SPOKANE, WASHINGTON--(Marketwire - Nov. 1, 2007) - Matthew Russell,
President of Azteca Gold Corp. (TSX
VENTURE:AZG) (the "Company") announces that the Company has
received gold and silver assays for diamond core hole GAT-07-DDH-002, the
second of 5 core holes recently completed at Guerra al Tirano and being assayed at ALS Chemex
of Vancouver, BC ("ALS Chemex"). "We
are pleased to announce significant mineralization in all sampled
intervals across the intersected vein and adjacent to the vein for a few
intervals into the footwall," explained Mr. Russell. "Additionally,
we are realizing broadly disseminated mineralization for a considerable
distance into the hanging wall," added Russell.
Vein Mineralization:
The first assayed core hole, DDH-002 was drilled to a depth of 295 FT and intersected
the vein at approximately 150
FT with a true vein width, as reported in the
Company's press release dated October 10, 2007, of approximately 18 FT. The assays over
a true width of 27.5
FT (including this 18 FT vein width plus
approximately 9.5 FT
into the footwall), averaged 0.55 g/tonne Au and 46.7 g/tonne Ag (1.40 g Au
equivalent/tonne). Assays ranged from 0.05 g/tonne to as high as 1.2
g/tonne Au and from 6.9 g/tonne to as high as 96.4 g/tonne Ag within the
vein intercept.
Hanging Wall Mineralization:
Significant mineralization begins
to occur in the hanging wall of the vein at approximately 72.5 FT drill depth
where assays averaged 0.16 g/tonne Au and 40.5 g/tonne Ag (0.90 g Au
equivalent/tonne) over a true width of approximately 4 FT. Hanging wall mineralization
from this drill depth of 72.5
FT down to the vein depth beginning at 150 FT (77.5 FT total)
averaged 0.13 g/tonne Au and 25.0 g/tonne Ag (0.58 g Au
equivalent/tonne). Assays ranged from 0.03 g/tonne to as high as 0.30
g/tonne Au and from 7.1 g/tonne to as high as 59.1 g/tonne Ag within this
hanging wall intercept.
Combined Mineralization:
The combined mineralization in the
vein, footwall, and hangingwall averaged 0.28
g/tonne Au and 33.0 g/tonne Ag (0.88 g Au equivalent/tonne) over a 132.5 FT drill
depth. The extent of footwall and hangingwall
mineralization found in hole DDH-002 supports the findings in the NI
43-101 technical document wherein the author comments, "Silicification and quartz stockwork
veining extend 2 to 4
meters into the footwall and 2 to 6 meters into the hangingwall of the vein..." and to the extent of
the step-out distance of the hole, "...backhoe trenches exposed
extensive argillic alteration in the hangingwall extending up to 150 meters east of
the vein." (ref: GAT NI 43-101 dated May 11, 2006 and titled:
"The Report on the Geology and Current Status of the Guerra al Tirano Silver-Gold Property, Temoris District, Chihuahua, Mexico"
page 9 under heading "Alteration")
"In addition to the
consistent gold and silver mineralization across the vein and into the
footwall, we are especially encouraged to see significant disseminated
mineralization in the hanging wall distant from the vein," said John
Mears, Vice President of Exploration and the "qualified person"
as defined by National Instrument 43-101, who has verified the data
disclosed in this press release. "Strength of mineralization in the
hanging wall of the vein suggests good ground preparation of the andesites and a strong mineralizing vein system, two
factors which provide good potential for low cost open pit type
mining," added Mears. "Further," Mr. Mears went on to
explain, "we can expect some of the many planned RC holes to
penetrate through what are called high grade "chutes" or
"chimneys", which can add very significantly to the
disseminated mineralization we are seeing in our first core hole."
Quality Assurance and Mineral
Resource Notes:
Core and RC samples were processed
per the Company's quality assurance policy whereby chain of custody is
controlled at site by the Company's site geologist who transfers the
samples directly to an ALS Chemex
representative at site or in Hermosillo, Sonora,
Mexico. ALS
Chemex has provided assay results to only those
within Azteca's control, the list provided to
them by Matt Russell. Assay results are preliminary and will be confirmed
by the Company.
