Cerro Moro Infill Drilling For
Pre-Feasibility Study Completed - Drilling Now Focused Entirely on New
Veins and Extensions
Vancouver, B.C., January 24, 2011 � Extorre Gold
Mines Limited (TSX:XG, Frankfurt: E1R, OTC: EXGMF � �Extorre� or the
�Company�) is pleased to report high gold-silver grades from
the final assay batch of the infill drilling program at its 100% owned
Cerro Moro Project in Santa Cruz Province, Argentina. The purpose of the
infill drilling at the Gabriela and Loma Escondida vein zones was primarily
to upgrade Inferred category resources to the Indicated category. Only
Indicated resources will be included in the Cerro Moro Pre-Feasibility
Study (�PFS�), which is due for completion in the second quarter of 2011.
Of the 46 drill holes completed, 24 returned
significant results including the following exceptional intercepts:
Gabriela Vein
MD1066
intersected 4.80
metres (�m�) at 12.4
grams per tonne (�g/t�) gold + 1,603 g/t silver (39.1 g/t
gold equivalent*)
including
0.79 m at 70.7
g/t gold + 8,935 g/t silver (219.6 g/t gold equivalent*)
Loma Escondida Vein
MD1073
intersected 2.63
m at 14.8 g/t gold + 1,208 g/t silver (35.0 g/t gold
equivalent*)
including
0.30 m at 81.5
g/t gold + 6,851 g/t silver (195.7 g/t gold equivalent*)
MD1087
intersected 0.77
m at 105.3 g/t gold + 1,592 g/t silver (131.8 g/t gold
equivalent*)
including
0.35 m at 224.1
g/t gold + 2,748 g/t silver (269.9 g/t gold equivalent*)
Eric Roth, Extorre�s President and CEO, stated
�The infill drill program has been successful in confirming continuity of
high grade gold-silver mineralization in both the Loma Escondida and
Gabriela vein zones. These veins are very important as they will
potentially provide high grade open pit ore to the Cerro Moro plant in the
early production years. It is noteworthy that this batch of results includes
the highest silver-gold grades obtained to date from the Gabriela vein.
�The completion of the infill drilling allows us
to focus the four rigs on establishing the upside of the extensive Cerro
Moro vein system. We expect to drill +5,000 metres per month through 2011, allowing us to test many targets
that have had little or no drilling to date.�
Significant results from Gabriela vein infill
drilling (at a 1.0 g/t gold equivalent* cut-off grade):
Drill Hole
|
From (m)
|
To (m)
|
Width (m)
|
Gold (g/t)
|
Silver (g/t)
|
Gold
Equivalents*
(g/t)
|
Gold
Equivalents*
(oz/ton)
|
MD1053
|
90.65
|
97.45
|
6.80
|
1.9
|
218
|
5.5
|
0.16
|
including
|
91.00
|
92.00
|
1.00
|
4.1
|
421
|
11.1
|
0.32
|
MD1056
|
38.00
|
48.00
|
10.00
|
1.5
|
223
|
5.2
|
0.15
|
including
|
40.00
|
41.07
|
1.07
|
5.4
|
678
|
16.7
|
0.48
|
MD1058
|
64.00
|
69.10
|
5.10
|
1.2
|
186
|
4.3
|
0.12
|
MD1059
|
20.00
|
23.20
|
3.20
|
1.8
|
142
|
4.2
|
0.12
|
including
|
21.15
|
21.60
|
0.45
|
5.5
|
424
|
12.5
|
0.36
|
MD1062
|
46.33
|
49.40
|
3.07
|
5.8
|
507
|
14.3
|
0.41
|
including
|
48.11
|
48.75
|
0.64
|
18.3
|
1,044
|
35.7
|
1.04
|
MD1064
|
70.41
|
72.51
|
2.10
|
2.7
|
342
|
8.4
|
0.24
|
MD1066
|
59.60
|
64.40
|
4.80
|
12.4
|
1,603
|
39.1
|
1.13
|
including
|
62.46
|
63.25
|
0.79
|
70.7
|
8,935
|
219.6
|
6.37
|
MD1072
|
69.00
|
72.00
|
3.00
|
3.3
|
498
|
11.6
|
0.34
|
including
|
70.32
|
70.78
|
0.46
|
13.1
|
1,773
|
42.7
|
1.24
|
MD1077
|
10.73
|
20.50
|
9.77
|
2.0
|
278
|
6.7
|
0.19
|
including
|
18.42
|
19.62
|
1.20
|
7.4
|
1,277
|
28.7
|
0.83
|
MD1078
|
45.00
|
53.00
|
8.00
|
1.8
|
213
|
5.4
|
0.16
|
including
|
51.00
|
53.00
|
0.60
|
4.8
|
543
|
13.9
|
0.40
|
MD1081
|
24.00
|
34.50
|
10.50
|
2.1
|
258
|
6.4
|
0.19
|
including
|
26.40
|
26.70
|
0.30
|
7.8
|
975
|
24.0
|
0.70
|
and
|
32.80
|
33.10
|
0.30
|
11.6
|
1,676
|
39.5
|
1.15
|
MD1083
|
54.50
|
60.00
|
5.50
|
1.9
|
422
|
8.9
|
0.26
|
including
|
56.45
|
57.05
|
0.60
|
4.6
|
1,290
|
26.1
|
0.76
|
MD1086
|
47.60
|
53.00
|
5.40
|
4.2
|
795
|
17.5
|
0.51
|
including
|
48.26
|
49.67
|
1.41
|
10.6
|
1,871
|
41.7
|
1.21
|
MD1098
|
102.00
|
103.80
|
1.80
|
2.0
|
275
|
6.5
|
0.19
|
MD1100
|
95.00
|
97.55
|
2.55
|
1.8
|
190
|
5.0
|
0.15
|
Significant results from Loma Escondida vein
infill drilling (at a 1.0 g/t gold equivalent* cut-off grade):
Drill Hole
|
From (m)
|
To (m)
|
Width (m)
|
Gold (g/t)
|
Silver (g/t)
|
Gold
Equivalents*
(g/t)
|
Gold
Equivalents*
(oz/ton)
|
MD1069
|
4.43
|
6.00
|
1.57
|
10.0
|
371
|
16.2
|
0.47
|
including
|
5.00
|
5.43
|
0.43
|
32.0
|
1,182
|
51.7
|
1.50
|
MD1073
|
16.47
|
19.10
|
2.63
|
14.8
|
1,208
|
35.0
|
1.02
|
including
|
17.10
|
17.40
