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Trading Symbol: TSX-V: OCN
HALIFAX,
March 21, 2013 /CNW/ - Oceanus
Resources Corporation (TSXV: OCN) ("Oceanus" or the "Company") is
pleased to announce that it has initiated the Phase I field program
at its wholly-owned La Lajita gold
property located in the Durango Sate of Mexico. Oceanus has assembled a team of
experienced Mexican consultants and contactors to complete this
work. This initial program is planned over a 6 to 9 month
period.
Historical Exploration Work
The La Lajita
property lies in the Sierra Madre gold belt which hosts many
epithermal gold and silver mines. The property is underlain
by volcanic sequences and intrusive rocks disrupted by
faulting. Gold and silver mineralization is found in a number
of locations along the northwest trending La Lajita and La Lajita East structures over a
strike length of 2 km. Mineralization on the property
consists of epithermal low-sulphidation quartz-adularia vein
systems with breccias and stockwork carrying gold and silver along
and adjacent to the La Lajita
fault.
Small scale mining by pick and shovel is the
oldest known work on the property and dates back approximately 50
years. Gold is hand panned after pulverization of the
material mined from five areas on the property. The most
significant mining took place at La
Guadalupe where the underground workings have followed the
mineralization along strike for a distance of 150 metres.
In 2004, International Northair Mines Ltd.
("Northair") carried out geological mapping, soil and stream
sediment sampling, rock sampling, underground sampling trenching
and reverse circulation drilling on the property. Northair
also carried out surface and underground channel sampling on the
main deposits. Soil and stream sediment geochemical sampling are
effective on the property and have outlined anomalies along strike
to the north and south of the known deposits.
The most significant mineralization found on the
property consists of five zones hosted by the La Lajita fault - from north to south;
La Esperanza, El Tesoro, Santo
Nino, Dos Hermanos and La Lajita Zones. Three other
zones are located along a secondary fault ("La Lajita East") that parallels the
La Lajita fault, and are known as
the La Guadalupe, Los Ratones and
the Cerro de Sol Zones.
The El Tesoro
("F Zone") and La Esperanza Zones are situated about 1 km along
strike north of Dos Hermanos. Mineralization at La Esperanza was defined by Northair to occur
for 150 m along strike and observed to vary between 5 to 15 metres
in width on surface. Channel sample CSL-19 taken at La Esperanza reports 8.0m averaging 1.60 g/t
Au and 49.9 g/t Ag or 2.59 g/t eqAu50*.
At Santo Nino
("E Zone"), Northair followed the mineralization for 120 m along
strike and observed the zone was up to 20 metres wide at
surface. Channel sample CSL-39 reported 9.0m averaging 6.18
g/t Au and 35.4 g/t Ag or 6.89 g/t eqAu50*. Channel sample
CSL-14 reported 8.0m averaging 8.27 g/t Au and 64.5 g/t Ag or 9.56
g/t eqAu50*. RC drilling at Santo
Nino reported 6.1m averaging 2.74 g/t Au and 19.4 g/t Ag or
3.13 g/t eqAu50 in hole TRC-04-009 while underground channel
sampling returned 2.5m averaging 28.5 g/t Au and 130 g/t Ag or 31.1
g/t eqAu50*
Small scale mining at Dos Hermanos ("A Zone")
has created a number of surface and underground exposures of the
mineralization over a distance of 120m along strike and up to 50
metres wide on surface. Northair surface channel samples from
CSL-30 returned 13.0 m averaging 4.02 g/t Au and 44.8 g/t Ag or
4.92 g/t eqAu50* while underground channel CSL-24 returned 9.0 m
averaging 23.2 g/t Au and 603.7 g/t Ag or 35.3 g/t eqAu50*.
RC drilling reported 10.7m averaging 8.19 g/t Au and 46.2 g/t Ag or
9.14 g/t eqAu50* in hole TRC-04-006.
Mineralization at the La Guadalupe ("B Zone") is defined on surface
for a distance 175 metres and up to 25m wide. Northair
surface channel samples CSL-3 returned 24.0 m grading 2.61 g/t Au
and 14.1 g/t Ag or 2.90 g/t eqAu50; CSL-8 returned 20.0 m grading
3.80 g/t Au and 23.1 g/t Ag or 4.26 g/t eqAu50. Underground
channel sample CSL-6 returned 10.0m grading 9.0 g/t Au and 67.9 g.t
Ag or 10.4 g/t eqAu50*.
