Avala Resources Provides Update on the Korkan Resource Definition Drilling Program and Continues to Expand Korkan East-Inters...
10 Abril 2012 - 7:00AM
Marketwired Canada
Avala Resources Ltd. (TSX VENTURE:AVZ) (the "Company" or "Avala") is pleased to
provide an update on the Korkan target, part of its Timok Gold Project, a new
gold discovery in an emerging sediment-hosted gold belt located in Eastern
Serbia. The Timok Gold Project comprises several targets, including Bigar Hill,
Korkan and Kraku Pestar. Avala controls 100% of this newly identified
sediment-hosted gold belt which totals approximately 250 square kilometres.
1. HIGHLIGHTS
-- The Korkan resource definition drilling program commenced on January 9,
2012, focussing on establishing continuity of mineralization using a
nominal 80 meter by 80 meter grid spacing, together with a subset at a
nominal 40 meter by 40 meter grid spacing. The drill holes are located
within the Korkan mineralized 'footprint' that was outlined by Avala
during the earlier, wide-spaced, 160 meter by 160 meter diamond drilling
program, which commenced in November, 2010.
-- Continuing resource definition reverse circulation (RC) drilling, the
majority of which has been drilled on a nominal 80 meter by 80 meter
grid spacing, at Korkan has returned the following strong to moderate
grade gold intercepts (0.4g/t cut-off grade):
----------------------------------------------------------------------------
Hole ID From (m) To (m) Interval (m) Au (g/t) Gram-meters
----------------------------------------------------------------------------
KORC036(i) 213 251 38 1.03 39
KORC053 96 109 13 1.89 25
KORC057 44 112 68 3.15 214
KORC069(i) 208 245 37 2.59 96
KORC070 228 259 31 1.56 48
KORC078 2 11 9 3.36 30
KORC078 58 75 17 1.25 21
----------------------------------------------------------------------------
- Note: Intersections calculated using 5 meter minimum thickness, 5 meter
maximum included waste.
- Note: The listing does not include 'twin' RC drill hole intersections of
previously drilled diamond drill holes.
- (i) Drill holes terminate in mineralization i.e. mineralization remains
open at depth.
-- Diamond drilling on the Korkan East area returned the following wide,
moderate to strong, gold intercepts (0.4g/t cut-off grade), from the
north-eastern edge of the wide-spaced drilling grid; mineralization
remains demonstrably open in this direction:
----------------------------------------------------------------------------
Hole ID From (m) To (m) Interval (m) Au (g/t) Gram-meters
----------------------------------------------------------------------------
KODD084 399 414 15 1.46 22
KODD084 421 447 26 10.01 260
KODD092 29 35 6 0.77 5
KODD092 69 86 17 0.85 14
KODD092 105 116 11 0.81 9
KODD092 125 147 22 1.16 26
KODD092 159 182 23 0.83 19
KODD092 188 209 21 0.53 11
KODD092 218 261 43 1.07 46
----------------------------------------------------------------------------
- Note: Intersections calculated using 5 meter minimum thickness, 5 meter
maximum included waste.
-- Large mineralized 'footprints' have been defined at Korkan (1,200 meters
by 600 meters), Bigar Hill (1,000 meters by 1,000 meters) and Kraku
Pestar (600 meters by 300 meters). All three mineralized areas are
'open' in at least one direction.
-- Resource definition drilling, using a nominal 80 meter by 80 meter drill
spacing, also continues on the Kraku Pestar target area, using a
combination of RC and diamond drilling.
-- A wide-spaced, exploration drilling program, concomitant with the
resource definition program, continues to test the prospective 'target
stratigraphy' within the Korkan-Bigar trend. The key aim of this aspect
of Avala's exploration program is to outline the size of the newly
defined sediment-hosted gold system.
-- Avala currently has eight diamond drill rigs and two RC drill rigs
operating on the Korkan-Bigar portion of the Timok Gold Project.
-- See Figure 1 for the location of Avala's Timok Gold Project licenses
within the mapped sediment-hosted gold belt and the location of Korkan,
Bigar Hill and Kraku Pestar.
