www.minera-irl.com
Minera IRL Limited together with its subsidiaries (the "Group") is a Latin American precious metals mining, development and exploration company. Managed by a team of experienced mining executives, the Group's business was privately funded from inception in 2000 until listing on the London AIM Market in April 2007. Minera IRL Limited is currently quoted on the Toronto Stock Exchange (TSX:IRL), AIM London (AIM:MIRL) and the BVL, Lima, Peru (BVL:MIRL) stock exchanges.
The Group operates the Corihuarmi Gold Mine, is exploring the Ollachea Project, both of which are in Peru, and is also undertaking a feasibility study at the Don Nicolas gold project in Patagonia, Argentina.
Minera IRL plans follow-up drilling at new zone of Ollachea gold project
Minera IRL Ltd (AIM, BVL: MIRL, TSX: IRL) said drilling results from the new Concurayoc Zone at the Ollachea gold project in Southern Peru warrant a major follow-up drilling program in this zone.
The Latin America focused gold mining, development and exploration company reported mineralisation in five drill holes over a 500 metre strike length at Concurayoc, including intersections of 20.9 metres of 3.07 grammes per tonne of gold, 14 metres of 2.91 g/t Au and 8 metres of 5.08g/t Au.
The new Concurayoc zone is relatively close to the Minapampa Zone, where the group has identified an inferred resource of 1.3 million ounces of gold - 8.9 million tonnes at 4.5 grams gold per tonne - and is currently undertaking a pre-feasibility study.
“This new zone is expected to allow development synergies if we successfully define a significant additional resource," said executive chairman Courtney Chamberlain. "The latest drilling further demonstrates the increasing potential for the mineralized sedimentary rocks which we have thus far shown to extend for almost 2 kilometres, which still remain open along strike in both directions as well as down dip."
DDH09-74 intersected 20.9 metres averaging 3.07 g/t Au, including 8 metres at 5.18 g/t Au, and DDH10-81 intersected 14 metres grading 2.91 g/t Au, including 6 metres grading 3.59 g/t Au. These more recently drilled holes are interpreted to be part of the same gold-bearing lenses intersected in drill-hole DDH08-15, drilled in late 2008, which included 8 metres at 5.08g/t Au.
While two drill rigs are presently committed to the Minapampa pre-feasibility drill out, further follow-up drilling at Concurayoc will represent a high priority as additional rigs become available.
It should be noted that the effective true width of mineralized intersections as reported are expected to range between 90 and 97percent of the width indicated, depending on the variation of the angle of incidence between the Concurayoc exploration drill-holes and the drilled mineralized horizons, the group added.
Earlier this week, Minera IRL reported that the feasibility study for the Don Nicolas gold project in Patagonia, Argentina, is well underway.
Two rigs are now engaged in extension and in-fill drilling on the Sulfuro Vein at La Paloma and when completed, expected by the end of June, will move on to a similar exercise on the gold mineralization at Martinetas. This will allow the resource to be substantially categorized as Measured and Indicated Resource. The exploration focus is to make new discoveries near defined resources whilst progressively assessing several other existing exploration targets.
Don Nicolas currently has an Indicated Resource of 1,078,000 tonnes at 5.8 g/t for 200,700 ounces of gold and an Inferred Resource of 1,075,000 tonnes at 4.6 g/t for 158,400 ounces of gold.
The group operates the Corihuarmi gold mine and the emerging Ollachea gold project in Peru as well as the Don Nicolas project.
