|
Capstone Reports 5th New High Grade Copper-Gold
Discovery at Minto Mine in Three Years
Intercept of 2.7% Cu over 26.4m, including 7.1% Cu over 4.1m,
opens up Whole New Exploration Area
February 17, 2009
VANCOUVER, BRITISH COLUMBIA - Capstone
Mining Corporation (CS:TSX) today announced the discovery of another high
grade copper-gold zone at its Minto Mine in the Yukon, the 5th such discovery
since acquiring the project in June 2005. The �Minto North� target, located
approximately 600 metres north-northwest of the current open pit mine,
yielded high grade mineralization at relatively shallow depths, similar in
grade, thickness and style of mineralization to that found in the open pit,
the highest grade of all the deposits identified at the Minto Mine to date.
This new prospect lies directly on a linear trend that includes, from south
to north: the Ridgetop, Area 2/Area 118, Main (open pit mine) deposits and
now Minto North.
All
three discovery drill holes intersected thick intervals of bornite-rich, high
grade copper-gold mineralization. Highlights of assays from these holes are
summarized in the table immediately below; while the potential significance
of this new discovery is discussed following the table and the full results
for all three holes are in the attached table.
Assay Highlights from
Drill holes 09SWC-390; 09SWC-392 & 09SWC-393
|
Hole ID
|
Target Area
|
From
(m)
|
To
(m)
|
Interval (m)
|
Interval (ft)
|
Copper (%)
|
Gold
(g/t)
|
Silver
(g/t)
|
|
09SWC-390
|
�Minto
North�
|
60.6
|
88.7
|
28.1
|
92.2
|
2.59
|
0.59
|
7.1
|
|
including
|
|
74.4
|
88.1
|
13.7
|
44.9
|
3.50
|
0.72
|
10.4
|
|
09SWC-392
|
�Minto
North�
|
61.2
|
91.6
|
30.4
|
99.7
|
2.40
|
1.16
|
8.6
|
|
including
|
|
83.9
|
88.5
|
4.6
|
15.1
|
5.00
|
3.13
|
20.4
|
|
09SWC-393
|
�Minto
North�
|
54.0
|
80.4
|
26.4
|
86.6
|
2.69
|
1.22
|
10.4
|
|
including
|
|
58.5
|
62.6
|
4.1
|
13.4
|
7.11
|
1.03
|
26.3
|
�The
style of this mineralization at Minto North, including the impressive copper
grades and thicknesses, is reminiscent of the current open pit at the Minto
Mine,� said Stephen Quin, President & COO of Capstone Mining. �The Minto
North discovery marks the first success north of the DEF fault, which
previously marked the northern limit of economically significant
mineralization on the Minto Mine property. This discovery opens up the
potential of the underexplored northern half of the Minto Mine property, an
area that had largely been ignored by past explorers and has seen little
exploration drilling.�
The
Minto Main deposit is cut-off by the DEF fault, and previous exploration back
to the early 1970�s had attempted to locate a continuation of mineralization
north of the fault, without success. Capstone�s discovery announced today, in
the first drill holes of the 2009 exploration program, is a result of
applying successful exploration techniques developed over the past three
years south of the open pit. �Full credit for the discovery at Minto North is
due to our outstanding exploration team at the Minto Mine,� said Mr. Quin.
�Five discoveries in three years is a testament to their tenacity and
determination to pursue targets in areas previously ignored or written off by
prior explorers.� Further drilling at Minto North is already underway.
Minto North Target
The
Minto North copper-gold discovery is a result of the careful application of
geophysical and geochemical surveys, in combination with 3D geologic modelling.
The Minto North target is centered on a magnetic anomaly measuring
approximately 600m by 230m in aerial extent, very similar in aerial extent to
the magnetic anomaly associated with the Minto Main deposit, which is
currently being mined. Targeting was further refined by gradient array
induced polarization (GAIP) and geochemical surveys, and geologic modelling.
