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Tue, November 17, 2009
Mon, November 16, 2009 Carpathian Reports Drill Results and Permitting Updates on Its RDM Gold Project, Brazil
TORONTO, ONTARIO--(Marketwire - Nov. 16, 2009) - Carpathian Gold Inc. (TSX:CPN) (the "Corporation" or "Carpathian") is pleased to announce further infill drilling results from 15 additional holes of the ongoing 2009 Phase II Drill Program and initial step out drilling results from 6 holes at its 100% owned Riacho Dos Machados ("RDM") Gold Project located in Minas Gerais State, Brazil. The Corporation has completed 17,900 m of the planned 18,000 to 22,000 m of drilling for the Phase II infill drilling program that follows the results of the NI 43-101 compliant Preliminary Economic Assessment ("PEA") announced on August 12, 2009. The recent infill drilling results continue to demonstrate good geologic and gold grade continuity both along strike and down dip along the RDM shear zone as demonstrated by drill hole FRM-147 which intersected 14 m at 3.08 g/t Au at approximately 24 m below the existing pit and by drill hole FRM-125 which is further down-dip and along strike which intersected 23.5 m at 1.23 g/t Au 165 m below the existing pit (estimated true widths).
Highlight assay intersections recently received from the Phase II infill drilling program are listed below. All of these results represent the portion of the mineralized zone that is considered to be accessible through deepening of the open-pit as shown in the results of the PEA study. The gold mineralization occurs in a shear zone with the proposed open-pit to be developed over a strike length of 1,800 m. A complete list of assay results can be found at the end of this press release. A map showing the location of the drill holes completed can be found on the Corporation's website at [ www.carpathiangold.com ].
- FRM-147 with 14.0 m at 3.08 g/t Au in North Pit (Area V)
- FRM-145 with 14.2 m at 1.90 g/t Au in South Pit (Area III)
- FRM-125 with 23.5 m at 1.23 g/t Au in South Pit (Area III); including 3.9 m at 3.84 g/t Au
- FRM-139 with 8.0 m at 2.34 g/t Au in South Pit (Area III)
- FRM-140 with 8.0 m with 2.94 g/t Au in South Pit (Area III)
Notes: Widths are approximate true thicknesses.
In addition to the infill drilling program the Corporation has initially drilled two new gold targets located 700 m south and 250 m north of the Phase II infill drilling program area, These initial drill holes intersected the near-surface strike extension (less than 50 m below surface) of the mineralized RDM shear zone at economic gold grades, as shown below.
- FRM-159 with 5.5 m of 1.72 g/t Au located approximately 700 m south of present open-pit along strike
- FRM-153 with 2.9 m of 3.64 g/t Au located approximately 250 m north of the present open-pit along strike
Notes: Widths are approximate true thicknesses.
Further follow up drilling and evaluation will be required to determine the size, geometry and continuity of the gold mineralization in each of these two zones, as well as other gold targets in the vicinity of these drill intercepts. This follow up work will likely commence once the Phase II infill drilling program has been completed.
"We continue to be pleased with the results from our infill drilling program which is demonstrating excellent continuity of the mineralized zone as predicted from the resource geological and grade block models," said Dino Titaro, President and CEO. "This should enable a very significant conversion of inferred resource to measured and indicated. The results also continue to show that by potentially lengthening the mine life and improving the economics, we should be able to enhance further the robust nature of the Preliminary Economic Assessment. We are also pleased with the initial results of our extension drill program that has identified two new gold zones with economic grades at shallow depths located several hundred metres along strike in both directions of the planned open-pit."
