🕐05.03.12 - 12:54 Uhr
EXTORRE ANNOUNCES HIGH GRADE DRILLING RESULTS AT CERRO MORO
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Extorre Announces High Grade Drilling Results at Cerro Moro
Vancouver, B.C., March 5, 2012 – Extorre Gold Mines Limited (AMEX
:XG,TSX:XG, Frankfurt: E1R, "Extorre" or the "Company") is
pleased to announce high grade gold-silver assays from drilling
at Cerro Moro, Santa Cruz Province, Argentina.
The assays relate
to 83 drill holes, 36 from in-fill and step-out drilling at Zoe
and 47 from testing other veins on the property.
The Zoe vein drilling is part of a program to increase the
density of drill holes within the known mineralized envelope.
The results include high grade mineralization in many drill
holes.
Assay highlights from Zoe in-fill drilling include:
MD1434A intersected 2.50 metres ("m") at 41.4 grams per tonne ("g
/t") gold + 2,234 g/t silver (86.1 g/t gold equivalent*),
including 0.35 m at 108.1 g/t gold and 5,812 g/t silver (224.3 g
/t gold equivalent*).
MD1447 intersected 3.72 m at 52.8 g/t gold + 4,299 g/t silver
(138.7 g/t gold equivalent*), including 1.37 m at 131.4 g/t gold
+ 9,521 g/t silver (321.8 g/t gold equivalent*).
MD1452 intersected 4.52 m at 8.2 g/t gold + 1,819 g/t silver (44
.6 g/t gold equivalent*), including 1.18 m at 27.9 g/t gold + 5
,794 g/t silver (143.8 g/t gold equivalent*).
MD1457 intersected 1.50 m at 50.7 g/t gold + 6,426 g/t silver
(179 g/t gold equivalent*), including 0.54 m at 137 g/t gold + 17
,419 g/t silver (485 g/t gold equivalent*).
MD1498 intersected 1.80 m at 13.1 g/t gold + 1,111 g/t silver (35
.4 g/t gold equivalent*), including 0.50 m at 25.1 g/t gold and 1
,641 g/t silver (57.9 g/t gold equivalent*).
*Gold equivalent grade is calculated by dividing silver grades by
50 and adding this figure to the gold grade and assuming 100%
metallurgical recovery.
Two of the significant intercepts at Zoe (MD1452 and MD1457) are
near surface, 60 and 40 metres respectively, vertically from
surface.
At Zoe, 15 of the 36 holes returned significant results and are
presented in the table below, the remaining holes were narrow
and/or low grade.
Drilling on other Targets
The 47 holes drilled towards the end of 2011 tested 19 other
prospects at Cerro Moro, with over 10 of these prospects
requiring additional follow-up.
A total of 17 holes returned
significant results with the remaining holes returning low grade
, no significant results or require additional drilling to
determine the significance.
Exploration activities also continue
to focus on the discovery of high grade gold-silver
mineralization along interpreted eastward extensions to the Zoe
mineralization.
A combination of detailed geological mapping,
geochemistry and ground geophysics is being utilized to
prioritize target areas for drill testing.
Encouraging high grade gold-silver assays have been returned from
new drilling on under-explored targets such as Mosquito, Tres
Lomas and Belen.
At the Mosquito prospect, located 4 kilometres
north of Escondida Far West, drill holes MD1392 (0.3 m at 8 g/t
gold + 1,935 g/t silver (46.7 g/t gold equivalent*)) and MD1501
(0.7 m at 1.33 g/t gold + 1,270 g/t silver (26.7 g/t gold
equivalent*)) have intersected very narrow but high grade
mineralization.
Follow-up drilling on the structure is in
progress, with the latest drill hole MD1542 having intersected
visual silver and base metal mineralization (assays awaited).
Overall the Mosquito vein structure is confirmed over 600 metres
in strike length and remains open to the southeast.
