TSX Venture Exchange Symbol: VGM
Shares Outstanding: 56,006,090
MONTREAL, Sept. 19 /CNW Telbec/ - Virgin Metals Inc. (the "Company" or
"Virgin Metals") (TSX - V: VGM) has received assay results for drill holes
LVRC0406 through LVRC1006 from its drill program currently underway at its Los
Verdes copper, molybdenum, tungsten project in the State of Sonora, northern
Mexico. The drill program, designed to replicate the drill pattern completed
by Cominco Ltd. and Industriales Penoles some 35 years ago, is advancing on
schedule with 22 holes totaling 2,631.94 metres in length completed to date.
The assay results for molybdenum, copper, tungsten and silver for drill
holes LVRC04 through LVRC1006 are as follows:
Table 1. Summary of Drill results
<<
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VGM Cominco/ Inclination Azimuth Total From
Penoles Depth
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Drill Drill (degrees) (metres) (metres)
Hole Hole
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LVRC0406 DPC-44 vertical No significant results
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LVRC0506 DPC-44 - 45 360 172.21 27.43
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including 76.20
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including 86.87
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LVRC0606 DPC-37 vertical 123.44 22.86
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including 38.10
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and 44.20
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LVRC0706 C-35 vertical 144.78 21.34
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including 62.48
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LVRC0806 C-24 Vertical No significant results
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LVRC0906 C-29 Vertical 121.92 24.38
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including 62.48
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LVRC1006 DPC-36 Vertical 141.77 36.58
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VGM To True Mo Cu W Ag
Width (Total)
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Drill (metres) (metres) % % % g/t
Hole
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LVRC0406 No significant results
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LVRC0506 138.68 78.65 0.19 0.79 0.20 4.5
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including 115.82 28.01 0.33 1.01 0.27 6.1
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including 102.11 10.77 0.55 1.13 0.36 6.5
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LVRC0606 83.82 60.96 0.12 0.95 0.07 7.7
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including 80.77 42.67 0.16 1.28 0.09 10.5
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and 79.25 35.05 0.16 1.49 0.10 12.3
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LVRC0706 128.01 106.67 0.12 0.56 0.06 4.5
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including 105.16 42.68 0.14 0.97 0.08 4.4
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LVRC0806 No significant results
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LVRC0906 99.06 74.68 0.12 0.14 0.04 2.7
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including 94.45 31.97 0.22 0.18 0.06 2.3
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LVRC1006 115.82 79.24 0.14 0.31 0.03 2.2
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>>
Note: No high values have been cut.
Hole no LVRC0406 appears to have been drilled at the southern edge of
mineralization. LVR0506, collared at the same location, was drilled north at
an inclination of - 45 degrees and returned some of the highest grades seen to
date on the project. Hole LVRC0806 was drilled immediately behind the face of
the existing open pit and may also be too far south to intersect
mineralization.
As previously reported, the mineralization occurs in a prominent ridge
and consists of typical porphyry style mineralization which is modified by
leaching at the surface and accompanied by re-concentration in a zone of
secondary enrichment. Drill hole intersections further confirm the presence of
a leached cap within an overlying hydrothermal (quartz- tourmaline) breccia
and a secondary enrichment zone identified in holes LVRC0506 - 0706 by
discreet intersections of elevated copper and more local, molybdenite
mineralization.
The CEO of Virgin Metals, Chris Davie, commented that "We continue to see
continuity of high grade values of both molybdenum and copper in this compact
and readily accessible zone of mineralization. We anticipate completing
drilling in October and to have a NI 43-101 compliant resource calculation
completed by about the end of November. We are meanwhile continuing with
permitting activities for a planned small-scale plant that we anticipate being
in production during 2007. The plans for such a plant have not been the
subject of a feasibility study and should not be relied upon. It is
anticipated that a feasibility study will also be commenced in 2007 that will
be based on a future production rate of 2,500 to 3,000 tonnes per day."
Sampling practice for earlier holes was reported in the August 22, 2006
Press Release. Sampling practice continued unchanged through the drilling of
these holes.
In addition to the routine quality control work carried out by ALS
Chemex, the Company has established a quality control protocol consisting of
the routine use of sample duplicates, blank samples and certified sample assay
standards obtained from WCM Sales Ltd., Burnaby B.C.
This report has been prepared by Mr. Gary Lohman, a registered
Professional Geologist and Qualified Person (QP) as defined by NI 43-101 of
the Canadian Securities Administrators. Mr. Lohman is the QP for the Los
Verdes exploration program.
FORWARD-LOOKING STATEMENTS
This press release includes certain "forward-looking information" within
the meaning of the Securities Act (Ontario), including, but not limited to,
statements as to timing and extent of exploration programs and the
availability of exploration results. As such, forward-looking information
addresses future events and conditions and so involves inherent risks and
uncertainties, as disclosed under the heading "Risk Factors" and elsewhere in
Virgin Metals documents filed from time to time with the Ontario Securities
Commission and other regulatory authorities. Actual results could differ
significantly from those currently projected as a result of, among those
factors, adverse weather, regulatory changes, delays in receiving permits,
accidents and delays in completing exploration activities not all of which are
in the control of Virgin Metals. The forward-looking information contained
herein is Virgin Metal's reasonable estimate today of future events and
conditions, but no assurance can be given that such events or conditions will
occur.
About Virgin Metals Inc.:
Virgin Metals is a junior exploration and development company rapidly
evolving to production status. It has two advanced exploration stage
molybdenum - copper porphyry properties in Sonora State, northern Mexico.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
