Metallum Resources Inc. has 53,803,828 common shares outstanding and in excess of $5 million in cash, with no debt, as of today's date.
Metallum Resources Inc. Completes Detailed Geophysical Program on M-18 Gold and Silver Property. Trenching and Sampling Program to Commence
9/26/2011 4:00:34 PM - Market Wire
TORONTO, ONTARIO, Sep 26, 2011 (MARKETWIRE via COMTEX News Network) --
Metallum Resources Inc. (TSX VENTURE: MRV) ("Metallum" or "Company") announces that is has completed a detailed geophysical program covering, and extending beyond, the known gold/silver mineralization exposed for approximately 1.2 kilometres ("km.") of strike and 0.5 km. of width on surface at its M-18 gold/silver property in Chubut province, Argentina. The objective of the geophysical program was to assist in defining additional strike length, width, and depth to this mineralized zone. Gold and silver occurs disseminated within a low sulphidation system of quartz veining and quartz stockwork.
Quantec Geoscience (Mendoza, Argentina) completed approximately 58.8 line km. of gradient Induced Polarization ("IP") and ground magnetics with supporting coverage using pole-dipole IP. The original planned geophysical program called for approximately 42 line km. of survey (see Metallum's press release of August 11, 2011), however, open-ended anomalies identified after completion of the original planned program required additional work to properly investigate these anomalies along strike.
Geophysical coverage extended approximately 1.4 km. and 500 m respectively along strike in each direction beyond the exposed gold/silver mineralization as well as approximately 800 m in each direction beyond the exposed width of the mineralized zone. The survey coverage included evaluation of a large untested zone of argillic alteration occurring within a few hundred metres of the known gold/silver mineralization.
Results from the geophysical survey showed that the known exposed zone of gold/silver mineralization is clearly identified on the gradient and pole-dipole IP chargeability and resistivity at depth and along strike. Furthermore, IP anomalies related to this mineralized zone extend beyond the exposed rock beneath the cover of gravels, indicating that the gold/silver mineralization is potentially continuing along strike. In addition to this, the large zone of argillic alteration shows a strong chargeability/low resistivity anomaly extending for approximately 2 km in strike and 600 m in width. Depth extent to this zone continues beyond the 250 m investigation depth of the IP detectability.
View IP gradient chargeability map: http://metallumresourcesinc.com/Projects/Argentina/Survey/.
As well, the ground magnetics survey supports some of the structural features identified by the gradient IP and has also identified a strong magnetic feature on the east end of the survey area which will be investigated by geological work and/or drilling.
Metallum also reports that the geological program comprising an extensive campaign of geological mapping, detailed channel sampling, and approximately 8 km. of trenching with channel sampling is planned to commence during October, 2011. The objective of the program is to expose additional strike and width to the 1.2 km strike and 0.5 km width of the known gold/silver mineralization, which is covered by a thin veneer of gravels at its perimeter and remains open in all directions. As well, the geological work will evaluate the large zone of argillic alteration (mentioned above) in context with the strong IP chargeability/low resistivity response identified from the geophysical survey.
Results compiled from both the geophysical program and planned geological/sampling programs will identify primary targets for a Phase 1 drilling campaign planned for Q-4, 2011.
Metallum's President and CEO, Greg Lipton, states that "Metallum is excited by the results from the geophysical program. The known zone of gold/silver mineralization clearly shows strike extension beneath the gravels as well as at depth. In addition, the strong IP chargeability/low resistivity anomaly covering the large, untested zone of argillic alteration is indicative of mineralization continuing at depth. Also, additional, highly anomalous geophysical targets have been identified elsewhere on the property. Metallum now looks forward to the detailed channel sampling and trenching program that is about to begin on the property to add another dimension for target development for the Company's drilling program."