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Azteca Gold Corporation | |
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News Update | |||||||||||||||||
SPOKANE, WASHINGTON--(Marketwire - Feb. 4, 2007) - Matthew Russell, President of Azteca Gold Corp. (TSX VENTURE:AZG) (the "Company") announces updated exploration results at its Guerra al Tirano Project in Sierra Madre, Mexico. The Company has now received gold and silver assays on the remaining holes of the 29 hole, 17,725 foot RC drilling program conducted by Layne de Mexico in Q3 and Q4, 2007. Highlights include higher grade sections within larger zones of mineralization, which may represent high grade "chutes" as discussed below, such as: Matthew Russell states, "Like many other junior exploration companies, we have waited an extended period of time for results to come back from the backed-up assay labs. Our shareholders' patience has been rewarded, though, and we are very pleased with these results. We expect these assays to form the basis for a positive gold and silver resource model. We will be working diligently during 2008 to determine the ultimate potential of the Guerra al Tirano Project by further drill-testing the breadth of the hanging-wall mineralization and the extent of down dip continuity of this mineralized system, as well as on-strike mineralization of the Tres de Mayo concession on the southern end of the Project." A drill hole Plan Map corresponding to the RC assays in this press release can be found on the Company's website (www.azteca-au.com) under the project heading "GAT". The drill program to date has made use of a total of 34 drill holes spread over 4 diamond core drill stations and 8 RC drill stations, over approximately a 1km strike length centrally located within the approximate 2.5km total length of the three GAT concessions. Maximum depth of significant mineralization intercepted was 925 feet, as found in step-out drill hole RC-032. See November 1, 2007 and January 7, 2008 press releases for diamond core and first RC results. Next Phase of Drilling Program Announced Azteca Gold has completed the lower road through the Tres de Mayo portion of the property, representing an additional kilometer of strike-length along the ridgeline that parallels closely the GAT Main Vein. Azteca plans to begin an additional 5,000 meter RC drill program on this portion of the property before the end of Q1 2008. Coeur d'Alene Mines Corp. - Palmarejo Silver and Gold Project The Guerra al Tirano Project is located within the tenement boundary of Coeur d'Alene's Palmarejo Project (which completely surrounds GAT), and appears to be part of the same mineralizing system. Property and location maps are contained on the Azteca Gold website under the project heading "GAT". Coeur d'Alene Mines Corp. completed its acquisition of the Palmarejo Silver and Gold Project in late 2007 for approximately $1.1 billion, and is scheduled to begin production in early 2009. Expected production at an annualized rate is approximately 10.4 million ounces of silver and 115,000 ounces of gold per year, with cash costs, net of gold bi-product, of an estimated ($0.41) per ounce of silver and an initial mine life of nine years. Exploration continues on Palmarejo, which currently hosts measured and indicated mineral resources of 88.7 million silver ounces and 1 million gold ounces (measured: 5.1 million tonnes at 2.24 grams per tonne gold and 198 grams per tonne silver; indicated: 9.51 million tonnes at 2.03 grams per tonne gold and 184 grams per tonne silver) and an additional 61.4 million ounces of inferred silver mineral resources and 0.7 million inferred gold ounces (16.1 million tonnes at 1.39 grams per tonne gold and 119 grams per tonne silver). (see Coeur d'Alene Mines Corp. press release dated December 21, 2007). Guerra al Tirano 2007 Drill Program Detailed Results The RC drilling intersected significant mineralization in the majority of intervals across the GAT Main Vein, with minor mineralization extending into the footwall. Additionally, the hanging wall shows substantial mineralization as well, with several instances of parallel mineralized structures.
