News Update
5 FT
RC Intercepts as High as 451 g/t Silver and 9.8 g/t Gold Reported
at Guerra al Tirano - Several Parallel
Hanging Wall Structures Are Intercepted and Down Dip Mineralization of
Up to 3.1 g/t Gold Over 5
Ft Is Intercepted at a Depth of 920 Ft
|
Feb 4, 2008
Shares issued: 107,385,751
|
Symbol: TSX-V:AZG
|
SPOKANE, WASHINGTON--(Marketwire
- Feb. 4, 2008) - Matthew Russell, President of Azteca
Gold Corp. (the "Company") (TSX VENTURE:AZG)
announces updated exploration results at its Guerra al Tirano Project in Sierra Madre, Mexico.
The Company has now received gold and silver assays on the remaining
holes of the 29 hole, 17,725 foot RC
drilling program conducted by Layne de Mexico in Q3 and Q4, 2007. Highlights
include higher grade sections within larger zones of mineralization,
which may represent high grade "chutes" as discussed below,
such as:
RC-033: Average assays of 95.37 g/t Silver and
.74 g/t Gold over 55
feet, including 363 g/t Silver and 3.42 g/t Gold
over 5 feet.
RC-034: Average assays of 207.87 g/t Silver and
.40 g/t Gold over 15
feet, including 451 g/t Silver and 0.53 g/t Gold
over 5 feet.
Highlights also include evidence of parallel
mineralized structures in the hanging wall of the Main GAT Vein as well
as down-dip mineralization to over 920 feet, such as:
RC-032: Assays of 2.09 g/t Gold over the
interval 710-715 feet;
9.77 g/t Gold over the interval 820-825 feet; and 3.08
g/t Gold over the interval 920-925 feet.
Matthew Russell states, "Like many other
junior exploration companies, we have waited an extended period of time
for results to come back from the backed-up assay labs. Our shareholders'
patience has been rewarded, though, and we are very pleased with these
results. We expect these assays to form the basis for a positive gold and
silver resource model. We will be working diligently during 2008 to
determine the ultimate potential of the Guerra al Tirano
Project by further drill-testing the breadth of the hanging-wall
mineralization and the extent of down dip continuity of this mineralized
system, as well as on-strike mineralization of the Tres
de Mayo concession on the southern end of the Project."
A drill hole Plan Map corresponding to the RC
assays in this press release can be found on the Company's website
(www.azteca-au.com) under the project heading "GAT". The drill
program to date has made use of a total of 34 drill holes spread over 4
diamond core drill stations and 8 RC drill stations, over approximately a
1km strike length centrally located within the approximate 2.5km total
length of the three GAT concessions. Maximum depth of significant
mineralization intercepted was 925 feet, as found in step-out drill hole
RC-032.� See November 1, 2007 and
January 7, 2008 press releases for diamond core and first RC results.
Next Phase of Drilling Program Announced
Azteca Gold has completed the lower road through the Tres de Mayo portion of the property, representing an
additional kilometer of strike-length along the
ridgeline that parallels closely the GAT Main Vein. Azteca
plans to begin an additional 5,000 meter RC drill program on this
portion of the property before the end of Q1 2008.
Coeur d'Alene Mines Corp. - Palmarejo
Silver and Gold Project
The Guerra al Tirano
Project is located within the tenement boundary of Coeur d'Alene's Palmarejo
Project (which completely surrounds GAT), and appears to be part of the
same mineralizing system.. Property and location
maps are contained on the Azteca Gold website
under the project heading "GAT".
Coeur d'Alene Mines Corp. completed its
acquisition of the Palmarejo Silver and Gold
Project in late 2007 for approximately $1.1 billion, and is scheduled to
begin production in early 2009. Expected production at an annualized rate
is approximately 10.4 million ounces of silver and 115,000 ounces
of gold per year, with cash costs, net of gold bi-product, of an
estimated ($0.41) per ounce of silver and an initial mine life of nine
years. Exploration continues on Palmarejo,
which currently hosts measured and indicated mineral resources of 88.7
million silver ounces and 1 million gold ounces (measured: 5.1 million
tonnes at 2.24
grams per tonne gold and 198 grams per tonne
silver; indicated: 9.51 million tonnes at 2.03 grams per
tonne gold and 184
grams per tonne silver) and an additional 61.4
million ounces of inferred silver mineral resources and 0.7 million
inferred gold ounces (16.1 million tonnes at 1.39 grams per
tonne gold and 119
grams per tonne silver). (see
Coeur d'Alene Mines Corp. press release dated December 21, 2007).
