TORONTO, Oct. 13, 2017 (GLOBE NEWSWIRE) -- Minsud Resources Corp. (TSX-V:MSR) (“Minsud” or the “Company”) announces that it will commence a 1,500-meter HQ diamond drilling program in the Chita Porphyry sector of the Chita Valley Project. The main objective is to continue outlining Cu-Au-Ag-Mo mineralization and Inferred Resources at relatively shallow depth beneath the zone of surface weathering and oxidation. Better Cu values are typically associated with the zone of supergene enrichment and the transition to primary mineralization at depth. The current Diamond Drilling program is planned to continue outlining the Inferred resource of Cu-Mo-Au-Ag. The 1,500-m program includes 6 new HQ holes and the deepening of 11 existing holes (Figure 1).
Figures accompanying this announcement are available at http://www.globenewswire.com/NewsRoom/AttachmentNg/4b4d84a9-fc15-434d-b5bb-d42639366783
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The Chita Property Environmental Impact Report (“EIR”) or Declaración de Impacto Ambiental in Spanish (“DIA”), a requirement to carry out any mining related task has recently been renewed for a period of 2 years ending October 10, 2019. This allows the company to conduct ongoing multidisciplinary exploration surveys and activities including drilling and mechanical trenching.
In 2016 and 2017 detailed mapping and sampling of epithermal Au/Ag vein areas in the Chita Porphyry was conducted mostly inside the Inferred Resources wireframe model. The precious metal veins are believed to have potential complementary benefits to the deposit’s economic model either as discrete high-grade areas of direct shipping material or as broader sectors of elevated Au/Ag inside the Cu wireframe. One epithermal prospect, the Condor Vein, shows extensive potential for high grade Au/Ag including a number very high or “Bonanza-type” assays. See Table 1 and Figure 2.
The Condor vein has been traced intermittently for over 300m. Although a narrow vein (+/- 20 cm true thickness) where exposed, this vein contained elevated Au and Ag values throughout. Minsud plans to utilize the bulldozer (on site for the drilling program) to expose this vein for further mapping and sampling.
Mr. Howard Coates, Professional Geoscientist, Director of the Company and a geological consultant, is a qualified person as defined by Canadian National Instrument 43-101. Mr. Coates visited the property and has read and approved the contents of this release.
Carlos Massa Minsud´s President & CEO, states: “We are pleased to resume drilling at our 100% owned Chita Property and the core property of the Chita Valley Project. Management believes that the potential of this project goes far beyond the known mineralization at Chita South Porphyry (PSU).
About the Chita Valley Project, San Juan Province:
The Chita Valley Project consists of three core contiguous properties (the Chita, Brechas Vacas and Minas de Pinto mineral concessions) and four additional claims adjacent to these properties (the Chita Este, Brechas Vacas Oeste, Chita Norte and Chita Sur exploration permits) that cover a combined total of approximately 174 square kilometres.
The Chita Valley Project (“the Project”) is a large exploration stage porphyry situation with classic alteration features, widespread porphyry style Cu-Mo-Ag-Au mineralization, and associated gold and silver-bearing polymetallic veins.
San Juan Province has a robust mining sector and recognizes the important economic benefits of responsible development of its substantial mineral resource endowment.
About Minsud Resources Corp.:
Minsud is a mineral exploration company focused on exploring its flagship Chita Valley Cu-Mo-Au-Ag Project, in the Province of San Juan, Argentina. The Company also holds a 100% owned portfolio of selected early stage prospects, including 18,000 has in Santa Cruz Province, Argentina. The company has already resumed field work at the 100% owned La Rosita Project, a Low-sulphidation Ag/Au prospect in the Deseado Massif.
FOR FURTHER INFORMATION PLEASE CONTACT
Carlos Massa
President and Chief Executive Officer
info@minsud.com
Mike Johnston
416-479-4466
mike@minsud.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain information that may constitute forward-looking information under applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements about strategic plans, spending commitments, future operations, results of exploration, anticipated financial results, future work programs, capital expenditures and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information including, but not limited to: fluctuations in the currency markets (such as the Canadian dollar, Argentina peso, and the U.S. dollar); changes in national and local government, legislation, taxation, controls, regulations and political or economic developments in Canada and Argentina or other countries in which the Corporation may carry on business in the future; operating or technical difficulties in connection with exploration and development activities; risks and hazards associated with the business of mineral exploration and development (including environmental hazards or industrial accidents); risks relating to the credit worthiness or financial condition of suppliers and other parties with whom the Company does business; presence of laws and regulations that may impose restrictions on mining, including those currently enacted in Argentina; employee relations; relationships with and claims by local communities; availability and increasing costs associated with operational inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses, permits and approvals from government authorities; business opportunities that may be presented to, or pursued by, the Company; challenges to, or difficulty in maintaining, the Company’s title to properties; risks relating to the Company’s ability to raise funds; and the factors identified under “Risk Factors” in the Company's Filing Statement dated April 27, 2011. There can be no assurance that such 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. All forward-looking-information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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