Average assays over bulk intercepts in grams/metric tonne ("g/t") include:
Drill hole From (ft) To (ft) Interval (ft) Ag (g/t) Au (g/t)
RC-014 300 315 15 20.76 0.16
RC-014 340 350 10 23.55 0.22
RC-015 185 200 15 25.56 0.13
RC-016 165 260 95 26.63 0.30
RC-017 310 345 35 17.82 0.11
RC-019 105 150 45 28.46 0.06
RC-019 215 260 45 44.36 0.38
RC-020 155 180 25 17.94 0.09
RC-020 225 245 20 26.05 0.30
RC-023 255 330 75 24.89 0.09
RC-024 80 195 115 33.21 0.40
RC-026 335 360 25 61.50 0.20
RC-030 240 265 25 41.90 0.16
RC-033 345 400 55 95.37 0.74
RC-034 395 410 15 207.87 0.40
RC-034 475 490 15 73.77 0.11
RC-034 530 545 15 82.03 0.11
Some of the better intervals in grams per metric tonne ("g/t") include:
Drill Hole From (ft) To (ft) Interval (ft) Ag (g/t) Au (g/t)
RC-014 310.0 315.0 5.0 28.7 0.221
RC-014 340.0 345.0 5.0 33.5 0.295
RC-015 190.0 195.0 5.0 39.8 0.103
RC-016 185.0 190.0 5.0 44.3 0.399
RC-016 195.0 200.0 5.0 52.7 0.541
RC-016 205.0 210.0 5.0 92.7 0.709
RC-016 225.0 230.0 5.0 27.1 0.319
RC-016 250.0 255.0 5.0 23.9 0.301
RC-017 320.0 325.0 5.0 27.6 0.107
RC-017 325.0 330.0 5.0 31.8 0.158
RC-019 105.0 110.0 5.0 51.7 0.27
RC-019 120.0 125.0 5.0 88.9 0.076
RC-019 125.0 130.0 5.0 47.8 0.048
RC-019 200.0 205.0 5.0 31.3 0.305
RC-019 215.0 220.0 5.0 39.6 0.405
RC-019 220.0 225.0 5.0 55.5 0.502
RC-019 230.0 235.0 5.0 79.2 0.783
RC-019 240.0 245.0 5.0 24.5 0.354
RC-019 245.0 250.0 5.0 99.1 0.198
RC-019 250.0 255.0 5.0 36.5 0.289
RC-020 175.0 180.0 5.0 33.7 0.152
RC-020 225.0 230.0 5.0 42.5 0.362
RC-020 230.0 235.0 5.0 38.7 0.245
RC-023 300.0 305.0 5.0 34 0.101
RC-023 320.0 325.0 5.0 75.4 0.466
RC-023 395.0 400.0 5.0 25.1 1.17
RC-024 135.0 140.0 5.0 37.7 0.174
RC-024 150.0 155.0 5.0 62.4 0.218
RC-024 160.0 165.0 5.0 39.3 0.065
RC-024 165.0 170.0 5.0 33 0.074
RC-024 170.0 175.0 5.0 73.5 2.09
RC-024 175.0 180.0 5.0 152 4.97
RC-024 180.0 185.0 5.0 120 0.762
RC-024 185.0 190.0 5.0 57.9 0.331
RC-024 190.0 195.0 5.0 80.1 0.829
RC-024 205.0 210.0 5.0 41.9 0.498
RC-024 215.0 220.0 5.0 21.5 0.358
RC-026 340.0 345.0 5.0 58.9 0.241
RC-026 345.0 350.0 5.0 82.7 0.299
RC-026 350.0 355.0 5.0 82.4 0.24
RC-026 355.0 360.0 5.0 56.3 0.109
RC-030 245.0 250.0 5.0 52 0.228
RC-030 250.0 255.0 5.0 47.6 0.246
RC-030 255.0 260.0 5.0 40.4 0.106
RC-030 260.0 265.0 5.0 50.8 0.177
RC-032 710.0 715.0 5.0 0.7 2.09
RC-032 820.0 825.0 5.0 0.6 9.77
RC-032 920.0 925.0 5.0 0.5 3.08
RC-033 345.0 350.0 5.0 312 2.4
RC-033 350.0 355.0 5.0 38.8 0.313
RC-033 360.0 365.0 5.0 41.4 0.136
RC-033 365.0 370.0 5.0 54 0.268
RC-033 375.0 380.0 5.0 43.8 0.188
RC-033 385.0 390.0 5.0 35.7 0.324
RC-033 390.0 395.0 5.0 363 3.42
RC-033 395.0 400.0 5.0 90.7 0.647
RC-034 395.0 400.0 5.0 451 0.533
RC-034 400.0 405.0 5.0 122 0.52
RC-034 405.0 410.0 5.0 50.6 0.133
RC-034 480.0 485.0 5.0 89 0.093
RC-034 485.0 490.0 5.0 108 0.208
RC-034 530.0 535.0 5.0 200 0.276
Location information for RC Holes:
Elevation Azimuth Dip Total Depth
Drill hole Easting Northing (ft) (degrees) (degrees) (ft)
RC-014 760234 3022756 4167 300 -60 360
RC-015 760235 3022754 4168 255 -60 300
