Dynacor Gold Mines Inc. (dynacor)
Symbol: DNG
Toronto Stock Exchange (TSX)
MONTREAL, July 15 /CNW Telbec/ - Dynacor Gold Mines Inc. (Dynacor TSX:DNG) is pleased to report the exploration results that it has obtained on its 100% owned Tumipampa property. In late 2007, the Company began an 11,000 meter drilling campaign and a surface exploration programme. Initial results were reported in February 2008 (see Press Release dated February 12, 2008) and the Company now reports on all the results obtained during the first 6 months of 2008.
THE TUMIPAMPA PROJECT
The Tumipampa project is located 500 km from the city of Lima, in the Chapimarca district, Province of Aymaraes, Department of Apúrimac. Dynacor Gold owns a total of 2,650 hectares which are adjacent to concessions being explored by the following companies: Yamana Gold, Bear Creek and Southern Peru. The area is composed of quartzite (Soraya formation) and limestone (Ferrobamba formation) of the Cretaceous, which contain important epithermal Au deposits, these structures are intruded by the Apúrimac batholite, a well known metallotect that is related to many porphyric Cu and Au deposits in Peru.
Overall, the results obtained suggest that three different types of
mineralization can be encountered on the Tumipampa property, namely:
1. Gold bearing vein structures with variable widths ranging from 0.1 to
7 meters that are generally orientated along a N20degreesE/70degreesNW
dip. The veins are mainly made-up of pyrite, chalcopyrite, hematite,
iron oxides and grey-white quartz associated with the Soraya formation
and the Apúrimac batholite.
2. Disseminated gold mineralization associated with breccias in the
quartzite rock.
3. Gold, copper and iron mineralization associated with Skarn-type
deposit at the interface between limestones and marbles (Ferrobamba
formation) and the intrusive body.
DRILLING RESULTS
In Table 1, the results for 12 drill holes are summarized including the
veins or structures intersected.
TABLE 1: TUMIPAMPA 2008 DIAMOND DRILLING RESULTS
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Drill hole data
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Drill Total Intersection
Vein hole Orienta. Inclin. length Depth (m)
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Vein 1 HDD1 N 40 degrees E -60 99.80 44.00 - 46.45
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Vein 1 HDD2 N 4 degrees E -65 98.00 84.40 - 88.70
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Manto Dorado HDD3 S 50 degrees E -80 101.50 26.10 - 52.22
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Manto Dorado HDD4 S 60 degrees E -76 135.00 29.50 - 61.70
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Manto Dorado HDD5 S 60 degrees E -78 104.20 54.40 - 61.50
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Manto Dorado HDD6 S 60 degrees E -78 124.20 40.30 - 56.60
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Rosa vein HDD7 N 75 degrees E -30 145.00 32.00 - 35.75
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Vein A HDD7-1 107.60 - 110.40
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Vein A HDD8 N 75 degrees E -45 125.00 40.05 - 42.20
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Caja vein HDD8-1 45.00 - 47.75
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Rosa vein HDD9 N 75 degrees E -40 134.50 48.85 - 52.00
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Split vein HDD9-1 56.50 - 56.85
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Vein A HDD9-2 122.60 - 124.10
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Vein A HDD10 N 75 degrees E -35 85.60 65.10 - 67.05
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Tumi vein HDD11 N 75 degrees E -35 250.85 99.85 - 101.65
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Rosa vein HDD11-1 137.50 - 145.80
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Manto Dorado HDD12 E -35 126.50 74.75 - 91.83
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Width Mineralization
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Mine-
Drill Structure ralized Au Cu Ag Zn
Vein hole (m) (m) g/t (%) (oz/t) (%)
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Vein 1 HDD1 2.45 1.15 20.20 0.011 0.045 0.012
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Vein 1 HDD2 4.30 1.30 0.005 0.001 0.016 0.003
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Manto Dorado HDD3 26.12 1.40 12.800 Trace 0.500 0.005
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Manto Dorado HDD4 30.26 3.57 0.103 0.011 0.058 0.050
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Manto Dorado HDD5 6.43 0.73 4.240 0.021 0.019 0.006
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Manto Dorado HDD6 15.00 1.20 23.800 0.077 0.090 0.013
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Rosa vein HDD7 3.25 0.65 13.800 0.054 0.090 0.013
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Vein A HDD7-1 2.80 2.80 Trace 0.007 0.072 0.053
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Vein A HDD8 2.06 1.28 1.245 0.003 0.048 0.005
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Caja vein HDD8-1 2.63 2.63 2.154 0.002 0.016 0.003
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Rosa vein HDD9 2.78 2.78 0.029 0.001 0.068 0.006
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Split vein HDD9-1 0.34 0.34 17.700 0.001 0.058 0.014
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Vein A HDD9-2 1.49 1.49 0.006 0.002 0.016 0.026
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Vein A HDD10 1.94 1.94 0.132 Trace Trace 0.009
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Tumi vein HDD11 1.38 1.38 1.870 0.001 0.045 0.005
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Rosa vein HDD11-1 7.39 2.76 6.332 0.002 0.073 0.004
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Manto Dorado HDD12 14.94 1.95 0.175 0.003 0.022 0.006
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Apart from the Manto Dorado structure that was intercepted by drill holes
HDD3, 4, 5, 6 and 12, six vein structures namely the veins 1, Rosa, A, Caja,
Split and Tumi were intersected and had gold grades ranging from traces to
20.2 g/t. The Rosa vein is a new discovery that was uncovered by drill holes
HDD7, 9 and 11-1 and the intercepts had gold grades of 13.8, 0.029 and
6.33 g/t, respectively. In order to ensure that international Quality
Assurance/Quality Control (QA/QC) procedures were followed an independent
expert was contracted (Geologica Groupe Conseil inc of Val d'Or, Canada) to
validate the description of the cores and the sampling procedures used.