Concurrent with completing the Phase II infill drill program and updating the mineral resource estimate for use in a feasibility study, the Corporation is advancing various time-line sensitive aspects of permitting and the feasibility study; for example, baseline flora and fauna field studies have been completed for the Environmental Impact Assessment ("EIA") report for permitting. In addition, the Corporation has finalized all of the other requirements necessary for obtaining its first permit, the Licenca Previa ("LP"), which is the first of three licenses that are required by the Brazilian environmental agency, SUPRAM, to allow the Corporation to develop, build and operate the RDM Gold Project. To obtain this license, the technical environmental impact studies, the preliminary engineering and design of the Project, the ore production rate of the Project, the source and consumption rate of fresh water, the overall site plan drawings that show the boundary of the active site, locations of the facilities, the location of waste rock and ore stockpiles, the location of the tailing impoundment area and the ultimate limit of the open pit have been compiled and presented in a comprehensive environmental and social impact report or RIMA (Relatorio de Impacto Ambiental). This information has now been submitted and is going through the required public hearing period. It is expected that the LP will be received before the end of the year. This permit will allow the Corporation to commence earthworks construction on the project. Once the LP is awarded, the Corporation will advance to the next step to obtain the Licenca Instalacao ("LI") and the Licenca Operacao ("LO"). The LI can only be obtained after the LP is awarded and sufficient detailed engineering and design is completed to be able to define the project. The receipt of this permit will allow construction to begin on the project. It is expected that the LI will be awarded in the second quarter of 2010. The LO will be granted at the end of the construction period.
Drill Program Objectives
The principle objective of the Program is to upgrade the open-pit inferred resources to the measured and indicated categories as well as extend its strike length for use in the feasibility study planned to commence this quarter. The Corporation is not only committed to this phase of the Project and the development of the asset, but also to further develop the size and scope of the Project over the next several months. This includes accessing the growth of the overall Project from the on-strike potential of the known gold occurrences along a 14 km shear zone as well as incorporating an underground component to the open-pit resource as these could significantly increase the annual production level of the operation and extend the mine life.
The drill program started on May 23, 2009 and to date 129 drill holes have been completed for a total of approximately 17,900 m. Two diamond core drill rigs and one reverse circulation ("RC") drill rig are presently active with the RC drill rig being used principally for pre-collars and for shallow drill-holes through the mineralized zone above the water table or only where dry samples can be obtained. Further results from the new 24 drill holes have been received and are reported herein.
Project Background
The RDM gold project is a 22,000-hectare land parcel comprising 12 Exploration Licenses and one Mining Concession that cover a contiguous 40 kilometre area that includes the 14 km long north-south shear zone. The Mining Concession hosts a past producing open-pit gold mine, which was previously operated by Companhia Vale do Rio Doce ("Vale") between 1986 and 1997 from which oxide gold ore was mined to maximum depths of 60 m below the surface. The gold mineralization at RDM is shear zone hosted, within a package of Precambrian aged metamorphic rocks. This shear zone strikes 20 degrees and dips 40 to 50 degrees west. The gold mineralization is now known to be continuous over a strike length of greater than 1,800 m and open at depth to greater than 550 m at the RDM mine-site.
The Corporation announced the results of the initial NI 43-101 compliant Mineral Resource Estimate on May 18, 2009 as outlined in the Resource Report that is available on [ www.SEDAR.com ].
On August 12, 2009 the Corporation announced the results of the PEA Study on the Project which was based solely on the open-pit mineralization defined in a NI 43-101 Mineral Resource Estimate released on May 18, 2009. This study can be found on [ www.SEDAR.com ].
Sample Protocol
Assay results presented in this news release are half-core from split NQ drill core and sampled on a metre by metre basis through the mineralized zone and into surrounding altered rock. In addition, Reverse Circulation (RC) drilling through the mineralized zone is sampled on a meter by meter basis and assayed only when dry samples are collected. Drill holes denoted with an (i) in Table II below are RC drill holes sampled through the gold mineralized zone. All samples collected from Brazil are prepared and analyzed at the independent ISO Certified SGS laboratory, located near Belo Horizonte, Brazil using industry standard fire assay techniques for gold on 50-gram sample charges with AAS finish. Coarse blanks, pulp blanks, pulp duplicates, and known gold standards are inserted on a routine basis. Combined they consist of 20% per cent of submitted samples. In addition, on a periodic basis 3% of the crusher rejects are re-submitted and a minimum of 3% of the pulps will be analyzed at the ISO Certified ALS Chemex Laboratory near Belo Horizonte, Brazil for check assays.
Mr. Titaro is the qualified person (as defined in National Instrument 43-101) overseeing the design and implementation of the present exploration programs. He is responsible for preparing the technical information contained in this news release.
Carpathian is an exploration and development company whose primary business interest is developing near-term gold production on its 100% owned Riacho dos Machados Gold Project in Brazil along with progressing its exploration and development plans on its 100% owned Rovina Valley Au-Cu project located in Romania.
