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Minera IRL Announces Final Assay Results for Minapampa Far East in Ollachea
LIMA, PERU--(Marketwired - Feb. 13, 2017) - Minera IRL Limited ('Minera IRL' or the 'Company') (CSE:MIRL)(CSE:MIRL.CN)(BVLAC:MIRL) is pleased to announce the fi
About this update from Minera Irl Limited
[{"type":"text","content":"LIMA, PERU--(Marketwired - Feb. 13, 2017) - Minera IRL Limited ('Minera IRL' or the 'Company') (CSE:MIRL)(CSE:MIRL.CN)(BVLAC:MIRL) is pleased to announce the final assay results of its 2016 Minapampa Far East drill program, at its Ollachea flagship gold project in Puno, Southern Peru. The results have demonstrated that gold mineralization at Minapampa continues over 500m to the east and remains open to the east and at depth. The results announced today are from 5,421 m (23 drill holes) of drilling conducted in 2016 at Ollachea. The drill hole results have been used to outline an exploration target in the Minapampa Far East mineralized zone of 370,000 to 550,000 ounces of gold contained within 3.1 to 4.6 million tonnes, grading 2.9 to 4.3 g/t gold, (this tonnes/grade range is reported within the framework of the N.I. 43-101 Restricted Disclosure Section 2.3(2)). The potential tonnages and grades are conceptual in nature and are based on drill results that define the approximate length, thickness, depth and grade of mineralization in the Minapampa Far East mineralized zone. The exploration results from the 2016 together with this interpretation will be used as the basis for estimating a maiden Mineral Resource estimate on the zone. \"We achieved our goal of proving that the mineralization continues well beyond the existing 43.101 compliant Mineral Resource. We expect that the results will expand the Ollachea Mineral Resources and will likely extend the Minapampa mine life. We believe the Ollachea Project is still significantly underexplored, with considerable potential to add to the Mineral Reserves, which are currently over 1 million ounces1\", said Diego Benavides, Chief Executive Officer and Director of the Company. 1 Refer to previous press release dated 4 June 2014 The Company's primary objective are to advance the Ollachea Project to a construction decision and to expand the resource base through ongoing exploration. To that end, the Company expects to release a new Mineral Resource Estimate for the Minapampa Far East Area, combined with an update to the Minapampa Feasibility Study by mid-year, 2017. Significant drill hole intercepts from the program are: DDH16-T06 8 m downhole @ 3.69 g/t from 122 meters of depth DDH16-T07 13 m downhole @ 6.34 g/t from 143 meters of depth DDH16-T10 4 m downhole @ 11.23 g/t from 217 meters of...