Caldera Trench Sample Returns 17.20 g/t Au and 344 g/t Ag over 3.2 meters
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Montreal, August 17, 2010 – Bill Mavridis, President and CEO of Caldera Resources announced today initial results from its summer work program. “Results from resampling of historic trench samples released today confirm that the Marjan Gold and Silver Project carries good grades of gold and silver. Of note, Trench 2 returned a grade of 17.20 g/t Gold and 344.0 g/t Silver over 3.2 meters. Including a 0.8 meter interval grading 51.3 g/t gold and 627 g/t of silver. These values contribute to the validity of the Soviet-era geological model of the Marjan project. We are excited with these results and look forward to moving this project towards a scoping study next year. For now trench samples are still being delivered to Canada and results will be released as they are ready.”
The Central zone, where the historic trenching is concentrated, hosts eleven (11) mapped quartz veins, averaging 1.5m in true width, and each with extensive argillic alteration haloes. Existing trenches on Marjan vein sets were mapped and resampled by continuous chips set out and supervised by the Qualified Person. Samples are uniformly 0.8m wide. Assaying was done by Activation Labs Inc. in Ancaster, Ontario, using INAA (induced neutron activation analysis) ICP. Fire assay confirmation of these results is in progress.
Trench Sampling Highlights
There are currently 11 identified veins in the Central zone. Please see map on page 19 of the NI 43-101 Technical Report filed on SEDAR or on our website at http://bit.ly/bD4O81 .
Trench 1, 2, 14, 20 and 34 tested Vein 10, from elevation 2570 asl at trench 1, down to elevation 2380m asl at trench 34. The results give us an indication of mineralization on Vein 10 over a vertical distance of 190m.
Trench 2 returned an average 17.20 g/t gold and 344 g/t silver over 3.2m, open on both hanging wall and footwall (Table 1). This interval includes 0.8 meters grading 51.3 g/t gold and 627 g/t silver in sample 323005. Trench 1 returned 1.04 g/t gold and 66 g/t silver over 2.4m, and is opened on the hanging wall and footwall.
Trenches 14, 20, and 34 test a part of Vein 10 called the Horsetail Zone, where the Vein splits into two, and then four, veins. Trench 14 returned anomalous readings of gold in the horsetail zone, while Trench 20 returned 3.2m of 2.815 g/t gold and 26.6 g/t silver and is open on the hanging wall and footwall.. Trench 34 returned 3.2m of 2.34 g/t gold and 22 g/t silver (see note).
Trenches 21, 22, 28, and 29 test Veins 4 and 5, where they lie in close proximity to each other. Trench 21 returned 1.6m of 0.494 g/t gold; trench 22 returned an anomalous gold value on one of two samples (see note); and trench 28 did not return anomalous values neither in gold nor silver. Trench 29, which spans both Veins 4 and 5, returned anomalous values in gold over Vein 4, but due to technical constraints, was not sampled over Vein 5.
Given the highly anomalous values at the ends of several trench intervals, the Company anticipates extending trenches 1, 2, 20, 29, and 34 as part of the next phase of exploration at Marjan.
