SALT LAKE CITY, UTAH--(Marketwire - July 19, 2010) - Andean Resources (TSX:AND)(ASX:AND) is pleased to announce the highest-grade results to date from the ongoing exploration program at its wholly owned Cerro Negro Project in Santa Cruz Province, Argentina. Highlights from the Mariana Central vein intercepts include:
Mariana Central – Bonanza grades and significant widths
MDD-1025: 8.5m of 46.1 g/t Au and 157 g/t Ag from 105.3m
MDD-1028: 8.65m of 33.3 g/t Au and 460 g/t Ag from 149.5m and
10.1m of 143.0 g/t Au and 1219 g/t Ag from 188.4m
MDD-1049: 2.6m of 54.6 g/t Au and 42 g/t Ag from 161.2m and
10.6m of 44.5 g/t Au and 97 g/t Ag from 170.3m
MDD-1050: 9.0m of 127.1 g/t Au and 272 g/t Ag from 168.0m
MDD-1051: 7.0m of 52.0 g/t Au and 240 g/t Ag from 119.0m
MDD-1054: 3.5m of 17.7 g/t Au and 51 g/t Ag from 102.0m
MDD-1056: 2.0m of 36.0 g/t Au and 1172 g/t Ag from 178 and
14.5m of 55.3 g/t Au and 618 g/t Ag from 181.5
MDD-1057: 15.3m of 21.1 g/t Au and 72 g/t Ag from 165.4m
MDD-1058: 9.2m of 34.9 g/t Au and 414 g/t Ag from 122.1m
William Wulftange, Andean's Vice President of Exploration stated, "The results received this year from the Mariana Central vein are truly spectacular and firmly establish Cerro Negro as the new benchmark of low sulfidation epithermal gold deposits."
Mariana Central
The Mariana Central target, located northeast of the Eureka West vein, was identified in late 2009, along with the Mariana Norte and San Marcos veins. During the first half of 2010, Andean completed 1,117 meters of reverse circulation and 8,349.7 meters of diamond drilling, totalling 9,466.7 meters in 42 holes on the Mariana Central target. To date, assays have only been received for approximately half of these drill holes. The exploration program has confirmed the presence of quartz vein for over 770 meters along strike and at least 170 meters down dip.
The bulk of the bonanza grades and significant widths identified to date in the Mariana Central vein lie to the north west of local section 250SE. This main segment of the vein strikes 305°to the northwest, dips 68°N, has a 5 to 10 meter true width and is at least 450 meters in length. To the southeast of section 250SE, the dip of the Mariana Central vein flattens to 50°N, the true width narrows to 1 to 3 meters and the average precious metal values decrease to less than 1.0 g/t Au with local narrow high grade intercepts. The Mariana Central vein is open up-dip, to depth and along strike to the northwest. Andean believes that additional veins similar to the Mariana Central vein remain to be discovered at Cerro Negro.
Andean currently has two diamond rigs working in the Mariana Central area and will provide additional updates as the information becomes available. Please refer to Table 1 for listing of the results received to date, which include previously released results and measured true widths.
¹ True width calculation pending additional geologic information
Future Plans
The winter drill program continues at site, with two weatherized Major 50 core rigs working on the Mariana Central and San Marcos targets. Once operational conditions improve in September, Andean will add three exploration drill rigs. The Company also has at least 26 geophysical targets to explore on a first pass basis and will continue to develop the growing resource base in the Mariana's and at San Marcos. A total of 43,000 meters of drilling is planned for Cerro Negro during the second half of 2010.
Andean Resources Ltd. is a dual listed company (ASX:AND)(TSX:AND), actively and aggressively exploring for gold resources in Argentina. The company is well positioned to become a mid-tier gold producer over the next two years as it commences production from its 100% owned Cerro Negro project. This high-grade, world-class deposit is located in the mining-friendly province of Santa Cruz, in southern Argentina, and contains a rapidly growing resource base of over 3.1 million ounces of gold and 25 million ounces of silver. In order to expand its resource base and add to the future production profile, Andean is committed to ongoing exploration and building its resource inventory at the Cerro Negro project and, in the process, generating enhanced returns for its shareholders as a platform for future growth.
Quality Control and Assurance
The analytical results quoted in this release are derived from half drill core in the case of diamond drill holes. Samples are prepared and assayed by ACME Analytical Laboratories SA (Mendoza) in Mendoza, Argentina. Gold is determined initially by fire assay with AA finish. Samples assaying more than 10 ppm gold are re-assayed using a gravimetric finish. Silver is determined initially by AAS, and samples assaying more than 100 ppm silver are re-assayed by fire assay with gravimetric finish. Quality control of the analytical results is maintained by inserting standards, blanks, and duplicates into the sample run, approximately every twenty samples. These checks are evaluated statistically at regular intervals. All analytical data are entered into a Microsoft Access database, with limited access and numerous checks to ensure integrity of the data.
