Jun 15, 2010 (TheNewswire.ca via COMTEX) — (via Thenewswire.ca)
Lori McClenahan, President of St. Elias Mines Ltd. (“St. Elias” or the “Company”), announces that Quantec Geoscience Ltd. (“Quantec”), a leading global provider of geoscience solutions, has now completed fieldwork for the Stage 2 Titan 24 Geophysical Survey at the Tesoro Gold Project in southwestern Peru (the “Property”).
Stage 2 Titan 24 Geophysical Survey
The Stage 2 Titan 24 Survey was designed to follow-up the results of the recent Stage 1 Titan 24 Survey completed in fall 2009 and to extend the geophysical survey to cover the entire Property. The Stage 2 program consisted of 18 lines of survey totalling 43.2 line kilometres. The field data collected from the survey has been transferred to Quantec’s head office in Ontario where it is being compiled, processed and interpreted by experienced professionals. Results will be released when available.
Results of the Titan 24 Geophysical Survey will be used in assisting the Company in identifying potential for economic mineralized targets at depths. Targets identified from both Stage 1 and Stage 2 of the survey will be tested with drilling.
Titan 24 Geophysical Survey
Over the past 20 years, Quantec has completed in excess of 3,000 geophysical projects worldwide including over 400 Titan 24 surveys. Titan 24 is the leading deep earth imaging technology for delineating ore bodies to depth. While deep drilling can be expensive, Titan 24 focuses drilling and achieves success by clearly prioritizing targets. With the depth achieved, Titan 24 is a highly cost effective means to not only unlocking, but realizing a property’s full value.
Tesoro Gold Project
The Tesoro Gold Project is 100% owned by the Company with no underlying royalties. The Property covers approximately 2,000 hectares (5,000 acres) and is part of the well-known gold-bearing Nazca-Ocona belt that is located in southern Peru. The Nazca-Ocona gold belt has a long mining history dating back to pre-Incan time. Gold is associated with disseminated to semi-massive sulphides in quartz veins cutting a diorite intrusion. The continuity of the quartz veins and fractures is very impressive in the Nazca-Ocona belt. While the veins tend to be narrow, the grade is significant and the mineralized structures tend to extend along strike for kilometers and to depths of up to 1,000 meters.
The Tesoro Property has never been evaluated to depth, or to its full strike potential. This leaves a large potential for the discovery of additional mineralization.
All technical work is being supervised by, and the contents of this news release have been verified by, John Brophy, P.Geo., a Canadian geologist residing in Peru, who is a “qualified person” as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.
For additional information on St. Elias and its projects, please visit us at www.steliasmines.com or call 1-888-895-5522 (toll free US and Canada).
ST. ELIAS MINES LTD.
(signed “Lori McClenahan”)
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this document.
This News Release may contain forward-looking statements including, but not limited to, comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statement.
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