Drilling Report
Uruguay Mineral Exploration Inc
Uruguay Mineral Exploration Inc. Announces Additional Significant
Drill Results for Arenal Deeps Including: 15.75m @ 2.36g/t Au, 14.35m at
3.04 g/t Au, 14.80m at 4.05 g/t Au and 14.5m @ 4.33g/t Au
Uruguay Mineral Exploration Inc (“UME” or the “Company”) (TSX
VENTURE:UME) (LSE:UGY), the gold production and exploration
company, is pleased to announce results from the ongoing Arenal Deeps
resource definition drilling program. The Arenal Deeps deposit is the
down dip extension of the Arenal deposit where 385,000 contained ounces
of gold were mined by open pit over the past five years and is located
in the Minas Corrales mining district 2.5 kilometers east southeast of
UME’s San Gregorio plant.
The drilling program is currently ahead of schedule which will enable
UME to deliver the final resource estimate by March 2010. More than
20,000 RC and diamond drill meters have been completed during this
recent drill program.
Significant results reported here are related to infill drill holes
internal to the deposit and thinner intervals with lower grades are
defining the edges or limits of the deposit as expected. Importantly,
the intercepts are proving up what the initial resource model predicted
and in most cases improving continuity of the higher grade shoots which
is expected to have a positive impact on the resource modeling and final
resource estimate.
Concurrently, geotechnical and metallurgical work has advanced according
to schedule.
Significant intersections from recent drilling include:
|
HOLE ID
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Au intercept 1g/t1g/t
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FROM
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ALDD122
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2.50m @ 7.95g/t
|
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295.85
|
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ALDD123
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7.00m @ 1.40g/t
|
|
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256.80
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ALDD125
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|
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4.10m @ 3.09g/t
|
|
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275.10
|
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ALDD127
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|
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2.99m @ 2.83g/t
|
|
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357.21
|
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ALDD127
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|
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3.71m @ 2.14g/t
|
|
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373.60
|
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ALDD127
|
|
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15.75m @ 2.36g/t
|
|
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389.05
|
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ALDD128
|
|
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1.01m @ 8.40g/t
|
|
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292.45
|
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ALDD128
|
|
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6.45m @ 2.89g/t
|
|
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296.95
|
|
ALDD128
|
|
|
14.35m @ 3.04g/t
|
|
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310.60
|
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ALDD129
|
|
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6.35m @ 2.46g/t
|
|
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223.85
|
|
ALDD129
|
|
|
14.80m @ 4.05g/t
|
|
|
235.20
|
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ALDD130
|
|
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4.95m @ 1.50g/t
|
|
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366.60
|
|
ALDD130
|
|
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4.00m @ 2.50g/t
|
|
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387.90
|
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ALDD131
|
|
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6.35m @ 1.55g/t
|
|
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337.45
|
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ALDD132
|
|
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14.50m @ 4.33g/t
|
|
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446.90
|
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ALDD132
|
|
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3.85m @ 5.41g/t
|
|
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472.25
|
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ALDD132
|
|
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3.75m @ 2.44g/t
|
|
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483.35
|
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ALDD134
|
|
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1.60m @ 4.93g/t
|
|
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302.20
|
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ALDD135
|
|
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3.00m @ 2.40g/t
|
|
|
399.30
|
|
ALDD135
|
|
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7.00m @ 1.55g/t
|
|
|
408.70
|
Intercepts are drill widths (approximate true thickness) and may
include up to 3m of internal dilution by lower grade (<1g/t) material
Drill holes ALDD123, 125, 128 and 129 were drilled internal to the
deposit and all proved up anticipated thicknesses and grades except in
drill hole ALDD129 where the grades were better than anticipated.
Drill holes ALDD122, 124, 126, 134 and 135 were drilled along the
western and eastern edges of the deposit and returned grades that would
be expected at the edges of the deposit as mineralization “pinches out”.
Drill holes ALDD127, 130, 131 and 132 were drilled down dip on their
respective drill sections. ALDD127, 130 and 132 intersected anticipated
grades but significantly improved definition of deposit geometry in this
deeper zone. ALDD131 intersected what the model predicted.
David Fowler, Chief Executive Officer commented: “In April 2009 UME
presented the results of an independent NI 43-101 compliant resource
study on the Arenal Deeps deposit completed by Golder and Associates. The
Arenal Deeps definition drilling is successfully extending
mineralization at the edges of the deposit and confirming continuity of
higher grade shoots in areas that were previously poorly defined.
“We are happy with the progress the team has made and now expect to
be finished drilling in December. This will keep UME on schedule to
publish an updated NI 43-101 compliant resource estimate by March 2010
and complete the feasibility study by June 2010,”concluded Mr.
Fowler.
Qualified Person's Statement
The information presented in this press release was prepared by Devin
den Boer, Exploration Manager for Uruguay Minerals Exploration Inc.
Devin den Boer has reviewed and verified the data presented here and it
is deemed in compliance with NI 43-101 reporting guidelines. Mr. den
Boer has a Bachelor of Science (Geological Sciences) Degree from the
University of British Columbia and is a registered member of APEGBC
(license # 32063). He has over 13 years of international experience in
minerals exploration.
Mr Devin den Boer is the Qualified Person for the purposes of the AIM
Guidance Note on Mining Companies dated March 2006.
Forward Looking Statements
All statements, other than statements of historical fact, contained or
incorporated by reference in this news release, including any
information as to the future financial or operating performance of the
Company, constitute "forward-looking statements" within the meaning of
certain securities laws, including the "safe harbour" provisions of the
Securities Act (Ontario) and the United States Private Securities
Litigation Reform Act of 1995 and are based on expectations estimates
and projections as of the date of this news release. There can be no
assurance that such statements will prove to be accurate, such
statements are subject to significant risks and uncertainties, and
actual results and future events could differ materially from those
anticipated in such statements. Forward-looking statements include,
without limitation success of exploration activities; permitting time
lines; the failure of plant; equipment or processes to operate as
anticipated; accidents; labour disputes; requirements for additional
capital title disputes or claims and limitations on insurance coverage.
The Company disclaims any intention or obligation to update or revise
any forward looking statements whether as a result of new information,
future events and such forward-looking statements, except to the extent
required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Editors’ note: Uruguay Mineral Exploration Inc. is a gold producer and
exploration company focused on identifying and developing mineral
opportunities in Latin America. UME is a fully integrated mining
company, possessing the skills necessary to explore and develop its
discoveries. The Company operates the only producing gold mine in
Uruguay (San Gregorio), and is also the leading mineral exploration
company in Uruguay having assembled an exploration portfolio based on
gold, base metals and diamond prospects.
Uruguay Mineral Exploration Inc. is quoted in Canada (TSXV) and London
(AIM) and Matrix Corporate Capital LLP is its Nominated Adviser and
Broker.
For further information, please contact:
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Uruguay Mineral Exploration Inc
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David Fowler, CEO: 598 2 6016354; david.fowler@ume.com.uy
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Ignacio Salazar, CFO: 598 2 6016354; Ignacio.salazar@ume.com.uy
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Matrix Corporate Capital LLP
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Louis Castro, +44 (0) 203 206 7209
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Tim Graham, +44 (0) 203 206 7206
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