Press release from Marketwire
Aurcana Corporation: Shafter 2012 Exploration Program Identifies Evidence for a Larger and More Complex Mineralizing System
Wednesday, April 03, 2013
Aurcana Corporation: Shafter 2012 Exploration Program Identifies Evidence for a Larger and More Complex Mineralizing System08:30 EDT Wednesday, April 03, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 3, 2013) - Aurcana Corporation ("Aurcana" or the "Company") (TSX VENTURE:AUN)(OTCQX:AUNFF) is pleased to announce the results of the 2012 exploration program at the Shafter Mine.
The 2012 exploration program at Shafter has identified evidence for a larger and more complex mineralizing system than previously recognized, with multiple discrete pulses of silver, silver lead-zinc, lead-zinc mineralization and over-printing silicification.
Dr. Peter Megaw, consulting geologist for Aurcana Corporation states: "Having evidence of complex, multiple stages at Shafter confirms we are exploring in a system with high potential, while demonstrating that although we still have not zeroed in on where to focus, continuing to do so is more than warranted. Seeing high complexity is a positive indicator for a long-lived, multi-staged, large system."
The main activity of the 2012 Shafter exploration program was an aggressive diamond drilling campaign focused on the near mine environment that totaled 36,000 feet in twenty-nine holes. A detailed map is available at: www.aurcana.com.
Drill holes were long angled holes designed to bend under known mineralization seeking evidence of a plumbing system and to look for additional potential in previously untested, deeper, limestone units. Major regional and mine structures were targeted. Eleven holes intersected mineralization in the Shafter and Presidio Mine horizons and provided additional infill data for the mine model.
In the Presidio Mine the drill program identified a major east-west trending structure (Herculano) that exhibits strong evidence of fluid movement and multiple dikes proximal to historic workings, which contain significant mineralization. Sulphide-bearing, strongly silicified breccia bodies are present that are cross-cut by later structurally controlled mineralization. These features suggest a prolonged geologic history of multiple episodes of structural re-adjustment, with multiple phases of mineralization and silicification. Further investigation is warranted to clarify if the structure is a feeder to the adjacent Santiago manto at Presidio.
Quality Assurance - Quality Control
Sample intervals of drill core were two feet. One half of the cut core was placed in labeled polyethylene sample bags along with a sample tag and secured with a wire tie. Control standards and blanks were inserted into the sample batch by company geologists.
All samples were sent to Pinnacle Labs or American Analytical Labs in 2012 and were submitted by courier. Duplicate samples of returned pulps from selected high and low grade silver assays from Pinnacle Labs were sent for re-assay to American Analytical Labs for QA-QC purposes.
Samples were dried and reduced to minus ten mesh. A 250 gram sub sample was obtained and pulverized to 90% passing 150 mesh by ring and puck pulverizer. Multi-element analysis on 72 elements (including gold) consisted of 2 acid digestion and analysis by ICP-OES which was the standard method used in 2012. Silver and gold values greater than 2.917 Opt (100 ppm) were determined by Fire Assay with a gravimetric finish using a 30 gm prepared sub sample. Pulps and rejects from the assay process were returned to the company.
The scientific and technical information contained in this news release has been reviewed by Nils von Fersen, P.Geo. Vice President of Exploration of the Company, and a Qualified Person ("QP") as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
|2012 Shafter Exploration Drill Program
|Drill Hole||From (ft)||To (ft)||Width (ft)||Ag (Opt)|
About Aurcana Corporation
Aurcana Corporation is an emerging senior silver producer with two operating mines located in Mexico and Texas, United States.
La Negra Mine, Mexico, current installed capacity is growing from 2,500tpd to 3,000tpd starting Q2, 2013 with an increase in mill capacity.
La Negra has a NI 43-101 M&I resource of 115.1 million (mm) oz silver, 1,418.7 mm lbs zinc, 539.5 mm lbs lead and 269.5 mm lbs copper and an Inferred Resource of 56.5 mm oz silver, 657.4 mm lbs zinc, 263.0 mm lbs. lead and 132.3 mm lbs copper.
Commissioning and mill testing of the Shafter Mine in Texas commenced on April 1, 2012 and commencement of commercial production was achieved in December 2012. The Shafter Silver Mine, according to the data from the published feasibility study, is expected to produce 3.8 million ounces of silver over 12 months once ramp up to its 1,500tpd capacity is completed.
Shafter has a NI 43-101 M&I Resource of 23.9 mm oz of silver and an Inferred Resource of 22.8 mm oz of silver. (All National Instrument 43-101 technical reserve reports can be found on SEDAR at: www.sedar.com)
Aurcana continues to focus on its future growth.
The Company's shares are also traded in the United States on OTCQX under the symbol "AUNFF". Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcqx.com and www.otcmarkets.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION
Lenic Rodriguez, President & CEO
Baltazar Solano-Rico and Betty Gibbs have reviewed the technical information reported in the National Instrument 43-101 technical reports regarding the La Negra Silver Mine. All National Instrument 43-101 technical reports can be found on the Company's website at www.aurcana.com or on SEDAR at www.sedar.com.
Baltazar Solano-Rico (M.Sc., Geol. Eng.) and Mrs. Betty Gibbs (E.M., MSc.) of Behre Dolbear are the independent Qualified Persons pursuant to NI 43-101 for the Company. Mr. Nils von Fersen (PGeo), Vice President, Exploration is also certified Qualified Person of the company. The technical contents of this release have also been reviewed by Nils von Fersen for QP technical disclosures.
This news release contains certain forward-looking statements, including statements regarding forecast silver production, silver grades, recoveries, potential mineralization, exploration result, future plans and objectives of the Company and the business and anticipated financial performance of the Company. These statements are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.
Exploration results that include geophysics, sampling and drill results on wide spacings may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classified as a category of mineral resource. A mineral resource which is classified as "inferred" or indicated" has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category of resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable reserves.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or does not expect", "is expected", anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.
Actual results may differ materially from results contemplated by the forward-looking statements. Important factors that could differ materially from the Company's expectations include, among others, risks related to international operations, unsuccessful exploration results, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as changes in metal prices, changes in the availability of funding for mineral exploration and development, unanticipated changes in key management personnel and general economic conditions. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf. Accordingly, readers should not place undue reliance on forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
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.Contact Information:
President and CEO
(604) 331-9333 or Toll Free: (866) 532-9333
Corporate Communications Director
(604) 331-9333 or Toll Free: (866) 532-9333
(604) 633-9179 (FAX)