Owner
Post by Franko10 ™ on Oct 2, 2004 14:20:30 GMT -5
Claimstaker Completes Geological Mapping And Sampling
Program At Los Hilos Project, Mexico
VANCOUVER, BRITISH COLUMBIA--Claimstaker Resources Ltd. (CDNX
symbol CLN) has completed the second phase of a geological
exploration program at the Los Hilos silver-gold project in
Uruachic District in Chihuahua State, Mexico. The property is
underlain by intermediate to felsic volcanic rocks of the
favourable Lower Volcanic complex, which hosts several epithermal
gold-silver deposits within the Sierra Madre Occidental Mountains
of Mexico.
The Los Hilos property has very extensive old workings dating back
over 150 years and a history of high grade silver and gold
production. The property however, has never been drilled. The
purpose of the program was to evaluate the mineralization within
the known underground workings and to test the 1,200 meter
east-west structural trend between the Las Bolas and Los Hilos
mines and determine the potential of the zone for hosting an
epithermal silver-gold deposit.
The east-west trending zone hosts a large percentage of the seven
old mine workings and twenty-nine other pits/adits that have been
mapped on the property. Several coincident geophysical anomalies
were outlined along this trend and in the areas surrounding the
workings.
At the eastern end of the east-west structural trend occurs a
large circular structure. The Las Bolas, Guadalupana and El
Corazon mines lie along the northeast perimeter of this circular
structure. This structure which can be seen on airphotos is
believed to be the ring fracture zone of a caldera structure. In
Mexico's Sierra Madre Occidental Mountains, there has been good
correlation between the location of gold-silver ore deposits and
caldera structures. Generally, the best gold-silver
mineralization is developed where faults of the ring fracture zone
and resurgent domes cut rocks of the Lower Volcanic complex.
The property rock chip sampling program has demonstrated that the
various old mines contain economic and subeconomic grades of
silver-gold mineralization. This is particularly significant when
one considers the number of workings, the size of the area
containing the workings and that it can be assumed that most of
the high-grade material had been removed from the workings prior
to the sampling program.
A total of 220 rock chip samples were collected during this
program. The samples averaged 0.40 gpt. (grams per tonne) gold
and 165.60 gpt. silver (or 4.80 oz/ton silver).
The combined results from three of the best sections sampled
yielded the following: 66 samples collected along 266 meters of
accessible workings average 0.49 gpt. gold and 439.23 gpt. silver
(or 12.73 oz/ton silver).
There appears to be a horizontal and/or vertical zonation with
dominant gold mineralization occurring above and outward from
zones of dominant silver mineralization.
A 275 meter wide east-west trending structural zone which has a
coincident geophysical anomalies has a strike length of 500 meters
and a vertical extent of 150 meters has been outlined by the
present phase of exploration. The number of showings on the
property, the amount of underground workings and the grade of the
samples collected suggest that the property could contain a
relatively continuous zone of mineralization with high-grade pods
distributed throughout the zone.
Mining costs would likely be low since the breccia matrix hosting
the high-grade silver-gold mineralization is quite soft. Although
metallurgical and recovery studies have not yet been done, the
material is heavily oxidized and would probably be amenable to
heap leach technology.
The Las Bolas - Los Hilos property has excellent potential for
hosting a high sulphidation silver-gold epithermal deposit and
warrants a major drill program to determine the grade and extent
of known mineralized workings and showings throughout the
property.
On behalf of the Board of Directors,
Nick Ferris, President and CEO
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Claimstaker Resources Ltd.
Mr. Robert Veitch
Investor Relations
1-888-236-5200
Internet Site: www.claimstakerresources.com
Email: ir@claimstakerresources.com
The Canadian Venture Exchange has neither approved nor disapproved
of the information contained herein.
Program At Los Hilos Project, Mexico
VANCOUVER, BRITISH COLUMBIA--Claimstaker Resources Ltd. (CDNX
symbol CLN) has completed the second phase of a geological
exploration program at the Los Hilos silver-gold project in
Uruachic District in Chihuahua State, Mexico. The property is
underlain by intermediate to felsic volcanic rocks of the
favourable Lower Volcanic complex, which hosts several epithermal
gold-silver deposits within the Sierra Madre Occidental Mountains
of Mexico.
The Los Hilos property has very extensive old workings dating back
over 150 years and a history of high grade silver and gold
production. The property however, has never been drilled. The
purpose of the program was to evaluate the mineralization within
the known underground workings and to test the 1,200 meter
east-west structural trend between the Las Bolas and Los Hilos
mines and determine the potential of the zone for hosting an
epithermal silver-gold deposit.
The east-west trending zone hosts a large percentage of the seven
old mine workings and twenty-nine other pits/adits that have been
mapped on the property. Several coincident geophysical anomalies
were outlined along this trend and in the areas surrounding the
workings.
At the eastern end of the east-west structural trend occurs a
large circular structure. The Las Bolas, Guadalupana and El
Corazon mines lie along the northeast perimeter of this circular
structure. This structure which can be seen on airphotos is
believed to be the ring fracture zone of a caldera structure. In
Mexico's Sierra Madre Occidental Mountains, there has been good
correlation between the location of gold-silver ore deposits and
caldera structures. Generally, the best gold-silver
mineralization is developed where faults of the ring fracture zone
and resurgent domes cut rocks of the Lower Volcanic complex.
The property rock chip sampling program has demonstrated that the
various old mines contain economic and subeconomic grades of
silver-gold mineralization. This is particularly significant when
one considers the number of workings, the size of the area
containing the workings and that it can be assumed that most of
the high-grade material had been removed from the workings prior
to the sampling program.
A total of 220 rock chip samples were collected during this
program. The samples averaged 0.40 gpt. (grams per tonne) gold
and 165.60 gpt. silver (or 4.80 oz/ton silver).
The combined results from three of the best sections sampled
yielded the following: 66 samples collected along 266 meters of
accessible workings average 0.49 gpt. gold and 439.23 gpt. silver
(or 12.73 oz/ton silver).
There appears to be a horizontal and/or vertical zonation with
dominant gold mineralization occurring above and outward from
zones of dominant silver mineralization.
A 275 meter wide east-west trending structural zone which has a
coincident geophysical anomalies has a strike length of 500 meters
and a vertical extent of 150 meters has been outlined by the
present phase of exploration. The number of showings on the
property, the amount of underground workings and the grade of the
samples collected suggest that the property could contain a
relatively continuous zone of mineralization with high-grade pods
distributed throughout the zone.
Mining costs would likely be low since the breccia matrix hosting
the high-grade silver-gold mineralization is quite soft. Although
metallurgical and recovery studies have not yet been done, the
material is heavily oxidized and would probably be amenable to
heap leach technology.
The Las Bolas - Los Hilos property has excellent potential for
hosting a high sulphidation silver-gold epithermal deposit and
warrants a major drill program to determine the grade and extent
of known mineralized workings and showings throughout the
property.
On behalf of the Board of Directors,
Nick Ferris, President and CEO
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Claimstaker Resources Ltd.
Mr. Robert Veitch
Investor Relations
1-888-236-5200
Internet Site: www.claimstakerresources.com
Email: ir@claimstakerresources.com
The Canadian Venture Exchange has neither approved nor disapproved
of the information contained herein.
