Netco to Update Technical Report to Include Bonanza Grade Drill Intercepts on Toruel Property, Announces New Board Advisors
2011年10月19日 - 10:02PM
Marketwired
NETCO SILVER INC. (TSX VENTURE:NEI) ("Netco" or the "Company")
today provides an update on the status of its review of historical
information pertaining to the Toruel Property. The Toruel Property
covers approximately 5,736 hectares and is located about 25
kilometers southeast of the village of Los Menucos in the Rio Negro
Province of Argentina. The Company was recently granted an option
to acquire up to a 75% interest in the Toruel Property from Marifil
Mines Ltd. (TSX VENTURE:MFM) ("Marifil").
In connection with the acquisition of this option, the Company
has been conducting an ongoing review of information collected by
Marifil with respect to the Toruel Property. Such material has
included a press release of Marifil dated December 15, 2005,
available on SEDAR at www.sedar.com, as well as the certified assay
results from Phase 2 of the drill program Marifil undertook on the
Toruel Property in 2005. These results include intercepts of
significantly higher grade for Drill Hole 32 than previously
reported in the Company's existing technical report on the Toruel
Property dated June 15, 2011, as follows:
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Drill Hole From (m) To (m) Interval (m) Silver (g/t) Copper (%)
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DH 32 34.5 41.2 6.70 1998 5.34
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Including 35.8 37.6 2.40 4283 10.38
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Andrew Gourlay, President, had the following comments, "Netco is
encouraged by these recent findings, which further our belief that
the Toruel Property potentially contains significant silver. They
will assist us in targeting drill locations for our future drilling
programs."
Although the information in Marifil's press release was not
included in Netco's existing National Instrument 43-101 ("NI
43-101") technical report on the Toruel Property, the author of
Netco's technical report had examined the core from several
well-mineralized drill-holes in late 2009 at the Marifil core
storage facility in Los Menucos. The author picked several
well-mineralized drill holes at random to confirm the existence of
the mineralization that was reported. He advised Netco that the
mineralization observed in drill core stored at Los Menucos was
consistent with that reported in Marifil project reports. No core
was quartered for verification analysis because no core saw or
splitter was available at that time. Based upon the site visit,
verification sampling results, Marifil assay certificate
examination, and examination of drill core, the author was
satisfied that the mineralization reported by Marifil geologists is
credible. Netco is updating its existing technical report to
reflect these findings. The updated technical report is expected to
be SEDAR filed in the coming weeks.
The Company also announces that it has issued an additional
250,000 common shares to Marifil as required under the terms of the
option agreement with Marifil with respect to the Property. The
shares are subject to a four month hold period under applicable
securities laws.
The Company's disclosure of a technical or scientific nature
contained in this press release has been reviewed and approved by
James F. Ebisch, R.P.G., who is a qualified person as defined in NI
43-101. Mr. Ebisch is the author of Netco's existing technical
report on the Toruel Property, available on SEDAR at www.sedar.com,
entitled "Toruel Property, Rio Negro Province - Argentina", dated
effective June 15, 2011.
APPOINTMENT OF ADVISORY BOARD MEMBERS
The Company is also pleased to announce that Dr. Hugo Bastias
and Carlos Saravia Frias have been appointed to serve on the
advisory board of the Company, effective immediately.
Dr. Bastias has a Ph.D. in Geological Sciences, and has more
than 30 years of mining industry experience, including senior
management roles as the Exploration Manager for Argentina Gold
Corporation and Business Manager of Mt. Isa Mines Ltd. in Argentina
and South America. Sr. Bastias's extensive experience will be
instrumental in facilitating the growth of Netco's operations in
South America.
Sr. Saravia Frias is a partner in the Buenos Aires law firm of
Saravia Frias | Mazzinghi Abogados. Sr. Saravia Frias brings
extensive experience as counsel focused on mineral exploration law
and policy in South America, and has previously held positions with
the World Bank. He served as National Undersecretary of Energy and
Mining for Argentina in 2001 and 2002. Sr. Saravia Frias's guidance
is invaluable to Netco as we expand our South American
operations.
ISSUANCE OF OPTIONS
The Company also wishes to announce that 1,125,000 stock options
have been granted to Directors and Advisors/Consultants at an
exercise price of $0.15 per share for a period of 5 years.
On behalf of the Board of Directors of NETCO SILVER INC.
Colin Bowkett, Director
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking
statements. Forward-looking statements consist of statements that
are not purely historical, including any statements regarding
beliefs, plans, expectations or intentions regarding the future,
and include discussion of potential silver that may be found on the
Property, that recent findings may assist the Company with
determining future drilling targets and regarding the Company's
intended timing of filing of its updated technical report for the
Property. Such statements are subject to risks and uncertainties
that may cause actual results, performance or developments to
differ materially from those contained in the statements. No
assurance can be given that any of the events anticipated by the
forward-looking statements will occur or, if they do occur, what
benefits the Company will obtain from them. These forward-looking
statements reflect management's current views and are based on
certain expectations, estimates and assumptions which may prove to
be incorrect. A number of risks and uncertainties could cause the
Company's actual results to differ materially from those expressed
or implied by the forward-looking statements, including: (1) any
factors that unexpectedly delay finalization of the updated
technical report; (2) the risk that the Property may contain less
silver than anticipated based on recent findings; (3) that the
Property may have no mineral reserves or mineral resources; and (4)
other factors beyond the Company's control. These forward-looking
statements are made as of the date of this news release and the
Company assumes no obligation to update these forward-looking
statements, or to update the reasons why actual results differed
from those projected in the forward looking statements, except in
accordance with applicable securities laws. Additional information
about the Company and these and other assumptions, risks and
uncertainties is available in the Company's public filings with
Canadian securities regulators, available on SEDAR at
www.sedar.com.
Neither 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 release.
Contacts: Netco Silver Inc. Colin Bowkett Director (604)
683-7588www.netcosilver.com
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