March 28, 2012
The Company is happy to report the 2012 Titan24 survey has dramatically increased the size potential of the Itsit deposit discovered in 2011. The deposit is now seen to lie within a geophysical target with an area of approximately 3 square kilometers and a depth extent in excess of 800 meters. The geophysical anomaly is well defined with a size of 1.5km by 2.5km. The limits of the newly discovered Itsit zone are not closed off in any direction within this anomaly. The geophysical response is indicative of a large porphyry type deposit. This interpretation is supported by the 2011 drilling, with a good correlation between high chargeability zones identified by the Titan24 survey and stock-work mineralization encountered in the 2011 drill holes. Drill hole 11S‑13 confirms that the mineralization extends to at least 777m depth and is open at depth. The present geophysical assessment is that the best geophysical targets are in the core of the new IP anomaly. The magneto-telluric data acquired by the Titan24 survey indicates that higher conductivity features can be localized within the target mapped by the induced polarization and DC resistivity anomaly. These may indicate zones of increased sulfide content or brecciation. Within the 3 square kilometer induced polarization target, excellent potential exists for the discovery of localized higher grade zones of porphyry mineralization. The identification of near surface targets of higher grade will be the focus of the geophysical interpretation used to direct drilling in the 2012 field season.
The 2011 drill program resulted in the discovery of the Itsit porphyry with significant mineralized intersections carrying values in gold, copper and molybdenum. Core samples (NR Dec. 21, 2011) indicate multiple pulses of mineralization in stockwork suggesting good potential for higher grade zones within the deposit. Multiple episodes of mineralization tend to improve both the size and the grade of porphyry deposits. The recently completed geophysical program suggests that the Itsit porphyry is a body of considerable size that may include higher grade zones, the identification of which will be a major objective of the 2012 program. Also, metal zonation is a common feature of porphyry deposits resulting in relative enhancement of one or more of the constituents, which in some cases can improve the economics of deposits. The limited drilling done to date indicates differing metal ratios in different parts of the deposit, suggesting that studies of metal zonation will be an important part of the exploration of this deposit.
As an illustration of the potential size of this deposit, DDH 11S-13 encountered just under 700 metres of nearly continuous mineralization (NR Dec. 21, 2011). The lower 250 metres of this hole exhibited strong silicification and spectacular fluorite development and was well mineralized with copper and molybdenite. The hole was stopped in this strong mineralization with the casing left intact to allow for further deepening and possible downhole geophysics.
The Quantec Geoscience report summarizing both 2011 and 2012 geophysical programs has been prepared by Nasreddine Bournas, PhD, PGeo, who reports “The 3D DCIP inversion results supported by the MT inversions of the Titan 24 data acquired at Silver Queen show spectacular zones of chargeability high occurring in coincidence with zones of resistivity low and consistent with the evidence of the possible existence of a unique porphyry system of high tonnage of mineralization”. Selected figures displaying the inversion model as well as a plan view will be made available on the company website. (click here for images of model)
Peter Kowalczyk is the company geophysical consultant and will provide ongoing drill target guidance and support. Encouraging results of the Titan24 DCIP and MT geophysical data at the Silver Queen project have been interpreted and presented by Quantec Geoscience. Geophysical data referenced in this press release has been reviewed by Peter Kowalczyk, P.Geo., a qualified person within the terms of NI 43-101 standards and who approves the applicable content of this release.
This news release has been reviewed by
ON BEHALF OF THE BOARD
President and Chief Executive Officer
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