Significant drilling results from the Zoe vein (at a 1.0 g/t gold
equivalent* cut-off grade):
Drill Hole From
(m) To
(m) Core
Length
(m) True
Width
(m)# Gold
(g/t) Silver
(g/t) Gold
Equivalents*
(g/t) Gold
Equivalents*
(oz/ton) MD1434A 225.30 227.35 2.50 1.30 41.4 2,234 86.1 2.50
including 226.65 227.00 0.35 0.20 108.1 5,812 224.3 6.50
MD1447 233.00 236.72 3.72 2.55 52.8 4,299 138.7 4.02 including
235.05 236.42 1.37 0.95 131.4 9,521 321.8 9.33 including 235
.05 235.50 0.45 0.30 204.2 18,716 578.5 16.78 MD1452 66.36 70
.88 4.52 3.00 8.2 1,819 44.6 1.29 including 69.30 70.48 1.18 0
.80 27.9 5,794 143.8 4.17 including 69.30 69.65 0.35 0.25 60.1
12,569 311.5 9.03 MD1457 49.70 51.20 1.50 0.90 50.7 6,426 179
.2 5.20 including 49.70 50.24 0.54 0.30 137.0 17,419 485.4 14
.08 MD1476 144.60 146.68 2.08 1.20 7.2 918 25.5 0.74
including 146.20 146.68 0.48 0.30 12.1 3,048 73.1 2.12 MD1478
306.70 310.00 3.30 1.90 1.9 119 4.3 0.12 including 308.50 308
.80 0.30 0.20 8.9 569 20.3 0.59 MD1480 223.00 226.10 3.10 1.95
6.3 558 17.5 0.51 including 224.80 225.10 0.30 0.20 32.0 1,961
71.2 2.06 MD1482A 275.00 278.64 3.64 2.20 8.0 529 18.5 0.54
including 276.61 277.00 0.39 0.25 21.6 1,796 57.5 1.67 MD1483
218.10 221.00 2.90 1.65 5.2 413 13.5 0.39 including 219.58 221
.00 1.42 0.80 7.9 528 18.4 0.53 MD1485 217.46 218.24 0.78 0.50
8.2 678 21.7 0.63 MD1487 375.18 375.90 0.72 0.45 3.3 500 13.3
0.39 MD1489A 188.85 189.70 0.85 0.50 21.3 1,176 44.9 1.30
MD1492 418.00 423.30 5.30 3.20 1.0 199 4.9 0.14 including 420
.80 422.05 1.25 0.75 2.1 386 9.8 0.28 MD1494A 158.80 159.10 0
.30 0.20 14.7 878 32.3 0.94 MD1498 204.20 206.00 1.80 1.30 13.1
1,111 35.4 1.03 including 205.00 205.50 0.50 0.35 25.1 1,641
57.9 1.68
# True widths have been estimated in cross sectional view
utilising Micromine software following the construction of an
interpretation of the mineralization using geological logging,
surface information and adjacent drill holes.
Other Prospects
Significant drilling results from other prospects (at a 1.0 g/t
gold equivalent* cut-off grade):
Drill Hole From
(m) To
(m) Core
Length##
(m) Gold
(g/t) Silver
(g/t) Gold
Equivalents*
(g/t) Gold
Equivalents*
(oz/ton) Carlita Vein MD1380 65.00 67.00 2.00 5.0 3.1 5.0 0
.15 MD1401 97.00 99.00 2.00 4.9 11 5.1 0.15 MD1404A 20.62 24
.00 3.38 4.3 46 5.2 0.15 MD1409A 75.90 77.50 1.60 1.3 89 3.1 0
.09 MD1495 81.50 82.00 0.50 7.1 26 7.6 0.22 and 109.10 109.50
0.40 24.4 1,260 49.6 1.44 Mosquito Vein MD1392 222.70 223.00
0.30 8.0 1,935 46.7 1.35 MD1501 299.00 300.70 1.70 0.7 589 12
.5 0.36 including 300.00 300.70 0.70 1.33 1,270 26.7 0.77
Belen Vein MD1471 162.70 164.00 1.30 2.1 32 2.8
0.08 including 162.70 163.00 0.30 6.0 17 6.4 0.19 MD1479 83
.44 86.00 2.56 2.4 8 2.5 0.07 including 84.10 84.47 0.37 8.4 13
8.6 0.25 and 139.00 145.00 6.00 10.0 158 13.2 0.38 including
140.05 140.50 0.45 40.6 774 56.1 1.63 MD1490 79.00 83.00 4.00
1.3 84 3.0 0.09 Tres Lomas NW Veins
MD1415A 71.00 71.50 0.50 3.8 340 10.6 0.31 and 78.00 78.50 0
.50 3.3 4 3.4 0.10 and 81.00 81.50 0.50 9.9 11 10.1 0.29
MD1428 119.00 120.00 1.00 4.8 3 4.9 0.14 MD1437 95.00 96.50 1
.50 4.1 28 4.7 0.14 MD1446 159.33 163.00 3.67 2.5 59 3.7 0.11
including 159.33 159.90 0.57 5.2 318 11.5 0.33 MD1449 87.00 88
.00 1.00 19.4 7 19.5 0.57 Jannet MD1431 91
.60 92.18 0.58 5.4 132 8.0 0.23 Gabriela SE
Vein MD1436 72.00 73.75 1.75 14.0 1,959 53.2 1.54 including
72.70 73.43 0.73 32.6 4,556 123.7 3.59
## NOTE: The significant results from the other prospects are at
an early stage of drilling and as such the details to estimate
the true widths requires additional follow up surface work
or drilling.
