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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Andina Minerals Inc. | TSXV:ADM | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
From May 2019 to May 2024
These holes form part of the 10,000 metre (m) Strategic Exploration Program drilled during in the current field season. A further six (6) holes await assay results and are expected to be released in early June.
Hole RODAE-887D returned 1.0 grams per tonne gold ("g/t Au") over 266 meters ("m"), including 54 m at 2.6 g/t Au. Hole RODAE-887D was reverse circulation pre-collared to a depth of 150 m and followed up with a diamond drill to a total depth of 450.65 m. Our objective to extend the known ore shoot to depth and to the South was successfully achieved.
"Hole RODAE-887D demonstrates down-dip continuity of increasing high-grade mineralization at ODAE and supports our continued belief that we have intercepted a structurally controlled mineralized system at ODAE.
With this hole we now have several intercepts of at surface mineralization, continuity to depth and at significantly higher average grade than the main Volcan resource grade.
ODAE could become an important resource, in the initial years of Volcan's operations by allowing the displacement of low-grade fines, from the mill, to the heap leach pad and thereby replacing low-grade mill feed with high-grade ore" stated George Bee, President and CEO of Andina. "This hole is very encouraging as ODAE could materially improve Volcan's cash flow in the initial years of operation. Therefore, we are moving quickly to process ODAE drilling results with a view to incorporating ODAE into the Volcan mine plan. We hope to release an initial resource estimate for ODAE in Q3".
The ODAE zone is part of the mineral concessions acquired from Barrick Gold Corporation in 2009.
All holes released today consisted of a combined reverse circulation pre-collar with a diamond drill finish.
Table 1, below, present's results for the best six (6) holes released today.
Table 1
Hot Features
Premium
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Hole Number Section From - To Meters g/t Au Including
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RODAE-885D O-23 372 - 476 m 104 m 0.64 36 m @ 1.13 g/t Au
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RODAE-887D O-21 56 - 322 m 266 m 1.00 54 m @ 2.6 g/t Au
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RODAE-890 greater than
O-22 56 - 200 m 144 m 0.81 18 m @ 1.69 g/t Au
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44 m @ 1.11 g/t Au
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RODAE-894 O-24 52 - 132 m 80 m 0.84 20 m @ 1.06 g/t Au
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RODAE-896 O-25 148 - 180 m 32 m 0.60 8 m @ 1.11 g/t Au
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10 m @ 1.08 g/t Au
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RODAE-911D O-23 200 - 318 m 118 m 0.84 46 m @ 1.22 g/t Au
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Map and sections showing all drill results to date from ODAE may be accessed with the following link:
http://andinaminerals.com/find/id/29/fy
Results to Date and Geology
Andina has concluded the current 2010/2011 field season with a total of 10,831.7 m drilled in 33 holes. Total drilling at ODAE now stands at 13,207.15 m in 43 drill holes.
Our testing has confirmed a total strike length for the ODAE exploration target of over 750 m. We estimate that the mineralized zone extends up to a width of 200 m and a depth of 400 m. Current positive results include mineralization at the northern extension of ODAE (section 30) holes RODAE-923 and RODAE-924), while hole RODAE-887D increased the known ore body width significantly at the southern end of the mineralized zone. The high-grade core of hole RODAE- 887D being 54 m @ 2.6 g/t Au coincides with earlier reported high-grade intercepts 100 - 200 m to the north at holes 851 and 853 (see section 22 and 23). (See press release dated February 15th 2011 for geology.)
Another important parameter, requiring additional investigation, is the presence of an approximately 150 m deep oxidized zone at ODAE, which offers potential for higher recoveries and lower costs in a standard heap leach process.
Andina will undertake an initial resource calculation once results for the remaining seven (7) holes are available, expected by early June, and will work towards an initial resource estimate for ODAE in the 3rd quarter of 2011.
With the success of targeting and discovering high-grade mineralization at ODAE, Andina is now considering expanding its regional exploration program to focus on other opportunities, such as ODAE, where it hopes to generate additional Diatreme hosted gold targets that could deliver high-grade gold mill feed for the Volcan Project.
Table 2, below, presents the results for the twenty (20) holes from the 2010/2011 Strategic Exploration program that are released today.
