Rusoro Mining Releases Drilling Update
22 Mayo 2008 - 12:36PM
Marketwired Canada
Rusoro Mining Ltd., (TSX VENTURE:RML) is pleased to report previously unreleased
drill results for all outstanding holes from 2007 and additional results from
the first quarter of 2008.
The current status of the Company's exploration programs is as follows;
- The Company's projects saw 315,374 m of drilling in total in 2007,
predominately at the Choco 10, Increible 6 and SREP deposits, which have now all
been compiled.
- 2007 drilling at the SREP deposits will be included in an updated 43-101
resource estimation due in Q2 2008.
- A significant exploration program for 2008 (up to 300,000m) is ongoing and is
focused on the Choco 10, Increible 6, SREP and Valle Hondo projects to follow up
on the excellent results received from 2007.
- Significant gold discoveries made at the Valle Hondo, Increible 14 and Yuruan
projects.
- A snapshot of highlights of 2007/Q1 2008 results for all projects which have
not been previously released include:
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Drill Hole Type Project Zone Au g/t m from to
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CH07-1083 ddh Choco Coacia 14.10 17.0 94.0 111.0
CH07-945 ddh Choco VBK 10.78 9.5 238.5 248.0
IRS-189 RC Inc6 Culebra 9.34 37.0 31.0 68.0
IRS-273 RC Inc6 Culebra 8.44 21.0 65.0 86.0
IRS-225 RC Inc6 Elisa 5.20 55.0 72.0 127.0
IC-07-400 ddh Inc6 Elisa 3.49 78.0 448.0 526.0
ED-07-666 ddh SREP E3 71.25 3.0 541.0 544.0
ED-07-655 ddh SREP E3 59.80 3.0 405.0 408.0
ED-07-555 ddh SREP D 48.84 4.0 318.0 322.0
RVH89-08-36 RC Valle Hondo Arenales 30.74 5.0 67.0 72.0
14-08-09 ddh Inc14 Mathew 10.21 5.0 26.0 31.0
DY-07-32 ddh Yuruan MariaPara 10.55 4.0 59.0 63.0
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The Q1 2008 drilling programs focused on the Choco 10, Increible 6, SREP, Valle
Hondo, Increible 14 and Yuruan Projects. 18,167m were completed at the Choco
Project while drilling on the other Projects totalled 46,252m.
CHOCO
During 2007 and Q1 2008, drilling on the Choco 10 Mine Project in the El Callao
District was distributed in five general areas; resource and reserve drilling at
or near the Choco Mine, grade control drilling at the Choco Mine, exploration
drilling of regional targets, condemnation drilling for waste dumps and tailing
facilities, and geotechnical drilling required for a bankable feasibility study.
Highlights of the mineralized intercepts include;
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Drill Hole Type Zone Au g/t m from to
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CH07-1083 ddh Coacia 14.10 17.0 94.0 111.0
CH07-945 ddh VBK 10.78 9.5 238.5 248.0
CH07-833 ddh Rosika 5.75 15.5 125.0 140.5
CH07-1083 ddh Coacia 7.89 10.7 83.3 94.0
CH07-861 ddh VBK 6.45 11.8 546.5 558.3
CH07-1083 ddh Coacia 6.60 8.3 115.8 124.1
CH07-1030 RC Pisolita 6.56 8.0 85.0 93.0
CH07-833 ddh Rosika 8.78 5.3 112.0 117.3
CH07-861 ddh VBK 3.71 9.7 570.0 579.6
CH07-922 ddh VBK 6.43 4.9 303.3 308.2
CH07-945 ddh VBK 2.87 10.6 576.8 587.4
CH07-945 ddh VBK 12.96 2.0 204.0 206.0
CH07-945 ddh VBK 3.70 6.0 283.9 289.9
CH07-1031 RC Pisolita 6.60 3.0 51.0 54.0
CH07-945 ddh VBK 4.21 4.5 563.2 567.7
CH07-1127 RC Rosika 1.88 10.0 58.0 68.0
CH07-1033 RC Pisolita 6.24 3.0 22.0 25.0
CH07-1039 RC Pisolita 8.57 2.0 44.0 46.0
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NOTES:
1) All thicknesses are core widths / true widths estimated at 80-90%.
2) All weighted averages calculated using uncut assays.
