Columbia and Yukon. The Mount Polley and October Dome projects are located in British Columbia adjacent to Imperial Metals Corporation's ('Imperial') Mt. Polley copper-gold mine and includes a production royalty on the Boundary property, with Imperial. In the Yukon, Bearing will have an option to acquire a 100% interest in the Flume gold property which is located within the newly recognized White Gold District. Ryan Gold Corp. has been granted a right to earn up to 75% interest in VHV's interest in the Flume property. In addition, Bearing will hold additional Yukon exploration properties located near Golden Predator's Clear Creek gold project and Northern Tiger's 3Ace gold project.
VALLEY HIGH VENTURES LTD.
Geoff Chater
President
This news release includes certain 'forward-looking statements' under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the prices of copper, estimated future production, estimated costs of future production, permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Valley High to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of copper, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in documents filed from time to time with the securities regulators in the applicable Provinces of British Columbia and Alberta.
To view Figure 1 please visit the following link:
http://media3.marketwire.com/docs/VHVFig1.pdf
Table 2. Reported drill hole locations (UTM Conus Nad 72, Zone 13).
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HoleID X Y Z TDm Azimuth Dip
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C10-90 443702 3014551 1599 862.95 0 -90
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C10-92 443558 3015101 1591 936.6 0 -90
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C10-93 443296 3014998 1611 446.9 0 -60
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C10-94 434549 3011002 1618 151 0 -60
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C10-95 443304 3013901 1586 409.55 0 -60
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C10-96 434650 3012050 1617 423 0 -90
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C10-97 443299 3014994 1609 706.9 0 -60
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C11-98 443285 3014110 1605 526.8 0 -90
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C11-99 441430 3013932 1566 287.2 0 -60
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C11-100 440570 3012772 1570 158.85 150 -60
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C11-101 436082 3010358 1631 185.3 0 -90
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C11-102 443500 3015196 1594 602.6 105 -60
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C11-103 442796 3013815 1565 537.95 0 -90
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C11-104 442806 3014151 1586 497 0 -60
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C11-105 443285 3014111 1605 437.9 0 -60
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C11-106 443498 3014697 1606 392.8 0 -60
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C11-108 442809 3014146 1586 535.15 0 -60
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C11-109 442778 3013967 1578 551.2 0 -60
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'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 release.'
Contacts:
Valley High Ventures Ltd.
Geoff Chater, President
(604) 614 7830
www.valleyhighventures.com