Since the beginning of 2008 the majority (over 90%)
of exploration diamond drill holes have a dip of -55 degrees.
Refer to the drill trace orientations on the accompanying plans
for the location and azimuth of the significant results
presented above.
Click here to view Project and target maps and Zoe long sections.
Quality Control and Assurance
Gold assay results presented above are preliminary with no
cutting of high grades.
All diamond drill core samples are split
on regular metre intervals or on geological contacts and
represent sawn half HQ-size core.
Samples were prepared at the
Acme Analytical Laboratories ("Acme Labs") preparation facility
on-site at Cerro Moro (managed and staffed by Acme Labs), and
assayed by fire assay (50 gram charge) at the Acme Labs
laboratory in Chile, an ISO-9001:2000 certified laboratory.
Acme
Labs is independent of Extorre.
Check assaying of all samples assaying greater than 1.0 g/t gold
is completed by Acme Labs.
Samples returning greater than 10 g/t
gold and/or greater than 100 g/t silver are assayed using
gravimetric analyses.
Standard and blank samples are used throughout the sample
sequence as checks for the diamond drilling reported in this
release.
Assaying by the screen fire assay method has been implemented in
conjunction with standard 50 gram fire assaying, for diamond
drill cores that contain visible gold.
The procedure for screen
fire assaying involves crushing and sieving of a nominal 500 or
1,000 gram sample to a particle size of 100 microns.
All
material which does not pass through the 100 micron sieve is
then assayed.
Two fire assays are undertaken on the undersize
material as a check on homogeneity.
The total gold content is
then calculated.
Matthew Williams, Extorres Exploration Manager and a "qualified
person" (¨QP¨) within the definition of that term in National
Instrument 43-101, Standards of Disclosure for Mineral Projects,
has supervised the preparation of the technical information that
forms the basis for this news release.
Drill core samples are
collected under the supervision of Company geologists in
accordance with standard industry practice.
The QP regularly
audits this process during site visits.
In addition yearly or
every two year audits by an independent QP are conducted, which
includes the collection of additional samples that are analyzed
at another laboratory to ensure Acme Labs laboratory performance
meets required standards.
The QP receives the raw data results
directly from the independent laboratory (as do the relevant
Company geologists) and significant visual checks are performed
to ensure there are no data entry issues in the main database.
The QP personally verifies the results of the quality assurance
and quality control samples (standards and blanks).
Core
recovery is also checked and if below 90% for the reported
mineralized intervals this is highlighted below the tables
(however at Cerro Moro there appears to be no correlation between
assay results or core recovery for the majority of intervals).
The QP calculates all of the weighted grade average intervals
using a 1.0 g/t gold equivalent* cut-off that are presented in
the tables of significant results.
The QP also prepares and
validates all of the figures presented in the release.
About Extorre
Extorre is a Canadian public company listed on the Toronto and
NYSE Amex Exchanges (symbol XG).
The Company has scheduled the
release of a Preliminary Economic Assessment before March 31,
2012.
That report is expected to include mineral resources on
the Escondida-Zoe, Loma Escondida, Gabriela, Nini-Esperanza,
Carla and Deborah mineralized zones.
It should be noted that a
Preliminary Economic Assessment is by definition preliminary in
nature as it includes some mineral resources that are too
speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as
reserves at this time.
As such there is no certainty that a
preliminary assessment and project economics will be realized.
Four drill rigs are currently dedicated to both new resource and
mine development-related drilling at the Cerro Moro Project.
The
current program includes a combination of infill drilling at Zoe
, wherein the primary goal is to convert high grade Inferred
Category gold-silver resources to the higher confidence level
Indicated Category Resources.
