MONTREAL, Jan. 13, 2005 (PRIMEZONE) -- The O.T. Mining Corporation ("O.T.") (Pink Sheets:OTMN) is pleased to announce the preliminary evaluation of diamond drill core from the North Anomaly target area within its Ruby property in southwestern Montana, and the acquisition of additional properties.
O.T. drilled vertical core hole NA04-6 in the North Anomaly target area to determine the source of a copper, cobalt and zinc Mobile Metal Ions (MMI) soil geochemical anomaly. The following description is based upon a preliminary examination of the drill core. Detailed logging, geochemical analysis and assays, and petrographic and mineralogic studies are in progress. Samples will be sent to SGS Laboratories (Toronto, Ontario) for geochemical analysis and assay. Results will be reported when received.
The core hole penetrated 587 feet of non-mineralized volcanic rocks before intersecting altered and mineralized intrusive rock. The intrusive rock has been tentatively identified as the Boulder Batholith, host to world-class mineralization at the "Richest Hill On Earth" in Butte. Mineralization consists of sulfide disseminations, veins, and replacements. Identified sulfides include pyrite, chalcopyrite, and possible molybdenite. The rocks that host this mineralization contain both phyllic and potassic alteration. These alteration styles are typically associated with porphyry copper deposits.
The mineralized zone occurs between 665 feet and 1916 feet below surface (which is the current bottom of the hole), for a mineralized intercept of approximately 1251 feet. Alteration intensity, chalcopyrite concentrations, and the width of quartz/sulfide veins and replacements increase with depth. The hole remained in copper mineralization and associated alteration to its final depth of 1916 feet, when it was halted due to restrictions on winter drilling required by the U.S. Forest Service. O.T. intends to re-enter and continue the hole as soon as possible in 2005 to determine the vertical extent of this mineralization.
The O.T. technical team feels that these results are very significant geologically, and interprets the mineralized drill intersection to be representative of "porphyry copper-type" mineralization. Porphyry deposits commonly form large tonnage, bulk mineable zones containing copper, molybdenum and gold. The mineralization at nearby Butte, Montana (known as the "Richest Hill On Earth") is one such porphyry copper deposit. Another example of a well-known porphyry copper deposit is the Bingham Canyon deposit near Salt Lake City, Utah.
Based on these drill results, O.T. has completed an aggressive claim-staking program. O.T. has staked a significant ground geophysical anomaly initially defined by the Anaconda Company in 1968. This anomaly occurs east of the North Anomaly target area, and may represent the continuation of the mineralized zone intersected by O.T.'s hole NA04-6. Based upon this interpretation, the dimensions of the mineralized area would be approximately 3,200 feet long and 2,400 feet wide with an undetermined vertical extent. This area was covered by 74 new unpatented claims encompassing approximately 1482 acres (2.3 square miles). This new property expands the Ruby property to 10.3 square miles.
In addition to the newly located unpatented mining claims, O.T. has finalized the purchase of patented claims totaling 114 acres in the Ruby Ag-Au Mine-Ruby West area. It is anticipated that evaluation of these significant new properties will provide new silver-gold and copper-molybdenum exploration targets.
Subsequent to permitting, O.T. will explore the newly located claims with state-of-the-art ground geophysical surveys, geological mapping and Mobile Metal Ions soil geochemical surveys to define additional drill targets. O.T. will continue its diamond drill program in 2005 with 18,000 feet of drilling to assess the North Anomaly target area, its eastward extension, the Ruby silver-gold mine and the Kit Carson area.
For further information contact:
James W. Hess, President 4333 Ste. Catherine St. West, Suite #610 Montreal, Quebec, H3Z 1P9 Canada Tel: (514) 935-2445 Fax: (514) 935-8161 E-mail: info@otmining.com Web site: www.otmining.com
Disclaimer: This news release contains certain "Forward-Looking Statements". All statements, other than statements of historical fact, included herein, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.