News on Tango (T.TGO)
Tango Discovers Potential Bulk-Tonnage Disseminated and Stockwork Epithermal Silver Lead Zinc Deposit At Los Cochis and Outlines Gold Potential Along Strike To The East
1/14/03
TORONTO, ONTARIO, Jan 14, 2003 (CCNMatthews via COMTEX) --
Tango Mineral Resources is pleased to announce significant results from a rock sampling program and geochemical soil survey centered on the Los Cochis area on its 6,800 hectare Picachos property in Durango, Mexico. Tango believes that these data indicate that Los Cochis has potential for a bulk-tonnage Ag-Pb-Zn epithermal deposit of significant size at Los Cochis as well as potential for gold. The Los Cochis deposit area is located 6 km south of the high-grade El Pino silver-gold veins to be diamond drilled by the Company in January 2003. It is accessed by a 3 km gravel road north of the Durango-Mazatlan highway through the town of La Mesa de Los Negros. Los Cochis and El Pino are two of several significant epithermal precious metal occurrences on Tango's property in the Espinazo del Diablo mineral district.
In Los Cochis, 488 soil samples and 254 rock samples were taken from a reconnaissance survey grid with a total of 13 line kilometers. Individual lines were spaced 200 m apart, and soil samples were taken every 25 m along these lines. The objective of the program was to evaluate both the bulk mineral potential of the main Los Cochis deposit and the potential for narrower, but higher grade veins.
The soil survey has outlined a polymetallic soil anomaly for silver, lead, zinc, copper and gold over an area 2.0 km long, 500 m wide over a 320 m vertical elevation difference (between 1400 m and 1720 m above sea level). This anomaly coincides with a broad zone of propylitic alteration (quartz, chlorite, calcite, epidote) in andesite that hosts disseminated and stockwork lead and zinc sulfide mineralization (galena and sphalerite, respectively), with pyrite, tetrahedrite (a silver sulfosalt) and native silver. The mineralization/alteration and coincident geochemical anomaly trends WNW, and is open ended to the northwest and southwest. Anomalous thresholds are given in Table1.
TABLE 1. SUMMARY DATA FOR SOIL SAMPLES TAKEN FROM THE LOS COCHIS
DEPOSIT AREA.
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Ag (g/t) Au (g/t) Pb (%) Zn (%) Cu (%)
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Maximum 1,780.0 0.625 2.730 0.440 0.070
Average 6.1 0.014 0.026 0.033 0.002
Anomalous threshold 2.0 0.015 0.010 0.030 0.008
Average Crustal Abundance 0.07 0.003 0.001 0.007 0.005
Number of samples 484 288 484 484 484
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The soil geochemical anomaly can be divided into silver-base metal-rich and gold-rich zones. The western 700 m segment of the anomaly is characterized by soil silver values over 10 g/t and coincident anomalous lead, zinc and copper values. The Ag-Pb-Zn-(copper) anomaly grades eastwards into and partly overlaps with a gold-rich zone. The gold anomaly in the soil has a strike length of 750 meters with gold values above 0.05 g/t. Three other gold soil anomalies of similar magnitude define a second WNW gold trend over a strike length of 1.0 km, 250 m to the north. The anomalous gold areas are mostly covered in overburden, but one showing with the Los Cochis creek assayed 2.52 g/t gold, 42 g/t silver, 0.8% lead and 9.3% zinc over 5.2 m.
The broad disseminated Ag-Pb-Zn zone is underlain by several near-surface, high-grade epithermal veins and stockworks that were mined until the 1970's by gambusinos (small scale miners) in shallow surface workings. Some samples from the old workings are shown in Table 2.
TABLE 2. ASSAYS FROM CHIP-CHANNEL SAMPLES CUT ACROSS SURFACE
SHOWINGS AND HISTORIC WORKINGS ON LOS COCHIS.
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Area Width (m) Ag (g/t) Pb (%) Zn (%)
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Mina El Fresno surface cut
(M-31) 6 1,275 0.8 0.7
Prospect El Pinito (M-32) 3 457 0.8 1.7
Campamento Stockwork (4891) 4 600 2.5 6.8
Canuto's Trench (CH-32) 4 954 0.6 0.1
Mina Las Chivas 3rd cross-cut
(AVG 5556 and 5693) 1 427 1.4 6.9
Prospect La Tijera (6239) 2.5 256 0.4 0.1
Hilo de Roque (5247) 0.2 3,624 50.2 0.6
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In many areas, the old workings are caved or buried by natural colluvium on steeper slopes. If the old workings were not accessible, grab samples were taken of the mine dumps (Table 3).
TABLE 3. SAMPLES OF DUMP MATERIAL TAKEN FROM OUTSIDE CAVED OR
BURIED WORKINGS IN THE LOS COCHIS DEPOSIT AREA
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Area Ag (g/t) Pb (%) Zn (%)
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La Tolva Waste Dump (6223) 1,452 4.5 4.7
Las Chivas Dump (6224) 1,669 5.0 18.6
Nacario Pit (6225) 2,855 4.5 3.5
El Fresno Dump 1 (5562) 910 0.8 6.1
El Fresno Dump 2 (5560) 2,750 7.8 9.3
El Fresno Dump 3 (5565) 2,680 0.9 1.4
Mina de Canuto Dump 240 1.0 13.0
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Nineteen systematic chip-channel samples were cut along the entire length of the Las Chivas workings. The weighted average grade of these samples is 80 g/t Ag, 0.6%Pb and 1.4% Zn over a true width of 45 m, including an interval of 427 g/t Ag, 1.4%Pb and 6.9% Zn across 1 m.
Tango believes that these data indicate that there is potential for a bulk-tonnage Ag-Pb-Zn deposit of significant size at Los Cochis centered near the old Fresno mine workings. This grades eastward into a zone of gold-rich mineralization that remains to be explored. Tango intends to evaluate the open-pit potential of this unique precious and base metal deposit with a program of RC drilling and diamond coring in the spring of 2003.
The prospecting and sampling programs were conducted under the supervision of geologist Michelle Robinson, MaSc, P. Eng. The methodology of sampling is similar as described in a previous release date April 8, 2002. Sample preparation was done at the facilities of Chemex laboratories in Hermosillo, Mexico, and shipped to the laboratories of Chemex in Vancouver, B.C., for multi-element analysis using ICP-MS (induced Couple plasma). In the case of rock and soil samples exhibiting more than 200 parts per million (ppm) silver, samples were fire assayed for gold and silver using a 1 tonne assay (30 gram) sample.
THE PRESS RELEASE WAS PREPARED BY TANGO MINERAL RESOURCES INC. WHICH ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY. NO STOCK EXCHANGE OR ANY REGULATORY AUTHORITIES OR SIMILAR BODY, HAVE APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
TANGO MINERAL RESOURCES INC.
1115 Sutton Drive, Suite 100,
Burlington, Ontario, L7L 5Z8,
Tel: 905 319-8016, Fax: 905 319-3527
E-mail: tgo@tangomineralresources.net
Web site: www.tangomineralresources.net
Denis Francoeur
President and C.E.O.
(905) 319-8016
KC
