Lateegra Gold Corp. Announces Initial Drill Results from Exploration Drilling on its' Beschefer Project, Quebec
18 April 2011 - 10:28PM
Marketwired
Lateegra Gold Corp. (TSX VENTURE: LRG)(FRANKFURT: LTGB) ("Lateegra"
or "the Company") is pleased to announce the following drill
results from recently completed exploration drilling on its'
Beschefer Project, Quebec.
A diamond drilling program of 5 holes totaling 1,520 metres was
completed as a first phase of exploration drilling on Lateegra's
Beschefer Project. This first phase drilling campaign for Lateegra
focused on follow-up of historic ore grade gold intercepts in the
area of the previously discovered B-14 Zone, follow-up of other
gold intercepts on the property, as well as tested geophysical
trends as indicated from recently completed geophysical
surveying.
Analytical results from the first two drill holes of the 2011
winter drill campaign have been completed. Highlights from these
initial holes are tabulated following:
---------------------------------------------------------------------------
Intercept
To Gold (i) Length
DDH No. From (m) (m) (gpt) Copper (%) (m)
---------------------------------------------------------------------------
BE11-001 180.42 180.90 4.16 na 0.48
---------------------------------------------------------------------------
and, 185.00 189.35 3.80 na 4.35
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including 185.46 185.76 13.85 na 0.30
---------------------------------------------------------------------------
and, 191.40 194.84 3.27 na 3.44
---------------------------------------------------------------------------
BE11-002 216.94 217.90 1.22 na 0.96
---------------------------------------------------------------------------
and, 226.13 226.68 1.835 na 0.55
---------------------------------------------------------------------------
and, 327.42 330.00 nsi 2.30 2.58
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(i) all gold grades are uncut
na = not analysed for
nsi = not significant intercept
Down-dip or along strike extensions to the B-14 Zone were
intersected in holes BE11-001 through BE11-004. Each of these four
holes intersected sheared and altered volcanic rocks which host
increased pyrite content and quartz veins within the sheared,
altered intervals, which can best be described as mylonites. Drill
Hole BE11-005 was sited to investigate previous intercepted gold
hosted by quartz veins within a diorite intrusion found within the
historic drill hole B14-43, drilled by a previous operator. Similar
lithologies and styles of mineralization were intersected in
BE11-005 as were intersected in hole B14-43. Analytical results
have not been finalized for drill holes BE11-003 through
BE11-005.
Lateegra's Beschefer Project is located in the north-central
portion of the prolific Abitibi Subprovince of the Canadian Shield
within the Harricana-Turgeon Greenstone Belt, approximately 10km
east of the Selbaie Mine (past production of 56.5 million tonnes
grading 0.56gpt Au, 38.1gpt Ag, 0.87% Cu, and 1.85% Zn; MRNQ, DV
2001/01), 50km northeast of the Casa Berardi Mine (in production),
and 60km east of the Detour Lake Project (in development). The
Beschefer property consists of 33 claims covering 5.3 sq. km.
Access to the property is excellent with a regional road and power
line passing 2 km north of the property and an access road
cross-cutting the property.
The Beschefer property is situated within intermediate to mafic
volcanic rocks of the Broulan Volcanic Complex on the east flank of
the Broulan batholith. Gold mineralization in the B-14 Zone as well
as elsewhere on the property is hosted by hematized, sericitized
and silicified volcanics which also contain 1 to 5% disseminated
pyrite and 2 to15% quartz+/-carbonate veins and veinlets. This
geological setting is typical of other shear zone hosted gold
deposits throughout the Abitibi.
President Chris Verrico comments, "Lateegra is encouraged by
these initial results from the Beschefer Property which confirm the
structural continuity of the previously identified B-14 Zone and
continue to delineate significant gold mineralization within the
zone. Also, the results show the potential of the property for base
metal mineralization including base metal hosted gold
deposits."
Reporting of Historical Work
Certain of the exploration results reported on in this news
release are based on historical work by others and are identified
in the preceding as such. Those reports of work cannot and have not
been fully verified by Lateegra. Investors or potential investors
should take this into account.
Drilling, Assaying and QA/QC
The Company's exploration programs are subject to QA/QC and
security programs which conform to industry-standard best practices
in the sampling and analysis of drill core and are in compliance
with NI 43-101.
The current phase of diamond drilling on the Beschefer Project
was conducted by Bradley Bros. Drilling Ltd. Analytical work is
performed by ALS Chemex Ltd., an ISO 9001-2000 and ISO 17025
certified laboratory with it's own internal QA/QC procedures.
Lateegra utilizes, as part of its' QA/QC program, the insertion of
standard reference materials and blanks representing approximately
5% of the total sample population. Drill core is sampled according
to standardized technical procedures, which include the core being
sawn in half, with half of the core being retained, while the other
half is sampled for gold analysis via Fire Assay-Atomic Absorption
finish using a 50g assay aliquot. Intervals where visible gold has
been identified are analyzed via gravimetric or screened metallic
procedures. Samples are securely packed for shipment utilizing
security seals noted on Chain of Custody documents, which are
confirmed as intact upon receipt at ALS's sample receiving
facility.
Qualified Person
Lateegra's exploration programs are conducted under the
supervision of its Vice President of Exploration, Ms. Heather
Miree, P. Geo. Ms. Miree is a Qualified Person as defined by NI
43-101, and has prepared or supervised the preparation of the
scientific or technical information in the this press release and
has verified the data contained within.
About Lateegra
Lateegra is a well-financed junior exploration company with gold
exploration properties primarily located in northeastern Ontario
and northwestern Quebec. The Company has recently completed
geophysical surveying on the Beschefer Project, located near La
Sarre, Quebec and the Stoughton Project, near Lake Abitibi. In
2010, Lateegra completed over 4,000 metres of diamond drilling on
its wholly-owned DeSantis Project located within the Porcupine gold
mining district and plans to commence follow-up drilling on
DeSantis during the second quarter 2011. The Company's common
shares trade on the TSX Venture Exchange under the symbol LRG.
Forward-looking Statements
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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