Qualified Persons Statement
The information in this press release that relates to exploration results is based on information provided by William H. Wulftange, Vice President of Exploration for Andean Resources, who is a Licensed Professional Geologist (#5219574-2250) by the State of Utah and a is member (#4037018) of a Recognised Overseas Professional Organization (ROPO), the Society of Mining, Metallurgy and Exploration America. Mr. Wulftange has extensive experience relevant to the style and type of mineralization and deposits under consideration, and to the activity undertaken, to qualify as a "Qualified Person" as defined in Canadian National Instrument 43-101, as well as a "Competent Person" as defined in the JORC Code. Mr. Wulftange has reviewed and verified that the information presented in this press release conforms to NI 43-101 standards and industry Best Practices and consents to the inclusion in the report of the matters based on his information in the form and the context in which it appears.
Forward Looking Statement
This press release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that Andean Resources Limited, including its subsidiaries and affiliated entities (collectively, "Andean" or the "Company"), believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", and "intend" and statements that an event or result "may", "will", "can", "should", "could", or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current internal projections, expectations or beliefs of Andean based on information currently available to Andean. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by Andean with securities regulatory authorities, that may cause the actual results of Andean to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Andean. Andean expressly disclaims any obligation to update or revise any such forward-looking statements.
This release is not authorized for distribution to United States newswire services and not authorized for dissemination in the United States. The securities discussed herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state and may not be offered or sold in the United States or to United States persons (as defined in Regulation S of the Securities Act) unless an exemption from registration is available.
To view Figure 1: Mariana Central Cross Section View, please visit the following link: http://media3.marketwire.com/docs/623043FIG1.pdf
To view Figure 2: Mariana Central Long Section, please visit the following link: http://media3.marketwire.com/docs/623043FIG2.pdf
To view Figure 3: Plan View Drill-hole Map of Mariana Central, please visit the following link: http://media3.marketwire.com/docs/623043FIG3.pdf
ABN 064 494 319
For more information, please contact
Andean Resources Ltd.
Krista Muhr, Director of Investor Relations
In North America: +1 (647) 330-1478Mariana Central – Bonanza grades and significant widths
MDD-1025: 8.5m of 46.1 g/t Au and 157 g/t Ag from 105.3m
MDD-1028: 8.65m of 33.3 g/t Au and 460 g/t Ag from 149.5m and
10.1m of 143.0 g/t Au and 1219 g/t Ag from 188.4m
MDD-1049: 2.6m of 54.6 g/t Au and 42 g/t Ag from 161.2m and
10.6m of 44.5 g/t Au and 97 g/t Ag from 170.3m
MDD-1050: 9.0m of 127.1 g/t Au and 272 g/t Ag from 168.0m
MDD-1051: 7.0m of 52.0 g/t Au and 240 g/t Ag from 119.0m
MDD-1054: 3.5m of 17.7 g/t Au and 51 g/t Ag from 102.0m
MDD-1056: 2.0m of 36.0 g/t Au and 1172 g/t Ag from 178 and
14.5m of 55.3 g/t Au and 618 g/t Ag from 181.5
MDD-1057: 15.3m of 21.1 g/t Au and 72 g/t Ag from 165.4m
MDD-1058: 9.2m of 34.9 g/t Au and 414 g/t Ag from 122.1m
William Wulftange, Andean's Vice President of Exploration stated, "The results received this year from the Mariana Central vein are truly spectacular and firmly establish Cerro Negro as the new benchmark of low sulfidation epithermal gold deposits."
Mariana Central
The Mariana Central target, located northeast of the Eureka West vein, was identified in late 2009, along with the Mariana Norte and San Marcos veins. During the first half of 2010, Andean completed 1,117 meters of reverse circulation and 8,349.7 meters of diamond drilling, totalling 9,466.7 meters in 42 holes on the Mariana Central target. To date, assays have only been received for approximately half of these drill holes. The exploration program has confirmed the presence of quartz vein for over 770 meters along strike and at least 170 meters down dip.