2. DRILLING AT KORKAN
Resource Definition Drilling (Korkan):
-- Avala commenced RC drilling at Korkan on the 9th January, 2012.
-- The Korkan target is being drilled on a nominal 80 meter by 80 meter
grid spacing. A portion of the target area will be drilled on a nominal
40 meter by 40 meter grid spacing to provide geostatistical support for
resource estimation purposes. Diamond 'twin' drilling of the RC drill
holes will be carried out across the target area at a nominal rate of
15% of total RC drilling.
-- Refer to Table 1 for a summary of intersections for the results of
reverse circulation drill holes KORC034 to KORC072, KORC074 and KORC078
together with diamond drill holes KODD078 to KODD085, KODD087 and
KODD092, and including all previously reported Korkan drill holes.
Figure 2 shows a gram-meter total metal contour plot (intervals greater
than 0.4g/t Au x thickness), of all Korkan drilling to date,
superimposed on topographic contours. Figure 3 shows a representative
cross-section through the Korkan to Korkan East area.
-- The routine reverse circulation-diamond 'twin' drilling program
continues to confirm that the majority of mineralized intercepts and
hence the deposit style, is dominated by layer-parallel, lithology-
controlled gold mineralization and that there can be close spaced
variation in gold grade, as is typical for gold deposits.
Korkan East:
-- Recent wide-spaced drilling on the Korkan East area continues to
intersect broad intervals of gold mineralization within calcareous
sandstone and conglomerate units and also at, or slightly below, the
limestone-sediment contact. Additionally, repetitions of the target
stratigraphy have been recognized within this area, most likely due to
pre-mineral faulting events. This local repetition of stratigraphy has
the potential to materially increase the overall volume of the
calcareous sandstone and conglomerate units, which are the principal
host to gold mineralization within the Timok Gold Project (refer to
Figure 3).
-- The strong gold intersection reported in KODD084 also contains high
silver grades (26m @ 10.01g/t Au and 90g/t Ag) and is spatially
associated with base metal sulfides, most notably galena and sphalerite.
An internal interval grades 16m @ 15.39g/t Au and 136g/t Ag. The
mineralization style is similar to the majority of intervals reported to
date in that the carbonate matrix has been replaced (decarbonatization)
by pyrite and other sulfides surrounding the sedimentary quartz grains
or pebbles.
-- At present, Avala believes that the Pb-Zn-Ag mineralization may be
associated with the nearby Timok Diorite Porphyry Cluster and represents
a distal, lower temperature mineralizing event upon which the sediment-
hosted gold mineralization has later overprinted.
-- Multiple gold mineralized intercepts per hole are a common feature of
the gold mineralization outlined to date in the Korkan target area
3. DISCUSSION
-- A major sediment-hosted gold belt bordering the western boundary of the
Timok Magmatic Complex, identified by soil and trench samples, extends
over 30 kilometers along strike and is up to 8 kilometers wide.
-- Soil sampling has been completed to the south of the currently defined
30 kilometer strike in order to attempt to determine the overall extent
of the belt which, based on the extent of mapped 'target stratigraphy',
has the potential to be approximately 70 kilometers in length.
-- The geology, geochemistry and available drill intersections suggest a
strong similarity to the style of gold mineralization typified by the
North Carlin Trend, Nevada, USA.
-- The recognition that the majority of the significant trench and diamond
drill intercepts returned to date occur within the same flat lying or
shallow dipping sedimentary package has significant implications for the
gold potential of the Korkan-Bigar trend and the entire sediment-hosted
gold belt.
-- Avala controls 100% of this newly identified sediment-hosted gold belt,
which totals approximately 250 square kilometers, and intends to
systematically drill test all currently defined priority target areas.
