Samaranta Mining provides exploration update, plans for 2013
Thursday, Dec 20, 2012
Samaranta Mining Corporation (TSX VENTURE:SAX) ("Samaranta" or the "Company") is pleased to provide an exploration update on the latest work completed at the flagship Guadalupe project in Colombia, as well as highlight the upcoming plans for 2013, including a drill program focused at Target Area 2.
Guadalupe Project, Colombia
Guadalupe is a drill-ready gold prospect strategically located contiguous with the largest gold producer in the Segovia-Remedios Mining district - Frontino Gold Mines ("Frontino") currently owned by Gran Colombia Gold. Over the past year and a half, the Company has worked on the completion of a soil sampling program, airborne geophysics and 3D ground Induced Polarization ("IP") and has identified four targets for further exploration. Based on exploration work completed to date, geochemical and geophysical observations at Guadalupe are generally consistent with the signature from a shallow southeasterly dipping vein. Evidence suggests that gold mineralization will likely be in mesothermal veins confined to the underlying granodiorite, similar to the veins being mined at Frontino; also, disseminated gold has been discovered in the overlying intrusive rock thus suggesting a porphyry gold host rock with larger tonnage potential. Therefore, drilling will be designed to test both target types, high-grade vein-hosted gold and lower-grade disseminated gold hosted in a porphyry. The 786 hectare Guadalupe property is located approximately 140 km northeast of Medellin and 280 km north-northwest of Bogota within the Segovia-Remedios Mining district.
Drill Program 2013
The 2013 program will begin with follow-up work and drilling focused on Target Area 2 (click here to view map: http://www.samaranta.ca/s/guadalupe_project.asp
) in the middle portion of the property which is deemed first priority. Target Area 2 demonstrates both a strong IP survey correlation and gold outcropping, both great indicators for gold occurrence below surface. The program will aim to drill 5,000-10,000 metres, evaluating the drill core to determine the depth and direction needed. There are three additional target areas, named Target Areas 1, 3 and 4, which also show correlations with the IP survey. By starting in the centre of the property on a strong target area, the geologic team can begin to get a clearer picture of the gold-rich structures and the direction they trend under cover.
Segovia Gold Mine Tailings
An application has been submitted to CORANTIOQUIA to have all necessary permitting in place to begin exploration work. Exploration work is needed to evaluate the mine tailings, which includes sampling the historic tailings as to grade, size, and metallurgy. Once exploration work is completed and deemed economic, these piles of gold tailings could serve as a production scenario whereby the Company turns to a revenue model, limiting the need for future financing. The Segovia Mine tailings are primarily situated in two tailings piles within the municipality of Segovia, Colombia and were derived from historic mining activities by Frontino Gold Mines as well as numerous small-scale operations.
Appointment of CFO and Chairman
The Board of Directors of Samaranta has appointed William Jung as the Chief Financial Officer of the Company. Mr. Jung has over 30 years of experience in the areas of finance and business, and has worked with a major international chartered accounting firm and TSX Venture Exchange companies. He also serves as the Chief Financial Officer of Colombia Crest Gold Corp. and has been in this role since October 2003.
Additionally, the Board of Directors has appointed Hans Rasmussen, currently a Director, as Chairman of the Board of the Company. Mr. Rasmussen brings to the Company over 29 years of professional experience in the mining industry as a geophysicist, geologist, exploration manager and junior company executive. Mr. Rasmussen has held senior positions with junior and major mining exploration companies in North and South America, including Newmont and Kennecott/Rio Tinto. His experience includes conducting and managing all geological and geophysical aspects of exploration, project identification and acquisition, commercial transactions and investor relations. He is currently the President and Chief Executive Officer of Colombia Crest Gold Corp.