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Astorius Resources Ltd. reports high grade gold and silver samples from its Osos 1 mining concession in Ecuador
Vancouver, BC, March 21, 2017- Astorius Resources Ltd. (“Astorius”) (TSXV:ASQ) is pleased to announce the analytical results for eleven rock samples collected during its due diligence visit to the Osos 1 gold property in Ecuador in December, 2016.
Surface rock sampling carried out by Kinross in 2007 demonstrated very high levels of gold in veins on the property, and lower, but significant, levels of gold in the more extensive breccias also on the property.
Astorius’ due diligence visit focused on underground sampling, now possible because of artisanal mining currently in progress on the property, in order to assess the continuity of gold mineralisation with depth.
On the basis of its December sampling and visual inspection of current mining, Astorius concludes the following:
- That the high grade gold veins identified by Kinross continue with depth and are sufficiently continuous horizontally to have been mined profitably by small-scale mining methods for a number of years (A 3.48kg composite sample of sulphide veins being mined immediately adjacent to the property yielded 25 g/t Au and 304 g/t Ag and a 0.44 kg sample of oxide ore taken within the property yielded a 252 g/t Au assay);
- That the scale of development of these gold veins may merit upscaleing of current artisanal mining to significantly larger conventional underground mining operations;
- That the breccias mapped at surface by Kinross are present at depth and carry significant levels of gold;
- That these breccias have the potential, as illustrated by breccias in similar geological settings, to be profitably mined by bulk open pit or underground methods;
- That detailed sampling and mapping of all underground workings on the property should be undertaken in preparation for a diamond drilling program targeting both high grade vein gold/silver mineralisation and lower grade disseminated gold mineralisation.
Table 1 below lists the results received by Astorius from the ALS Chemex laboratory in Vancouver for the eleven samples collected in December, together with the coordinates of the locations at which they were collected, the mass of sample submitted for analysis, and brief descriptions of the samples. A map showing the sampled locations has been published on the company’s website (Figure 1 below). Photographs of samples EC01 and EC08 are also on the website. Gold levels above 1 g/t were determined gravimetrically (ALS method Au-GRA22), and below 1 g/t by ICP (method Au-ICP22). Silver levels above 100 g/t were determined by method Ag-OG62 (ICP finish for ore grades). All other levels reported were determined by the ME-ICP61 method (four acid digestion, ICP finish).
Astorius’ 229 hectare Osos 1 mining concession lies within the El Oro province of southern Ecuador, 35 kilometers south-southeast of the port city of Machala and 10 kilometers southwest of Lumina Gold’s Cangrejos Project. No drilling has to date taken place on the property. Access to the property is by paved and gravel roads.
Figure 1: Underground sample locations on the Osos 1 concession (December 2016 sampling by Astorius Resources Ltd).
|EC01||627213||9606607||3.48||25.00||304.0||3760||>10000||12700||6490||23.1||>10.0||Ore pile sample (quartz/sulphide vein)|
|EC02||627298||9606622||est||0.90||0.07||1.5||84||318||50||39||2.5||1.39||Wallrock to vein (50cm from margin)|
|EC08||625940||9606380||0.44||252.00||83.0||957||>10000||40||1755||33.9||0.13||Ore pile sample (oxide ore)|
|EC09||625940||9606380||0.92||0.43||2.0||619||1770||8||30||3.1||0.16||Stockwork sample from waste pile|
|EC10||625990||9606360||est||1.12||0.06||<0.5||53||39||13||4||1.9||0.01||Metamorphic (bleached qtzite) rock|
|Notes:||(1) "est" indicates that coordinates are estimated by pacing undergroud from portal entrance. Depth not estimated.
(2) Samples EC01, EC02 and EC03, though collected just outside the concession boundary, are representative of veining and workings extending north-east into the Osos 1 concession.
Table 1: Underground samples from the Osos 1 concession.
Clinton Smyth, MSc, PGeo., Astorius’ adviser, is the qualified person as defined by National Instrument 43-101 who reviewed the preparation of the technical data in this news release.
On Behalf of the Board
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Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, statements regarding the exploration results on the Osos 1 mining concession.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.