Dynacor Gold Announces a $5.45 Million Drilling Campaign, on Its Tumipampa Property
MONTREAL, QUEBEC–(Marketwire – Nov. 18, 2010) – Dynacor Gold Mines Inc. (“Dynacor” or “the Company”) (TSX:DNG) is pleased to announce that the Company is actively preparing a $5.45 million drilling campaign on its 100% owned Tumipampa property. Beginning in early 2011, Dynacor plans to drill a total of 16,700 meters. The objective is to focus on the 4.1 by 1.2 km skarn ore deposit in order to determine the depth of mineralization and verify the high-grade gold and copper mineralization recently discovered in surface channel samples.
Phase I of the drilling campaign will consist of 14 drill holes with depths of between 300 to 600 meters. Three to four drill holes will target each of the 4 anomalous mineralized zones that have been identified by the surface geological studies. During Q3-2011, the company expects to begin Phase 2 of the drilling campaign which will consist of 10,500 meters of further drilling of mineralized zones based on the results obtained during Phase 1.
During Q3-2010, in order to prepare Phase I of the Tumipampa drilling campaign, the company has been actively sampling the skarn and other mineralized structures. 300 channel surface samples have been sent for analysis. The company will release this new data as soon as it is available.
Tumipampa: The Geological Context
The Tumipampa property straddles the Apurimac corridor which hosts porphyry-copper and base metals rich skarn deposits such as Las Bambas (Xstrata Copper), Los Chancas (Southern Copper Corp) and Haquira (Antares Minerals) located within the Abancay deflection zone which is an important regional structural control of the Andes Mountain Range. This deflection zone changes its orientation from north-west south-east to east-west creating an opening which allowed the intrusion of the large Andahuaylas-Yauri formation associated with several copper porphyries and skarn deposits. Furthermore, the Tumipampa property is located within a gold-silver rich corridor of epithermal veins which hosts several important hydrothermal deposits such as Orcopampa, Ares, Arcata, Caylloma, Shil-Paula, Selene-Pallancata and Antapite.
The Tumipampa property is located 60 km south of the city of Abancay in the Department of Apurimac and approximately 500 km SE of Lima; its altitude varies between 4200 and 4800 meters and covers an area of 42 km² (4,200 hectares) including a recent acquisition of 1,300 hectares to protect the possible lateral extensions of the skarn ore deposit. See Press Release issued on January 27, 2010, and the Corporate Factsheet released in October 2010- www.dynacorgold.com.
Tumipampa: Baseline Data
To date the Company has completed three drilling campaigns on Tumipampa and collected 1320 surface samples (874 on the skarn itself and 446 from other parts of the property).Tumipampa is host to three different types of mineralization (mainly gold, copper and silver):
Copper, gold and silver mineralization associated with skarn-type deposit at the interface between limestones and marbles (Ferrobamba formation) and the Andahuaylas-Yauri intrusive rock.
Gold bearing vein structures with variable widths ranging up to 7 meters that are generally orientated along a N20°E/70°NW dip. The veins are mainly made-up of pyrite, chalcopyrite, hematite, iron oxides and grey-white quartz associated with the Soraya formation and the Apurimac batholite.
Disseminated gold mineralization associated with breccias in the quartzite rock.
In addition to the recent skarn discovery, the property hosts several important gold mineralized structures, namely the Manto Dorado, Veins A, B, 1, 2007, Escondida, Porvenir, Santa Rosa, San Pedro, Esperanza, Creston Siliceo, Aguila, South and Sheila Breccisa.
The Manto Dorado structure is of particular importance since it is located below and to the southeast of the skarn. In 2008, two drill holes in the Manto Dorado intersected high-grade gold mineralization with intercepts of 23.8 g/t Au over 1.2 meters and 12.8 g/t Au over 1.4 meters.
Mr. Jean Martineau, President and CEO of Dynacor Gold recently commented at a meeting in New York City “The company’s Tumipampa project is located in a fast evolving mining region of Peru. It is flanked on either side by two huge copper/gold deposits. One is ‘Los Chancas’ owned by Southern Copper Corp. 355 million tonnes @ 0.62% Cu and 0.039 grams/tonne of gold and the other is ‘Las Bambas’ owned by Xstrata: 1.13 billion tonnes @ 0.77% Cu and 0.05-0.068 grams/tonne Au. Xstrata recently approved (August 2010) development of a $4.2B mine on its Las Bambas copper/gold project. Finally, in the past few days, our neighbor to the East, Haquira owned by Antares Minerals (TSX-V:ANM) was given an offer of CDN $460 million from First Quantum (TSX:FM) for its Haquira property. We are very excited by all these developments as we continue to drill and to explore Dynacor’s own copper/gold skarn deposit, the Manto Dorado and the other important gold rich vein structures.”
This Press Release has been read and approved by Alonso Sanchez, P. Eng. and Chief Geologist for Dynacor Gold Mines. He acts as the qualified person (“QP”) for the Company, and is a geologist affiliated to the American Institute of Professional Geologists (AIPG).
ABOUT DYNACOR GOLD MINES INC.
Dynacor is a gold exploration and mining company active in Peru through its subsidiaries since 1996. The Company’s assets include the Acari, Casaden and Tumipampa exploration properties. The Acari mill produces gold by custom milling. Dynacor’s strength and competitive advantage comes with the experience and knowledge the Company has developed while working in Peru. Its pride remains in maintaining respect and positive work ethics toward its employees, partners and local communities.
FORWARD LOOKING INFORMATION
Certain statements in the foregoing may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Dynacor, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance as of the date of this news release.
Dynacor Gold Mines Inc.
President & CEO
Dynacor Gold Mines Inc.
778-574-2806 or Cell: 604-562-1348