Vancouver, British Columbia - Odin Mining and Exploration Ltd.
(TSX Venture: ODN) ("Odin") is pleased to announce the results from the
Company's nine hole, 3,540 metre Phase 1 drill program at its Cangrejos
project in southern Ecuador. The Cangrejos gold/copper project,
comprises approximately 5,594 hectares, is located El Oro province of
southern Ecuador approximately 30 kilometres southeast of the coastal
port city and Provincial capital, Machala.
Results demonstrate the continuous nature of the mineralization,
highlighted by hole C14-47 that intersected 405.10 meters from surface
to the end of the hole grading 0.66 grams per tonne gold and 0.09%
copper for a gold equivalent grade of 0.82 grams per tonne and including
58 metres grading 1.63 grams per tonne gold and 0.16% copper for a gold
equivalent grade of 1.91 grams per tonne.
The results from the initial 9 drill holes are shown in the table below.
A map showing the location of the drill holes is provided in Figure 1,
||Au Eq. (g/t)
||This hole was drilled on an azimuth of 110 degrees at an inclination of -55 degrees and was designed to confirm the previous drill results for use in an eventual NI 43-101 resource estimate, which it did successfully. The hole also extended the limits of the known mineralisation to the south at depth.
||Inclined at -70 degrees and oriented north this drill hole stepped out 50m to the northeast of the existing drilling and extended known mineralization 150m vertically below the neighbouring drill holes
||This hole was drilled at -60 degrees to the north and is a 100m step-out to the northeast of hole C14-48 and extended the known mineralised body in this direction.
||Inclined at -70 degrees to the south this hole was designed to test the depth extent of the known mineralisation and succeeded in extending gold and copper grades to 200m below the base of existing drilling, ending in mineralisation.
||Inclined at -60 degrees to the north, this hole confirmed continuity of mineralisation in a 150m "gap” in the existing drill pattern
|C14-52 (length: 216.55m)
||Orientated -50 degrees to the north, this hole was designed to test the down-dip extent of mineralization seen in the ADAB 1* adit which returned 0.52 grams per tonne gold and 0.08 % copper over 110m. in a historic continuous channel sample and is coincident with a surface rock sample gold anomaly.
|C14-53 (length: 438.05m)
||This hole was drilled at -60 degrees to the north and is a 100m step-out to the east of hole C14-9 and extended the known mineralised body in this direction.
|C14-54 (length: 432.05m)
||This holes was orientated -65 degrees north and is a 200m vertical step-out below previously drilled hole C11-18
|C15-55 (length: 315.50m)
||No Significant Results
||This scout drill hole was orientated -55 degrees north to test below a surface gold-copper-molybdenum anomaly with a coincidence IP anomaly and tourmaline breccia mapped at surface.
* Gold equivalents are calculated assuming a gold price of $1,200
per troy ounce and $3.00 per pound of copper. 100% recoveries are
assumed in the absence of metallurgical test work. No interval reported
above contains an intersection of 10m or greater of continuous samples
grading below 0.2 g/t Au Eq. The highest drill core assay used in the
above results is 5.48 g/t for gold and 1.39% for copper. No top cutting
of the database was deemed necessary. All samples in the drill program
were 2m long except for a total core length of 55.75m in 32 samples
(1.6% of total), which were cut to different lengths.
Odin is encouraged by the current drill results, which are consistent
with the company's expectations. Results demonstrate the continuous
nature of the mineralization at Cangrejos, making it suitable for a
large-scale open pit low-cost mining operation. The Company is also
anticipating changes to the regulatory and taxation environment in
Ecuador and is encouraged by recent dialogue with the government in this
regard. Additionally, Odin has initiated a scoping level metallurgical
testing program along with a conceptual project siting and environmental
In other corporate news, Leo Hathaway has been appointed Senior Vice
President and Diego Benelcazar has been appointed Vice-President
Exploration and Corporate Development.
Leo Hathaway, P.Geo., and Senior Vice President for Odin, is the
Qualified Person as defined by National Instrument 43-101 for the
Cangrejos Project. The quality assurance/quality control program is
monitored by independent consultant Dr. Bruce M. Davis. Logging and
sampling are completed at Odin's secure facility located at the project.
The drill core is sawn in half on site and half drill core samples are
securely transported to Acme's sample preparation facility in Cuenca,
Ecuador. Sample pulps are sent to Canada for analysis. Gold content are
determined by fire assay of a 30 gram charge at ALS Chemex in Lima,
Peru and Vancouver, Canada. Total copper content is determined by
four-acid digestion with ICP finish at Acme in Vancouver. Check assays
for gold were done at ALS Chemex Labs in Vancouver and Lima, Peru. Odin
inserts standards, blanks and duplicates selected on a random basis
into the sample stream.
Mr. Hathaway has reviewed and approved the contents of this news release.
Odin Mining & Exploration Ltd
Signed: "Marshall Koval"
Marshall Koval, President & CEO
For further information contact:
Lyle Braaten, VP Legal Counsel
T: +1 604 646 1889
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