Lateegra Intersects Gold Mineralized Prophyry System in Timmins Camp
02 Dezember 2010 - 3:00PM
Marketwired
Lateegra Gold Corp. (TSX VENTURE: LRG)(FRANKFURT: LTGB) announces
the results from the latest 9 drill holes (DS-10-7 to DS-10-15)
that were recently completed on the DeSantis Project. Since June
2010, a total of 15 holes totalling 5888 metres have been drilled
with the primary objective to confirm the continuity and grade of
gold mineralization reported in historic underground and surface
drilling. The DeSantis Mine lies immediately north of the Destor
Porcupine Fault Zone, and is located approximately mid way between
the Hollinger Gold Mine and Lake Shore Gold's Timmins West Mine.
The property consists of approximately 818 hectares and covers a
regional strike length of approximately 5.1 kilometres.
Four of the nine holes (DS-10-7 to DS-10-10) were drilled to
further test the Hydrothermal Zone (HTAZ) at depths varying from
175 to 225 metres vertically below surface. These holes were
collared approximately 150 to 200 metres west of the Main Shaft,
with holes DS-10-8 and DS-10-9 drilled from the same set up. All
holes were drilled from south to north. The HTAZ was intersected in
each hole, consisting of zones of strong deformation and
alteration, including quartz carbonate veining, tourmaline, pyrite,
arsenopyrite and anomalous gold mineralization. Significant results
are summarized in the following table.
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Hole Dip Zone From To Core Length Au g/t
----------------------------------------------------------------------------
-60
DS-10-08 degrees N HTAZ 195.83 203.91 8.08 1.71
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including 200.71 203.91 3.20 3.18
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-70
DS-10-09 degrees N HTAZ 200.41 201.63 1.22 1.98
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-70
DS-10-10 degrees N HTAZ 214.27 217.02 2.75 1.47
----------------------------------------------------------------------------
Note: DS-10-07 intersected anomalous gold values, up to 0.88 g/t over a core
length of 0.61 metres.
----------------------------------------------------------------------------
Five holes, DS-10-11 to DS-10-15 were drilled to test the "Green
Carbonate" and "Albitite" zones at depths ranging from 300 to 400
metres vertically below surface, and approximately 20 to 70 metres
east of the Main Shaft. Holes DS-10-11 and DS-10-12 veered to the
west, and intersected a diabase dike prior to reaching target
depth. Holes DS-10-14 and DS-10-15 intersected a highly altered,
fractured porphyry system (termed "white albitite zone" in
historical drilling) which intrudes a broad zone of carbonate and
fuchsite altered ultramafics rocks. Gold mineralisation was found
to occur within the porphyry and altered host rock. Significant
results are summarized in the following table.
----------------------------------------------------------------------------
Hole Degrees Zone From To Core Length Au g/t
----------------------------------------------------------------------------
-72
DS-10-13 degrees Green Carbonate 336.35 337.72 1.37 2.37
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-58
DS-10-14 degrees Porphyry System 376.43 381.46 5.03 0.82
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including 378.41 379.02 0.61 3.65
----------------------------------------------------------------------------
-74
DS-10-15 degrees Porphyry System 357.3 362.7 5.40 0.94
----------------------------------------------------------------------------
Porphyry System 373.23 375.97 2.74 3.78
----------------------------------------------------------------------------
Porphyry System 386.49 394.56 8.07 0.93
----------------------------------------------------------------------------
Note: Holes DS-10-13 and DS-10-14 were drilled from the same set up.
----------------------------------------------------------------------------
The geometry of this gold bearing porphyry system is poorly
understood due to limited drilling in the area. Follow up
exploration on this zone, especially at depth, will be the primary
focus of the next phase of drilling, expected to commence in
January 2011.
"A sizeable pregnant gold system exists on the DeSantis property
as recent drilling has encountered significant gold mineralization
in a variety of geological settings," stated President and CEO,
Christopher Verrico. "We are particularly excited about the gold
mineralization associated with the altered porphyry; a geological
setting similar to several of the major producers in the Timmins
Camp."
All split and/or sawn core drill samples were submitted to
Swastika Laboratories Ltd, Swastika Ontario, for analysis. All gold
assaying was performed using a 30 g standard fire assay with an AA
and/or gravimetric finish.
The technical information in this news release has been prepared
in accordance with the Canadian regulatory requirements set out in
National Instrument 43-101 and reviewed on behalf of the Company by
Robert Duess, P.Geo., a Qualified Person.
ON BEHALF OF THE BOARD OF DIRECTORS
Christopher Verrico, President and CEO
Cautionary note: This report contains forward looking
statements, particularly those regarding cash flow, capital
expenditures and investment plans. Resource estimates, unless
specifically noted, are considered speculative. The company has not
filed a National Instrument 43-101 report on any property, but will
do so as soon as the information is available. Any and all other
resource or reserve estimates are historical in nature, and should
not be relied upon. By their nature, forward looking statements
involve risk and uncertainties because they relate to events and
depend on factors that will or may occur in the future. Actual
results may vary depending upon exploration activities, industry
production, commodity demand and pricing, currency exchange rates,
and, but not limited to, general economic factors. Cautionary Note
to US investors: The U.S. Securities and Exchange Commission
specifically prohibits the use of certain terms, such as "reserves"
unless such figures are based upon actual production or formation
tests and can be shown to be economically and legally producible
under existing economic and operating conditions.
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Contacts: Lateegra Gold Corp. Christopher Verrico President and
CEO 604-669-9330 or Toll Free 1-866-669-9377 604-669-9335 (FAX)
info@lateegra.com www.lateegra.com
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