RC-016 760224 3022749 4051 210 -60 450
RC-017 760264 3022652 4061 0 -90 525
RC-019 760264 3022649 4064 210 -60 450
RC-020 760275 3022660 4025 300 -60 450
RC-023 760250 3022998 4104 225 -60 750
RC-024 760191 3022971 4133 0 -90 500
RC-026 760483 3022273 4140 0 -90 920
RC-030 760525 3022170 4183 0 -90 1120
RC-032 760529 3022177 4193 210 -60 930
RC-033 760298 3022944 4049 270 -60 700
RC-034 760363 3022760 4073 260 -60 1060
Quality Assurance and Mineral Resource Notes: RC samples were processed per the Company's quality assurance policy whereby chain of custody is controlled at site by the Company's site geologist who transfers the samples directly to an ALS Chemex representative at site or in Hermosillo, Sonora, Mexico. ALS Chemex has provided assay results to only those within Azteca's control pursuant to the list provided to them by Matt Russell. Assay methods include atomic absorption method for Au and intercoupled plasma ("ICP") analysis for Ag. Assay Detection Limits: 0.005 ppm for Au and 0.5 ppm for Ag. There has been insufficient exploration or geological analysis done to define a mineral resource and it is uncertain if further work will result in the delineation of a mineral resource. Dip of the Main GAT Vein may vary and intercept widths given must be interpreted based on the dip of the drill holes. High Grade "Chutes": 43-101 technical document for Guerra al Tirano refers to the high grade veins and stockwork or what can be collectively called a "chute" as depicted in Figure 6 of the NI 43-101 technical document. The author refers to reasonable average grades and widths and reports that the adjacent footwall and hangingwall quartz stockwork/silicified zones extend up to 7 meters away from the vein. The maximum total width is about 17 meters. Assay results from 10 locations where we could cut samples across most or all of the mineralization shows that the zone (vein and stockwork) has an average width of 5 meters and an average grade of the samples taken was 2.88 ppm Au (0.08opt) and 202 ppm Ag (5.9opt). This is in substantial agreement with the average grade reported in the Guerra al Tirano Mine by the Consejo de Recursos Minerales (1994, p. 232) of 3.73 ppm Au and 294 ppm Ag. (ref: GAT NI 43-101 dated May 11, 2006 and titled: "The Report on the Geology and Current Status of the Guerra al Tirano Silver-Gold Property, Temoris District, Chihuahua, Mexico" page 10 under heading "Minerology and Grade"). 1 ppm is 1 g/tonne. The information contained in this news release has been reviewed and approved by Richard Nanna, a director and the Company's Qualified Person as defined in National Instrument 43-101.For further information, please contact: The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. WARNING: the Company relies upon litigation protection for "forward looking" statements. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary material include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
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