🕐25.07.12 - 16:54 Uhr
VENDOME REPORTS CHIP SAMPLE RESULTS WITH BONANZA SILVER GRADES AT THE SAN JAVIER MINE PROPERTY
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Vendome Resources Corp
July 24, 2012 16:24 ET
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Vendome Reports Chip Sample Results With Bonanza Silver Grades at the
San Javier Mine Property (Mexico)
TORONTO, ONTARIO--(Marketwire - July 24, 2012) - Vendome Resources Corp.
(TSX VENTURE:VDR)(FRANKFURT:9VR)
("Vendome" or the "Company") is pleased to provide an update for the San Javier
Mine property located within the municipality of Malinaltepec, State of Guerrero,
Mexico.
The spring 2012 exploration program targeting the propertys mineralized
systems is now complete.
In excess of 600 bedrock grab, chip channel,soil and stream
sediment samples were collected during the program.
Results for bedrock chip samples
are reported below.
Sampling focussed on the Veta Tajo area located 300 meters southwest of the historical
San Javier mine workings.
The Companys consultants, A.C.A.
Howe International Limited
("Howe") believe the Veta Tajo is a previously unrecognized, unexplored and unexploited
area of significant visible stockwork quartz veining that spans an 80 to 100 meter
vertical rise in the west bank of the river valley that transects the central property
area.
Quartz veining in the Veta Tajo is stacked, horizontal to shallow-dipping and consists
of:
*a set of 0.8-1 meter thick veins dipping 40-60 to the east
*a second set of 25-40 centimeter thick veins dipping 25-35
*a third set of 2-5 centimeter thick veins dipping 0 to 15
In excess of 340 chip samples were collected across exposed vein and wall rock material
in the Veta Tajo area.
Chip channels were typically 2 to 3 cm wide and 1 cm deep
and were cut using a hammer and moil.
Laboratory analysis of these samples returned
silver values ranging from <2 grams per tonne to bonanza grades in excess of 2,000
grams per tonne.
Select weighted averages for silver concentration over continuous
chip sample lengths in the Veta Tajo are as follows:
* - approximate center of chip channel using UTM WGS8, Zone 14
Veining appears to be associated with east-west structures cross-cutting a host
rock previously identified as "old granite", which Howe has re-interpreted as strongly
silicified felsic volcaniclastics.
Howes field work also indicates that veining
extends into areas north and south of Veta Tajo.
Vendome management is extremely
encouraged by these chip results in that the potential for bulk silver mineralization
in wall rock, in addition to high grade narrow vein mineralization has been confirmed.
This material is found at surface making it extremely amenable for low cost open
pit mining methods.
This source of silver has been previously unrecognized at the
San Javier Mine Property, and may be similar to other large scale silver mines in
Mexico.
The next phase of work at San Javier will be to test for Veta Tajo mineralized extensions
at depth and along strike, and to complete airborne surveying and reconnaissance
prospecting with a view to developing diamond drill targets over the next few months.
The chip channel samples were analyzed at SGS Laboratories in Ciudad Durango, Durango,
Mexico using fire assay with AAS finish, and ICP-OES finish after aqua regia digest.
The Company has the option to acquire a 50% interest in the San Javier Mine property
by making aggregate cash payments of $325,000 and issuing 3,800,000 common shares
over on or before November 28, 2013, and incurring $2,600,000 in exploration expenditures
on or before November 28, 2014.
In addition to the option agreement for the 253
hectare San Javier Mine property, Vendome has entered into agreements to acquire
mineral rights in approximately 18,000 hectares of exploration territory within
the Sierra Madre del Sur precious metal belt of southern Mexico in which the San
Javier Mine property is located.
Warren Hawkins, P.Eng, a "Qualified Person", within the meaning of National Instrument
43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved
the scientific and technical information contained in this news release.
Mr.
Hawkins
is not considered to be "independent" of the Corporation (as defined in National
Instrument 43-101), as he currently holds securities of the Corporation.
This news release contains certain "forward-looking statements".
All statements,
other than statements of historical fact that address activities, events or developments
that the Corporation believes, expects or anticipates will or may occur in the future
are forward looking statements.
These forward-looking statements reflect the current
expectations or beliefs of the Corporation based on information currently available
to the Corporation.
Such forward-looking statements include, among other things,
statements relating to the Corporations entry into an agreement in respect of
the right to earn a 50% undivided interest in the Property and the proposed terms
thereof.
Forward- looking statements are subject to significant risks and uncertainties
and other factors that could cause the actual results to differ materially from
those discussed in the forward-looking statements, and even if such actual results
are realized or substantially realized, there can be no assurance that they will
have the expected consequences to, or effects on the Corporation.
Factors that
could cause actual results or events to differ materially from current expectations
include, but are not limited to: the failure to acquire an interest in the Property,
or the right to earn an interest in the Property, on the terms currently proposed
or at all; the failure to obtain any required regulatory or stock exchange approvals
and other factors.
Any forward-looking statement speaks only as of the date on which
it is made and, except as may be required by applicable securities laws, the Corporation
disclaims any intent or obligation to update any forward-looking statement, whether
as a result of new information, future events or results or otherwise.
Although
the Corporation believes that the assumptions inherent in the forward-looking statements
are reasonable, forward-looking statements are not guarantees of future performance
and accordingly undue reliance should not be put on such statements due to the inherent
uncertainty therein.
Neither 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 Information:
Vendome Resources Corp.
Franz Kozich
CEO
(416) 708 6871 or (647) 932 1604
[mailto:?]
www.vendomeresourcescorp.com
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Vendome Resources Corp | 133 Richmond Street West, Suite 403 | Toronto | Ontario | M5H 2L3 | Canada