Forward-Looking Statements: This press release includes certain statements that may be deemed "forward-looking statements". Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", and other similar words, or statements that certain events or conditions "may" or "will" occur. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Corporation expects, are forward-looking statements. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurance that forward-looking statements will prove to be accurate, as results and future events could differ materially from those anticipated statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
Table I. Carpathian drill hole assay intersections from Phase II drill
program at the RDM project, Minas Gerais, Brazil, October 7th to November
6th 2009.
--------------------------------------------------------
True
From To Length Thickness Au
Drill Hole Area (m) (m) (m) (m) (g/t)
--------------------------------------------------------
FRM-125 III 187.0 211.0 24.0 23.5 1.23
--------------------------------------------------------
Incl. 196.0 211.0 15.0 14.7 1.65
--------------------------------------------------------
And 206.0 210.0 4.0 3.9 3.84
--------------------------------------------------------
225.0 229.0 4.0 3.9 1.22
--------------------------------------------------------
FRM-138 III 74.0 79.0 5.0 4.9 1.54
--------------------------------------------------------
FRM-139 III 51.0 57.0 6.0 6.0 1.02
--------------------------------------------------------
66.0 80.0 14.0 14.0 1.72
--------------------------------------------------------
Incl. 66.0 74.0 8.0 8.0 2.34
--------------------------------------------------------
FRM-140 III 60.0 68.0 8.0 8.0 2.94
--------------------------------------------------------
Incl. 63.0 68.0 5.0 5.0 4.43
--------------------------------------------------------
FRM-141 IV 157.0 159.0 2.0 2.0 1.49
--------------------------------------------------------
168.0 178.0 10.0 9.9 1.08
--------------------------------------------------------
Incl. 174.0 178.0 4.0 4.0 1.42
--------------------------------------------------------
FRM-142 III 171.0 173.0 2.0 2.0 4.94
--------------------------------------------------------
179.0 180.0 1.0 1.0 5.44
--------------------------------------------------------
191.0 192.0 1.0 1.0 3.05
--------------------------------------------------------
201.0 213.0 12.0 11.8 1.71
--------------------------------------------------------
Incl. 201.0 209.0 8.0 7.9 1.99
--------------------------------------------------------
FRM-143 III 57.0 60.0 3.0 2.5 1.50
--------------------------------------------------------
76.0 83.0 7.0 5.9 2.47
--------------------------------------------------------
FRM-144 III 180.0 185.0 5.0 4.8 1.68
--------------------------------------------------------
193.0 195.0 2.0 1.9 2.71
--------------------------------------------------------
FRM-145 III 151.0 171.0 20.0 18.9 1.58
--------------------------------------------------------
Incl. 151.0 166.0 15.0 14.2 1.90
--------------------------------------------------------
And 160.0 166.0 6.0 5.7 3.40
--------------------------------------------------------
FRM-146 III 191.0 194.0 3.0 2.8 3.60
--------------------------------------------------------
207.0 214.0 7.0 6.6 1.04
--------------------------------------------------------
220.0 228.0 8.0 7.6 1.44
--------------------------------------------------------
FRM-147 V 30.0 37.0 7.0 7.0 2.25
--------------------------------------------------------
55.0 72.0 17.0 16.9 2.70
--------------------------------------------------------
Incl. 55.0 69.0 14.0 14.0 3.08
--------------------------------------------------------
And 57.0 60.0 3.0 3.0 5.42
--------------------------------------------------------
FRM-149 V 86.0 88.0 2.0 1.9 1.73
--------------------------------------------------------
113.0 114.0 1.0 1.0 1.59
--------------------------------------------------------
FRM-150 V 141.0 148.0 7.0 6.8 1.55
--------------------------------------------------------
Incl. 145.0 148.0 3.0 2.9 2.49
--------------------------------------------------------
FRM-151 North 7.0 19.0 12.0 12.0 0.73
--------------------------------------------------------
Incl. 18.0 19.0 1.0 1.0 3.40
--------------------------------------------------------
24.0 25.0 1.0 1.0 1.43
--------------------------------------------------------
FRM-152 North 7.0 8.0 1.0 1.0 3.19
--------------------------------------------------------
30.0 35.0 5.0 5.0 0.78
--------------------------------------------------------
Incl. 30.0 32.0 2.0 2.0 1.25
