TORONTO, ONTARIO--(Marketwired - Sept. 11, 2013) - Lago Dourado Minerals Ltd. (TSX VENTURE:LDM), (the "Company") today announces exploration updates on its Juruena project and its new Novo Astro target, a prolific set of artisanal workings positioned 28km along trend from Juruena.
Juruena Project - Drilling at the Juruena project was halted in May 2013 upon the completion of the Phase 2 diamond drill program. The Phase 2 drill program was focused on conceptual porphyry targets, in particular the central IP anomaly, bounded by the Crentes, Uiliam & Chico mineralized zones, and the Arrastro Hills target, an extensive lithocap in the northwest of the property. The lack of gold mineralization and associated porphyry-related elements in the assays from these target zones downgraded the probability of intersecting a mineralized porphyry at a shallow to intermediate depth at both the central IP anomaly and the Arrastro Hills Complex. Despite this, the Phase 2 program was successful in identifying a new high grade structure within close proximity to the Uiliam Zone, where hole JRND062 returned an intercept of 9m @ 15.39g/t, and in confirming the presence of a broad and persistently mineralized zone at Uiliam, where JRND059 returned an intercept 158m @ 0.59g/t Au.
The Company has now completed two diamond drill programs at Juruena totaling 22,000 metres and one RC drill program totaling 6,600 metres. These drill programs in conjunction with 15,000 metres of historical drilling have resulted in the discovery of six distinct mineralized zones, including five near-surface zones all with excellent resource potential, and returned more than 20 intercepts with greater than 50 gram-metres gold. For a summary of highlight intercepts from these drill programs please refer to Figure 1. - http://media3.marketwire.com/docs/LDMFigure_1.pdf.
The recent market deterioration in the mining space has severely restricted access to capital for junior exploration companies and as a result the Company has reduced expenditures to minimum subsistence levels. This will allow the Company to weather the current downturn for as long as possible whilst ensuring exploration licences are preserved and project optionality is maintained. Further work at Juruena will be dependent on either an improvement in the current market environment or through the engagement of a joint venture partner. Juruena boasts multiple near-surface high-grade zones, in particular Querosene and Donna Maria, which may be appealing to outside parties who have a mining focus. Querosene is a high-grade structure with more than 400 metres strike length that has returned intervals of 4m @ 32.5 g/t Au and 2m @ 47.1 g/t Au. Only eight shallow (less than 200m) diamond holes have been drilled at this zone. Donna Maria is a high-grade structure adjacent to the Crentes Zone. Historic drilling at Donna Maria returned 5.8m @ 52.4 g/t Au and 10.5m @ 14.6 g/t. The Company has drilled only one diamond drill hole at Donna Maria which returned two intervals of 1.0m @ 101.1 g/t Au and 16.0m @ 2.1g/t Au. Given the giant size of the mineralized system, Juruena also holds blue sky exploration appeal as there are numerous targets that have received limited to no drilling.
Novo Astro - Over the last 12 months the Company has been steadily advancing the Novo Astro target, a prolific set of artisanal workings positioned 28km southeast and along trend from Juruena. Novo Astro is interpreted to be a classical lode-style structural system with gold hosted within intensely formed shear zones and sheeted veins. The mineralized system is large, based on a contiguous gold-in-soil anomaly of 2km by 2km, and hosts high-grade gold zones, based on assay values of rock chip samples (13 samples returned values greater than 10 g/t Au with one sample returning 263.8 g/t Au - see table below and Figures 2, 3 and 4 for further details). Novo Astro has not been previously drill tested. Moving forward, the Company will evaluate further investment at Novo Astro in the context of the market environment.