SURFACE EXPLORATION
10 channel and grab samples were also taken from surface outcroppings of
the breccia in the quartzite rock of the Soraya formation that show evidence
of disseminated gold mineralization and are reported in Table 2 below.
TABLE 2 - DISSEMINATED GOLD MINERALIZATION IN THE QUARZITE OF THE
SORAYA FORMATION
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Sample Width Au Ag Cu Mo
number Type (m) g/t ppm ppm ppm
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55711 Channel 0.35 0.05
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55729 Channel 0.45 0.81 0.9 82 62
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55730 Channel 0.30 0.39 1.6 158 23
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55731 Channel 0.60 0.04
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55736 Channel 1.50 0.26 0.5 24 2
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55737 Channel 2.00 0.80 0.6 23 7
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55739 Channel 1.30 0.15 0.5 13 5
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55741 Channel 0.70 0.11 0.5 20 4
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55742 Grab 0.06
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55744 Grab 0.79 0.5 14 1
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Finally, in Table 3 , the results for 25 channel and grab samples taken
from surface outcroppings of the limestone Ferrobamba (Skarn) formation are
reported. These samples showed gold, silver and copper mineralisation.
3 samples had approximately 1% copper and gold mineralisation ranging from
2.67g/t to 9.88 g/t. Twelve samples returned gold grades of over 1 g/t and up
to 15.65 g/t.
TABLE 3: 25 CHANNEL AND GRAB SAMPLES TAKEN FROM SURFACE OUTCROPPINGS OF
THE FERROBAMBA (SKARN) FORMATION
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Sample Width Au Ag Cu Mo
number Type (m) g/t ppm ppm ppm
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1025 Channel 0.80 1.06
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1026 Channel 0.70 15.65 1.7 17 4
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1027 Grab 1.06
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1257 Grab 0.17 1.0 20
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1258 Grab 0.28 3.0 32
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1267 Grab 0.15 0.9 8
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1292 Channel 1.50 0.10
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1294 Channel 1.50 0.33
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1298 Channel 0.85 0.57
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1299 Channel 1.60 0.11
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1321 Channel 1.50 0.05
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1326 Channel 1.50 0.06
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1399 Channel 0.85 0.34
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1442 Channel 0.65 3.72
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1088 Channel 0.50 0.70
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1089 Channel 0.50 0.09
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1090 Channel 1.20 4.21 29.6 10000 8
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1091 Channel 0.60 1.57
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1097 Channel 0.50 1.85
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1251 Channel 0.60 9.88 140.0 13300
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1252 Channel 0.50 1.61 3.0 2880
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1253 Channel 0.30 2.67 17.0 10000
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1254 Channel 0.80 1.45 3.0 3440
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1255 Channel 0.30 1.17 24.0 2820
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1256 Channel 0.13 1.0 303
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The Company is currently working on the full interpretation of these results and the conclusions will be reported as soon as they are available. Nevertheless, based on the results in Table 3 the Company's chief geologist, Alonso Sanchez, decided to immediately initiate an exploratory drill hole, of the newly discovered Skarn structure, that is currently underway. The results from this drill hole will be reported as soon as the results are available.
Chemical analysis was done by ALS CHEMEX laboratories in Lima and strict QA/QC protocols were followed.
Alonso Sanchez, Chief Geologist, having graduated from the Universidad National de Ingenieria is Dynacor Gold's "Qualified Person" and is responsible for the technical information contained in this press release. Thus, Mr. Sanchez can testify to the precision and exactitude of the data and the mining and geological knowledge of the Tumipampa property, as required by National Instrument 43-101 and its annexes with respect to the reporting and content of this press release.
ABOUT DYNACOR GOLD MINES INC.
Dynacor is a gold exploration and mining company, that has been active in Peru through its subsidiaries since 1996. The Company's assets include the Acari, Casaden and Tumipampa exploration properties. The Acari mill produces gold by custom milling. 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.