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Trelawney Mining and Exploration Inc.
(the "Company") (TSX VENTURE:TRR - News; FRANKFURT:RTW - News) releases the results of
the summer field exploration program on the Chester Project located halfway
between Timmins and Sudbury in northern Ontario.
This update summarizes exploration
activities undertaken on the project which exclude the ongoing diamond
drilling program on the newly discovered Cote Lake Deposit and the
underground development on the Chester 1 Deposit.
A summer program of mapping and sampling
was conducted on the Chester Project using 3 crews of geologists and
prospectors. The aim of this program was to review the results of previous
exploration on the property as well as to prospect for new gold showings.
Over 1000 samples were collected from throughout the property with over 53
samples grading over 1 g/t gold and the highest being 127.30 g/t gold. The
sampling program identified over twenty gold showings, five of which are new
gold occurrences.
Highlights of the summer exploration
program include:
Cote Lake Deposit - 2 zones of Breccia Mineralization discovered
Two zones of breccia
mineralization related to the Cote Lake Deposit were discovered. These two
areas were stripped and washed prior to mapping and sampling. From these a
total of 325 grab and channel samples were taken. The north breccia zone outcrop covers an area of about 10 by 20 metres. Twenty samples from the breccias zone averaged
1.09 g/t gold. The south breccia zone outcrop
covers an area of approximately 45 by 20 metres; a
total of 212 grab samples taken from a 2-metre grid pattern averaged 1.41 g/t
gold; additional results are pending. The gold mineralization sampled in the
south breccia zone outcrop corresponds to the upper
section of hole E10-28 drilled directly under the outcrop which intersected
68.00 metres of 1.02 g/t gold. The results of the
outcrop sampling indicate the possibility of higher grades when larger
samples are collected.
Gomac Zone - High Grade Gold Mineralization
High grade gold mineralization was
confirmed in grab sampling and drilling in the Gomac
Zone. The highest grade sample from the summer was returned from the historic
Gomac Zone where a grab sample returned 127.30 g/t
gold. The Gomac Zone is located approximately 300 metres north of the Chester 1 underground development and
within easy access from these mine workings. An
exploration drill program is currently underway on this zone where 7 holes
have been completed. Results from the first 4 drill holes are as follows:
GOMAC ZONE DRILL RESULTS:
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From To Length Gold (g/t)
Hole (m) (m) (m) uncut
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CM10-07 201.50 202.50 1.00 21.41
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261.60 262.05 0.45 20.22
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CM10-08 57.00 57.68 0.68 1.40
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121.10 121.75 0.65 9.52
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260.50 261.00 0.50 1.14
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261.60 262.50 0.90 2.13
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CM10-09 22.50 23.00 0.50 15.58
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39.13 39.60 0.47 1.08
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165.50 166.00 0.50 1.16
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200.50 200.94 0.44 1.26
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CM10-10 49.87 50.35 0.48 2.64
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314.80 315.15 0.35 6.01
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367.40 367.81 0.41 2.07
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Several other historical showings also
returned results greater than 10 g/t gold including those from the Chester 3
- Jack Rabbit zones, the Chester 2 - Young Shannon zone and the Chester 2 - A
zone. Three of the new showings discovered also returned gold values in
excess of 5 g/t.
Greg Gibson, Trelawney's President and
CEO commented, "The summer program demonstrates the significant gold
potential of the Chester Project. We are confident that the numerous
historical and new gold showings indicate that Trelawney has only scratched the
surface exploring this property and that with continued exploration, new
showings and economic deposits will be identified."
The winter 2011 expansion and
exploration drill program will be increased to five diamond drill rigs to
better define the extent of the Cote Lake Deposit and to explore other
targets on the 1,700 hectare (4,200 acre) Chester Property. Another
significant exploration program is also planned for next summer to expand on
the results from 2010. Geophysical surveys, consisting of magnetic and Induced
Polarization surveys are ongoing and planned for the winter covering various
portions of the property.
Trelawney Mining and Exploration has
implemented a Quality-Control, Quality Assurance program to ensure best
practice principals are being applied in the sampling and analysis of
geological samples. Samples are crushed to -8 mesh
then a 1,000 gram subset of each sample is pulverized to 90% passing -150
mesh. Assays have been completed using a standard fire assay with a 30 gram
aliquot and an AA finish. For samples that return values of between two to
five grams per tonne gold, another pulp is taken
and fire assayed with a gravimetric finish. Samples returning values greater
than five grams per tonne are re-analyzed by pulp
metallic analysis. NQ size drill core is saw cut, and half the drill core is
sampled in standard intervals. The remaining half of the core is stored in a
secure location. The drill core is transported in security-sealed bags to the
Accurassay prep lab in Sudbury, Ontario by Trelawney
personnel. Accurassay is an ISO/IEC 17025 certified
Laboratory by the Standards Council of Canada. In addition to quality
assurance controls at the laboratory, blanks and certified standards have
been inserted into the sample stream at random intervals.
Trelawney has entered into an agreement
to purchase a 21.62% undivided interest in leased mining Claim 266 (which
comprises part of the Chester Project), consisting of 11 standard one-unit
claims, in consideration of 500,000 common shares of Trelawney. Trelawney has
an option to acquire 92.5% of the balance of the interest in Claim 266.
In addition, Trelawney has entered into
an asset purchase agreement to purchase confidential geological data with
respect to the Chester Project in consideration of the issuance of an
aggregate of 300,000 common shares of Trelawney.
Both transactions are subject to receipt
of regulatory and corporate approvals, including approval of the TSX Venture
Exchange. The securities to be issued in connection with the transactions will
be subject to a four-month hold period from the date of issuance.
David Beilhartz,
Vice President, Exploration for Trelawney Mining and Exploration, a Qualified
Person under NI 43-101, has prepared or supervised the scientific or
technical information for the property and verified the data disclosed in
this press release.
Trelawney is a Canadian junior mining
and exploration company with a strategic focus on "Quality Ounce"
gold deposits. The Company's current focus is directed towards the
development and continued exploration of its newly acquired Chester Project,
located in Chester Township 20 kilometres southwest
of Gogama, Ontario.
This news release may contain
forward-looking statements including but not limited to comments regarding
the timing and content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes, etc.
Forward-looking statements address future events and conditions and therefore,
involve inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such statements.
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.
Contact:
Greg Gibson
Trelawney Mining and Exploration Inc.
President and CEO
416-361-2826
ggibson@trelawneymining.com |