|Rock Samples Assaying Greater Than 10 g/t Au|
|Sample #|| ||Sample Type|| ||Au (g/t)|| ||Zone|| ||Description|
|408769|| ||Grab|| ||263.8|| ||Central anomaly|| ||Shear zone plus quartz vein with pyrite and iron staining|
|408791|| ||Float|| ||101.7|| ||Central anomaly|| ||Schist rock with pyrite and iron staining|
|368558|| ||Chip|| ||92.9|| ||Wolney|| ||Sheared rock foliated with quartz veinlets plus pyrite|
|408754|| ||Float|| ||79.2|| ||Wolney|| ||Rock rich in mica and iron oxides|
|408701|| ||Chip|| ||41.4|| ||Wolney|| ||Pale red rock weakly deformed, silicified with pyrite boxworks|
|412217|| ||Grab|| ||40.9|| ||Central anomaly|| ||Shear zone within granite containing sulfides|
|368557|| ||Float|| ||34.5|| ||Wolney|| ||Very fine rock sheared and foliated with quartz-sericite-muscovite|
|408770|| ||Grab|| ||31.8|| ||Central anomaly|| ||Schist rock with pyrite and iron staining|
|408707|| ||Chip|| ||20.7|| ||Wolney|| ||Quartz vein with fine disseminated sulfides|
|408706|| ||Chip|| ||18.4|| ||Wolney|| ||Quartz veinlet parallel to foliation in granites|
|348781|| ||Grab|| ||18.2|| ||Central anomaly|| ||Quartz veinlet with strong sulfidation (pyrite)|
|348767|| ||Grab|| ||13.6|| ||Central anomaly|| ||Shear zone with disseminated pyrite and iron staining|
|368570|| ||Grab|| ||12.7|| ||Astro SW|| ||Quartz veinlet with disseminated pyrite|
Figure 2: http://media3.marketwire.com/docs/LDMFigure_2.pdf
Figure 3: http://media3.marketwire.com/docs/LDMFigure_3.pdf
Figure 4: http://media3.marketwire.com/docs/LDMFigure_4.pdf
The Company has compiled the following data sets for Novo Astro: detailed geological mapping, two lines of IP, regional aeromagnetic survey, tightly spaced multi-element soil geochemistry, multi-element rock chip samples and whole rock samples. The regional air magnetics shows Novo Astro as a distinct magnetic low some 3km by 3km in dimension within highly varied granitic host rocks. Six principal gold-in-soil anomalies extending up to 2 km long have been identified within the main central gold-in-soil anomaly. Immediately south of the gold-in-soil anomaly and artisanal workings is an interpreted large and well defined magmatic heat source (based on geological mapping and a coherent Cu-Mo-Bi-W soil anomaly). The rare presence of Chromium with some of the gold bearing quartz veins suggest the mineralized system is associated with major deep tapping structures and intense ductile deformation thus enhancing the gold bearing potential of the Novo Astro system.
Mineralisation at Novo Astro is predominantly gold only, hosted within high-grade sub-meter and 1-5m wide shear zones. Shear zones range from steep to flat lying which may result in the stacking and thickening of mineralization. The majority of the gold trends are orientated west-northwest which corresponds to the dominant regional structural direction known to host gold elsewhere in the Alta Floresta gold belt.
Murray Paterson, P.Geo, Vice President Exploration and Development for Lago Dourado Minerals Ltd, is the Qualified Person, within the meaning of NI 43-101,who reviewed the technical data in this news release. Rock samples were fire assayed by Acme Analytical Laboratories S.A. in Santiago, Chile.
About the Company:
Lago Dourado Minerals Ltd. is a Canadian mineral exploration company focused on advancing its 100%-owned Juruena gold project in the state of Mato Grosso, Brazil. Extensive gold mineralization has been identified over 15 square kilometres of the property, and at least 450,000 oz of gold has been mined from surface workings. The Company has conducted systematic exploration programs over portions of the property including two diamond drill programs totaling 22,000 metres and one RC program totaling 6,600 metres.
For further information about the company, please visit www.lagodourado.com or www.sedar.com.
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. Although Lago Dourado believes that the expectations reflected in the forward looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause Lago Dourado's actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and Lago Dourado does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
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