Oracle Mining Intercepts More High-Grade Copper at Oracle Ridge
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/19/11 -- Oracle Mining Corp. ('Oracle Mining' or the 'Corporation') (TSX VENTURE: OMN)(OTCQX: OMCCF) is pleased to announce additional assay drill results at the Corporation's Oracle Ridge Copper Mine in southern Arizona.
Of the 10 holes being reported today, seven holes intersected high-grade copper mineralization in areas extending beyond the previously known mineralization.
Highlights include 24 feet of 3.09% copper in Drill Hole ODH006, 30 feet of 3.45% copper in ODH007 and 35 feet of 2.70% in ODH008. The following tabulates the mineralized zones intersected in the assay drill results.
---------------------------------------------------------------------------
Inter-
Drill From To val Cu Au Ag Fe
Hole (feet) (feet) (feet) (%) (opt) (opt) (%) Zone Formation
---------------------------------------------------------------------------
ODH001 829 837.5 8.5 1.11 0.000 0.100 3.74 Martin
------------------------------------------------------- ----------
And 853 863 10.0 2.09 0.001 0.385 8.60
------------------------------------------------------- 9
And 883 898 15.0 2.08 0.011 0.830 7.39 Abrigo
-------------------------------------------------------
Includes 888 898 10.0 2.51 0.013 1.085 8.23
---------------------------------------------------------------------------
ODH002 209.5 224 14.5 1.41 0.007 0.414 9.77
-------------------------------------------------------
And 263 283 20.0 1.94 0.006 0.591 4.24 2 Martin
-------------------------------------------------------
Includes 263 273 10.0 2.77 0.009 0.930 1.74
---------------------------------------------------------------------------
And 315 335 20.0 1.27 0.004 0.355 4.96 Abrigo
------------------------------------------------------- ----------
And 352 398.5 46.5 1.51 0.005 0.308 10.59 1
------------------------------------------------------- Abrigo
Includes 362 391 29.0 1.79 0.004 0.261 13.04
---------------------------------------------------------------------------
ODH003 389.5 398 8.5 3.48 0.012 0.791 6.33 New Zone Escabrosa
---------------------------------------------------------------------------
And 468 503 35.0 1.22 0.004 0.279 7.83 4 Escabrosa
Extension
---------------------------------------------------------------------------
And 624 634 10.0 1.73 0.007 0.230 9.69 2 Martin
Extension
---------------------------------------------------------------------------
ODH004 986 994.5 8.5 1.61 0.009 0.375 13.96 8 Martin
---------------------------------------------------------------------------
And 1086 1106 20.0 1.28 0.009 0.520 7.52 8 Abrigo
Extension
---------------------------------------------------------------------------
ODH005 1038.5 1048 9.5 2.18 0.005 0.442 11.45 12 Martin
Extension
---------------------------------------------------------------------------
and 1176 1216 40 1.59 0.008 0.369 7.27
------------------------------------------------------- 8 Abrigo
includes 1181 1206 25 2.08 0.009 0.494 8.72
---------------------------------------------------------------------------
and 1286 1315 29 1.76 0.002 0.383 15.47
------------------------------------------------------- 8 Abrigo
includes 1301 1315 14 2.67 0.001 0.687 17.19
---------------------------------------------------------------------------
ODH006 306 316 10.0 2.06 0.005 0.495 9.38 New Zone Escabrosa
---------------------------------------------------------------------------
And 360 373.5 13.5 1.35 0.007 0.259 15.15
------------------------------------------------------- 4 Martin
And 392 426 34.0 2.58 0.012 0.608 17.54 Extension
-------------------------------------------------------
Includes 397 421 24.0 3.09 0.015 0.800 18.56
---------------------------------------------------------------------------
ODH007 247.5 262 14.5 1.59 0.004 0.39 13.88 New Zone Escabrosa
---------------------------------------------------------------------------
And 306 355 49.0 2.66 0.010 0.70 15.76 4
------------------------------------------------------- Extension Martin
Includes 325 355 30.0 3.45 0.015 0.99 18.84
---------------------------------------------------------------------------
ODH008 461 471 10.0 2.23 0.000 0.665 1.87
------------------------------------------------------- 2 Martin
And 556 571 15.0 1.86 0.008 0.547 10.35
---------------------------------------------------------------------------
And 611 626 15.0 1.93 0.009 0.753 3.82
-------------------------------------------------------
Includes 611 621 10.0 2.35 0.011 0.930 4.01
------------------------------------------------------- 1 Abrigo
And 658 703 45.0 2.32 0.004 0.557 9.91
-------------------------------------------------------
Includes 668 703 35.0 2.70 0.004 0.619 11.34
---------------------------------------------------------------------------
ODH009 Assays Pending
---------------------------------------------------------------------------
ODH0010 618 633 15 1.74 0.011 0.373 12.75 4 Escabrosa
Extension
---------------------------------------------------------------------------
ODH011 525 565 40.0 1.94 0.010 0.395 17.09 4
------------------------------------------------------- Extension Escabrosa
Includes 525 540 15.0 3.19 0.015 0.633 24.35
---------------------------------------------------------------------------
Intervals were calculated using an external 1.0% copper cut-off and may include internal waste to reflect a potential mineable width. True widths will need to be modeled but are believed to be 70-to-100% of the stated interval length. Intervals labeled 'Includes' are higher-grade portions of the previous listed interval. Assays for copper, silver, gold and iron were performed by Skyline Labs of Tucson, Arizona on split core samples using standard industry accepted techniques.
These holes were drilled as part of the Corporation's ongoing historic data base confirmation program. The successful completion of the validation program will allow the Corporation to undertake a NI 43-101 compliant resource estimation. Results to date compare well with the historic data.
The technical information in this media release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Glenn R. Clark, P.Eng. of Glenn R. Clark & Associates Limited, a consultant for Oracle Mining and a Qualified Person under NI 43-101, who is responsible for the technical information reported herein.
'We are very pleased with these most recent drill assay results and the intercepts that were drilled in order to verify the old data compare favorably to historical data,' said Mr. Paul Eagland, Oracle Mining's CEO. 'In addition, the intercepts that are extensions to known mineralization zones support our belief that there is significant upside in the exploration potential to the Oracle Ridge project.'
Oracle Mining currently has three surface drill rigs on site and, based on assay information provided by the confirmation drilling in progress, the Corporation expects to complete a NI 43-101 technical report prior to the end of the 2011.
About Oracle Mining Corp.
Oracle Mining Corp. (TSX VENTURE: OMN)(OTCQX: OMCCF) is a Vancouver, Canada-based corporation with a focus on uncovering overlooked deep-value projects to achieve superior shareholder returns. The Corporation is the sole owner and operator of Oracle Ridge Mining LLC and copper mine located 24 km northeast of Tucson, Arizona. Oracle Mining has cash on hand of approximately $12 million, minimal long-term debt and is managed by an experienced team of mining professionals with extensive operating and financial experience.
Forward-looking Statement Disclaimer
This document may contain 'forward-looking statements' within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this document and Oracle Mining Corp. (hereinafter referred to as the 'Corporation') does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management of the Corporation's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, commodity prices, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved' or the negative of these terms or comparable terminology.
By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Corporation's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the 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:
Oracle Mining Corp.
Mr. Alex Langer
Corporate Communications
604-689-9293
Oracle Mining Corp.
Mr. Jason Mercier
Corporate Secretary
604-689-9261
info@oracleminingcorp.com
www.oracleminingcorp.com