Capella Resources Ltd.

Published : January 29th, 2010

Intersects 318 Meters of Gold at .68 g/t on its Lajitas Project in Chile

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Keywords :   Canada | Chile | Copper | Gold | Lead | Market |

For Immediate Release

Capella Resources Intersects 318 Meters of Gold at .68 g/t

on its Lajitas Project in Chile

Vancouver, B.C., January 28, 2009 ? CAPELLA RESOURCES LTD. (TSX-V: KPS) (?Capella? or the ?Company?) is pleased to announce that drilling at the Lajitas Project in Chile has encountered a zone of continuous gold mineralization 50 meters north of the Santa Fe historic resource. Drill hole LJ10015r has intersected 318m (1043 ft) at 0.68 grams per metric ton (?g/t?) gold (0.02 oz/t) over the entire length of the 318m (1043 ft) drill hole which includes 140m (459 ft) at 1.02 g/t gold (0.033 oz/t). Mineralization in the drill hole remains open to the north, east, at depth, and lies under a mineralized outcrop.  Gold mineralization is hosted in diorite porphyry.

LJ10015r was drilled to the east at an angle of -60 degrees using reverse circulation techniques. Gold and copper assaying were conducted by Activation Laboratories Ltd of Coquimb, Chile (an ISO 9001-2008 certified lab).  Addition step-out drill holes to the north are planned; however, an engine failure on the drill rig has caused a temporary delay in program.   Drilling operations are expected to recommence early February 2010.

Four drill holes (LJ09012r, LJ09013r, LJ09014 and LJ10015r) have been completed since the startup of the Lajitas program in December 2009 (totaling 1102 meters).  Drill hole collars for LJ09012r, LJ09013r and LJ0914r are located 350m east, 400m east-northeast, 450m northeast, respectively of the Santa Fe resource area.  LJ09012r is drilled to the northeast and intersected a new zone of gold mineralization of 74m at 0.11 g/t gold. LJ09013r is drilled to the northeast and encountered no gold mineralization.  LJ09014r intersected anomalous gold (8m at 0.08 g/t) at the bottom of the hole, possibly representing the edge of the extreme northern extension of the Santa Fe zone.

Detailed drilling results from this press release are summarized as follows:

Hole No.

From (m)

To (m)

Width (m)

Gold (g/t)

Copper (%)

Status

Zone

LJ10015r

0

318

318

0.68

0.056

Finals

Oxide Gold Zone

Including

152

292

140

1.02

0.068

Finals

Oxide Gold Zone

 

 

 

 

 

 

 

 

LJ10014r

292

300

8

0.08

pending

Prelim

Oxide Gold Zone

 

 

 

 

 

 

 

 

LJ10013r

0

0

0

0

0

Finals

No Gold

 

 

 

 

 

 

 

 

LJ10012r*

130

204

74

0.11

pending

Prelim

Oxide Gold Zone

 

 

 

 

 

 

 

*118m of results pending 

Intercepts not calculated using a gold cut-off.

Capella?s Project Manager, Neil Downey stated, ?The impact of the drilling, especially drill hole LJ10015r, on the Lajitas project is yet to be determined but it appears that the gold mineralization in this hole is oxide which is very positive with regard to metallurgical processing. The mineralization intersected also appears to connect with mineralized surface outcrops indicating the possibility of low strip ratio in a mining scenario. LJ10015r drill hole has produced the most continuous gold mineralization intersected to date at Lajitas and could prove to be important if the trend continues to improve to the north?.

Core samples from LJ08011, which was drilled in December 2008, have been sent to McClelland Laboratories, Inc. of Sparks, Nevada for metallurgical testing. Results are expected in mid February.  

Brian Cole, P. Geo., has reviewed the technical disclosure contained in this news release and is a Qualified Person within the meaning of National Instrument 43-101 ? Standards of Disclosure for Mineral Projects. The reader is directed to the Company?s website at www.capellaresources.com where a presentation on the Lajitas gold project provides additional information regarding this release.

 

About Capella Resources Ltd.

Capella Resources Ltd. is a publicly traded, junior exploration and mineral development company with a strong portfolio of precious and base metal projects in Chile, USA and Atlantic Canada.  The Company has a 100% interest in the Lajitas and Nevada gold-copper properties located in the Maricunga Gold and Copper District and approximately 700 kilometres northwest of Santiago, Chile.  The properties comprise ten exploration claims and six exploitation claims totalling a cumulative 3,500 hectares in area.  The Company holds a 100% interest in the Tinton Gold Project located 15 kilometres west-northwest of the famous and historic Homestake Mine in the Black Hills at Lead, South Dakota.  The Tinton property consists of 1,270 hectares contained in 157 unpatented mining claims.

The Company also holds 3839 mineral exploration claims covering an aggregate land area of over 71,558 hectares in Atlantic Canada (Nova Scotia, New Brunswick and Newfoundland and Labrador).

 

CAPELLA RESOURCES LTD.
per: ?Richard Bachman?

Richard Bachman, Chief Executive Officer, President & Chief Geological Officer

For further information, please contact:
Capella Resources Ltd.
Graham Johnstone

1-778-331-2023

Toll Free: 1-877-321-7474
Email:
info@capellaresources.com

FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company?s actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: results of exploration activities and development of mineral properties, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the ability to obtain financing, currency fluctuations, general market and industry conditions and other risks disclosed in the Company?s filings with Canadian Securities Regulators.

Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

 

Data and Statistics for these countries : Canada | Chile | All
Gold and Silver Prices for these countries : Canada | Chile | All

Capella Resources Ltd.

PRODUCER
CODE : KPS.V
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Capella Res. is a silver and gold exploration company based in Canada.

Capella Res. holds various exploration projects in Chile.

Its main asset in production is MARICUNGA in Chile and its main exploration properties are TINTON, NEVADA and LAJITAS in Chile and HARVEY in Canada.

Capella Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 2.5 millions as of today (US$ 2.5 millions, € 1.9 millions).

Its stock quote reached its lowest recent point on September 12, 2003 at CA$ 0.01, and its highest recent level on September 08, 2006 at CA$ 9.90.

Capella Res. has 81 975 000 shares outstanding.

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Project news of Capella Resources Ltd.
6/22/2010(Nevada)Reports on Trench Sampling
5/11/2010(Lajitas)Updates Drill Results
1/29/2010(Lajitas)Intersects 318 Meters of Gold at .68 g/t on its Lajitas Proj...
Corporate news of Capella Resources Ltd.
7/20/2011Announces Memorandum of Understanding
6/22/2011Identifies New Copper-Gold Porphyry Targets on its Peru Prop...
6/9/2011(Lajitas)Discovers Two New Mineralization Zones at Lajitas
6/1/2011Announces Airborne Geophysical Survey at El Rojo and Habaner...
3/16/2011Announces Royalty Reduction Agreements
2/24/2011AM Gold and Capella Announce Termination of Letter of Intent
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