Miocene Metals Provides Exploration and Corporate Update
Toronto, Ontario--(Newsfile Corp. - September 27, 2013) - Miocene Metals Limited (TSXV: MII) ("Miocene Metals") today reported on results of its summer exploration programs on its MacKenzie and Rogers Creek properties in southwestern BC. Follow-up of the Bornite Trend copper mineralization discovered on the western part of the MacKenzie property late in 2012, identified additional mineralization within this 7.5 kilometre mineralized trend.
Commenting on the results of the work Alar Soever P.Geo., Executive Chairman of Miocene Metals stated, "We now have a much better understanding of the mineralization we discovered late last year and its geologic setting. The association of the bornite-chalcocite mineralization with magnetite, is particularly encouraging as it should make this mineralization easily detectable by airborne magnetics. It is hard to believe that in spite of the fact we are only about three hours drive north of Vancouver, our newly defined mineralized trend is in one of the few places in Canada that is not covered by an airborne magnetic survey of any kind. This speaks volumes about the untapped exploration potential of this area."
The 2013 work program on the MacKenzie property consisted of two weeks of follow-up mapping and sampling to better delineate the extent and character of the Bornite Trend copper mineralization discovered on the western part of the property towards the end of the 2012 program. A total of 25 rock samples were collected during the 2013 program including 10 grab samples of mineralized material. Values in the mineralized material show elevated copper and gold values, with values up to 32.2% copper and 8.55 g/t gold. Assay values for the mineralized samples collected during the 2013 are tabulated below. Values show a clear copper-gold-silver-bismuth association typical of gold bearing porphyry deposits.
|MacKenzie Project||2013 Rock Samples|
|Sample ID||Sample Type||Rock Type||Mineralization||Copper||Gold||Silver||Bismuth||Sulphur|
|N688075||Selected Float||Quartz-feldspar vein material||Shear with malachite-azurite-chalcocite||322000||8.55||408||1160||4.97|
|N688073||Float||Quartz-feldspar vein material||Malachite-bornite||46500||0.71||47.6||362||0.07|
|N688076||Grab||Tonalite||Shear with magnetite-malachite-azurite+/- chalcopyrite||13900||0.115||11.5||11.2||0.35|
|N688065||Grab||Coast Plutonic Complex||Quartz-malachite-azurite-chalcocite-bornite||13250||0.156||13.85||17.3||0.29|
|N688072||Float||Quartz-feldspar vein material||Malachite-chalcopyrite-azurite||7280||0.237||7.6||9.38||0.13|
|N688055||Grab||Bridge River Pluton||Quartz-magentite-bornite||4200||0.009||2.09||1.47||0.04|
|N688063||Grab||Coast Plutonic Complex||Quartz-bornite-chalcocite-malachite||3650||0.077||6.29||8.26||0.05|
|N688074||Float||Quartz Diorite||Shear with malachite-magnetite-bornite||1490||0.014||1.47||5.65||0.02|
|N688053||Grab||Late Siliceous Dyke||Bornite-rich vein in siliceous dyke cutting BRP||927||0.029||1.36||0.99||0.03|
|N688064||Grab||Bridge River Pluton||Malachite-chalcocite||51.9||0.001||0.2||0.13||0.005|
Selected Float = Unusually high grade sample, as a result of sampling mineralized portion of a small boulder
Float = Sample which is collected from material which is not in place
Grab = Samples of mineralization collected from outcrop Grab samples are selective by nature and are unlikely to represent average grades on the property.
In addition, to the mapping and sampling approximately 30 line kilometres of reconnaissance ground magnetic surveying were carried out. Results show a good correlation with known geology suggesting that the proposed airborne magnetics will be an effective exploration tool in this geologic environment.
Location of the 2013 work area is shown on Figure 1 which can be found on the Company's website at www.miocenemetals.com immediately following a copy of this press release. Location of 2013 assay results with greater than 3000 ppm copper is shown on Figure 2.
Rogers Creek Property
Work on the Rogers Creek property consisted of the collection of physical property data, magnetic susceptibility, resistivity and chargeability measurements from over 5,000 metres of existing drill core. This data will be used to produce constrained 3D inversions of the geophysical data, (currently only unconstrained models are available) which will be merged with the geology data to produce an integrated 3D model of the mineralized system for the purpose of future drill targeting.
The Company continues to enjoy the support of its major shareholder Wallbridge Mining Company Limited ("Wallbridge"). The Maturity Date on the Company's Line of Credit ("LOC") with Wallbridge (see Press Releases dated August 12, 2013, January 18, 2013, and June 14, 2012) has been extended such that all advances under the Line of Credit shall now be repaid in full, including all interest accrued on such advances on or before the earlier of: (i) April 2, 2015, and (ii) immediately upon receipt of any joint venture financing or private placement financing, (excluding a flow through financing) in either case which results in net proceeds to Miocene of not less than Cdn$1,250,000. For the purposes of this section, "net proceeds" means actual cash received by Miocene and does not include monies received by Miocene in the form of work commitments.
All other terms of the Line of Credit facility as set out in the original agreement between Wallbridge and Miocene dated June 13, 2012, as amended on December 21, 2012 and as further amended on February 19, 2013 shall remain the same and shall continue to apply to the Line of Credit facility.
The Company is currently focusing on attracting strategic alliance and joint venture partners to fund future exploration on one or more of the Company's copper-gold or molybdenum properties as well as pursuing other financing alternatives.
The Qualified Persons responsible for the technical content of this press release are Alar Soever P.Geo, Executive Chairman of Miocene Metals and Shannon Baird P. Geo, Exploration Manager of Miocene Metals.
The grab sample assay results quoted above represent samples of mineralization collected from outcrop by Miocene Metals staff. Grab samples are selective by nature and are unlikely to represent average grades on the property. In each case samples of mineralized outcrop weighing approximately 0.3 to 4 kg were collected using a rock hammer. When the material assayed is not from outcrop but consists of boulder material it is described as float. The samples are delivered to ALS Chemex, in Vancouver, BC for analysis. The rock samples for which assay results are reported in this press release were crushed to 70% passing 2 mm, after which a split was taken with a riffle splitter and pulverized to 85% passing 75 microns. The samples were then analyzed for 48 elements using Chemex's ME-MS61 package, which is an inductively-coupled plasma mass spectrometry (ICP-MS) method utilizing a near total four acid digestion. The samples were assayed for Au by standard lead collection/fire assay fusion (Au-ICP21) using a 30 gram pulp split and an inductively-coupled plasma atomic emission spectrometry (ICP-AES) finish.
About Miocene Metals Limited
Miocene Metals is focused on the exploration of three porphyry copper-gold-molybdenum properties in south-western British Columbia that occur within the Tertiary-aged Cascade Magmatic Arc. The Cascade Arc shares many geological characteristics with Tertiary-age porphyry belts that stretch the length of Chile and Peru in South America and hosts some of the world's largest porphyry copper-gold-molybdenum deposits. The Cascade Magmatic Arc hosts a number of significant porphyry Cu-Au and Mo deposits in Washington State, and Alaska (Glacier Peak and Margaret, and Quartz Hill respectively) but remains largely unexplored in British Columbia.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For Further Information
Please visit the Miocene Metal's website at www.miocenemetals.com, or contact:
Miocene Metals Limited
Executive Chairman and Interim CEO
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