Minera IRL Announces Exploration Update, Escondido Project,
Argentina
Minera IRL Limited (�Minera IRL� or the �Company�),
(TSX:IRL) (AIM:MIRL) (BVL:MIRL) the Latin American focused gold mining,
development and exploration company, announces an exploration update at the
Escondido Project in Patagonia, Argentina.� Assay results have now been received from 9
new widely spaced holes into the Northern Breccia trend.�
Highlights:
- Best intersections into the bulk tonnage target
area include E-D10-020 with 33.5 meters grading 0.89g/t gold and 2.83g/t
silver, including 10.2 meters of 1.83g/t gold and 4.45 g/t silver and
E-D10-24 with 17.0 meters grading 1.13g/t gold and 8.23g/t silver
- A new IP Gradient Array geophysical survey east
of the previous IP grid has defined a highly encouraging resistivity and
conductivity anomaly along the untested 900 meter south-easterly trending
extension of the Northern Breccia trend
- The next stage of diamond drilling into the
Northern Breccia Zone, with a program of approximately 4,000 meters, is
scheduled to commence during March 2011
Minera IRL Limited announced a new discovery in September 2010 at the
Escondido Project, Santa Cruz Province, Argentina.� Drilling identified wide zones of potentially
bulk minable gold and silver mineralization, contiguous to Mariana Resources
Las Calandrias Project.�� More encouraging assay intersections have
now been received from the widely spaced
second-pass scout drilling program carried out in December 2010.� The drill program confirms that
mineralization extends over almost 700 meters of strike from the northern
tenement boundary and remains open-ended toward both the east and
south-east.�
Results have also been received from an extended IP
Gradient Array geophysical survey which shows a wide resistivity anomaly over
the remaining 900 meters of untested ground between the current drilling and
the eastern boundary of the Escondido tenement block.� A substantial, chargeability anomaly
coincident with the resistivity has also been identified.� The extended geophysics provides another
excellent drill target for the 4,000 meter diamond drill program about to
commence in March.��
�The recent drill results provide a significant step
forward in progressing our immediate objective of
probing the limits of mineralization on the Escondido Northern Breccia trend�
said Courtney Chamberlain, Executive Chairman of Minera
IRL.� �A new fence of holes to the south
east has confirmed continuity of gold/silver mineralization along strike of a
newly defined chargeability high within a broad resistivity geophysical
anomaly.� This confirms a strong
probability for disseminated sulphide mineralization within a silicified zone
giving us another excellent target for the pending drilling program.�
Selected intercepts from the second pass Escondido
scout drilling are tabulated below.
|
Hole Number
|
Intercept
|
Assay � g/t
|
Gold Equivalent � g/t*
|
|
From
|
To
|
Meters
|
Au
|
Ag
|
|
E-D10-020
|
51.00
|
84.50
|
33.50
|
0.89
|
2.83
|
0.91
|
|
including
|
56.15
|
66.35
|
10.20
|
1.83
|
4.45
|
1.90
|
|
E-D10-022
|
10.00
|
62.45
|
52.45
|
0.64
|
9.51
|
0.80
|
|
including
|
26.00
|
29.45
|
3.45
|
3.53
|
26.37
|
3.97
|
|
E-D10-024
|
15.00
|
32.00
|
17.00
|
1.13
|
8.23
|
1.27
|
|
E-D10-027
|
20.60
|
65.00
|
44.40
|
0.52
|
1.79
|
0.55
|
|
E-D10-033
|
86.25
|
90.70
|
4.45
|
0.82
|
59.02
|
1.80
|
*Gold equivalent grade is calculated by dividing the
silver value by 60 and adding this to the gold value..
Minera IRL considers that there are several significant findings in these
results.� Hole
E-D10-024 confirms the presence of precious metal mineralization in a central
area where results reported in September 2010 were weak. Gold and silver values
from step out holes E-D10-027 and E-D10-033 suggest mineralization is open
toward the south-east where extended geophysics has identified highly encouraging
drill targets spanning over 900 meters.�
Additional information on Escondido, including plans
and drill sections as well as the extended geophysical images, can be found on
the Minera IRL website www.minera-irl.com
In addition, Minera IRL
continues to advance the Don Nicolas feasibility study and is actively
exploring a number of highly promising grass roots precious metal prospects
that are also located within the 2,700 square kilometre lease holding in Patagonia,
Competent Persons Statement
The preparation of the technical information contained
herein was supervised by Donald McIver, VP Exploration of the Company, MSc
Exploration and Economic Geology, a Fellow of the Australian Institute of
Mining and Metallurgy (AUSIMM), who is recognized as a Qualified Person for the
purposes of National Instrument 43-101, and who has reviewed and approved the
technical information in this press release.
For more information please contact:
|
Minera IRL Limited �����������������������������������������
Trish Kent, Vice President, Corporate Relations
|
+511 4181230
|
|
Collins Stewart (Nominated Adviser & Broker,
London)
|
+ 44 (0)20 7523 8350
|
|
John Prior
Adam Miller
|
|
|
finnCap (Co-broker, London)
Geoff Nash (Corporate Finance)
Matthew Robinson (Corporate Finance)
Joanna Weaving (Corporate Broking)
|
+ 44 (0)20 7600 1658
|
|
|
|
|
TMX Equicom (Investor
Relations, Canada)
Patrick Piette
|
+1 416 815 0700 ext 267
|
|
Bankside Consultants (Financial PR, London)
|
+ 44 (0)20 7367 8888
|
|
Simon Rothschild
|
|
|
Louise Mason�
|
|
Minera IRL Limited is the AIM traded and TSX and BVL listed holding company of
precious metals mining and exploration companies focused in Latin America.� Minera IRL is led
by an experienced senior management team with extensive industry experience,
particularly in operating in South America.�
The Group operates the Corihuarmi Gold Mine
and the emerging Ollachea Gold Project in Peru as
well as the advanced Don Nicolas Project in Argentina. For more information,
please visit www.minera-irl.com.