The current 43-101 compliant Au ounces at Choco are 1.66 Moz Au proven and
probable reserves (15.4 Mt grading 3.4 g/t), 4.45M oz Au M&I (56.1M t @ 2.46
g/t)) and 2.87M oz Au (40.8M t @ 2.20 g/t) inferred.
A series of updated resource estimates will be completed during 2008 on a
deposit by deposit basis which includes several near mine gold zones. Two main
goals exist for this resource and reserve process;
a) resource and reserve conversion at Choco to support oxide strategy for 2-3 years
b) resource and reserve conversion to support expanded production capacity (3-4
yrs out) and Bankable Feasibility Study (BFS)
INCREIBLE 6
Drilling continued to test all of the principal zones on the Increible 6 Gold
Project during the recently completed Phase II program (to December 2007) which
totalled approximately 112,000 metres with an additional 19,909 metres in Q1
2008. An update to the initial 43-101 compliant resource estimate (July 2006)
was completed in September of 2007 by independent consultants Micon
International Ltd. Highlights for results received after the drilling cut off
for the Sept. 2007 resource estimate include;
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Drill Hole type Zone Au g/t m from to
---------------------------------------------------------------------------
IRS-189 RC Culebra 9.34 37.0 31 68
IRS-225 RC Elisa 5.20 55.0 72 127
IC-07-400 ddh Elisa 3.49 78.0 448 526
IRS-226 RC Elisa 9.68 22.0 106 128
IC-07-425 ddh Elisa 6.99 29.0 536 565
IC-07-460 Ddh Elisa 3.09 62.0 460 522
IRS-273 RC Culebra 8.44 21.0 65 86
IRS-221 RC Elisa 7.93 20.0 68 88
IC-07-447 ddh Elisa 4.01 39.0 374 413
IRS-212 RC Culebra 2.67 57.0 19 76
IC-07-372 ddh Elisa 1.49 96.0 434 530
IRS-223 RC Elisa 5.90 23.0 85 108
IRS-286 RC Culebra 1.77 68.0 40 108
IRS-278 RC Culebra 3.27 36.0 83 119
IC-07-380 ddh Elisa 3.64 32.0 410 442
IC-07-425 ddh Elisa 3.06 38.0 482 520
IC-07-428 ddh Elisa 5.26 19.0 432 451
IC-07-425 ddh Elisa 2.77 34.0 370 404
IRS-275 RC Culebra 2.94 31.0 86 117
IRS-280 RC Culebra 2.98 30.0 78 108
IC-07-372 ddh Elisa 2.45 35.3 485.7 521
IRS-267 RC Culebra 2.10 41.0 155 196
IC-07-466 ddh Elisa 6.70 12.0 481 493
IRS-280 RC Culebra 6.17 13.0 49 62
IC-07-428 ddh Elisa 3.75 21.0 307 328
IC-07-428 ddh Elisa 3.22 24.0 388 412
IRS-214 RC Culebra 1.46 51.0 84 135
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NOTES:
1) All thicknesses are core widths / true widths estimated at 80-90%.
2) All weighted averages calculated using uncut assays.
The 43-101 compliant resources at Increible 6 are 1.59M oz Au indicated (23.45Mt
@ 2.11 g/t) and inferred 1.10M oz Au (17.53Mt @ 1.95 g/t). Rusoro has completed
an additional 80,000 metres since the Sept. '07 report which will be included in
an updated resource estimate which is expected to be completed in Q3 2008.
The updated resource estimates will be incorporated into;
a) the oxide (near-term production) strategy at Choco 10 Mine.
b) providing additional support for the feasibility study at Choco 10.
Initial reserve estimates will be completed in 2008 by PMG staff and the oxide
portion of Increible 6 included into the Choco Mine Oxide Strategy for near term
exploitation.
SREP (San Rafael/El Placer)
Drilling at the SREP deposits during 2007 (phase III) totalled 82,612.9 metres.
The drilling was directed at expanding the current resource and upgrading
Inferred to Measured and Indicated. Principal targets included open ended
portions existing ore bodies both down dip and along strike, as well as several
additional anomalies and newly identified zones.
