TSX Venture Exchange
Symbol: VGM
Shares Outstanding: 56,896,540
TORONTO, Oct. 19 /CNW Telbec/ - Virgin Metals Inc. (the "Company" or
"Virgin Metals") (TSX-V: VGM) has received assay results for drill holes
LVRC1106 through LVRC2206 from the 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 35 holes totaling 3650 metres in length completed to date
(figure 1 - To see the map, please click the following URL :
http://files.newswire.ca/357/LosVerdes.pdf). Highlights from the recent
drilling include intercepts of 30.35 metres at 0.30 % Mo and 33.53 metres of
1.73% Cu and 0.36% W.
Full results are summarized in table 1.
As previously reported, the mineralization occurs in a prominent ridge
and consists of typical porphyry style mineralization which is modified by
leaching at surface and accompanied by re-concentration in a zone of secondary
enrichment. The dominant host rock is a quartz - tourmaline breccia that lies
above and to the west of the Buena Vista fault. The base of the mineralization
lies at the contact between the host breccia and a fine to medium grained
granodiorite. In the north, the mineralization is bounded by topography.
Drill holes 11 through 14 and 19 through 21 continue to define the
geometry of the known mineralization both west and to the south of the open
pit. Assay results to date indicate that the Mo - Cu mineralization in the
hanging wall has dimensions of approximately 250 by 200 metres in plan and
between 30 and 130 metres in thickness. Significant tungsten mineralization is
also present, locally associated with the higher-grade Cu values encountered
in the enriched Supergene zone.
Mineralization in and to the east of the open pit occurs in the footwall
of the Buena Vista fault and is not contiguous with the mineralization
encountered above. Drill holes 15 through 18 were designed to investigate
possible extensions to mineralization below and to the south of the open pit.
Drill holes 15 and 17 were successful and appear to demonstrate encouraging
extensions of this readily accessible mineralization.
Drill holes 23 through 32 were collared to the east and north of the pit
in order to test for potential mineralization beyond holes 15 and 17 in the
footwall. Holes 33 through 36 were located to the north and west to further
assist in determining the bounds of the mineralization. The results from these
drill holes will be disseminated as soon as received.
Table 1
<<
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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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LVRC1106 DPC-36 -60 180 135.64 41.15
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including 41.15
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LVRC1206 vertical 91.44 24.38
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LVRC1306 C-12 vertical 91.44 9.14
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including 9.14
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LVRC1406 DPC-68 vertical 182.88 77.72
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LVRC1506 DPC-61 vertical 65.53 0.00
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LVRC1606 DPC-66 vertical 111.25
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LVRC1706 DPC-65 vertical 99.06 1.52
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LVRC1806 DPC-64 vertical 114.30 28.96
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LVRC1906 C-31 vertical 102.11 28.96
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including 30.48
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LVRC2006 C-2 vertical 91.44 35.05
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LVRC2106 21 vertical 86.87
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LVRC2206 22 vertical 86.87 21.34
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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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LVRC1106 100.58 51.47 0.20 0.42 0.05 2.5
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including 76.20 30.35 0.30 0.47 0.04 3.4
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LVRC1206 56.39 32.01 0.24 0.31 0.03 1.8
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LVRC1306 48.77 39.63 0.13 0.03 0.01 0.9
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including 21.34 12.20 0.29 0.06 0.02 1.9
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LVRC1406 99.06 21.34 0.11 0.02 0.01 1.0
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LVRC1506 9.14 9.14 0.21 0.03 0.001 1.5
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LVRC1606 No significant values
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LVRC1706 33.53 32.01 0.19 0.21 Nil 14.8
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LVRC1806 38.10 9.14 Nil 0.18 Nil 11.3
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LVRC1906 70.10 41.14 0.07 1.43 0.35 6.5
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including 64.01 33.53 0.07 1.73 0.36 7.5
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LVRC2006 50.29 15.24 0.15 0.16 0.01 2.5
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LVRC2106 No significant values
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LVRC2206 44.20 22.86 0.06 Nil Nil Nil
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>>
Note: No high values have been cut.
Sampling practice for earlier holes was reported in the August 22, 2006
Press Release. Sampling practice continued unchanged through the drilling of
these holes.
Virgin Metals CEO Chris Davie said: "The dimensions of mineralization
outlined in the hanging wall of the fault are comparable to those demonstrated
by earlier drilling, while the footwall mineralization in, around and below
the old open pit is shaping up as potentially significant additional
mineralization. Of equal significance, progress in the adit has allowed our
first view of the ore in situ; it consists of a classic and spectacular
breccia cemented by massive molybdenite and a suite of primary and secondary
copper minerals. Disseminated molybdenite is also visible in the clasts of the
breccia."
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; its
projects include two copper/molybdenum porphyry properties in Sonora, northern
Mexico. One of these, Los Verdes, is expected to evolve rapidly towards
production while the other, Cuatro Hermanos, is expected to be the focus of
expanded exploration effort.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
