8 Jun 2010 07:00
8th June 2010
VANE Minerals plc (AIM:VML)
("VANE" or the "Company")
VANE acquires two additional copper targets in the southwest U.S. porphyry district
VANE Minerals plc announces that, through their wholly-owned subsidiary, AVEN Associates LLC, it has acquired 36 new mining claims in the Granite Gap and 25 claims in the McGhee Peak areas of southwestern New Mexico.
The claimed areas exhibit classic porphyry-style indicators and are situated on federal land near the border with Arizona along the mineral trend that includes the Hillsboro, Chino, Tyrone and Continental porphyry copper deposits.
The Company's strategy in relation to porphyry copper exploration is based on acquiring low cost properties in productive mineral districts based on analysis of the Freeport-McMoRan database to which VANE has exclusive access; more than 20 targets have so far been identified. Following the acquisition of land positions, the Company drill tests these "covered-area" targets along established mineral trends, an exploration technique that has historically proven effective. A drilling program for the Granite Gap and McGhee Peak targets is in the process of being developed, drilling permits will then be acquired and exploration drilling will begin as soon as possible upon receiving approval. VANE expects that it will be able to commence drilling in the third quarter of 2010.
This next stage of target development follows results at VANE's recently completed 5-hole drilling program at Lordsburg West, 15-20 miles to the NE of this new area of interest. The Lordsburg West drilling program was designed to vector towards higher copper grades and increased alteration under post-mineral gravels. Porphyry-style alteration and mineralization were encountered but the centre of a system was not discovered and this resulted in insufficient space required to contain a deposit of this type. Exploration has been discontinued and the contractor Del Rio Drilling and Pump Inc. will be assigned to new copper exploration project areas once VANE has the relevant permits in hand.
VANE's Director of Geology, Clark Arnold commented; "VANE's program of quickly assessing copper targets in the US is inexpensive and effective. Through exclusive access to the Freeport-McMoRan exploration database, the Company can quickly identify copper prospects and mobilize drilling contractors to give us an idea of prospectivity. Having tested Lordsburg, we are now moving our porphyry copper exploration program to these targets on our new ground in New Mexico."
For further information, please contact:
| VANE Minerals Plc | +44 (0) 20 7667 6322 |
| Matthew Idiens
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| Arbuthnot Securities | +44 (0) 20 7012 2000 |
| Richard Johnson / Antonio Bossi
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| Threadneedle Communications | +44 (0) 20 7653 9850 |
Laurence Read/ Beth Harris
Kristopher K. Hefton, Chief Operating Officer VANE Minerals (US) LLC, BSc Geology, who meets the criteria of a qualified person under the AIM Rules - Guidance for Mining, Oil and Gas Companies, has reviewed and approved the technical information contained within this announcement.