Mexoro Minerals Ltd. announce that it has updated its preliminary technical report estimate at its Cieneguita Project located in Chihuahua, Mexico. The Company finalized its current drilling program finishing 100 holes for a total of 20,215 meters of drilling. The Company is waiting for the results from 48 of these drill holes to come back from analysis by ALS Chemex labs. Once all the results have been received from the drilling program, the Company plans to complete a rigorous reserve estimate. In the interim Dana Durgin, a Certified Professional Geologist with Delve Consultants, has updated its preliminary cross section-based geologic model and has calculated inferred mineralized material of 15.25 million tons at a grade of 2.62 g/t gold-equivalent. These figures represent an in-situ inferred geologic resource with no consideration of metallurgical recoveries or smelter returns. His technical report discusses potential recovery factors and individual metal contents in detail, and the report will be posted soon on http://www.mexoro.com. This preliminary estimate was done to better understand the geologic controls of mineralization, and the distribution of areas requiring more drilling, rather than as a rigorous reserve estimate. Mr. Durgin is independent of Mexoro by the definitions and criteria set forth in Canadian National Instrument 43-11. The inferred mineralized material described conforms to the definitions adopted by the CIM on December 11, 2005.
The Cieneguita deposit is hosted in a diatreme breccia, shaped like a funnel which has been flattened laterally. At the surface the mineralized body is approximately one kilometer long and averages 200 meters in width. The north and south sides are nearly vertical; the east and west sides are more gently inclined. One of the drill holes was stopped in the breccia at 290 meters, thus the breccia body extends to at least that depth. As well, the mineralized deposit remains open to the south west.
In calculating the estimate, geology and individual assays from 52 drill holes were displayed on a cross-section based construction of a set of orthogonal sections, with surface and drillhole geology and assays plotted on each section, and as such a three dimensional geologic model was compiled. A cut-off grade of $30 per ton gold-equivalent was applied and weighted averages calculated to define the boundaries of mineralized bodies. On cross sections, mineralization was projected half the distance to adjacent sections, and half the lateral distance to adjacent holes or 50 meters, whichever was less. The gold-equivalent figures were calculated using a three year trailing average of $727.77 per ounce gold, $13.66 per ounce silver, $1.00 per pound lead, and $1.36 per pound zinc.
The best grades and greatest thicknesses of this Au-Ag-Pb-Zn mineralization are concentrated in the western half of the deposit, south of Glamis Gold’s earlier Pit #2. Management believes that Pit #2 is also the area of the inferred throat of the diatreme, so mineralization is expected to extend to greater depths in that area.
For a complete assay table and maps of Cieneguita, please visit our website at http://www.mexoro.com.
Barry Quiroz, President stated, “This NI 43-101 compliant resource estimate is a key first step in advancing the Cieneguita gold project towards the feasibility stage. These results suggest great consistency and continuity of the project’s mineralization and having taken in consideration only 50% of the completed drill holes, we see the potential of Cieneguita to emerge as one of the major discoveries in the region.”
These results have been prepared under the supervision of Barry Quiroz, MSc., Mexoro’s President. He has the expertise and authority to verify the authenticity and validity of this data. The qualified person who has done the geologic modeling and the resource calculation and has reviewed this news release is Dana C. Durgin, M. Sc. Economic Geology. He is a Certified Professional Geologist (CPG #10364) with the American Institute of Professional Geologists, and a Registered Professional Geologist in Wyoming (PG-2886).