Discovery stage drilling is
progressing on the Zoe East, Tres Lomas, Mosquito, Alejandra,
and Carlita targets.
Limited mine-development related drilling,
including water and geotechnical drilling is also in progress.
Drill target generation activities continue on both the Cerro
Moro property and the Companys other Santa Cruz Province
regional tenement holdings.
You are invited to visit the Extorre web site at
Latest news
February 24 2012
Extorre Clarifies Technical Disclosure
more
February 17 2012
Extorre Clarifies Details of Release Announcing the Withdrawal of
Its Prospectus
more
February 16 2012
Extorre Announces Withdrawal Of Prospectus
more
Contact
EXTORRE GOLD MINES LIMITED
Eric Roth
President and CEO
[]
Suite 1660, 999 West Hastings St.
Vancouver, BC Canada V6C 2W2
For further information, please contact:
Rob Grey
VP Corporate Communications
T: 604.681.9512
F: 604.688.9532
Toll-free: 1.888.688.9512
Safe Harbour Statement – This news release contains "forward
looking information" and "forward looking statements" (together,
the "forward looking statements") within the meaning of
applicable securities laws and the United States Private
Securities Litigation Reform Act of 1995, including our belief
as to the extent and timing of its drilling programs, various
studies including the Preliminary Economic Assessment, and the
Environmental Impact Assessment, and exploration results, the
potential tonnage, grades and content of deposits, timing,
establishment and extent of resources estimates, potential
production from and viability of its properties, production
costs and permitting submission and timing.
These forward
looking statements are made as of the date of this news release.
Readers are cautioned not to place undue reliance on forward
looking statements, as there can be no assurance that the future
circumstances, outcomes or results anticipated in or implied by
such forward looking statements will occur or that plans,
intentions or expectations upon which the forward looking
statements are based will occur.
While we have based these
forward looking statements on our expectations about future
events as at the date that such statements were prepared, the
statements are not a guarantee that such future events will
occur and are subject to risks, uncertainties, assumptions and
other factors which could cause events or outcomes to differ
materially from those expressed or implied by such forward
looking statements.
Such factors and assumptions include, among
others, the effects of general economic conditions, the price of
gold and silver, changing foreign exchange rates and actions by
government authorities, uncertainties associated with legal
proceedings and negotiations and misjudgments in the course of
preparing forward looking information.
In addition, there are
known and unknown risk factors which could cause our actual
results, performance or achievements to differ materially from
any future results, performance or achievements expressed or
implied by the forward looking statements.
Known risk factors
include risks associated with project development; the need for
additional financing; operational risks associated with mining
and mineral processing; fluctuations in metal prices; title
matters; uncertainties and risks related to carrying on business
in foreign countries; environmental liability claims and
insurance; reliance on key personnel; the potential for
conflicts of interest among certain of our officers, directors
or promoters of with certain other projects; the absence of
dividends; currency fluctuations; competition; dilution; the
volatility of the our common share price and volume; tax
consequences to U.S.
investors; and other risks and
uncertainties, including those relating to the Cerro Moro
project and general risks associated with the mineral
exploration and development industry described in the Companys
Annual Information Form for the fiscal period ended December 31,
2010, dated March 25, 2011 filed with the Canadian Securities
Administrators and available at www.sedar.com.
Although we have
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.
We are under no obligation to update or alter any forward
looking statements except as required under applicable
securities laws.
Cautionary Note to United States Investors The information
contained herein and incorporated by reference herein has been
prepared in accordance with the requirements of Canadian
securities laws, which differ from the requirements of United
States securities laws.
In particular, the term "resource" does
not equate to the term "reserve".
The Securities Exchange
Commissions (the "SEC") disclosure standards normally do not
permit the inclusion of information concerning "measured mineral
resources", "indicated mineral resources" or "inferred mineral
resources" or other descriptions of the amount of mineralization
in mineral deposits that do not constitute "reserves" by SEC
standards, unless such information is required to be disclosed
by the law of the Companys jurisdiction of incorporation or of
a jurisdiction in which its securities are traded.
U.S.
investors should also understand that "inferred mineral
resources" have a great amount of uncertainty as to their
existence and great uncertainty as to their economic and legal
feasibility.
Disclosure of "contained ounces" is permitted
disclosure under Canadian regulations; however, the SEC normally
only permits issuers to report mineralization that does not
constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measures.
NEITHER THE TSX NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
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