Table 2
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Hole Nr. Section From - To Mts Grs/t Au Including
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RODAE-885D O-23 190 - 200 m 10 m 0.54 2 m @ 1.54 g/t Au
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RODAE-885D O-23 372 - 476 m 104 m 0.64 36 m @ 1.13 g/t Au
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RODAE-887D O-21 56 - 322 m 266 m 1.00 54 m @ 2.6 g/t Au
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RODAE-888D O-24 102 - 104 m 2 m 2.13
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RODAE-888D O-24 154 - 280 m 126 m 0.54
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greater
RODAE-890 O-22 56 - 200 m than 144 m 0.81 18 m @ 1.69 g/t Au
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44 m @ 1.11 g/t Au
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RODAE-893 O-24 Abandoned
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RODAE-894 O-24 52 - 132 m 80 m 0.84 20 m @ 1.06 g/t Au
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RODAE-896 O-25 62- 68 m 6 m 0.69
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RODAE-896 O-25 94 - 108 m 14 m 0.36
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RODAE-896 O-25 148 - 180 m 32 m 0.60 8 m @ 1.11 g/t Au
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RODAE-896 O-25 280 - 312 m 32 m 0.45 2 m @ 1.4 g/t Au
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RODAE-896 O-25 148 - 180 m 32 m 0.60 10 m @ 1.08 g/t Au
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RODAE-896 O-25 280 - 312 m 32 m 0.45 2 m @ 1.40 g/t Au
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RODAE-908 O-26 270 - 282 m 12 m 0.35
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RODAE-909 O-20 38 - 82 m 44 m 0.45
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RODAE-909 O-20 112 - 136 m 24 m 0.43
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RODAE-909D O-20 178 - 190 m 12 m 0.29
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4 m @ 1.4 % Cu, pre-
RODAE-910 O-23 60 - 64 m 4 m 0.14 collar
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RODAE-910 O-23 112 - 116 m 4 m 2.63
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RODAE-911 O-23 56 - 60 m 4 m 0.09 4 m @ 0.6 % Cu
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RODAE-911 O-23 112 - 114 m 2 m 3.65
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RODAE-911D O-23 148 - 150 m 2 m 2.91
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RODAE-911D O-23 200 - 318 m 118 m 0.84 46 m @ 1.22 g/t Au
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RODAE-912 O-25 0 - 36 m 36 m 0.49
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RODAE-912 O-25 62 - 68 m 6 m 1.32
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RODAE-912 O-25 244 274 m 30 m 0.58 4 m @ 1.97 g/t Au
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RODAE-913 O-21 46 - 52 m 6 m 0.81
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RODAE-913 O-21 70 - 98 m 28 m 0.65 4 m @ 1.25 g/t Au
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RODAE-913 O-21 118 - 136 m 18 m 0.74 2 m @ 1.93 g/t Au
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RODAE-913 O-21 162 - 186 m 24 m 0.56 4 m @ 1.36 g/t Au
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RODAE-914 O-21 6 - 12 m 6 m 0.63
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RODAE-914 O-21 28 - 54 m 26 m 0.69 2 m @ 4.0 g/t Au
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RODAE-916 O-21 202 - 242 m 40 m 0.31
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RODAE-919 O-23 70 - 86 m 16 m 0.51 2 m @ 1.33 g/t Au
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greater
RODAE-921 O-30 38 - 42 than 4 m 0.43 Repeated by 924
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RODAE-922 O-30 - - - Pre-collar hole
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RODAE-923 O-30 364 - 388 m 24 m 0.60 2 m @ 2.56 g/t Au
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RODAE-924 O-30 186 - 236 m 50 m 0.20 2 m @ 0.76 g/t Au
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Total: 5,671.4 m (20 drill holes)
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Ojo de Agua East Area Qualified Person
The trenching and drilling program at the Ojo de Agua East area of the Volcan Gold Project was reviewed and the results approved by Mr. Sergio Diaz, Andina's Qualified Person under National Instrument 43-101 and he is the Public Registered Person for Reserves and Resources N degrees 51, in Chile, also registered in the Colegio de Geologos de Chile under N degrees 315. Mr. Diaz is responsible for preparing technical information on the Ojo de Agua East area.