-- Please see the following link to view all Korkan-Bigar and Kraku Pestar
drill holes located spatially in three dimensions:
http://www.corebox.net/properties/timok-gold-project
4. SAMPLING AND ANALYSIS
The majority of soil samples have been assayed at the ALS Chemex laboratory,
Perth, Australia. More recent programs have been assayed at the SGS managed
laboratory at Chelopech in Bulgaria using a combination of ICP-OES and ICP-MS;
whereas gold has been assayed by low level detection fire assay method with an
AAS finish. The Company has established a laboratory facility at Bor, Eastern
Serbia which is independently managed by SGS. Trench samples were prepared at
the laboratory facility at Bor and the samples have been assayed at the SGS
managed laboratory at Chelopech in Bulgaria or the laboratory facility at Bor.
Diamond drill core has been prepared at the laboratory facility at Bor and
assayed at either the SGS managed laboratory at Chelopech in Bulgaria or the
assay laboratory at Bor. A one metre sampling interval has been used where
possible for the Timok Gold Project diamond drilling program. Half core is
routinely submitted to the laboratory for analysis. Reverse circulation drill
samples have been prepared at the laboratory facility at Bor and assayed at the
laboratory at Bor. A one metre sampling interval has been used for the Timok
Gold Project reverse circulation drilling program. Following Avala standard
quality assurance procedures, a full suite of field and laboratory duplicates
and replicates along with internationally accredited standards and blanks, have
been submitted with each batch of samples.
Trench sampling was carried out as channels in the wall just above the trench
floor on 2m intervals. Except where extensive soil cover is encountered,
trenches are sampled in their entirety. The samples were routinely weighed prior
to final bagging to maintain an even sample size and to avoid sampling bias in
harder rock types. An average channel sample weight was maintained at 3kg/m,
which produces a consistent sample weight approximating half HQ core samples.
Field duplicate samples were taken every 20 samples and known standards were
inserted into the sample stream after every 20th sample. A geological and
structural log was completed as for diamond drilling. All data collected in the
field is routinely entered into geology and structural geology spread sheets
using Field Marshal software for subsequent inclusion in an acQuire database and
validation.
Dr Julian F. H. Barnes, a qualified person under National Instrument 43-101, a
Director and the Company's Special Consultant, has supervised the preparation of
the technical data in this press release.
Previously released data refers to data included in the "Potoj Cuka Gold
Project, Serbia National Instrument 43-101 Technical Report" by Paul Mazzoni
dated March 10, 2010 (the "Technical Report"), filed on SEDAR at www.sedar.com.
Further information in respect of results, investigations, interpretations,
quality assurance and quality control measures, along with geology, mineralogy,
sampling, and analytical procedures is included in the Technical Report.
About Avala Resources Ltd.: Avala is a recently-formed company focused on the
exploration and development of the Potoj Cuka sediment-hosted gold project and
the Timok gold-copper project in Serbia. The common shares of Avala trade on the
TSX Venture Exchange under the symbol AVZ.
Avala is well-capitalized, with approximately $25 million in its treasury at
March 31, 2011, which it plans to use for the exploration and development of its
mineral projects in Serbia. Avala's issued and outstanding share capital totals
214,492,223 common shares, of which approximately 51.4% is held by Dundee
Precious Metals Inc. (TSX:DPM).
Cautionary Statement
This press release contains forward-looking information. Although the Company
believes in light of the experience of its officers and directors, current
conditions and expected future developments and other factors that have been
considered appropriate that the expectations reflected in this forward-looking
information are reasonable, undue reliance should not be placed on them because
the Company can give no assurance that they will prove to be correct. Forward
looking information in this news release includes statements regarding the
results of the exploration activities and interpretation of such results, the
nature of the mineralization of the project and the potential size of the
sediment-hosted gold system, the suggested similarity to the style of gold
mineralization of the North Carlin Trend project, the completion of a resource
estimation, and the timing and location of future work programs. Forward-looking
information involves known and unknown risks, uncertainties, assumptions and
other factors that may cause actual results or events to differ materially from
those anticipated in such forward-looking information. The forward-looking
statements contained in this press release are made as of the date hereof and
the Company undertakes no obligations to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.
Maps and tables are available at the following address:
http://media3.marketwire.com/docs/Avala_maps_table.pdf
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