Drilling along the main SREP trend in 2007 was not only successful in expanding
several of the known ore bodies, but also resulted in the discovery of
additional mineralized zones most notably ZonaX, (which was first encountered in
a technical drill holes completed for the Alvarez Ramp), the southern Trend and
the eastern portion of the Camorra trend. Highlights include;
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Drill Hole Type Au g/t width (m) From To
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ED-06-541 ddh 23.89 1.0 158.0 159.0
ED-06-544 ddh 12.37 3.0 165.0 168.0
ED-07-550 ddh 11.44 3.0 340.0 343.0
ED-07-552 ddh 12.40 2.0 364.4 366.4
ED-07-555 ddh 48.84 4.0 318.0 322.0
ED-07-651 ddh 51.93 2.0 295.0 297.0
ED-07-651 ddh 47.24 2.0 312.0 314.0
ED-07-653 ddh 12.34 1.0 348.0 349.0
ED-07-655 ddh 59.80 3.0 405.0 408.0
ED-07-660 ddh 12.41 3.0 191.0 194.0
ED-07-660 ddh 9.73 3.0 264.0 267.0
ED-07-663 ddh 6.23 4.0 370.0 374.0
ED-07-665 ddh 39.23 2.0 77.0 79.0
ED-07-666 ddh 71.25 3.0 541.0 544.0
ED-07-669 ddh 16.23 2.0 291.0 293.0
ED-07-670 ddh 12.33 3.0 312.0 315.0
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NOTES:
1) All thicknesses are core widths / true widths estimated at 80-90%.
2) All weighted averages calculated using uncut assays.
An updated 43-101 resource estimation is currently being compiled for the SREP
and surrounding deposits by Micon International Ltd. and is expected to be
completed in Q2 2008.
VALLE HONDO
Drilling on the Valle Hondo Project in 2007 totalled 2461 metres in 16 drills
holes all completed on the Arenales Anomaly. An additional 4019 metres in 25
drill holes was completed in Q1 2008. No previous drilling had been performed at
Arenales and the drilling was highly successful in intersecting numerous high
grade gold mineralized structures. Highlights include;
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HOLE-ID Type Au g/t m from to
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RVH89-08-36 RC 30.739 5.0 67.0 72.0
RVH-89-07-18 RC 27.965 2.0 32.0 34.0
RVH89-08-24 RC 11.441 4.0 116.0 120.0
RVH89-08-29 RC 5.014 5.0 79.0 84.0
RVH89-08-38 RC 3.395 5.0 101.0 106.0
RVH89-08-34 RC 15.000 1.0 28.0 29.0
RVH-89-07-07 RC 3.639 4.0 50.0 54.0
RVH-89-07-17 RC 14.190 1.0 122.0 123.0
RVH-89-07-16 RC 1.668 5.0 161.0 166.0
RVH89-08-25 RC 2.677 3.0 21.0 24.0
RVH-89-07-11 RC 1.870 4.0 112.0 116.0
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NOTES:
1) All thicknesses are core widths / true widths estimated at 80-90%.
2) All weighted averages calculated using uncut assays.
This wide spaced first pass RC drilling is being followed up with additional
drilling in 2008. Previous drilling (13,000m in 114 diamond drill holes) was
completed on the Apanao Deposit, located eight kilometres east of Arenales. The
current 43-101 resource estimation for the Apanao Deposit currently stands at
103,000oz Au (3.5Mt @ 0.92g/t) indicated and 1.34 Moz Au (47Mt @ 0.89g/t).
Additional drilling is scheduled for Apanao Deposit when road access and camp
upgrades are completed. The overall objective continues to be the expansion and
upgrading the Apanao gold resource and the definition of additional resources
(primary target at Arenales) from within the Project. A scoping study designed
to model the development alternatives at the Valle Hondo Project is scheduled to
commence in Q4 2008.
INCREIBLE 14
The Increible 14 Project is located 15 kilometres northwest of the Choco Mine. A
total of 1191 metres of diamond drilling was completed on the Increible 14
Project during 2007 with an additional 2360 metres in Q1 2008. Initial results
include;
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DDH Type Au g/t m from to
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14-08-07 ddh 1.80 3.0 0.0 3.0
14-08-09 ddh 10.21 5.0 26.0 31.0
14-08-11 ddh 1.27 3.0 58.0 61.0
14-08-12 ddh 0.52 7.0 0.0 7.0
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NOTES:
1) All thicknesses are core widths / true widths estimated at 80-90%.