Guerra al Tirano 2007
Drill Program Detailed Results
The RC drilling intersected significant
mineralization in the majority of intervals across the GAT Main Vein,
with minor mineralization extending into the footwall. Additionally, the
hanging wall shows substantial mineralization as well, with several
instances of parallel mineralized structures.
/T/
Average assays over bulk intercepts in
grams/metric tonne ("g/t") include:
Drill hole�
From (ft)���� To (ft)� Interval (ft)����� Ag (g/t)����� Au (g/t)
RC-014����������
300�������� 315������������ 15�������� 20.76��������� 0.16
RC-014����������
340�������� 350������������ 10�������� 23.55��������� 0.22
RC-015����������
185�������� 200������������ 15�������� 25.56��������� 0.13
RC-016����������
165�������� 260������������ 95�������� 26.63��������� 0.30
RC-017����������
310�������� 345������������ 35�������� 17.82��������� 0.11
RC-019����������
105�������� 150������������ 45�������� 28.46��������� 0.06
RC-019����������
215�������� 260������������ 45�������� 44.36��������� 0.38
RC-020����������
155����� ���180������������ 25�������� 17.94��������� 0.09
RC-020����������
225�������� 245������������ 20�������� 26.05��������� 0.30
RC-023����������
255�������� 330������������ 75�������� 24.89��������� 0.09
RC-024�����������
80�������� 195����������� 115������ ��33.21��������� 0.40
RC-026����������
335�������� 360������������ 25�������� 61.50��������� 0.20
RC-030����������
240�������� 265������������ 25�������� 41.90��������� 0.16
RC-033����������
345�������� 400������������ 55�������� 95.37��������� 0.74
RC-034����������
395�������� 410������������ 15������� 207.87��������� 0.40
RC-034����������
475�������� 490������������ 15�������� 73.77��������� 0.11
RC-034����������
530�������� 545������������ 15�������� 82.03��������� 0.11
Some of the better intervals in grams per metric
tonne ("g/t") include:
Drill Hole�
From (ft)���� To (ft)� Interval (ft)����� Ag (g/t)����� Au (g/t)
RC-014��������
310.0������ 315.0����������� 5.0��������� 28.7�������� 0.221
RC-014��������
340.0������ 345.0����������� 5.0��������� 33.5�������� 0.295
RC-015��������
190.0������ 195.0����������� 5.0��������� 39.8�������� 0.103
RC-016��������
185.0������ 190.0����������� 5.0��������� 44.3�������� 0.399
RC-016��������
195.0������ 200.0����������� 5.0��������� 52.7�������� 0.541
RC-016����
����205.0������ 210.0����������� 5.0��������� 92.7�������� 0.709
RC-016��������
225.0������ 230.0����������� 5.0��������� 27.1�������� 0.319
RC-016��������
250.0������ 255.0����������� 5.0��������� 23.9�������� 0.301
RC-017��������
320.0������ 325.0������ �����5.0��������� 27.6�������� 0.107
RC-017��������
325.0������ 330.0����������� 5.0��������� 31.8�������� 0.158
RC-019��������
105.0������ 110.0����������� 5.0��������� 51.7��������� 0.27
RC-019��������
120.0������ 125.0����������� 5.0��������� 88.9����� ���0.076
RC-019��������
125.0������ 130.0����������� 5.0��������� 47.8�������� 0.048
RC-019��������
200.0������ 205.0����������� 5.0��������� 31.3�������� 0.305
RC-019��������
215.0������ 220.0����������� 5.0��������� 39.6�������� 0.405
RC-019��������
220.0������ 225.0����������� 5.0��������� 55.5�������� 0.502
RC-019��������
230.0������ 235.0����������� 5.0��������� 79.2�������� 0.783
RC-019��������
240.0������ 245.0����������� 5.0��������� 24.5�������� 0.354
RC-019��������
245.0������ 250.0����������� 5.0��������� 99.1�������� 0.198
RC-019��������
250.0������ 255.0����������� 5.0��������� 36.5�������� 0.289
RC-020��������
175.0������ 180.0����������� 5.0��������� 33.7�������� 0.152
RC-020��������
225.0������ 230.0����������� 5.0��������� 42.5�������� 0.362
RC-020��������
230.0������ 235.0����������� 5.0��������� 38.7�������� 0.245
RC-023��������
300.0������ 305.0����������� 5.0����������� 34��������� 0.101
RC-023��������
320.0������ 325.0����������� 5.0��������� 75.4�������� 0.466
