Oceanus Intersects 110 Meters of 0.79 g/t Gold Equivalent Consisting of 0.6 g/t Gold and 14.5 g/t Silver at its El Tigre Property in Sonora, Mexico
Dec 14, 2016HALIFAX, NOVA SCOTIA -- December 14, 2016 -- Oceanus Resources Corporation (TSXV:OCN) ("Oceanus" or the "Company") reports additional assay results from the ongoing diamond drilling program on its 100% owned El Tigre Property in Sonora, Mexico. Highlights from the drilling include the following:
- Hole ET-16-108 -- 110 meters of 0.79 g/t gold equivalent consisting of 0.6 g/t gold and 14.5 g/t silver; including 16 meters of 1.69 g/t gold equivalent consisting of 0.82 g/t gold and 64.7 g/t silver.
- Hole ET-16-109 -- 20.4 meters of 3.23 g/t gold equivalent consisting of 0.4 g/t gold and 212 g/t silver; including 4 meters of 13.9 g/t gold equivalent consisting of 0.82 g/t gold and 981.2 g/t silver.
- Hole ET-16-104 -- 115.9 meters of 0.58 g/t gold equivalent consisting of 0.43 g/t gold and 11.4 g/t silver; including 67 meters of 0.81 g/t gold equivalent consisting of 0.56 g/t gold and 18.3 g/t silver.
The true width has not been calculated for the intercepts, but true width is generally estimated at 75-90% of drilled width. Drill assays were composited by length-weighted averaging into intersections using a 0.2 g/t gold equivalent cut-off grade. The gold equivalent ratio is based on a gold-to-silver price ratio of 75:1.
Oceanus has now completed 35 holes totaling 6,467 meters of HQ size core. Results from the first 16 drill holes were announced in the Oceanus News Releases dated September 14, 2016 and October 18, 2016. Today's news release provides the results for an additional 11 drill holes. The purpose of the drilling program is to determine the full extent of the mineralization in the hanging wall and footwall of the deposit, to confirm the geological continuity of the mineralization and to test the oxidized zone to a vertical depth of 200 meters.
Oceanus has geological crews mapping and prospecting to the north and south of the historical mine workings to define the extensions of the vein / alteration systems in both directions. Oceanus has hired Geofisica TMC, S.A. de C.V. to carry out an orientation geophysical survey on the El Tigre deposit during December, 2016. The survey will consist of 3 traverse lines totalling 6 line kilometers of induced polarization survey to define the resistivity and chargeability properties over the historical workings.
Glenn Jessome, President and CEO of Oceanus, commented: "These drill results continue to exhibit wide oxidized zones of precious metals mineralization that outcrop at surface, further supporting our hypothesis that El Tigre could be another significant bulk tonnage project in the Sierra Madre Occidental in Mexico. The two drill rigs operating at El Tigre will continue to move north and south along the 1.6 km strike length over the old El Tigre mine during the first quarter of 2017 as the Company works to complete an updated NI 43-101 compliant resource estimate in 2017."
