MONTREAL, QUEBEC--(Marketwired - Aug. 15, 2017) - Glen Eagle Resources Inc. (TSX VENTURE:GER) reports that initial sampling and mapping has commenced at the Company's La Cobra gold project in Choluteca Department, Honduras. The former mine site, where the sampling was done, covers approximately 30 hectares of the 775 hectares encompassing the entire concession.
The sampling is to build a geoscientific database of the rock types and styles of mineralization that will represent the early foundation of a NI 43-101 compliant Technical Report. The database will aid the company in preparing a drill program as well as to qualify property mineralization in a three-dimensional grade distribution in historical dumps. It is also designed to aid in production scheduling to meet Cobra Oro mill optimal grade requirements as the dump sites could represent a large potential feed source for the Cobra Oro CIL plant.
The rock dump at the La Cobra Gold Property was sourced from five separate adits with both dump and adit samples showing significant textural fabrics consistent with low sulphidation epithermal gold/silver deposits.
Samples taken for analysis in this phase are found in Table 1 below.
Table 1. Samples
|E5810406||Surface Grab||La Cobra||0435431||1494154||53|
|E5810407||1.2m Vein Channel||La Cobra||0435419||1494199||58|
|E5810408||Grab Vein Alteration||La Cobra||Underground||58|
|E5810409||1.4m Chip across Vein||La Cobra||Underground||58|
|E5810410||Dump Grab Sample||La Cobra||0435457||1494185||34|
|E5810411||Certified Reference OREAS 62e|
|E5810412||Dump Grab Sample||La Cobra||0435482||1494194||38|
|E5810413||Artisanal Miner Dump Sample||Client Site||0504648||1470657||462|
|E5810414||Artisanal Miner Dump Sample||Client Site||0460771||1502674||95|
|E5810415||Artisanal Miner Dump Sample||Client Site||0460774||1502678||93|
Samples have been submitted to Agat Laboratories Ltd in Mississauga, Ontario, for ICP analysis with AAS finish, after dissolution in Aqua Regia. One Certified Reference Material sample was inserted into the sample stream; OREAS 62e.
The Company plans a detailed survey of the principal dump at La Cobra, once access agreements have been signed with the local community as part of an obligatory socialization process under the new Honduran mining law. As of the date of this News Release, discussions are well advanced, with positive outcomes expected in the near term.
Jim Steel, MBA P.Geo, is the independent QP working on the La Cobra project. He has read and approved the technical content of this News Release.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." Values in the news release are quoted in canadian dollars.