Northair surface channel sampling at the Los
Ratones ("C Zone") returned 14.0m averaging 5.6 g/t Au and 26.8 g/t
Ag or 6.13 g/t eqAu50. A third area along the La Lajita East
structure is the Cerro de Sol ("D Zone") where surface channel
samples returned 3.0m averaging 1.60 g/t Au and 16.7 g/t Ag or 1.91
g/t eqAu50*. RC drilling reported 8.4m averaging 1.81 g/t Au
and 10.0 g/t Ag or 2.01 g/t eqAu50*. Surface channel sampling
at the Las Zanjas ("G Zone") returned 12.0m averaging 18.90 g/t Au
and 13.2 g/t Ag or 19.12 g/t eqAu50*.
The following table summarizes the foregoing
results.
Fault
Structure |
Deposit
Name |
Sample
Type |
Sample
Number |
Length
(m) |
Au
(g/t) |
Ag
(g/t) |
EqAu50
(g/t) |
La Lajita |
La Esperanza |
Surface Channel |
CSL-19 |
8.0 |
1.60 |
49.9 |
2.59 |
|
|
|
|
|
|
|
|
La Lajita |
Santo Nino |
Surface Channel |
CSL-39 |
9.0 |
6.18 |
35.4 |
6.89 |
|
Santo Nino |
Surface Channel |
CSL-14 |
8.0 |
8.27 |
64.5 |
9.56 |
|
Santo Nino |
Underground Channel |
|
2.5 |
28.50 |
130.0 |
31.10 |
|
Santo Nino |
RC Drill Hole |
TRC-04-009 |
6.1 |
2.74 |
19.4 |
3.13 |
|
|
|
|
|
|
|
|
La Lajita |
Dos Hermanos |
Surface Channel |
CSL-30 |
13.0 |
4.02 |
44.8 |
4.92 |
|
Dos Hermanos |
Underground Channel |
CSL-24 |
9.0 |
23.20 |
603.7 |
35.30 |
|
Dos Hermanos |
RC Drill Hole |
TRC-04-006 |
10.7 |
8.19 |
46.2 |
9.14 |
|
|
|
|
|
|
|
|
La Lajita East |
La Guadalupe |
Surface Channel |
CSL-03 |
24.0 |
2.61 |
14.1 |
2.90 |
|
La Guadalupe |
Surface Channel |
CSL-08 |
20.0 |
3.80 |
23.1 |
4.26 |
|
La Guadalupe |
Underground Channel |
CSL-06 |
10.0 |
9.00 |
67.9 |
10.40 |
|
La Guadalupe |
RC Drill Hole |
TRC-04-013 |
10.7 |
3.16 |
16.5 |
3.49 |
|
|
|
|
|
|
|
|
La Lajita East |
Los Ratones |
Surface Channel |
CSL-11 |
14.0 |
5.60 |
26.8 |
6.13 |
|
|
|
|
|
|
|
|
La Lajita East |
Cerro de Sol |
Surface Channel |
CSL-13 |
3.0 |
1.60 |
16.7 |
1.91 |
|
Cerro de Sol |
RC Drill Hole |
TRC-04-015 |
8.4 |
1.81 |
10.0 |
2.01 |
|
|
|
|
|
|
|
|
La Lajita East |
Las Zanjas |
Surface Channel |
CSL-53 |
12.0 |
18.90 |
13.2 |
19.12 |
- EqAu50 = Ag grade/50 + Au grade
- Assay data recalculated from Northair 2004 reports and
has been verified by the QP
Phase I Exploration Program
Oceanus has mobilized field crews to the
property to commence the Phase 1 Exploration Program in
April 2013. The initial program
consists of continued geological mapping, prospecting and sampling
on the Main Zones and their immediate extensions along
strike. The goal of the program will be to define drilling
targets on the three main deposits; Santo
Nino, Dos Hermanos and La
Guadalupe.
All of these targets are hosted in the upper
volcanics just above the contact with the lower volcanics.
Many of the operating gold and silver mines in the Sierra Madre are
mining similar structures in the lower volcanics.
This press release was prepared under the
supervision of Peter Webster, P.Geo.
President of Mercator Geological Services Limited who is the
Independent Qualified Person as defined under National Instrument
43-101. Mr. Webster has reviewed the scientific and technical
information in this press release
CAUTIONARY STATEMENT:
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.
This News Release includes certain
"forward-looking statements". All statements other than
statements of historical fact, included in this release, including,
without limitation, statements regarding potential mineralization
and reserves, exploration results, and future plans and objectives
of Oceanus, are forward-looking statements that involve various
risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results
to differ materially from Oceanus's expectations are exploration
risks detailed herein and from time to time in the filings made by
Oceanus with securities regulators.
SOURCE OCEANUS RESOURCES CORPORATION