RC-023��������
395.0����� �400.0����������� 5.0��������� 25.1��������� 1.17
RC-024��������
135.0������ 140.0����������� 5.0��������� 37.7�������� 0.174
RC-024��������
150.0������ 155.0����������� 5.0��������� 62.4�������� 0.218
RC-024��������
160.0������ 165.0����������� 5.0������ ���39.3�������� 0.065
RC-024��������
165.0������ 170.0����������� 5.0����������� 33��������� 0.074
RC-024��������
170.0������ 175.0����������� 5.0��������� 73.5��������� 2.09
RC-024��������
175.0������ 180.0����������� 5.0���������� 152��������� 4.97
RC-024��������
180.0������ 185.0����������� 5.0���������� 120�������� 0.762
RC-024��������
185.0������ 190.0����������� 5.0��������� 57.9�������� 0.331
RC-024��������
190.0������ 195.0����������� 5.0��������� 80.1�������� 0.829
RC-024��������
205.0������ 210.0 �����������5.0��������� 41.9�������� 0.498
RC-024��������
215.0������ 220.0����������� 5.0��������� 21.5�������� 0.358
RC-026��������
340.0������ 345.0����������� 5.0��������� 58.9�������� 0.241
RC-026��������
345.0������ 350.0����������� 5.0��������� 82.7�������� 0.299
RC-026��������
350.0������ 355.0����������� 5.0��������� 82.4��������� 0.24
RC-026��������
355.0������ 360.0����������� 5.0��������� 56.3�������� 0.109
RC-030��������
245.0������ 250.0����������� 5.0����������� 52��������� 0.228
RC-030�����
���250.0������ 255.0����������� 5.0��������� 47.6�������� 0.246
RC-030��������
255.0������ 260.0����������� 5.0��������� 40.4�������� 0.106
RC-030��������
260.0������ 265.0����������� 5.0��������� 50.8�������� 0.177
RC-032��������
710.0������ 715.0������� ����5.0���������� 0.7��������� 2.09
RC-032��������
820.0������ 825.0����������� 5.0���������� 0.6��������� 9.77
RC-032��������
920.0������ 925.0����������� 5.0���������� 0.5��������� 3.08
RC-033��������
345.0������ 350.0����������� 5.0���������� 312������ ����2.4
RC-033��������
350.0������ 355.0����������� 5.0��������� 38.8�������� 0.313
RC-033��������
360.0������ 365.0����������� 5.0��������� 41.4�������� 0.136
RC-033��������
365.0������ 370.0����������� 5.0����������� 54��������� 0.268
RC-033��������
375.0������ 380.0����������� 5.0��������� 43.8�������� 0.188
RC-033��������
385.0������ 390.0����������� 5.0��������� 35.7�������� 0.324
RC-033��������
390.0������ 395.0����������� 5.0���������� 363��������� 3.42
RC-033��������
395.0������ 400.0���������� �5.0��������� 90.7�������� 0.647
RC-034��������
395.0������ 400.0����������� 5.0���������� 451�������� 0.533
RC-034��������
400.0������ 405.0����������� 5.0���������� 122��������� 0.52
RC-034��������
405.0������ 410.0����������� 5.0��������� 50.6�������� 0.133
RC-034��������
480.0������ 485.0����������� 5.0����������� 89��������� 0.093
RC-034��������
485.0������ 490.0����������� 5.0���������� 108�������� 0.208
RC-034��������
530.0������ 535.0����������� 5.0���������� 200�������� 0.276
Location information for RC Holes:
������������������������������ Elevation��� Azimuth������� Dip� Total Depth
Drill hole�
Easting� Northing������� (ft)� (degrees)� (degrees)�������� (ft)
RC-014������
760234�� 3022756������ 4167������� 300������� -60��������� 360
RC-015� �����760235�� 3022754������ 4168������� 255������� -60��������� 300
RC-016������
760224�� 3022749������ 4051������� 210������� -60��������� 450
RC-017������
760264�� 3022652������ 4061��������� 0������� -90���������� 525
RC-019������
760264�� 3022649����� �4064������� 210������� -60��������� 450
RC-020������
760275�� 3022660������ 4025������� 300������� -60��������� 450
RC-023������
760250�� 3022998������ 4104������� 225������� -60��������� 750
RC-024������
760191�� 3022971������ 4133��������� 0������� -90 ����������500
RC-026������
760483�� 3022273������ 4140��������� 0������� -90���������� 920
RC-030������
760525�� 3022170������ 4183��������� 0������� -90��������� 1120
RC-032������
760529�� 3022177������ 4193������� 210������� -60��������� 930
RC-033�����
�760298�� 3022944������ 4049������� 270������� -60��������� 700
RC-034������
760363�� 3022760������ 4073������� 260������� -60�������� 1060
/T/
Quality Assurance and Mineral Resource Notes:
RC samples were processed per the Company's
quality assurance policy whereby chain of custody is controlled at site
by the Company's site geologist who transfers the samples directly to an
ALS Chemex representative at site or in Hermosillo,
Sonora, Mexico.
ALS Chemex has provided assay results to only
those within Azteca's control pursuant to the
list provided to them by Matt Russell.
Assay methods include atomic absorption method
for Au and intercoupled plasma
("ICP") analysis for Ag. Assay Detection Limits: 0.005 ppm for Au and 0.5 ppm for
Ag.
There has been insufficient exploration or
geological analysis done to define a mineral resource and it is uncertain
if further work will result in the delineation of a mineral
resource.� Dip of the Main GAT Vein
may vary and intercept widths given must be interpreted based on the dip
of the drill holes.
High Grade "Chutes":
43-101 technical document
for Guerra al Tirano refers to the high grade
veins and stockwork or what can be collectively
called a "chute" as depicted in Figure 6 of the NI 43-101
technical document. The author refers to reasonable average grades and
widths and reports that the adjacent footwall and hangingwall
quartz stockwork/silicified zones extend up to 7 meters away from
the vein. The maximum total width is about 17 meters. Assay
results from 10 locations where we could cut samples across most or all
of the mineralization shows that the zone (vein and stockwork)
has an average width of 5
meters and an average grade of the samples taken
was 2.88 ppm Au (0.08opt) and 202 ppm Ag (5.9opt). This is in substantial agreement
with the average grade reported in the Guerra al Tirano
Mine by the Consejo de Recursos
Minerales (1994, p. 232) of 3.73 ppm Au and 294 ppm Ag. (ref: GAT NI 43-101 dated May 11, 2006 and titled:
"The Report on the Geology and Current Status of the Guerra al Tirano Silver-Gold Property, Temoris District, Chihuahua, Mexico"
page 10 under heading "Minerology and
Grade"). 1 ppm is 1 g/tonne.
The information contained in this news release
has been reviewed and approved by Richard Nanna,
a director and the Company's Qualified Person as defined in National
Instrument 43-101.
For further information, please
contact:
Azteca Gold Corp.
Matthew Russell,
President
Telephone: 1-509-464-0172
Email: info@azteca-au.com
Website: www.azteca-au..com
The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy
of this release.
WARNING: the Company relies upon
litigation protection for "forward looking" statements. The
information in this release may contain forward-looking information under
applicable securities laws. This forward-looking information is subject
to known and unknown risks, uncertainties and other factors that may
cause actual results to differ materially from those implied by the
forward-looking information. Factors that may cause actual results to
vary material include, but are not limited to, inaccurate assumptions
concerning the exploration for and development of mineral deposits,
currency fluctuations, unanticipated operational or technical
difficulties, changes in laws or regulations, the risks of obtaining
necessary licenses and permits, changes in general economic conditions or
conditions in the financial markets and the inability to raise additional
financing. Readers are cautioned not to place undue reliance on this
forward-looking information. The Company does not assume the obligation
to revise or update this forward-looking information after the date of
this release or to revise such information to reflect the occurrence of
future unanticipated events, except as may be required under applicable
securities laws.