Arc Minerals Regulatory News (ARCM)

14 Apr 2008 09:42

Templar Minerals Limited14 April 2008 14 April 2008 Templar Minerals Limited ("Templar Minerals" or "the Company") Exploration Update Further positive results from the Adjaria Project, Georgia Templar Minerals, the gold and base-metal exploration and production companywith operations in Fiji and the Republic of Georgia, is pleased to announce thefollowing exploration update for its Adjaria Gold Project in the Republic ofGeorgia. Historic non-JORC compliant Russian resource estimates indicated atotal mineral resource for the Adjaria Project of: Copper 74,800 tonnes, Lead15,000 tonnes, Zinc 11,000 tonnes, Gold 0.652 tonnes and Silver 15.1 tonnes. Highlights • Phase 1 diamond drilling completed on Vaio orebody and detailedresults awaited • Further positive results on rock chip samples for the Varazza andTskalbokela target orebodies in the South of the licence area show values for upto 11.10 g/t for gold (Au), 95.70 g/t for silver (Ag), 3.32% for copper (Cu),4.60% for lead (Pb) and 7.28% for zinc (Zn) mineralisation David Lenigas, Chairman of Templar, said: "These interim result from our ongoing drill and exploration programme increaseour confidence in the reliability of the Non-JORC compliant Russian resourceestimates derived from work previously undertaken and underline the potential ofthe Project in Georgia. The full results of this Phase 1 drilling programme and an update on our plansfor the Phase 2 infill drilling programme will be announced as soon as ispracticable." Phase 1 drilling of the Vaio Au-Ag-Zn orebody has been completed along a strikelength of approximately 500 metres. The historically-defined strike of thetargeted orebody is approximately 900 metres. Mineralised intersections havebeen sampled and are to be submitted to ALS Chemex for analysis. Development ofadditional access roads for the upcoming Phase 2 infill drilling is ongoing. In addition to the gold and zinc exploration results on the Vaio Projectannounced on 5 March 2008, further surface rock chip samples from the Varazzaand Tskalbokela areas have yielded the following assay results: • 11.1 g/t Au over 1 m • 5.38 g/t Au over 1 m • 2.91 g/t Au over 1 m • 1.25 % Cu average over 4m, maximum 4.4 % over 1 m • 2.06 % Cu over 1 m • 3.32 % Cu over 1 m • 0.90 % Cu average over 3 m • 1.69 % Cu average over 4m, maximum 6.24 % over 1 m • 1.07 % Cu 1 m • 1.29 % Cu average over 3 m • 1.10 % Cu average over 7m, maximum 4.57 % over 1 m • 2.25 % Pb average over 2 m • 4.60 % Pb over 1 m • 7.28 % Zn average over 2 m • 6.99 % Zn over 1 m • 1.14 % Zn over 1 m • 95.70 g/t Ag over 1 m • 30.90 g/t Ag over 1 m • 29.70 g/t Ag over 1 m • 18.95 g/t average over 2m These results confirm the earlier work undertaken by Russian and Georgiangeologists and will assist in targeting the best mineralization within theVarazza and Tskalbokela areas. The geochemical data suggests that a number ofpotentially economic, polymetallic mineralized zones may exist in the southerntarget areas. The geochemistry indicates the presence of elevated gold, silvercopper, lead and zinc over a broad area within the licence area. It isanticipated that the drilling will indentify a series of continous structurallycontrolled orebodies that can be developed into a tangible mineral resource. Historic exploration by Russian and Georgian geologists on the Adjaria licencearea included the excavation of a system of adits that will be re-opened. All samples are being submitted to the ISO certified ALS Chemex laboratories inRosia Montana, Romania, Izmir, Turkey and Vancouver, Canada for Gold and BaseMetal analysis. Contacts: Templar MineralsDavid Lenigas, Chairman Tel:+44 (0) 7881 825378 Beaumont CornishRoland Cornish Tel: +44 (0) 20 7628 3396Rosalind Abrahams Financial Dynamics Tel + 44 (0) 20 7831 3113Ben Brewerton The information contained in this announcement has been reviewed by Keith KenyonAUS IMM, Geochemical Consultant to Templar Minerals. He is the Qualified Personoverseeing the geochemical exploration at the Adjaria Gold Project. Mr. Kenyonhas 36 years experience in gold exploration and geochemistry and he isundertaking to act as a Qualified Person for the purposes of this announcement. GLOSSARY Geochemistry The study of the chemistry of geological materials Adit An adit is a type of horizontal or nearly horizontal excavation, generally developed for exploration or mining into the side of a mountain Au Gold Ag Silver Zn Zinc Base Metals A metal which oxidises when heated in air, e.g. lead, nickel, copper, tin, zinc, as opposed to noble metals such as gold and platinum. g/t Grams per tonne HQ Core Core from a Diamond drill hole that is 63.5 mm in diameter Polymetallic Mineral A mineral deposit consisting of polymetallic ore is the Deposit source of more than one metal suitable for recovery Forward-Looking Statements: This press release contains statements that are "forward-looking". Generally,the words "expect," "intend," "estimate," "will" and similar expressionsidentify forward-looking statements. By their very nature, forward-lookingstatements are subject to known and unknown risks and uncertainties that maycause our actual results, performance or achievements, or that of our industry,to differ materially from those expressed or implied in any of ourforward-looking statements. Statements in this press release regarding theCompany's business or proposed business, which are not historical facts, are"forward looking" statements that involve risks and uncertainties, such asestimates and statements that describe the Company's future plans, objectives orgoals, including words to the effect that the Company or management expects astated condition or result to occur. Since forward-looking statements addressfuture events and conditions, by their very nature, they involve inherent risksand uncertainties. Actual results in each case could differ materially fromthose currently anticipated in such statements. Investors are cautioned not to place undue reliance on forward-lookingstatements, which speak only as of the date they are made. This information is provided by RNS The company news service from the London Stock Exchange