Tuesday, 3 April 2012

Quia Resources identifies 2 km long vein system at historic Libertad Mine in Colombia

Quia Resources (CVE:QIA) said Tuesday that it had identified a two-kilometre long vein system at the historic Libertad mine in the north block of its San Lucas project in Colombia.
The gold exploration company said the vein system, of at least two kilometres in strike, has been outlined through mapping and underground channel sampling in artisanal tunnels.
The underground channel sampling returned grades as high as 39 grams per tonne (g/t) gold and 80 g/t silver, said Quia.
The initial reconnaissance sampling and mapping program in the north block of its San Lucas property in the area of the historic Libertad gold mine consisted of a total of 40 underground channel and rock chip samples as well as 90 soil samples.
The north block is situated approximately 14 kilometres north of the Colina-Rueda-Durmiente area. The Libertad target is a new target-type at the San Lucas property that has yet to be drill tested, the company said.
"The Libertad vein system is a unique opportunity because the historical and current artisanal mining and extensive underground development has enabled us to quickly get a solid understanding of the type of mineralization, structural control and potential size of the system," said Quia CEO Yannis Banks.
"Based on the dimensions of the system that we were able to determine through this initial program, Libertad appears to hold the potential for significant scale."
Indeed, the main Libertad structure is currently being mined artisanally over a strike length of approximately two kilometres and artisanal mining is also taking place in an area known as Montecristo, which is interpreted as a parallel structure.
On the Libertad structure, the company was able to access an area of underground development continuous along 650 metres of strike.
Quia also said that individual quartz-vein-breccia systems have been measured in places up to four metres in true width in the Libertad tunnels. Visible gold was also observed in some samples.
In light of the encouraging results from the Libertad target, Quia said it is planning to incorporate the Libertad target into its current phase 1 drilling program.
At the moment, the drill program, with one rig, is progressing at the Rueda South target with 300 metres drilled to date this year in two holes.
The Rueda South target consists of two intersecting gold-in-soil anomalies, one trending north-east, traceable for some 700 metres, and the other north-west, traceable over some 500 metres.
Quia Resources is focused on its 100 percent-owned San Lucas property in the San Lucas gold belt, which  is among the least explored and most prospective gold belts in Colombia.

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