TORONTO, ONTARIO–(Marketwire – Aug. 11, 2011) – Metallum Resources Inc. (TSX VENTURE:MRV) (“Metallum” or “Company”) announces that is has commenced an aggressive $CND 2.9 million exploration campaign covering the mineral rights of its 6,300 hectare M-18 gold/silver property in Chubut province, Argentina. The first phase of this campaign will be geophysics, followed by detailed geological mapping and sampling, and ultimately a program of diamond drilling planned for the fall of 2011.
A geophysical crew, under contract from Quantec Geoscience in Mendoza, Argentina, has begun a program of gradient Induced Polarization (“IP”), pole-dipole IP, and ground magnetics comprising 42 line kilometres (“km.”) of survey. The objective of the geophysical program is to assist in defining additional strike length, width, and depth to the known gold/silver mineralization exposed on surface. It is anticipated that the geophysical program will extend for a period of approximately three weeks. This will be followed by an extensive program of geological mapping, detailed channel sampling, and approximately 8 km. of trenching with channel sampling. The objective, of which, is to expose additional strike and width to the 1.2 km strike and 0.5 km width of the known gold/silver mineralization, which is covered by a thin veneer of gravels at its perimeter.
Metallum is earning a 70% interest in the M-18 property under an Option and Joint Venture Agreement from Silver Standard Resources Inc. (“Silver Standard”). Previous geological mapping and rock outcrop sampling by Silver Standard identified a gold/silver-bearing epithermal vein system with intense alteration over a strike length of at least 1.2 km. with widths of 0.5 km. Gold assay results from 98 rock samples from systematic mapping distributed over the strike length from this program returned values ranging up to 4.63 grams/tonne (“g/t”) gold and 47.20 g/t silver. Greg Lipton, P.Geo. (APGO), Metallum’s President and CEO, who is also the Qualified Person for the M-18 project, confirmed both the geology and the highly anomalous gold values obtained by Silver Standard. The system remains open in all directions extending beneath the gravels.
Metallum’s President and CEO, Greg Lipton, states that “Metallum is encouraged by the potential of this entire 63 sq. km. property which has never been drill tested or undergone any systematic property scale exploration such as detailed geologic mapping, geophysics, or geochemistry. In addition to the planned M-18 exploration program of geophysics, detailed geological sampling, and diamond drilling described above, exploration will ultimately expand into the surrounding terrain where extensive argillic alteration has been identified”.
About Metallum Resources Inc.
Metallum Resources Inc. has 53,803,828 common shares outstanding and in excess of $5 million in cash, with no debt, as of today’s date.
This new release contains forward-looking statements including, but not limited to, comments regarding the timing and content of up-coming work programs, geological, geophysical, and geochemical interpretations, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those anticipated in such statements.
Further details may be obtained from our website www.metallumresourcesinc.com.
The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this news release.
Neither the TSX Venture Exchange Inc. 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.