VANCOUVER, BRITISH COLUMBIA
-- (Marketwired)
-- 03/31/15
Odin Mining and Exploration Ltd. (TSX VENTURE:ODN) ("Odin") is pleased to announce the results from the Company's nine hole, 3,540 metre Phase 1 drill program at its Cangrejos project in southern Ecuador. The Cangrejos gold/copper project, comprises approximately 5,594 hectares, is located El Oro province of southern Ecuador approximately 30 kilometres southeast of the coastal port city and Provincial capital, Machala.
Results demonstrate the continuous nature of the mineralization, highlighted by hole C14-47 that intersected 405.10 meters from surface to the end of the hole grading 0.66 grams per tonne gold and 0.09% copper for a gold equivalent grade of 0.82 grams per tonne and including 58 metres grading 1.63 grams per tonne gold and 0.16% copper for a gold equivalent grade of 1.91 grams per tonne.
The results from the initial 9 drill holes are shown in the table below. A map showing the location of the drill holes is provided in Figure 1, below.
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Hole From To Interval Au Cu Au Eq.
Number (m) (m) (m) (g/t) % (g/t) Explanation
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C14-47 0.00 405.10 405.10 0.66 0.09 0.82 This hole was drilled on
(length: an azimuth of 110
415.10m) degrees at an
inclination of -55
degrees and was designed
to confirm the previous
drill results for use in
an eventual NI 43-101
resource estimate, which
it did successfully. The
hole also extended the
limits of the known
mineralisation to the
south at depth.
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including 73.10 131.10 58.00 1.63 0.16 1.91
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C14-48 0.00 351.00 351.00 0.51 0.08 0.65 Inclined at -70 degrees
(length: and oriented north this
351m) drill hole stepped out
50m to the northeast of
the existing drilling
and extended known
mineralization 150m
vertically below the
neighbouring drill
holes.
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including 0.00 19.00 19.00 1.65 0.17 1.94
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including 291.00 351.00 60.00 1.08 0.09 1.23
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C14-49 0.00 336.00 336.00 0.44 0.11 0.63 This hole was drilled at
(length: -60 degrees to the north
407.75m) and is a 100m step-out
to the northeast of hole
C14-48 and extended the
known mineralised body
in this direction.
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including 6.80 68.00 61.20 1.01 0.10 1.18
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including 134.00 176.00 42.00 0.72 0.35 1.29
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C14-50 11.00 177.00 166.00 0.47 0.10 0.66 Inclined at -70 degrees
(length: to the south this hole
539.55m) was designed to test the
depth extent of the
known mineralisation and
succeeded in extending
gold and copper grades
to 200m below the base
of existing drilling,
ending in
mineralisation.
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and 269.00 539.55 270.55 0.78 0.21 1.15
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including 337.00 417.00 80.00 1.45 0.18 1.76
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C14-51 0.00 344.40 344.40 0.67 0.09 0.83 Inclined at -60 degrees
(length: to the north, this hole
350.15m) confirmed continuity of
mineralisation in a 150m
gap in the existing
drill pattern
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including 66.40 114.40 48.00 1.52 0.10 1.69
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C14-52 0.00 112.00 112.00 0.32 0.07 0.44 Orientated -50 degrees
(length: to the north, this hole
216.55m) was designed to test the
down-dip extent of
mineralization seen in
the ADAB 1(i) adit which
returned 0.52 grams per
tonne gold and 0.08 %
copper over 110m. in a
historic continuous
channel sample and is
coincident with a
surface rock sample gold
anomaly.
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C14-53 0.00 42.00 42.00 0.21 0.09 0.37 This hole was drilled at
(length: -60 degrees to the north
438.05m) and is a 100m step-out
to the east of hole C14-
9 and extended the known
mineralised body in this
direction.
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90.00 102.00 12.00 0.19 0.08 0.33
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122.00 202.00 80.00 0.29 0.10 0.47
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240.00 288.00 48.00 0.31 0.12 0.53
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338.00 388.00 50.00 0.13 0.05 0.21
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C14-54 0.00 19.00 0.48 0.09 0.64 This holes was
(length: orientated -65 degrees
432.05m) north and is a 200m
vertical step-out below
previously drilled hole
C11-18
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53.00 193.00 0.24 0.02 0.28
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227.00 293.00 0.25 0.04 0.32
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C15-55 No Significant Results This scout drill hole
(length: was orientated -55
315.50m) degrees north to test
below a surface gold-
copper-molybdenum
anomaly with a
coincidence IP anomaly
and tourmaline breccia
mapped at surface.
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(i) Gold equivalents are calculated assuming a gold price of $1,200 per troy
ounce and $3.00 per pound of copper. 100% recoveries are assumed in the
absence of metallurgical test work. No interval reported above contains an
intersection of 10m or greater of continuous samples grading below 0.2 g/t
Au Eq. The highest drill core assay used in the above results is 5.48 g/t
for gold and 1.39% for copper. No top cutting of the database was deemed
necessary. All samples in the drill program were 2m long except for a total
core length of 55.75m in 32 samples (1.6% of total), which were cut to
different lengths.
Odin is encouraged by the current drill results, which are consistent with the company's expectations. Results demonstrate the continuous nature of the mineralization at Cangrejos, making it suitable for a large-scale open pit low-cost mining operation. The Company is also anticipating changes to the regulatory and taxation environment in Ecuador and is encouraged by recent dialogue with the government in this regard. Additionally, Odin has initiated a scoping level metallurgical testing program along with a conceptual project siting and environmental study.
Figure 1. Drill hole plan: http://media3.marketwire.com/docs/ODN331.jpg
In other corporate news, Leo Hathaway has been appointed Senior Vice President and Diego Benelcazar has been appointed Vice-President Exploration and Corporate Development.
Leo Hathaway, P.Geo., and Senior Vice President for Odin, is the Qualified Person as defined by National Instrument 43-101 for the Cangrejos Project. The quality assurance/quality control program is monitored by independent consultant Dr. Bruce M. Davis. Logging and sampling are completed at Odin's secure facility located at the project. The drill core is sawn in half on site and half drill core samples are securely transported to Acme's sample preparation facility in Cuenca, Ecuador. Sample pulps are sent to Canada for analysis. Gold content are determined by fire assay of a 30 gram charge at ALS Chemex in Lima, Peru and Vancouver, Canada. Total copper content is determined by four-acid digestion with ICP finish at Acme in Vancouver. Check assays for gold were done at ALS Chemex Labs in Vancouver and Lima, Peru. Odin inserts standards, blanks and duplicates selected on a random basis into the sample stream.
Mr. Hathaway has reviewed and approved the contents of this news release.
Odin Mining & Exploration Ltd.
Marshall Koval, President & CEO
Neither the 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 news release.
Contacts:
Odin Mining and Exploration Ltd.
Lyle Braaten
VP Legal Counsel
+1 604 646 1889
lbraaten@odinmining.com
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