The following table provides details of the significant intersections for the 11 drill holes. The holes were drilled between Sections 4500N and 38000N in the central portion of the 1.6 kilometer long deposit:
| Hole ID | Drill Section | Comment | From | To | Length(1) | Au | Ag | AuEq(2) |
|---|---|---|---|---|---|---|---|---|
| (meters) | (meters) | (meters) | (g/t) | (g/t) | (g/t) | |||
| ET-16-099 | 3800 | 21.9 | 36.8 | 14.9 | 0.76 | 12.4 | 0.92 | |
| and | 50.4 | 70.5 | 20.2 | 0.22 | 20.3 | 0.49 | ||
| and | 80.4 | 98.6 | 18.3 | 0.36 | 92.3 | 1.60 | ||
| including | 81.0 | 86.2 | 5.2 | 0.74 | 292.6 | 4.64 | ||
| OPEN STOPE | 98.6 | 104.7 | 6.1 | El Tigre Vein | ||||
| and | 104.7 | 119.4 | 14.7 | 0.10 | 12.0 | 0.26 | ||
| ET-16-100 | 3875 | 3.8 | 28.1 | 24.3 | 0.60 | 11.0 | 0.74 | |
| and | 36.5 | 40.5 | 4.0 | 0.62 | 4.1 | 0.67 | ||
| and | 46.5 | 52.0 | 5.5 | 0.32 | 4.2 | 0.37 | ||
| and | 66.7 | 100.1 | 33.4 | 0.33 | 26.1 | 0.68 | ||
| OPEN STOPE | 93.7 | 97.5 | 3.8 | El Tigre Vein | ||||
| including | 97.5 | 98.8 | 1.3 | 0.30 | 476.0 | 6.64 | ||
| and | 115.1 | 122.1 | 7.0 | 0.20 | 19.1 | 0.45 | ||
| ET-16-101 | 4500 | 41.5 | 62.0 | 20.6 | 0.59 | 3.9 | 0.64 | |
| and | 72.0 | 95.3 | 23.3 | 0.80 | 6.7 | 0.89 | ||
| and | 112.2 | 119.0 | 6.8 | 0.52 | 2.9 | 0.56 | ||
| and | 136.8 | 138.4 | 1.6 | 1.08 | 3.8 | 1.13 | ||
| OPEN STOPE | 201.6 | 202.9 | 1.3 | Seitz Kelly Vein | ||||
| and | 202.9 | 218.0 | 15.2 | 0.15 | 25.4 | 0.49 | ||
| ET-16-102 | 4375 | 15.5 | 32.5 | 17.0 | 0.38 | 2.7 | 0.41 | |
| and | 39.9 | 57.5 | 17.7 | 0.28 | 6.8 | 0.37 | ||
| and | 78.0 | 92.0 | 14.1 | 0.32 | 0.8 | 0.33 | ||
| ET-16-103 | 4375 | 57.7 | 88.4 | 30.7 | 0.44 | 5.8 | 0.52 | |
| OPEN STOPE | 79.0 | 82.4 | 3.4 | El Tigre Vein | ||||
| and | 153.2 | 164.0 | 10.8 | 0.60 | 1.1 | 0.61 | ||
| OPEN STOPE | 170.5 | 173.0 | 2.5 | Seitz Kelly Vein | ||||
| and | 173.0 | 179.6 | 6.6 | 0.65 | 60.8 | 1.46 | ||
| including | 173.0 | 174.5 | 1.5 | 0.10 | 256.4 | 3.52 | ||
| ET-16-104 | 4125 | 22.6 | 138.5 | 115.9 | 0.43 | 11.4 | 0.58 | |
| including | 35.8 | 102.8 | 67.0 | 0.56 | 18.3 | 0.81 | ||
| including | 54.0 | 70.7 | 16.8 | 0.63 | 48.8 | 1.28 | ||
| 95.3 | 98.2 | 2.9 | 5.01 | 10.1 | 5.15 | |||
| Hole ID | Drill Section | Comment | From | To | Length(1) | Au | Ag | AuEq(2) |
|---|---|---|---|---|---|---|---|---|
| (meters) | (meters) | (meters) | (g/t) | (g/t) | (g/t) | |||
| ET-16-105 | 4325 | 14.5 | 93.5 | 79.0 | 0.54 | 10.6 | 0.68 | |
| including | 41.5 | 58.5 | 17.0 | 0.64 | 29.4 | 1.04 | ||
| including | 54.2 | 58.5 | 4.4 | 0.84 | 79.5 | 1.90 | ||
| including | 81.0 | 93.5 | 12.5 | 1.25 | 3.1 | 1.29 | ||
| and | 114.7 | 121.9 | 7.3 | 0.69 | 1.3 | 0.71 | ||
| ET-16-106 | 4275 | 0.0 | 54.9 | 54.9 | 0.30 | 14.4 | 0.49 | |
| including | 32.3 | 42.3 | 10.0 | 0.45 | 42.8 | 1.02 | ||
| OPEN STOPE | 49.0 | 51.5 | 2.5 | El Tigre Vein | ||||
| and | 64.5 | 66.0 | 1.5 | 2.35 | 4.2 | 2.41 | ||
| ET-16-107 | 4225 | 2.3 | 9.5 | 7.2 | 0.62 | 3.3 | 0.67 | |
| and | 18.3 | 81.9 | 63.7 | 0.36 | 34.9 | 0.83 | ||