TABLE 1 Trench Sampling Results Marjan Central Zone
|
Sample No |
Vein |
Trench No |
Elevation (m) |
From (m) |
To (m) |
Interval (m) |
Au g/t |
Ag g/t |
|
323005 |
10 |
2 |
2470 |
0.0 |
0.8 |
0.8 |
51.3 |
627 |
|
323006 |
10 |
2 |
2470 |
0.8 |
1.6 |
0.8 |
3.17 |
5 |
|
323007 |
10 |
2 |
2470 |
1.6 |
2.4 |
0.8 |
9.02 |
629 |
|
323008 |
10 |
2 |
2470 |
2.4 |
3.2 |
0.8 |
5.30 |
115 |
|
Average |
|
2 |
|
0 |
3.2 |
3.2 |
17.20 |
344.0 |
|
|
|
|
|
|
|
|
|
|
|
323001 |
10 |
1 |
2570 |
0 |
0.8 |
0.8 |
0.421 |
<5 |
|
323002 |
10 |
1 |
2570 |
0.8 |
1.6 |
0.8 |
2.49 |
68 |
|
323003 |
10 |
1 |
2570 |
1.6 |
2.4 |
0.8 |
1.45 |
34 |
|
323004 |
10 |
1 |
2570 |
2.4 |
3.2 |
0.8 |
2.50 |
23 |
|
Average |
|
|
|
|
|
3.2 |
1.71 |
31.3 |
|
|
|
|
|
|
|
|
|
|
|
Sample No |
Vein |
Trench No |
Elevation (m) |
From (m) |
To (m) |
Interval (m) |
Au g/t |
Ag g/t |
|
323009 |
10 |
14 |
2440 |
0 |
0.8 |
0.8 |
0.027 |
<5 |
|
323010 |
10 |
14 |
2440 |
0.8 |
1.6 |
0.8 |
0.115 |
<5 |
|
323011 |
10 |
14 |
2440 |
1.6 |
2.4 |
0.8 |
0.463 |
<5 |
|
323012 |
10 |
14 |
2440 |
2.4 |
3.2 |
0.8 |
0.439 |
<5 |
|
Average |
|
14 |
|
0.8 |
3.2 |
2.4 |
0.339 |
<5 |
|
|
|
|
|
|
|
|
|
|
|
323013 |
10 |
20 |
2420 |
0 |
0.8 |
0.8 |
3.84 |
36 |
|
323014 |
10 |
20 |
2420 |
0.8 |
1.6 |
0.8 |
2.40 |
97 |
|
323015 |
10 |
20 |
2420 |
1.6 |
2.4 |
0.8 |
2.55 |
<5 |
|
323016 |
10 |
20 |
2420 |
2.4 |
3.2 |
0.8 |
2.47 |
<5 |
|
323017 |
10 |
20 |
2420 |
3.2 |
4.0 |
0.8 |
0.85 |
<5 |
|
Average |
|
20 |
|
0 |
3.2 |
3.2 |
2.815 |
26.6 |
|
|
|
|
|
|
|
|
|
|
|
323018 |
5 |
21 |
2460 |
0 |
0.8 |
0.8 |
0.328 |
<5 |
|
323019 |
5 |
21 |
2460 |
0.8 |
1.6 |
0.8 |
0.660 |
<5 |
|
Average |
|
21 |
|
0 |
1.6 |
1.6 |
0.494 |
<5 |
|
|
|
|
|
|
|
|
|
|
|
323020 |
5 |
22 |
2470 see note |
0 |
0.8 |
0.8 |
|
|
|
323021 |
5 |
22 |
2470 |
0.8 |
1.6 |
0.8 |
0.789 |
<5 |
|
|
|
|
|
|
|
|
|
|
|
323022 |
4 |
28 |
2460 |
0 |
0.8 |
0.8 |
<5 ppb |
<5 |
|
323023 |
4 |
28 |
2460 |
0.8 |
1.6 |
0.8 |
<5 ppb |
<5 |
|
323024 |
4 |
28 |
2460 |
1.6 |
2.4 |
0.8 |
<5 ppb |
<5 |
|
Average |
|
28 |
|
0 |
2.4 |
2.4 |
<5 ppb |
<5 |
|
|
|
|
|
|
|
|
|
|
|
Sample No |
Vein |
Trench No |
Elevation (m) |
From (m) |
To (m) |
Interval (m) |
Au g/t |
Ag g/t |
|
323025 |
4 |
29 |
2420 |
0 |
0.8 |
0.8 |
0.022 |
<5 |
|
323026 |
4 |
29 |
2420 |
0.8 |
1.6 |
0.8 |
0.530 |
<5 |
|
Average |
|
29 |
|
0 |
1.6 |
1.6 |
0.276 |
<5 |
|
|
|
|
|
|
|
|
|
|
|
323027 |
10 |
34 |
2380 |
0 |
0.8 |
0.8 |
0.499 |
<5 |
|
323028 |
10 |
34 |
2380 |
0.8 |
1.6 |
0.8 |
<5 ppb |
<5 |
|
323029 |
10 |
34 |
2380 |
1.6 |
2.4 |
0.8 |
6.54 |
66 |
|
323030 |
10 |
34 |
2380 see note |
2.4 |
3.2 |
0.8 |
|
|
|
Average |
|
34 |
|
0 |
3.2 |
3.2 |
2.34 |
22 |
|
|
|
|
|
|
|
|
|
|
Note: Samples 323020 and 323030 were rejected by the Qualified Person after the sample bags were found to be emptied after Customs inspection of the sample shipment in Toronto, Canada. These locations were resampled on July 25, 2010 by the Qualified Person and were submitted for reassay on August 2, 2010 by the Qualified Person. The new sample number for 323020 is 61597 and the new sample number for 323030 is 61598.
