BUCHANS MINERALS TO RESUME DRILLING BUCHANS NORTH HIGH GRADE MASSIVE SULPHIDE
PROSPECT
Trading Symbol: BMC - TSX-V Shares Outstanding: 112,127,490
WINDSOR, NS, Sept. 22 /CNW/ - Buchans Minerals Corporation (BMC-TSX-V) ("Buchans Minerals" or the "Company") is pleased to announce it will commence a 2,100 metre drill program on its Buchans North prospect comprised of no fewer than 5 holes. Drilling will commence in mid October and is anticipated to be completed by mid December.
The program will follow-up massive sulphide drill intersections obtained in late 2009 (December 15, 2009 press release). Highlights from the previous drill program include two holes, each interesting massive sulphides, including 15.50% copper, 1.85% lead, 5.80% zinc, 214.8 g/t silver and 2.92 g/t gold over 0.30 metres in hole H-3415 and 15.52% zinc, 7.61% lead, 0.92% copper, 148.9 g/t silver and 1.15 g/t gold over 2.1 metres in hole H-3416.
The 2010 program will attempt to further define and expand mineralization, particularly to the north where the Company believes the favorable horizon may begin to thicken. The Buchans North prospect is located 500 metres northwest of the former Oriental Mine and is believed to represent a faulted repeat of the same horizon that hosted the Oriental deposit where former mine operators, Asarco, mined 3.3 million tonnes averaging 14.18% zinc, 7.90% lead, 1.47% copper, 154.0 g/t silver and 1.96 g/t gold between 1935 and 1983.
The prospect was discovered by Asarco in the early 1950's with massive sulphides intersected in two holes, including hole H-885 that returned assays of 23.7% zinc, 9.0% lead, 2.6% copper, 147.4 g/t silver and 3.4 g/t gold over 2.74 metres; and hole 1030 that returned assays of 24.85% Zn, 10.75% Pb, 2.65% Cu, 212.9 g/t Ag and 1.48 g/t Au over 2.38 metres. A map showing the location of both the 2009 and historic drill holes can be viewed on the Company's website. A table summarizing Buchans Minerals' assays is presented below (results for historic hole H-1030 were obtained by re-assaying the core stored in the government of Newfoundland & Labrador core library).
------------------------------------------------------------------------- Est. True Hole From Width Width Zinc Lead Copper Silver Gold (m) (m) (m) (%) (%) (%) (g/t) (g/t) ------------------------------------------------------------------------- H-3415 306.30 0.30 0.26 4.70 2.06 0.20 10.7 0.34 ------------------------------------------------------------------------- 311.30 0.30 0.26 5.80 1.85 15.50 214.8 2.92 ------------------------------------------------------------------------- H-3416 342.70 0.50 0.43 3.80 1.34 0.28 18.4 0.19 ------------------------------------------------------------------------- 352.10 2.10 1.79 15.52 7.61 0.92 148.9 1.15 ------------------------------------------------------------------------- including 352.10 1.00 0.85 20.20 9.20 1.26 180.2 0.96 ------------------------------------------------------------------------- including 353.10 0.50 0.43 6.80 3.50 0.34 57.9 0.63 ------------------------------------------------------------------------- including 353.60 0.60 0.51 15.00 8.40 0.84 172.6 1.90 ------------------------------------------------------------------------- H-1030 296.11 2.38 2.02 24.85 10.75 2.65 212.9 1.48 ------------------------------------------------------------------------- including 296.11 1.19 1.01 32.40 14.50 2.70 218.6 1.64 ------------------------------------------------------------------------- 297.30 1.19 1.01 17.30 7.00 2.60 207.1 1.32 ------------------------------------------------------------------------- Estimated true widths are estimated to be 85% of core length intercept based upon the inferred dip of the mineralized zone. Assays presented are from samples collected and assayed by Buchans Minerals in 2009 and 2010. Qualified Person: -----------------
Paul Moore, M.Sc., P.Geo., (NL), Buchans River's Vice President of Exploration, is acting as Qualified Person in compliance with National Instrument 43-101 with respect to this release and has reviewed the contents for accuracy. Details of the Company's QAQC, sampling and assay procedures are provided in Company news releases dated December 15, 2009 and June 7, 2010.
About Buchans Minerals: -----------------------
Buchans Minerals is an Atlantic Canada based resource company that is focused on exploring and developing mineral properties in New Brunswick and the historic Buchans mining camp in central Newfoundland, Canada.
Forward Looking Statements: ---------------------------
Certain information contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to have been correct. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond their control, and that future events and results may vary substantially from what the Company currently foresees. The Company's forward looking statements are expressly qualified in their entirety by this cautionary statement.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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For further information: Buchans Minerals Corporation: Warren MacLeod, President & CEO, Ph: (902) 472-3520, Windsor, Nova Scotia, [email protected], www.buchansminerals.com; Investor Relations: The Howard Group Inc., Jeff Walker, Toll Free: 1-888-221-0915, [email protected], www.howardgroupinc.com
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