| including | 19.4 | 30.6 | 11.2 | 0.67 | 33.3 | 1.11 | ||
| including | 59.5 | 65.9 | 6.5 | 1.04 | 129.9 | 2.77 | ||
| including | 71.1 | 74.4 | 3.4 | 0.27 | 117.0 | 1.83 | ||
| and | 93.9 | 95.7 | 1.8 | 0.76 | 0.9 | 0.77 | ||
| and | 101.9 | 120.7 | 18.8 | 0.54 | 6.9 | 0.64 | ||
| including | 104.4 | 111.0 | 6.7 | 0.80 | 16.2 | 1.02 | ||
| ET-16-108 | 4175 | 42.7 | 152.7 | 110.0 | 0.60 | 14.5 | 0.79 | |
| including | 49.9 | 55.0 | 5.1 | 2.16 | 3.1 | 2.20 | ||
| including | 74.1 | 86.0 | 11.9 | 1.11 | 7.1 | 1.20 | ||
| including | 102.5 | 118.5 | 16.0 | 0.82 | 64.7 | 1.69 | ||
| OPEN STOPE | 108.2 | 109.0 | 0.8 | El Tigre Vein | ||||
| including | 136.5 | 144.0 | 7.5 | 1.20 | 2.6 | 1.23 | ||
| ET-16-109 | 4025 | 111.9 | 140.7 | 28.8 | 0.70 | 3.1 | 0.75 | |
| including | 117.2 | 124.2 | 7.0 | 1.57 | 4.4 | 1.63 | ||
| and | 160.9 | 181.3 | 20.4 | 0.40 | 212.0 | 3.23 | ||
| including | 163.6 | 167.6 | 4.0 | 0.82 | 981.2 | 13.90 | ||
| including | 163.6 | 164.3 | 0.7 | 2.12 | 2964.5 | 41.65 | ||
| and | 196.5 | 199.9 | 3.3 | 0.30 | 6.0 | 0.38 | ||
| and | 210.9 | 215.0 | 4.1 | 0.19 | 14.2 | 0.38 | ||
Notes:
(1) True width has not been calculated for each individual intercept, but true width is generally estimated at 75-90% of drilled width. Metallurgical recoveries and net smelter returns are assumed to be 100%
(2) Gold Equivalent ratio based on gold to silver price ratio of 75:1 Ag:Au.
The following table provides the drill hole locations for the Oceanus drill holes completed subsequent to the last news release dated October 18, 2016:
| Hole ID | Northing | Easting | Elevation | Azimuth | Dip | Length (meters) |
|---|---|---|---|---|---|---|
| ET-16-101 | 3384500 | 671055 | 2074.0 | 90 | -45 | 239.0 |
| ET-16-102 | 3384375 | 671140 | 2007.0 | 90 | -45 | 150.3 |
| ET-16-103 | 3384375 | 671121 | 1976.0 | 90 | -45 | 212.65 |
| ET-16-104 | 3384125 | 671145 | 1986.0 | 90 | -45 | 138.45 |
| ET-16-105 | 3384325 | 671121 | 1976.0 | 90 | -45 | 129.6 |
| ET-16-106 | 3384275 | 671130 | 1959.0 | 90 | -55 | 160.1 |
| ET-16-107 | 3384225 | 671108 | 1944.0 | 90 | -45 | 150.65 |
| ET-16-108 | 3384175 | 671086 | 1935.0 | 90 | -45 | 180.95 |
| ET-16-109 | 3384025 | 671035 | 1925.0 | 90 | -50 | 254.45 |
| ET-16-110 | 3384025 | 671115 | 1930.0 | 90 | -45 | 169.1 |
| ET-16-111 | 3384975 | 670858 | 1819.0 | 90 | -45 | 252.05 |
| ET-16-112 | 3383750 | 671130 | 1942.0 | 90 | -45 | 244.5 |
| ET-16-113 | 3384800 | 670902 | 1954.0 | 90 | -45 | 224.65 |
| ET-16-114 | 3383850 | 670900 | 1814.0 | 90 | -45 | 342.45 |
| ET-16-115 | 3384500 | 670898 | 2049.0 | 90 | -45 | 313.05 |
| ET-16-116 | 3384425 | 671144 | 2027.0 | 90 | -45 | 177.75 |
Lab Preparation and Assay
The diamond drill core (HQ size) is geologically logged, photographed and marked for sampling. When the sample lengths are determined the full core is sawn with a diamond blade core saw with one-third of the core being bagged and tagged for assay. The remaining two-thirds portion is returned to the core trays for storage and/or for metallurgical test work.