Marjan Gold and Silver Project
The Marjan Gold-Silver project has two distinct zones, referred to as the Northern Zone and the Central Zone.
The Central Zone of the Marjan Project was extensively explored between 1964 and 1989, and has Soviet-era GKZ standard resources as outlined below:
|
HistoricalResource |
tonnes | Gold Grade | Silver Grade | Gold oz | Silver oz |
| C1 and C2 resources | 4,772,757 | 2.64 g/t | 92.67 g/t | 405,147 | 14,211,588 |
| P1 resources | 3,211,843 | 2.35 g/t | 93.42 g/t | 242,696 | 9,647,922 |
The resource estimate was published by Poghosyan N. F. in a 1995 report titled Marjan Gold-Silver-Polymetallic Property, State Committee for Reserves of Armenia, Sissian Geological Exploration Group, Yerevan, Armenia. Blocks of all categories are defined using a dry density of 2.87 g/cm3, a minimum thickness of 0.4 metres, and a cut-off of 1.2 g/t of Gold.
The Sissian Geological Exploration Group, Yerevan, Armenia, also explored the Northern Zone between 1991 and 1992. The historical Soviet-era GKZ standard resource, calculated by State Committee for Reserves of Armenia, Sissian Geological Exploration Group, Yerevan, as follows:
| Historical Resource
Marjan Northern Zone |
tonnes | Gold Grade | Silver Grade | Gold oz | Silver oz |
| P1 resources | 5.77M | 2.18 g/t | 148.46 g/t | 404,456 | 27,543,865 |
The total C1 and C2 historical resources of the Marjan project contain 405,147 oz of Gold and 14M oz of Silver. The total P1 historical resource of the Marjan project contains 647,152 oz of Gold and 37M oz of Silver.
| Historical Resource
Marjan Project |
Gold oz | Silver oz |
| C1 & C2 resources | 405,147 | 14,211,588 |
| P1 resources | 647,152 | 37,191,787 |
According to the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), “C1? and “C2? classifications are equivalent to “indicated” and “inferred” resources ( http://bit.ly/c7c4Jv ).
Resources identified as P1 can be considered in the “Inferred” and “Mineralized Zone” categories respectively, as defined by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) in their document “Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines” ( http://bit.ly/cDA4XP ).
A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the historical estimate should not be relied upon or understood to indicate the existence of reserves or resources.
More information on the Marjan Gold and Silver project can be found in the NI 43-101 report filed on SEDAR or on our web site at http://bit.ly/bD4O81 .
Qualified Person
Mr. Jim Steel, MBA, P.Geo., Vice-President, Mining and Development for the Company, is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of NI 43-101.
The Marjan Joint Venture
Caldera holds a 55% interest in the Marjan Joint Venture (the “JV”) and the other 45% interest is held by Global Gold Corporation. The JV is managed through a Delaware registered corporation, Marjan-Caldera Mining, LLC. The JV holds 100% of the shares of Marjan Mining Company, LLC, the Armenia based operating company which has been granted the concession and mining license for the Marjan Property. Caldera is responsible for all operations and expenses on the project.
Cautionary Statement
The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Former Soviet country estimates are presented for historical reporting and to provide a basis for assessing Caldera’s choices for its business activities.
A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the historical estimate should not be relied upon or understood to indicate the existence of reserves or resources.
Additional information related to the Corporation is filed electronically on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
For further information:
Bill Mavridis, President & CEO, Caldera Resources Inc., Direct Line: (514) 813-9200
bmavridis@calderaresources.com
Linda Brennan, Business Development Manager, Caldera Resources Inc., Direct Line: (416) 799-9205