Oct 13 2010
LEBOLDUS CAPITAL INC. (TSX VENTURE:LEB) reports that the Phase II exploration program has identified significant gold and silver mineralization on surface and from historic adits from the Santa Rosa East area on its Corongo Au-Ag Property located in the Department of Ancash, Peru.
Results have been received for 197 samples from the Santa Rosa East area including 168 channel samples from 11 trenches, 23 individual channel samples, 5 underground samples and one chip sample. Highlights from the continuous surface channels of 33.5 metres grading 1.08 grams per tonne ("gpt") Au and 69.1 gpt Ag including 7.5 metres grading 2.89 gpt Au and 160.7 gpt Ag in Trench 8, 8.0 metres grading 2.20 gpt Au and 49.6 gpt Ag in Trench 1, 17.0 metres grading 1.40 gpt Au and 32.1 gpt Ag in Trench 6 and 7.3 metres grading 2.05 gpt Au and 15.1 gpt Ag in Trench 10. Individual samples within the overall channel are typically 1.0 to 2.0 metres in length and were designed to cross-cut mineralized structures where possible.
In addition, 5 channel samples taken from two historic adits in the Santa Rosa East area all returned significant Au and Ag values ranging from 0.7 meters grading 2.02 gpt Au and 11.7 gpt Ag to 0.6 metres grading 7.08 gpt Au and 976.0 gpt Ag.
"I am excited by the assay results being received from the Santa Rosa East area that demonstrate the potential of the Corongo Property", states Paul Davis, President and C.E.O. of LeBoldus. "This is only the beginning of our exploration program and based on the fact that all of these assay results are at, or near surface emphasizes the bulk tonnage potential on the property. Our goal with the ongoing exploration program will be defining the depth potential of these highly prospective areas in preparation for the next phase of exploration."
Val D'Or Geogisica Del Peru S.A.C. will be mobilizing to the Corongo Property in mid-October to complete a ground geophysical program consisting of 15 km of Induced Polarization (IP) and 33 km of Magnetometer (Mag) and DGPS-Gamma ray spectrometry surveys over the Santa Rosa East and Duscubridora Au-Ag zones. The geophysical surveys will be used to prioritize drill targets over the two (2) zones and focus the exploration group on the most prospective areas for continued exploration.
Samples are shipped to and assaying is carried out by the ALS Chemex Laboratory in Lima, Peru, a laboratory whose quality control system complies with International Standards ISO 9001:2000 and ISO 17025:2005. A four-acid digestion with 33 element ICP-AES analysis is conducted on all samples, with silver, lead and zinc being reanalyzed with atomic absorption spectrometry method when analyzing over the ICP limits. Gold is assayed using a fire assay with an atomic absorption spectrometry finish. With samples containing over 10 ppm Au, a gravimetric finish is employed. A secure chain of custody is maintained in storing and transporting all samples.
Corongo Property
The Corongo Property is located in the Department of Ancash in the Republic of Peru, approximately 400 km north of Lima. The property covers an area of 3,100 ha and is comprised of 11 contiguous claims. The Corongo Property is located in a portion of the Western Cordillera of Peru that hosts numerous precious and base metal deposits, including Barrick Gold Corporation's Pierina and Lagunas Norte gold mines and Compania Minera Antamina S.A.'s Antamina copper-zinc mine. LeBoldus entered into an option agreement (the "Option Agreement") with Duran Ventures Inc., whereby LeBoldus can earn a fifty percent (50%) beneficial interest in the Corongo Property. LeBoldus has provided funding of US$250,000 for the Phase II exploration program, fulfilling the first exploration expenditure requirement of the Option Agreement.
The gold and silver mineralization on the Corongo Property is interpreted as an intermediate sulphidation epithermal system. Characteristics of this type of system include the proximity of gold and silver mineralization to porphyritic intrusive bodies, drusy quartz stockworks, banded textures in the quartz and quartz-sulphide veins and the geochemical association of gold and silver with arsenic, antimony, barium, bismuth, lead and zinc.
QP Statement
The information in this release was prepared under the direction of Paul Davis, P.Geo. President and CEO of LeBoldus and, a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects and the analytical sampling program was carried out under the supervision of Duran Venture's President, Cary Pothorin, P.Geo., a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects is responsible for all technical information contained in this news release. Industry standard QA/QC protocol is followed on all of the Company's exploration projects.
Source: Leboldus Capital Inc.