The sealed and tagged sample bags are transported to the ActLabs facility in Zacatecas, Mexico. ActLabs crushes the samples and prepares 200-300 gram pulp samples with ninety percent passing Tyler 150 mesh (106μm). The pulps are assayed for gold using a 50 gram charge by fire assay (Code 1A2-50) and over limits greater than 10 grams per tonne are re-assayed using a gravimetric finish (Code 1A3-50). Silver and multi-element analysis is completed using total digestion (Code 1F2 Total Digestion ICP).
Quality Assurance / Quality Control and Data Verification
Quality assurance and quality control ("QA/QC") procedures monitor the chain-of-custody of the samples and includes the systematic insertion and monitoring of appropriate reference materials (certified standards, blanks and duplicates) into the sample strings. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data. All results stated in this announcement have passed Oceanus' QA/QC protocols.
Qualified Person
David R. Duncan, P. Geo., V.P. Exploration of the Company, is the Qualified Person for Oceanus as defined under National Instrument 43-101. Mr. Duncan has reviewed and approved the scientific and technical information in this press release and has reviewed the Technical Report.
About Oceanus Resources Corporation
Oceanus Resources Corporation is a gold exploration company operating in Mexico. Oceanus is managed by a team of mine finders with extensive experience in exploring and developing large hydrothermal gold projects in Mexico. Oceanus is currently drilling and exploring the El Tigre Property in the Sierra Madre Occidental.
For further information, please contact:
Glenn Jessome
President and CEO
902 492 0298
jessome@oceanusresources.ca
CAUTIONARY STATEMENT:
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.
This News Release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, resources and reserves, the ability to convert inferred resources to indicated resources, the ability to complete future drilling programs and infill sampling, the ability to extend resource blocks, the similarity of mineralization at El Tigre to the Ocampo mine, exploration results, and future plans and objectives of Oceanus, are forward-looking statements that involve various risks and uncertainties. Forward-looking statements are frequently characterized by words such as "may", "is expected to", "anticipates", "estimates", "intends", "plans", "projection", "could", "vision", "goals", "objective" and "outlook" and other similar words. Although Oceanus believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Oceanus's expectations include risks and uncertainties related to exploration, development, operations, commodity prices and global financial volatility, risk and uncertainties of operating in a foreign jurisdiction as well as additional risks described from time to time in the filings made by Oceanus with securities regulators.
© 2024 Silver Tiger Metals Inc.|TSXV:SLVR, OTCQX:SLVTF|Disclaimer
Disclaimer:
User Agreement
The following terms and conditions, along with all other terms and legal notices located on this https://silvertigermetals.com website (collectively, "Terms"), govern your use of this https://silvertigermetals.com website (the "Website"). If you do not understand and agree to be bound by all Terms, do not use this Website. Your use of this Website at any time constitutes a binding agreement by you to abide by these Terms.
Certain material found on this Website is protected by copyright. Certain names, graphics, logos, icons, designs, words, titles or phrases on this Website may constitute trade names, trademarks or service marks of Silver Tiger Metals Inc. ("Silver Tiger") or other entities. Trademarks may be registered in Canada and in other countries, as applicable. The display of trademarks on pages at this Website does not imply that a licence of any kind has been granted.