The potential quantities and
grades reported within this press release are conceptual in nature, being
from limited diamond drill core data. There has been insufficient
exploration to define a mineral resource and it is uncertain if further
exploration will result in the delineation of a mineral resource.
High Grade "Chutes":
The NI 43-101 technical document
for Guerra al Tirano refers to the high grade
veins and stockwork or what can be collectively
called a "chute" as depicted in Figure 6 of the NI 43-101
technical document. The author refers to reasonable average grades and
widths: "The adjacent footwall and hangingwall
quartz stockwork/silicified zones extend up to 7 meters away from
the vein. The maximum total width is about 17 meters. Assay
results from 10 locations where we could cut samples across most or all
of the mineralization shows that the zone (vein and stockwork)
has an average width of 5
meters and an average grade of 2.88 ppm Au (0.08opt) and 202 ppm
Ag (5.9opt). This is in substantial agreement with the average grade
reported in the Guerra al Tirano Mine by the Consejo de Recursos Minerales (1994, p. 232) of 3.73 ppm
Au and 294 ppm Ag." (ref:
GAT NI 43-101 dated May 11, 2006 and titled: "The Report on the
Geology and Current Status of the Guerra al Tirano
Silver-Gold Property, Temoris District, Chihuahua,
Mexico"
page 10 under heading "Minerology and
Grade"). 1 ppm is 1 g/tonne.
RC Progress Update:
Layne de Mexico has drilled 29 RC
holes or about 14,500
FT of their 16,400 FT contract.
Layne will drill two more RC holes with target depths 300 to 400 FT and then
step-out from the vein for two additional RC holes at approximately 800 FT target depth. The
purpose of these deeper holes is to test the further extent of
disseminated mineralization in the hanging wall, to investigate the
potential for parallel vein structures in the hanging wall of the main
vein, and to confirm the continuity down dip of the main Guerra al Tirano vein.
Current Drilling and Future Plans:
The Company awaits assays from ALS
Chemex for the other 4 core holes and the RC
holes in process. Assays and core logs for these 5 core holes and 33 RC
holes are expected to allow the Company to define an initial resource on
approximately the northernmost 1.6 km of the 2.5 km strike length
of the Guerra al Tirano Project during the
fourth quarter of 2007. With the Tres de Mayo
lower drill road nearing completion, the Company has commenced a surface
program to assist in deciding placement of core and RC holes in the
upcoming second phase of on-strike and step-out drilling on the Tres de Mayo concession, which is the southernmost of
the 3 concessions which make up the Guerra al Tirano
Project.
Location Information for Core Hole
GAT-07-DDH-002:
Hole
Northing Easting
Elevation Azimuth
Dip Total Depth
(FT) (degrees)
(degrees)
(FT)
-002
3022989 760230
4,121.5
0
-90
295
Average Assays over Bulk
Intercepts:
Hole
From
To
Interval
Au Ag
AuEq
Comments
(FT)
(FT)
(FT)
(g/t)
(g/t)
(g/t) (True Width)
-002
72.5
80.5
8.0
0.16 40.5
0.90
4 FT
-002
72.5
150.0
77.5
0.13
25.0
0.58
39 FT
-002
150.0 205.0
55.0
0.55
46.7
1.40
27.5 FT
Some
of the better intervals include:
150.0
155.0
5.0
0.27
58.0 1.32 2.5
FT
160.0
165.0
5.0
0.50
57.5
1.55 2.5
FT
175.0
180.0
5.0 0.54
96.4 2.29 2.5
FT
180.0
185.0
5.0 1.02
44.9 1.84 2.5
FT
185.0
190.0
5.0 1.20
58.3 2.26 2.5
FT
190.0
195.0
5.0 0.90 29.5 1.44
2.5 FT
200.0
205.0
5.0
0.76
70.0
2.03 2.5
FT
Notes:
- Au:Ag equivalent is calculated with a multiplier
of 55:1
- True width of
drill intervals are approximately 50% of drill intercept.
- Assay Methods: Atomic absorption method for
Au and intercoupled plasma analysis for Ag
- Assay Detection Limits: 0.005 ppm for Au and 0.5 ppm
for Ag