Dynacor Gold Mines Inc. ("Dynacor" or "the Company") (TSX:DNG
- News) is pleased to
announce that the Company is actively preparing a $5.45 million drilling
campaign on its 100% owned Tumipampa property.
Beginning in early 2011, Dynacor plans to drill a
total of 16,700 meters. The objective is to focus on the 4.1 by 1.2 km skarn ore deposit in order to determine the depth of
mineralization and verify the high-grade gold and copper mineralization
recently discovered in surface channel samples.
Phase I of the drilling campaign will
consist of 14 drill holes with depths of between 300 to 600 meters. Three to
four drill holes will target each of the 4 anomalous mineralized zones that
have been identified by the surface geological studies. During Q3-2011, the
company expects to begin Phase 2 of the drilling campaign which will consist
of 10,500 meters of further drilling of mineralized zones based on the
results obtained during Phase 1.
During Q3-2010, in order to prepare
Phase I of the Tumipampa drilling campaign, the
company has been actively sampling the skarn and other mineralized structures. 300 channel
surface samples have been sent for analysis. The company will release this
new data as soon as it is available.
Tumipampa: The Geological Context
The Tumipampa
property straddles the Apurimac corridor which hosts porphyry-copper and base
metals rich skarn deposits such as Las Bambas (Xstrata Copper), Los Chancas
(Southern Copper Corp) and Haquira (Antares Minerals) located within the Abancay
deflection zone which is an important regional structural control of the
Andes Mountain Range. This deflection zone changes its orientation from
north-west south-east to east-west creating an opening which allowed the
intrusion of the large Andahuaylas-Yauri formation
associated with several copper porphyries and skarn
deposits. Furthermore, the Tumipampa property is
located within a gold-silver rich corridor of epithermal veins which hosts
several important hydrothermal deposits such as Orcopampa,
Ares, Arcata, Caylloma, Shil-Paula,
Selene-Pallancata and Antapite.
The Tumipampa
property is located 60 km south of the city of Abancay
in the Department of Apurimac and approximately 500 km SE of Lima; its
altitude varies between 4200 and 4800 meters and covers an area of 42 km2
(4,200 hectares) including a recent acquisition of 1,300 hectares to protect
the possible lateral extensions of the skarn ore
deposit. See Press Release issued on January 27, 2010, and the Corporate
Factsheet released in October 2010- www.dynacorgold.com.
Tumipampa: Baseline Data
To date the Company has completed three
drilling campaigns on Tumipampa and collected 1320
surface samples (874 on the skarn itself and 446
from other parts of the property).Tumipampa is host
to three different types of mineralization (mainly gold, copper and silver):
1. Copper, gold and silver mineralization associated with skarn-type
deposit at the interface between limestones and marbles (Ferrobamba
formation) and the Andahuaylas-Yauri intrusive rock.
2. Gold bearing vein structures with variable widths ranging up to 7 meters
that are generally orientated along a N20 degrees E/70 degrees NW dip.
The veins are mainly made-up of pyrite, chalcopyrite, hematite, iron
oxides and grey-white quartz associated with the Soraya formation and
the Apurimac batholite.
3. Disseminated gold mineralization associated with breccias in the
quartzite rock.
In addition to the recent skarn discovery, the property hosts several important
gold mineralized structures, namely the Manto
Dorado, Veins A, B, 1, 2007, Escondida, Porvenir, Santa Rosa, San Pedro, Esperanza, Creston Siliceo, Aguila, South and
Sheila Breccisa.
The Manto
Dorado structure is of particular importance since it is located below and to
the southeast of the skarn. In 2008, two drill
holes in the Manto Dorado intersected high-grade
gold mineralization with intercepts of 23.8 g/t Au over 1.2 meters and 12.8
g/t Au over 1.4 meters.
Mr. Jean Martineau, President and CEO of
Dynacor Gold recently commented at a meeting in New
York City "The company's Tumipampa project is
located in a fast evolving mining region of Peru. It is flanked on either
side by two huge copper/gold deposits. One is 'Los Chancas'
owned by Southern Copper Corp. 355 million tonnes @
0.62% Cu and 0.039 grams/tonne of gold and the
other is 'Las Bambas' owned by Xstrata: 1.13
billion tonnes @ 0.77% Cu and 0.05-0.068 grams/tonne Au. Xstrata recently approved (August 2010)
development of a $4.2B mine on its Las Bambas
copper/gold project. Finally, in the past few days, our neighbor to the East,
Haquira owned by Antares
Minerals (TSX-V:ANM - News) was given an offer of
CDN $460 million from First Quantum (TSX:FM - News) for its Haquira property. We are very excited by all these
developments as we continue to drill and to explore Dynacor's
own copper/gold skarn deposit, the Manto Dorado and the other important gold rich vein
structures."
This Press Release has been read and
approved by Alonso Sanchez, P. Eng. and Chief Geologist for Dynacor Gold Mines. He acts as the qualified person
("QP") for the Company, and is a geologist affiliated to the
American Institute of Professional Geologists (AIPG).
ABOUT DYNACOR GOLD MINES INC.
Dynacor is a gold exploration and mining
company active in Peru through its subsidiaries since 1996. The Company's
assets include the Acari, Casaden
and Tumipampa exploration properties. The Acari mill produces gold by custom milling. Dynacor's strength and competitive advantage comes with
the experience and knowledge the Company has developed while working in Peru.
Its pride remains in maintaining respect and positive work ethics toward its
employees, partners and local communities.
FORWARD LOOKING INFORMATION
Certain statements in the foregoing may
constitute forward-looking statements, which involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of Dynacor, or industry
results, to be materially different from any future result, performance or
achievement expressed or implied by such forward-looking statements. These
statements reflect management's current expectations regarding future events
and operating performance as of the date of this news release.
Website: http://www.dynacorgold.com/
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