|
0.30
|
81.5
|
6,851
|
195.7
|
5.68
|
MD1079
|
39.78
|
40.55
|
0.77
|
4.7
|
294
|
9.6
|
0.28
|
MD1082
|
13.00
|
16.50
|
3.50
|
9.6
|
539
|
18.5
|
0.54
|
including
|
14.50
|
15.00
|
0.50
|
30.2
|
1,733
|
59.1
|
1.71
|
MD1084
|
39.17
|
39.95
|
0.78
|
26.1
|
1,420
|
49.8
|
1.44
|
Including
|
39.17
|
39.55
|
0.38
|
52.5
|
2,690
|
97.3
|
2.82
|
MD1087
|
31.73
|
32.50
|
0.77
|
105.3
|
1,592
|
131.8
|
3.82
|
including
|
31.73
|
32.08
|
0.35
|
224.1
|
2,748
|
269.9
|
7.83
|
MD1089
|
41.80
|
42.20
|
0.40
|
9.65
|
905
|
24.7
|
0.72
|
MD1091
|
18.50
|
18.85
|
0.35
|
17.3
|
1,184
|
37.0
|
1.07
|
* Gold equivalent grade is calculated by dividing
the silver assay result by 60, adding it to the gold value and assuming
100% metallurgical recovery.
Note: Drill hole MD1036 at Loma Escondida appears
to have intersected significant mineralization but results are still
pending.
The infill drill results from the Gabriela and
Loma Escondida veins will form part of the database for an updated
independent mineral resource estimate. The new mineral resource model will
be delivered to Santiago-based NCL Ltda who will update the mining plan and
ore delivery schedule for inclusion in the PFS.
The results from an additional 48 drill holes are
expected to be released to the market within the next two weeks. These
drill holes are part of the discovery drilling program and represent the
final batch of samples from 2010 drilling. All drilling and field
operations have resumed from a Christmas to New Year recess period. Acme
Analytical Laboratories are expected to commence on-site sample preparation
at Cerro Moro on February 1.
Click Here for the
long sections and plans
Marina Trasolini appointed Vice President -
Corporate Development
Extorre is also pleased to announce the
appointment of Ms. Marina Trasolini as Vice President - Corporate
Development. Marina currently holds Bachelor of Science - Geology and
Bachelor of Education - Secondary Science degrees from the University of
British Columbia (UBC), and will shortly complete an MBA in Finance from
the same institution. Before joining Extorre, Ms. Trasolini worked as the
Senior Research Analyst for renowned newsletter writer Lawrence Roulston,
editor of the Resource Opportunities Investment Newsletter. In that role
she became well versed in corporate finance, equity financings, company
valuations and M&A dealings in the mining sector. Prior to this, Ms.
Trasolini worked for a junior exploration company as an exploration
geologist.
Quality Control and Assurance
Drill widths presented above are drill
intersection widths and may not represent the true widths of mineralization..
Gold assay results presented above are preliminary
with no cutting of high grades. All diamond drill core samples are split on
regular metre intervals or on geological contacts and represent sawn half
HQ-size core. Reverse circulation drill samples are collected using a
cyclone in one metre intervals. Samples were prepared at the Acme
Analytical Laboratories (�AcmeLabs�) preparation facility in Mendoza,
Argentina and assayed by fire assay (50 gram charge) at the AcmeLabs
laboratory in Chile, both ISO-9001:2000 certified laboratories.
Check assaying of all samples assaying greater
than 1.0 g/t gold is completed by Acme Labs. Samples returning greater than
10 g/t gold and/or greater than 100 g/t silver are assayed using
gravimetric analyses. Standard and blank samples are used throughout the
sample sequence as checks for the diamond drilling reported in this
release. Standard, blank and duplicate samples are used throughout the
sample sequence as checks for the RC percussion drilling.
Assaying by the screen fire assay method has been
implemented in conjunction with standard 50 gram fire assaying, for diamond
drill cores that contain visible gold. The procedure for screen fire
assaying involves crushing and sieving of a nominal 1,000 gram sample to a
particle size of 100 microns. All material which does not pass through the
100 micron sieve is then assayed. Two fire assays are undertaken on the
undersize material as a check on homogeneity. The total gold content is
then calculated.
Matthew Williams, Extorre�s Exploration Manager
and a �qualified person� within the definition of that term in National
Instrument 43-101, Standards of Disclosure for Mineral Projects, has
supervised the preparation of the technical information contained in this
news release.
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