2) All weighted averages calculated using uncut assays.
This work tested three targets and additional results are pending. Further
drilling is on-going following up on the 2007 results and testing additional
anomalies.
YURUAN
Drilling in 2007 on the Yuruan Project included 11 diamond drill holes totalling
2074 metres with an additional 8858 metres completed in Q1 2008. Two targets
were drilled with nine holes testing the centrally located Maria Para Zone and
two holes testing the southern MP3 Zone. The objective of the drilling program
at the Yuruan Project is to evaluate possibility of outlining additional gold
resources for the Emilia Mill and/or the possibility of a "stand alone" project.
Highlights include;
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Drill Hole Type Au g/t m from to
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DY-07-32 ddh 10.55 4.0 59.0 63.0
DY-08-45 ddh 16.88 2.1 31.5 33.6
DY-07-39 ddh 11.39 3.0 74.0 77.0
DY-07-14 ddh 4.00 7.3 48.0 55.3
DY-07-39 ddh 2.25 10.0 77.0 87.0
DY-07-26 ddh 21.64 1.0 103.0 104.0
DY-07-25 ddh 6.28 2.2 46.7 48.9
DY-07-23 ddh 10.33 1.2 31.5 32.7
DY-07-27 ddh 5.25 2.4 133.0 135.4
DY-07-19 ddh 3.30 3.3 154.7 158.0
DY-08-41 ddh 2.29 4.2 75.0 79.2
DY-07-32 ddh 2.42 3.7 18.1 21.8
DY-07-29 ddh 1.53 5.0 143.0 148.0
DY-07-20 ddh 7.01 1.0 189.0 190.0
DY-07-18 ddh 12.65 0.5 7.0 7.5
DY-07-33 ddh 5.82 1.0 68.5 69.5
DY-07-17 ddh 6.46 0.8 6.0 6.8
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NOTES:
1) All thicknesses are core widths / true widths estimated at 80-90%.
2) All weighted averages calculated using uncut assays.
Rusoro is very pleased with the progress being made at the Company's exploration
projects. Exploration and drilling objectives for the 2008 programs will
continue to be designed around the expansion and definition of gold resources,
specifically focused on creating development options for expanding (or extending
the mine life) of the existing operations while generating additional economic
gold deposits for future mine development. The Company's exploration programs
continue to prove the world class geology of Venezuela for the discovery of
gold.
Diamond drilling was conducted by Perforaciones Mayortec (Major Drilling),
Technodrilling and Core Biel Drilling of Puerto Ordaz, Venezuela. RC drilling
was completed by AK Drilling of Peru. All drilling and drill sampling have been
completed using industry standard practices. All drill core is described in
detail and photographed and one half of the core remains for inspection and
reference.
Sample analyses have been conducted at Acme Analytical, Actlabs, SGS labs and
Triad Labs located in Guasipati, Tumeremo, El Dorado and El Callao, Bolivar
State Venezuela. All sample analyses were completed using industry standard
practices and standard samples, blanks and duplicate check samples were randomly
inserted into the sample stream to ensure quality control. A review of the QA/QC
results shows no significant bias and all results are considered highly
reliable. Sample rejects for all drill samples are stored in Rusoro's secure
facilities in Tumeremo, Venezuela, and will continue to be available for any
further testing which may be required. All QA/QC is completed under the
direction of G.F. Smith, P.Geo.
Qualified Person: Mr. Gregory Smith, P.Geo, the Vice-President Exploration of
the Company, is the Qualified Person as defined by National Instrument 43-101,
and is responsible for the accuracy of the technical information in this news
release.
ON BEHALF OF THE BOARD
George Salamis, President
Forward-looking statements: This document contains statements about expected or
anticipated future events and financial results that are forward-looking in
nature and as a result, are subject to certain risks and uncertainties, such as
general economic, market and business conditions, the regulatory process and
actions, technical issues, new legislation, competitive and general economic
factors and conditions, the uncertainties resulting from potential delays or
changes in plans, the occurrence of unexpected events, and the Company's
capability to execute and implement its future plans. Actual results may differ
materially from those projected by management. For such statements, we claim the
safe harbour for forward-looking statements within the meaning of the Private
Securities Legislation Reform Act of 1995.
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