Although care has been taken in preparing and maintaining the information and materials contained on this Website, they are provided on an "as is" basis, without warranty of any kind, either express or implied, with respect to the accuracy or completeness of the information and Silver Tiger does not assume any responsibility or liability whatsoever for publishing them herein. In using this Website, you agree that Silver Tiger shall not be liable for any damages whatsoever (including indirect, incidental, special, punitive or consequential damages and loss of profits, opportunities or information) arising from (a) your use of or reliance on information contained on this Website; (b) any inaccuracy or omission in such information or failure to keep the information current; (c) use of any third-party web sites linked or referred to in this Website; (d) any delays, inaccuracies or errors in, or in the transmission of, any stock price quotes or historical price data; (e) any Internet software used in connection with this Website or computer viruses or other destructive programs encountered as a result of using this Website; and (f) any other matter connected with the Website, even if Silver Tiger is made aware of the possibility of such claims, damages or losses.
This Website contains links to, or feeds from, sites that Silver Tiger does not maintain. Silver Tiger assumes no responsibility for the contents of third-party sites accessed through links on, or otherwise incorporate in, this Website. Access to or information from such third-party sites is provided for your convenience only. Silver Tiger does not monitor or endorse such third-party sites.
This Website is not to be construed as a form of promotion, an offer to sell securities or as a solicitation to purchase our securities. This Website has been produced as a source of general information only.
Please note that this Website contains "forward-looking information", within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to our plans respecting our mineral projects and our other key mineral properties and the ability to secure and maintain required permits for such projects and properties, exploration expenditures and activities and the possible success of such exploration activities, the estimation of mineral reserves and resources, the realization of mineral estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, mineral pricing, mine life projections, the availability of third-party concentrate, business and acquisition strategies and the timing and possible outcome of pending litigation. Often, but not always, forward-looking information can be identified by the use of words like "plans", "expects", "estimates", "forecasts", "intends", "understands", "anticipates", and similar expressions. Forward-looking information is based on the opinions and estimates of management as of the date such information is provided and is subject to known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including risks associated with the mining industry such as economic factors (including future commodity prices, currency fluctuations and energy prices), failure of plant, equipment, processes and transportation services to operate as anticipated, dependence on key personnel and employee relations, environmental risks, government regulation, actual results of current exploration activities, possible variations in ore grade or recovery rates, permitting timelines, capital expenditures, reclamation activities, land titles, and social and political developments and other risks of the mining industry. Although we have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. We do not undertake to update any forward-looking information, except as required by applicable securities laws, or to comment on analyses, expectations or statements made by third parties in respect of us, our financial or operating results or our securities.
Cautionary Note to US Investors
The disclosure on this Website has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States securities laws. Disclosure, including scientific or technical information, has been made in accordance with Canadian National Instrument 43-101 -- Standards of Disclosure for Mineral Projects ("NI 43-101"). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. As a result, information contained on this Website containing descriptions of the mineral properties or estimates of mineral reserves or resources of Silver Tiger is not comparable to similar information disclosed by U.S. companies in reports filed with the SEC.
For example, the terms "measured mineral resources", "indicated mineral resources", "inferred mineral resources", "proven mineral reserves" and "probable mineral reserves" are used on this Website to comply with the reporting standards in Canada. While those terms are recognized and required by Canadian regulations, the SEC does not recognize them.
Under the rules and regulations of the SEC set forth in Industry Guide 7, a U.S. company may only disclose estimates of proven and probable mineral reserves, and may not disclose estimates of any classification of mineral resources. In addition, the definitions of proven and probable mineral reserves used in NI 43-101 differ from the definitions in the SEC Industry Guide 7. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Investors are cautioned not to assume that all or any part of the mineral deposits in these categories will ever be converted into mineral reserves. Any estimate of mineral reserves or resources has a great amount of uncertainty as to its existence, and great uncertainty as to its economic and legal feasibility with estimates of mineral resources having a greater degree of uncertainty. It cannot be assumed that all or any part of measured mineral resources, indicated mineral resources or inferred mineral resources will ever be upgraded to a mineral reserve or mined. Further, in accordance with Canadian rules, estimates of inferred mineral resources cannot form the basis of feasibility or other economic studies. Investors are cautioned not to assume that any part of the reported measured mineral resources, indicated mineral resources, or inferred mineral resources on this Website will ever be classified as a reserve. 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 as in place tonnage and grade without reference to unit measures.