--------------------------------------------------------
FRM-153 North 27.0 30.0 3.0 2.9 3.64
--------------------------------------------------------
48.0 52.0 4.0 3.9 0.77
--------------------------------------------------------
FRM-154 V 85.0 86.0 1.0 1.0 2.06
--------------------------------------------------------
112.0 119.0 7.0 7.0 3.29
--------------------------------------------------------
FRM-155 V 10.0 20.0 10.0 10.0 2.52
--------------------------------------------------------
Incl. 15.0 20.0 5.0 5.0 4.07
--------------------------------------------------------
FRM-156 South NSI
--------------------------------------------------------
FRM-157 South NSI
--------------------------------------------------------
FRM-158 South 28.0 30.0 2.0 2.0 0.83
--------------------------------------------------------
FRM-159 South 45.0 51.0 6.0 5.5 1.72
--------------------------------------------------------
FRM-160 South 46.0 48.0 2.0 2.0 1.26
--------------------------------------------------------
FRM-162 South 12.0 15.0 3.0 3.0 0.91
--------------------------------------------------------
21.0 22.0 1.0 1.0 1.06
--------------------------------------------------------
Notes: Assay intersections are calculated using a 0.30 g/t Au cut-off and
maximum allowable dilution of three consecutive metres at less than 0.30 g/t
Au. NSI equals no significant intersection. Drill hole details i.e. azimuth,
declination and total depth, are shown in Drill Hole Details in Table II
below.
Table II. Drill hole details for holes completed by Carpathian at the RDM
Project during Phase II drill program October 7th to November 6th, 2009.
--------------------------------------------------------------
Azimuth Declination Total Depth
Drill Hole Area Northing (degrees) (degrees) (m)
--------------------------------------------------------------
FRM-125 III 9,864 270 -69 241.6
--------------------------------------------------------------
FRM-138(i) III 9,642 270 -64 106.0
--------------------------------------------------------------
FRM-139(i) III 9,916 270 -58 85.0
--------------------------------------------------------------
FRM-140 III 9,634 270 -52 100.2
--------------------------------------------------------------
FRM-141 IV 10,048 270 -67 217.6
--------------------------------------------------------------
FRM-142 III 9,989 270 -71 271.8
--------------------------------------------------------------
FRM-143 III 9,740 270 -87 100.7
--------------------------------------------------------------
FRM-144 III 9,954 270 -70 221.4
--------------------------------------------------------------
FRM-145 III 9,841 270 -73 185.7
--------------------------------------------------------------
FRM-146 III 9,908 270 -71 240.4
--------------------------------------------------------------
FRM-147 V 10,670 270 -58 106.8
--------------------------------------------------------------
FRM-149 V 10,830 270 -71 136.9
--------------------------------------------------------------
FRM-150 V 10,518 270 -74 211.8
--------------------------------------------------------------
FRM-151(i) North 10,870 272 -53 49.0
--------------------------------------------------------------
FRM-152(i) North 10,911 270 -59 42.0
--------------------------------------------------------------
FRM-153(i) North 10,911 270 -65 70.0
--------------------------------------------------------------
FRM-154 V 10,830 270 -57 163.0
--------------------------------------------------------------
FRM-155(i) V 10,507 270 -57 100.0
--------------------------------------------------------------
FRM-156(i) South 8,840 270 -71 60.0
--------------------------------------------------------------
FRM-157(i) South 8,800 270 -77 50.0
--------------------------------------------------------------
FRM-158(i) South 8,880 270 -61 60.0
--------------------------------------------------------------
FRM-159(i) South 8,880 270 -72 91.0
--------------------------------------------------------------
FRM-160(i) South 8,840 270 -65 82.0
--------------------------------------------------------------
FRM-162(i) South 8,918 280 -58 60.0
--------------------------------------------------------------
Notes: All drill holes are diamond drill core through the gold mineralized
zone with exception of holes marked with (i) which are reverse circulation
drill holes. All Northings are in local grid coordinates which are rotated
20 degrees west from true north. All drill hole azimuths are local grid
azimuths, i.e. rotated 20 degrees west from true north.
The TSX does not accept responsibility for the adequacy or accuracy of this news release.