QA/QC Protocols
Mr. Diaz has confirmed that Andina has utilized appropriate and accepted (per National Instruments 43-101 requirements) Quality Assurance and Quality Control ("QA/QC") protocols for the trench and drill hole sampling and assaying. Grab samples are selected pieces of rock collected to identify or confirm anomalous or potentially economic concentrations of precious metals (Au, Ag), base metals (Cu, Mo, Zn, Pb), as well as path-finder elements commonly associated with epithermal mineralization (As, Sb, Hg, Ba). Chip-channel samples are one or more continuous samples of mineralized or altered rock collected with hammer and chisel over a measured interval and may be taken from areas of outcrop or from trenches. Sample locations are determined at the time of collection with handheld GPS readings. Andina does not intend to use either the chip channel (trenching) or grab samples data in any future resource estimations. The samples that were taken in this program have been collected to confirm previously reported exploration sampling results and to further identify areas of greater interest for more detailed future exploration and drilling.
All samples are delivered by the Company's personnel to the Geoanalitica sample preparation facility in Copiapo Chile, where they are crushed (chip and grab samples) and all drill hole and surface samples are then shipped by Geoanalitica to their assay facility located in Antofagasta.
Geoanalitica analyzes the samples for gold, copper and molybdenum. The gold assays are performed utilizing 30 g fire assay with an Atomic Absorption Spectroscopy ("AAS") or gravimetric finish; the Cu and Mo are assayed for using standard wet analytical techniques. Sample pulp splits are subsequently sent by Geoanalitica to the ALS-Chemex laboratory (also in Coquimbo) for multi-element Inductively Coupled Plasma ("ICP") analysis.
About Andina Minerals Inc.
Andina's primary focus is mining exploration and development in Chile. The Company's flagship development project is the 100%-owned Volcan Gold Project ("Volcan"), strategically located in the prolific Maricunga Gold Belt. In February 2011, Andina announced the results of a positive pre-feasibility study for Volcan. Initial Proven and Probable Mineral Reserves are 6.6 million ounces of gold at an average grade of 0.73 g/t contained in 283 million tonnes of ore. In addition, there remains 2.3 million ounces of Measured and Indicated gold resources at an average grade of 0.66 g/t contained in 107 million tonnes of ore plus 1.2 million gold ounces in the Inferred category. Andina is progressing with a feasibility study for Volcan, targeted for completion in the first half of 2012.
In addition to Andina's extensive underexplored land position surrounding Volcan, the Company holds two other mineral properties located within Chile's primary mining regions.
Forward-Looking Statements
This press release contains forward-looking information within the meaning of applicable Canadian securities laws and regulations. Such information is based on the current expectations and beliefs of Andina's management and is subject to a number of risks and uncertainties that may cause the actual results to differ materially from those described above. Forward-looking information in this press release includes, but is not limited to, statements with respect to the completion of the feasibility study, exploration activities and results (including the timing of results), the timing and success of exploration activities generally, permitting timelines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcomes of any pending litigation and timing and results of future resource estimates or future economic studies, and in particular include statements with respect to the timing of the reporting of drilling results at Ojo de Agua East. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "planning", "planned", "expects", "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipate", "does not anticipate", or "belief", or describes a "goal", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
The forward-looking information contained in this press release is based on a number of material factors and assumptions, including, but not limited to, that estimates and studies are accurate, that Andina's mining operations continue in the ordinary course and as expected, that contracted parties provide goods and/or services on the agreed time frames, that the equipment necessary for exploration and development work is available as scheduled, availability of water for milling and mining, that no labour shortages or delays are incurred, that plant and equipment function as specified, Andina's ability to obtain adequate financing when and as needed, the continued favourable market for gold at prices at or above estimated levels, that no unusual geological or technical problems occur, that no unusual or unexpected events have a material adverse effect on Andina's operations or financial condition, and such other assumptions and factors as set out herein.
Forward-looking information involves known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, projection, forecast, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although Andina has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Andina does not undertake any obligation to update or revise publicly any forward-looking information whether as a result of new information, future events or otherwise, unless required to do so by applicable laws.
Contacts: George M. Bee President & CEO 416 203 3488 Derrick Weyrauch Chief Financial Officer 416 203 3488 www.andinaminerals.com
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