Minefinders Reports 13.69 gpt Of Gold-Equivalent
VANCOUVER, BC - Minefinders Corporation Ltd. reported updated results from drilling completed at the Company's La Virginia Project in Sonora State, Mexico.
Following encouraging results earlier in the year, drilling remains focused on the Las Huatas Zone. Drill intercepts reported in this news release are from step-out holes designed to expand on previously reported intercepts by targeting the mineralized structure on 40 to 60 metre centres.
High-grade intercepts from within the Las Huatas Zone include 4.0 metres averaging 71.31 grams per tonne (gpt) gold-equivalent (AuEq) (41.01 gpt gold and 1,817.9 gpt silver) contained within 23.5 metres averaging 13.69 gpt AuEq (7.63 gpt gold and 363.2 gpt silver). Gold-equivalents are based solely on the contained gold and silver and no base metals have been observed to occur. To date, the Las Huatas zone has been systematically tested over an area of approximately 250 metres laterally and 250 metres vertically. Drill sites are currently in place to test an additional 450 metres of strike length as well as target mineralization at depth.
Highlights of assay results from recently completed holes in the Las Huatas Zone include: LV11-47C:23.5 metres of 13.
All intervals are reported as down-hole lengths and are not corrected to true widths for the mineralized intervals as drill holes typically cut mineralization at variable angles and geometries of mineralized zones remain speculative until further drilling is completed. Gold-equivilent has been calculated using a silver to gold ratio of 60 to one.
Geologic mapping and sampling is currently being conducted on the south end of the project where the Las Huatas mineralized zone is known to extend for at least two to three kilometres to the south of current drilling. This expands the total strike length along mineralized structures to more than 10 kilometers of length. Once this work is completed, an application to expand the existing environmental permit to include this area for drilling will be filed.
During the course of 2011, the Company has constructed an additional 3 kilometres of road and 15 additional drill pads at La Virginia. Two core rigs are currently dedicated to the project and the Company plans to add a third core rig before the end of the year. Thus far, the Company has drilled nearly 11,000 metres in 2011 of its planned 12,750 metre program at La Virginia. Total drilling for the project now exceeds 17,000 metres in 55 completed core holes.
Due to the positive progress made year-to-date, the Board of Directors has approved an increase of US$1 million in the 2011 budget for La Virginia from US$2.7 million to US$3.7 million. Drilling will continue to follow up on encouraging intercepts located in the three main zones, totaling seven kilometres of mineralized strike length, and will also be extended to cover an area to the south of the Las Huatas Zone.
The company's address is 2288-1177 W. Hastings St., Vancouver, BC V6E 2K3, (604) 687-6263, fax: (604) 687-6267.