The
intercepts in holes 09SWC-390, -392 and -393 lie at depths of approximately
50-60m below surface, significantly shallower than most of the other high
grade deposits at Minto. In the area between Minto North and Minto Main there
is only one historic drill hole within 500m of these intercepts, drilled in
1974 off the edge of the principal geophysical targets.
For
current drill hole locations, please view the accompanying map:
http://www.capstonemining.com/
For
a current view of drill results in priority areas please view the accompany
map.
http://www.capstonemining.com/
For
a cross section from Minto North to Minto Main, please click on the following
link:
http://www.capstonemining.com/
Core
from the new discovery at Minto North will be on display at the �Core Shack�
at the Prospectors and Developers Convention in Toronto from March 1 to 4,
2009.
For
further information about Capstone, please contact:
Darren Pylot, Vice
Chairman & CEO,
Stephen Quin, President & COO
Or Investor Relations� Chris
Tomanik or Mark
Patchett at (604) 684-8894 or (866) 684-8894
info@capstonemining.com
The
TSX does not accept any responsibility for the adequacy or accuracy of this
press release.
Quality Assurance
The
technical information in this news release has been prepared in accordance
with Canadian regulatory requirements set out in National Instrument 43-101
and reviewed by Stephen P. Quin, P. Geo., President & COO for Capstone
Mining Corporation. The exploration activities at the Minto project site are
carried out under the supervision of Brad Mercer, P. Geol., V.P. Exploration
(Canada) for Capstone.
The
analytical method for the copper and silver analyses is aqua regia digestion
of the samples followed by atomic absorption spectroscopy. Gold is
analysed by fire assay fusion with atomic absorption spectroscopy finish for
gold. Analyses are carried out by ALS Chemex in North Vancouver. When
visible gold is noted in drill core samples or regular fire assay values appear
abnormally high, the pulp and screen metallic assay method is used to
determine the total gold content and gold contents of different size
fractions. This is considered industry best practice when dealing with coarse
gold mineralization where a nugget effect is suspected. This determination is
accepted as the most representative value and is used in the assay database
for resource calculations. Blank and standard samples are used for quality
assurance and quality control. Where more than two check samples assay
outside expected ranges, the entire batch is re-assayed. After the completion
of planned drill programs at Minto, random check assays will be carried out
by Acme Analytical of Vancouver.
Forward-Looking Statements
This
document may contain "forward-looking statements" within the
meaning of Canadian securities legislation and the United States Private
Securities Litigation Reform Act of 1995. These forward-looking statements
are made as of the date of this document and Capstone Mining Corp.
(hereinafter referred to as the "Company") do not intend, and do
not assume any obligation, to update these forward-looking statements.
Forward-looking
statements relate to future events or future performance and reflect
management of the Company's expectations or beliefs regarding future events
and include, but are not limited to, statements with respect to the
estimation of mineral reserves and resources, the realization of mineral
reserve estimates, the timing and amount of estimated future production,
costs of production, capital expenditures, success of mining operations,
environmental risks, unanticipated reclamation expenses, title disputes or
claims and limitations on insurance coverage. In certain cases,
forward-looking statements can be identified by the use of words such as
"plans", "expects" or "does not expect",
"is expected", "budget", "scheduled",
"estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements
that certain actions, events or results "may", "could",
"would", "might" or "will be taken",
"occur" or "be achieved" or the negative of these terms
or comparable terminology. By their very nature forward-looking statements
involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such factors include,
among others, risks related to actual results of current exploration
activities; changes in project parameters as plans continue to be refined;
future prices of resources; possible variations in ore reserves, grade or
recovery rates; accidents, labour disputes and other risks of the mining
industry; delays in obtaining governmental approvals or financing or in the
completion of development or construction activities; as well as those
factors detailed from time to time in the Company's interim and annual
financial statements and management's discussion and analysis of those
statements, all of which are filed and available for review on SEDAR at
www.sedar.com. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to differ
materially from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward looking
statements.
|