Potosi Exploration Program Samples High Grade Gold-Silver
NEW YORK, Jan 27, 2012 (GlobeNewswire via COMTEX) -- Mustang Alliances Inc (the "Corporation") (OTCBB:MSTG) is pleased to announce that its 2011 exploration program has been completed on the Potosi property located in Honduras. It was reconnaissance in nature and was focused on identifying recorded mineral showings, assessing areas of historical exploration and small scale surface and underground development.
The Potosi concession is centered over the historic San Antonio and Tajo low sulfidation epithermal vein prospects which were first identified centuries ago, and worked on a small scale by Spanish Colonial era miners. The concession were explored by Rosario-Honduras Mining during the 1940's, and in the mid-1990's by Battle Mountain Gold (acquired by Newmont Mining Corp) and Mar-West Resources (acquired by Glamis Gold later acquired by Goldcorp) These past exploration efforts are highlighted at San Antonio by a 1994 BMG core hole which intersected 16.3 m 3.4 g/t Au, including a single 0.3 m sample which assayed 305.2 g/t Au. At Tajo, a round of core holes completed in 1997 by the BMG-MWR joint-venture returned a number of significant intercepts including: 0.9 m grading 7.24 g/t Au in PT97-5, and 13.36 g/t over 1.4 m) in PT97-7.
Mustang's concessions, including the Potosi property, have seen very little modern exploration efforts. We are extremely encouraged by the findings of the 2011 sampling program which continue to reflect similar values to those previously obtained in the 1990's.
The following table displays the highlights of the 2011 values and assay results from the San Antonio and Tajo mineral occurrences at El Potosi:
10 m @ 15.69 g/t Au,
12 m @ 9.29 g/t Au, 51.6 g/t Ag
10 m @ 9.19 g/t Au, 74.5 g/t Ag, -
Including 4 m @ 22.08 g/t Au, 167.9
12 m @ 7.10 g/t Au, 135.3 g/t Ag
6 m @ 3.70 g/t Au, 7.3 g/t Ag
14 m @ 1.67 g/t Au, 9.0 g/t Ag
Recent efforts by the company have been directed toward acquiring and compiling the historic information, and initiating reconnaissance sampling and geologic mapping over the property. Rock chip sampling has proven to be an excellent method of evaluating the concession block; it has already identified several favorable areas of elevated gold values for follow-up work and drill testing. In Addition, Telluris Consulting Ltd. was contracted recently to complete an ASTER satellite survey, to allow the assemblage of alteration minerals around the Potosi to be remotely sensed and evaluated. This can potentially generate additional exploration targets. Ground checking of some of these anomalous zones is underway, and will be the subject of future news releases.
The company is currently finalizing the details of an extensive 2012 work program that follow up on the 2011 sample results, to delineate the property to the point where it is drill ready and to define potential reserves and areas for immediate production. The 2012 work program is expected to commence mid to late February. The company will release results of the work program as they come available.
ABOUT MUSTANG ALLIANCES INC.
Mustang is a junior mining company with a focus on the acquisition and development of precious metals properties in Honduras. Mustang has 5 concessions totaling 4,400-hectares under agreement in the Choluteca District of Honduras. Concessions are on trend to several world class gold mines in the Central American gold belt, such as the El Limon mine, Nicaragua, that has produced over 3 Million Ounces of gold to date. The Mustang Concessions are in an area that has been actively worked by artisanal miners for the past 200 years.
Certain statements in this announcement including statements such as "believes," "anticipates," "expects" and all similar statements regarding future expectations, objectives, intentions and plans for mineral exploration, development and production may be regarded as "forward-looking statements" within the meaning of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made. Management's current view and plans, however, are subject to numerous known and unknown risks, uncertainties and other factors that may cause the actual results, performance, timing or achievements of Mustang Alliances to be materially different from any results, performance, timing or achievements expressed or implied by such forward-looking statements. The various uncertainties, variables, and other risks include those discussed in detail in the Company's SEC filings, including the Annual Report on Form 10-KSB, for the year ended December 31, 2010 and its Quarterly Report on Form 10-Q for the period ended September 30, 2011. Mustang Alliances Inc. undertakes no duty to update or revise any forward-looking statements. Actual results may vary materially.
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SOURCE: Mustang Alliances Inc.
CONTACT: CONTACT: Leonard Sternheim
+1(646) 504-4131 or