Intrepid Minerals cuts up to 21.5 g/t Au at Ojo Blanco
2005-08-23 08:33 ET - News Release
Mr. Laurence Curtis reports
INTREPID'S GOLD DISCOVERY IN EL SALVADOR EXPANDED
Intrepid Minerals Corp. has provided additional results of continuing exploration in central El Salvador. Gold values up to 21.5 grams per tonne (g/t) gold have been collected from veins discovered on the new Ojo Blanco licence. A total of 15 per cent of the first 228 rock samples exceeded one g/t gold with 13 per cent of the total assaying in the range of one to five g/t gold. All samples containing greater than 10 g/t gold are associated with colloform-banded chalcedony-calcite veins.
This continuing program of rock sampling and reconnaissance mapping follows a regional stream sediment sampling program that confirmed the presence of gold over an area of approximately 15 square kilometres. The 2005 exploration program at Ojo Blanco is reconnaissance in nature and has been designed to quickly identify gold mineralization. The stream sediment program consisted of 235 sediment samples (minus 80 mesh) with gold values up to three g/t Au. Preliminary examination of the stream sediment anomalies reveals a close coincidence with quartz veins, breccias and stockwork.
The program is now focusing on an area of approximately five square kilometres where there are widespread, shallow surface workings that exploited the veins for calcite whereas the gold-bearing material has been left behind. Initial traverses across a sheeted vein complex up to 100 metres wide has identified weakly banded chalcedony vein up to 10.13 g/t Au. The work to date supports Intrepid's belief that this extensive area of alteration and veining is at the upper extent of the gold system.
"The dimension of this system is impressive and the textures and geochemistry suggest we have a prime candidate for drilling," said Laurence Curtis, president and chief executive officer. Following the completion of the reconnaissance phase, the next phase of exploration will include detailed mapping, sampling and trenching as a vector for this drilling program.
The Ojo Blanco licence adjoins the Petancol licence to the southwest, where significant gold values (up to 100 g/t gold) have been encountered at the Potonico zone. In 2004, airborne magnetic and stream sediment surveys were completed over the Petancol licence along with rock chip sampling and detailed geologic mapping. The results from the 2004 program were instrumental in the location of the Ojo Blanco licence.
All samples were assayed at CAS Laboratories of Honduras or BSI Inspectorate, Nevada, using standard AA/fire assay finish and gravimetric check assays on samples reporting greater than 10 g/t gold.