Dynacor Discovers Disseminated Gold Mineralization at Tumipampa
MONTREAL, QUEBEC–(Marketwired – Sept. 27, 2013) – Dynacor Gold Mines Inc. (TSX:DNG) (OTC:DNGDF) (Dynacor or the Company) a company with gold and silver ore- processing operations and exploration projects in Peru, is pleased to announce the discovery in a new area of its Tumipampa property of close to the surface disseminated gold mineralization in brecciated quartzite rock. The Company is also pleased to announce that underground drilling from within the Manto Dorado began in August and the first results will be announced as soon as they are available.
New Drilling Results
During the months of July and August, six (6) holes were drilled HDD7- HDD12. Drill hole HDD8 intercepted the Avelia Ines vein and returned 4.767 g/t Au and 0.2% Cu over 1.1m and drill holes HDD9 and HDD10 revealed close to the surface disseminated gold mineralization with 0.457 g/t Au over 12.4 m and 0.151 g/t Au over 12.2 m. (see Table 1, below). Drill holes HDD7, HDD11 and HDD12 that were targeted on the Avelia Ines, Mylene and San Pedro veins did not return significant results.
Table 1: Significant drilling results from July and August 2013
|Width (m)||Au (g/t)||Ag(oz/t)||Cu(%)||Pb(%)||Zn(%)|
|AVELIA INES VEIN||HDD 8-13||142.5 – 143.6||VEIN||1.1||4.767||0.05||0.20||0.01||0.02|
|BRECCIATED QUARTZITE||HDD 9-13||20.0 – 32.4||DISSEMINATED||12.4||0.457||0.012||0.006||0.00||0,001|
|BRECCIATED QUARTZITE||HDD 10-13||14.8 – 27.0||DISSEMINATED||12.2||0.151||0.008||0.002||0.001||0.001|
Some preliminary surface chip and channel samples from the brecciated quartz rock from the same area had also been analyzed in 2008 and the results are given in Table 2, below.
Table 2: Channel/chip samples from the brecciated quartzite rock (data from 2008)
Based on the results of these surface samples two exploratory holes were drilled in August 2013 and led to the discovery of an area of disseminated gold mineralization associated to brecciated quartz rock including sulfide mineral inclusions located approximately 2000 meters to the southwest of the Manto Dorado structure and 1000 meters to the south of Zone IV of the skarn. This new discovery demonstrates that gold mineralization is very widespread on the Tumipampa property and can be found: (a) associated to polymetallic ores in the skarn, (b) in high grade gold vein structures such as the Manto Dorado, and (c) as low grade disseminated gold in pyritic ore associated to brecciated quartz. As shown by drill holes HDD9 and HDD10 disseminated gold ore is found very close to the surface from depths of 20.0 and 14.8m, respectively.
To date the Company’s geologists have identified 4 large structures of brecciated quartz at Tumipampa in an area of 120 hectares that has not yet been explored. Dynacor is planning to intensively explore this area during the next 6 months and plans to undertake an extensive surface sampling campaign as well as a geophysical study in order to define new drilling targets for 2014.
Manto Dorado Underground Drilling Campaign
Underground drilling from within the cross-cut began in August. The Company is planning to drill a total of 2,400m and the following initial drilling targets have been defined:
- 2 drill holes targeting the Rosa and A veins;
- 6 drill holes targeting the western and eastern at depth extensions of the Manto Dorado structure; and
- A series of shorter definition drill holes within the Manto Dorado
Dynacor expects to move towards an initial estimation of gold resources with the above drilling results although further definition drilling will certainly be necessary.
Jean Martineau, Dynacor’s President and Chief Executive Officer stated, “We are very excited by the discovery of high grade gold mineralization within the Manto Dorado structure (see press release dated 16th of July, 2013) and the very recent discovery of low grade disseminated gold on our Tumipampa property. The Company’s cash reserves and continued cash generation from our ore processing operations will allow us to capitalize on these opportunities and fund an increase in Dynacor’s exploration activities without raising any capital from the market. We are confident that the exploration of our flagship Tumipampa property will create further value for our shareholders as we move forward.”
This Press Release has been read and approved by Alonso Sanchez, P. Eng. and Chief Geologist for Dynacor Gold Mines. He acts as the qualified person (“QP”) for the Company and is a geologist affiliated to the American Institute of Professional Geologists (AIPG).
ABOUT DYNACOR GOLD MINES INC.
Dynacor is an ore processing and a gold exploration and mining company active in Peru through its subsidiaries since 1996. The Company differentiates itself from pure exploration companies as it also generates income and cash flow from its wholly owned ore processing plant in Peru. The Company’s assets include five exploration properties, including the Tumipampa property, as well as its 230 tpd gold and silver ore processing mill at Huanca. Dynacor’s mill produces gold from the processing of ore purchased from many different ore suppliers. Dynacor’s strength and competitive advantage comes with the experience and knowledge the Company has developed while working in Peru. Its pride remains in maintaining respect and positive work ethics toward its employees, partners and local communities.
FORWARD LOOKING INFORMATION
Certain statements in the foregoing may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Dynacor, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance as of the date of this news release.
Dynacor Gold Mines Inc. (TSX:DNG)
Shares outstanding: 36,316,111
President and CEO
Dynacor Gold Mines Inc.
514-393-9000 ext. 228
Dynacor Gold Mines Inc.