VANCOUVER, BRITISH COLUMBIA, Nov 12 (MARKET WIRE) --
Lori McClenahan, President of St. Elias Mines Ltd. (TSX VENTURE:
SLI)(FRANKFURT: EKL)(U.S. CLEARING SYMBOL: SELSF) ("St. Elias" or the
"Company"), is pleased to announce the first bulk sample ever taken from
the C2 Vein at the Tesoro Gold Project (the "Property") located in
southwestern Peru has returned an average grade of 5.84 oz/t gold.
Bulk Samples
The first bulk sample ever taken from the C2 Vein at Zona Canchete,
weighing 4.1 tons, was processed at the Dynacor Mill and was determined
to have a grade of 5.84 oz/t gold. This grade was precisely duplicated in
a referee sample submitted to ALS Chemex Labs in Lima, Peru.
The C2 Vein has been traced on surface for a strike length of about 200
meters. It trends north-northwest and dips steeply (75 degrees) to the
east. Based on 31 channel samples previously collected from shallow pits,
the vein is 5.0 to 30.0 cm wide (average 12 cm) with assays ranging from
0.03 to 2.60 oz/t gold (average 0.43 oz/t gold). The bulk sample, taken
from an adit driven into the northern end of the vein, is substantially
higher grade than would have been predicted from the near-surface
sampling results.
The C2 Vein appears to be similar to the A4 Vein in Zona Central (some
700 meters to the south) in that the strikes and dips are the same, and
the veins are characterized by moderate-grade material punctuated by
high-grade "bonanza" shoots that seldom are evident based on assays from
shallow pits. This is quite distinct from the east-trending veins at Zona
Canchete (C1, C3, and C4), which are sub-vertical structures with
consistent and higher-grade gold assays (typically 1.0 oz/t), but lacking
high-grade "bonanza" shoots.
To date, a total of 1,085 tons of bulk sample material averaging 0.88
oz/t gold has been extracted from ongoing underground exploration
development at the Tesoro Property including:
- 643 tons averaging 0.77 oz/t gold from the A4 Vein;
- 438 tons averaging 1.01 oz/t gold from the C1 Vein; and
- 4.1 tons averaging 5.84 oz/t gold from the C2 Vein.
The Tesoro Project
The Tesoro Gold Project is 100% owned by the Company with no underlying
royalties. The Property covers 2,000 hectares (5,000 acres) and is part
of the well-known gold-bearing Nazca-Ocona belt that is located in
southern Peru. The continuity of the quartz veins is impressive in the
Nazca-Ocona belt. While the veins tend to be narrow, the gold grade is
significant and the mineralized structures tend to extend along strike
for kilometres and to depths of up to 1,000 metres.
To date, the Company has identified five mineralized zones with more than
50 quartz veins (having a total combined length of 9 km) at the Tesoro
Project. The veins are mesothermal, indicating that the vein structures
may extend to considerable depths.
The Tesoro Property has never been evaluated to depth, or to its full
strike potential. This leaves a large potential for the discovery of
additional mineralization.
Qualified Person
All technical work is being supervised by, and the contents of this news
release have been verified by, John Brophy, P.Geo., a Canadian geologist
residing in Peru, who is a "qualified person" as defined in National
Instrument 43-101, Standards of Disclosure for Mineral Projects.
For additional information on St. Elias and its projects, please visit us
at www.steliasmines.com or call 1-888-895-5522 (toll free US and Canada).
ST. ELIAS MINES LTD.
Lori McClenahan, President
This News Release may contain forward-looking statements including, but
not limited to, comments regarding the timing and content of upcoming
work programs, geological interpretations, potential mineral recovery
processes, etc. Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such
statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of the contents of this
document.
Contacts:
St. Elias Mines Ltd.
Terry Nixon
VP, Corporate Communications / CFO
604.669.4677 or Toll Free: 888.895.5522
604.669.9626 (FAX)
www.steliasmines.com
Copyright 2009, Market Wire, All rights reserved.
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