TORONTO, Feb. 17, 2012 /CNW/ - Miocene Metals Limited (TSX-V: MII) (the "Company" or "Miocene Metals") today announced that after evaluating the results of its summer 2011 work program, it has expanded the size of its MacKenzie property eight-fold from 36.3 square kilometres to 299.03 square kilometres.
Commenting on the increased land package, Bruce Jago, President and CEO of Miocene Metals stated "As we believe we now have firm evidence that the copper-gold mineralization at MacKenzie is related to a buried porphyry system, and we have yet to define the limits of the system, which gave rise to the mineralization identified to date, we felt it prudent to secure a dominant land position in the area."
The decision to expand the MacKenzie property resulted from the identification of fine-grained, granodioritic intrusive rocks associated with the structurally controlled high-grade copper-gold mineralization, which has been mapped and sampled on surface over an area of about 700 by 1200 metres (see Miocene press release dated December 9, 2011). These intrusive rocks cross-cut, and are clearly younger than the surrounding Coastal Pluton Complex rocks. This and the close spatial and genetic relationship between the fine-grained intrusive rocks, the associated potassic alteration, and the copper-gold mineralized structures are interpreted by the Company to imply that the high-grade surface exposures are related to a porphyry system, which is not exposed at the current erosion level, and the exact location of which is not known at this time.
Expansion of the property is intended to ensure that the potential porphyry source for the mineralization falls within the property boundaries.
The Mackenzie property is located 80 kilometres to the northwest of Pemberton BC and is one of Miocene Metals' seven properties within the Tertiary-aged Cascade Magmatic Arc.
Miocene's 2012 exploration program at MacKenzie will focus on drill testing the high-grade mineralized structures, which have been identified on surface, as well as surface mapping and 3D modelling to locate the potential buried porphyry source for the mineralization.
The Qualified Person responsible for the technical content of this press release is Jose Sayo Garcia, P.Geo, Vice President Exploration of Miocene Metals.
About Miocene Metals Limited
Miocene Metals is focused on the exploration and development of seven porphyry copper-gold-molybdenum properties in south-western British Columbia that occur within the Tertiary-aged Cascade Magmatic Arc. The Cascade Arc shares many geological characteristics with Tertiary-age porphyry belts that stretch the length of Chile and Peru in South America and hosts some of the world's largest porphyry copper-gold-molybdenum deposits. The Cascade Magmatic Arc hosts a number of significant porphyry Cu-Au and Mo deposits in Washington State, and Alaska (Glacier Peak and Margaret, and Quartz Hill respectively) but remains largely unexplored in British Columbia.
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FORWARD-LOOKING STATEMENTS
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of the Corporation, including, without limitation, those listed under "Risk Factors" and " Forward-Looking Statements" in the Corporation's Final Prospectus (collectively, "forward-looking information"). Forward-looking information in this news release includes, but is not limited to, information concerning the Corporation's expectations and estimates regarding the Corporation's drilling program. The Corporation cautions investors about important factors that could cause actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that the expectations set out in the Corporation's Final Prospectus or herein will prove to be correct and accordingly, prospective investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this press release and the Corporation does not assume any obligation to update or revise them to reflect new events or circumstances. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.