The bulk of the bonanza grades and significant widths identified to date in the Mariana Central vein lie to the north west of local section 250SE. This main segment of the vein strikes 305°to the northwest, dips 68°N, has a 5 to 10 meter true width and is at least 450 meters in length. To the southeast of section 250SE, the dip of the Mariana Central vein flattens to 50°N, the true width narrows to 1 to 3 meters and the average precious metal values decrease to less than 1.0 g/t Au with local narrow high grade intercepts. The Mariana Central vein is open up-dip, to depth and along strike to the northwest. Andean believes that additional veins similar to the Mariana Central vein remain to be discovered at Cerro Negro.
Andean currently has two diamond rigs working in the Mariana Central area and will provide additional updates as the information becomes available. Please refer to Table 1 for listing of the results received to date, which include previously released results and measured true widths.
¹ True width calculation pending additional geologic information
Future Plans
The winter drill program continues at site, with two weatherized Major 50 core rigs working on the Mariana Central and San Marcos targets. Once operational conditions improve in September, Andean will add three exploration drill rigs. The Company also has at least 26 geophysical targets to explore on a first pass basis and will continue to develop the growing resource base in the Mariana's and at San Marcos. A total of 43,000 meters of drilling is planned for Cerro Negro during the second half of 2010.
Andean Resources Ltd. is a dual listed company (ASX:AND)(TSX:AND), actively and aggressively exploring for gold resources in Argentina. The company is well positioned to become a mid-tier gold producer over the next two years as it commences production from its 100% owned Cerro Negro project. This high-grade, world-class deposit is located in the mining-friendly province of Santa Cruz, in southern Argentina, and contains a rapidly growing resource base of over 3.1 million ounces of gold and 25 million ounces of silver. In order to expand its resource base and add to the future production profile, Andean is committed to ongoing exploration and building its resource inventory at the Cerro Negro project and, in the process, generating enhanced returns for its shareholders as a platform for future growth.
Quality Control and Assurance
The analytical results quoted in this release are derived from half drill core in the case of diamond drill holes. Samples are prepared and assayed by ACME Analytical Laboratories SA (Mendoza) in Mendoza, Argentina. Gold is determined initially by fire assay with AA finish. Samples assaying more than 10 ppm gold are re-assayed using a gravimetric finish. Silver is determined initially by AAS, and samples assaying more than 100 ppm silver are re-assayed by fire assay with gravimetric finish. Quality control of the analytical results is maintained by inserting standards, blanks, and duplicates into the sample run, approximately every twenty samples. These checks are evaluated statistically at regular intervals. All analytical data are entered into a Microsoft Access database, with limited access and numerous checks to ensure integrity of the data.
Qualified Persons Statement
The information in this press release that relates to exploration results is based on information provided by William H. Wulftange, Vice President of Exploration for Andean Resources, who is a Licensed Professional Geologist (#5219574-2250) by the State of Utah and a is member (#4037018) of a Recognised Overseas Professional Organization (ROPO), the Society of Mining, Metallurgy and Exploration America. Mr. Wulftange has extensive experience relevant to the style and type of mineralization and deposits under consideration, and to the activity undertaken, to qualify as a "Qualified Person" as defined in Canadian National Instrument 43-101, as well as a "Competent Person" as defined in the JORC Code. Mr. Wulftange has reviewed and verified that the information presented in this press release conforms to NI 43-101 standards and industry Best Practices and consents to the inclusion in the report of the matters based on his information in the form and the context in which it appears.
Forward Looking Statement
This press release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that Andean Resources Limited, including its subsidiaries and affiliated entities (collectively, "Andean" or the "Company"), believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", and "intend" and statements that an event or result "may", "will", "can", "should", "could", or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current internal projections, expectations or beliefs of Andean based on information currently available to Andean. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by Andean with securities regulatory authorities, that may cause the actual results of Andean to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Andean. Andean expressly disclaims any obligation to update or revise any such forward-looking statements.
This release is not authorized for distribution to United States newswire services and not authorized for dissemination in the United States. The securities discussed herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state and may not be offered or sold in the United States or to United States persons (as defined in Regulation S of the Securities Act) unless an exemption from registration is available.
To view Figure 1: Mariana Central Cross Section View, please visit the following link: http://media3.marketwire.com/docs/623043FIG1.pdf
To view Figure 2: Mariana Central Long Section, please visit the following link: http://media3.marketwire.com/docs/623043FIG2.pdf
To view Figure 3: Plan View Drill-hole Map of Mariana Central, please visit the following link: http://media3.marketwire.com/docs/623043FIG3.pdf
ABN 064 494 319
For more information, please contact
Andean Resources Ltd.
Krista Muhr, Director of Investor Relations
In Australia: +61 (0) 448.886.460
krista.muhr@andeangold.com
www.AndeanGold.com
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