Ecometals Plans Drill Testing at Rio Zarza Gold Project Ecuador
June 26, 2009 at 13:45 PM EDT
TORONTO, ONTARIO--(Marketwire - June 26, 2009) - Ecometals Limited (TSX VENTURE:EC)(BERLIN:GDQ)(FRANKFURT:GDQ) -
Ecometals Limited is pleased to announce plans for diamond drill testing on the Rio Zarza Gold Project of anomalous geophysical and geochemistry results and structural scenario analogous to Kinross' Fruta del Norte Gold Deposit.
Rio Zarza Gold Project
The Rio Zarza Gold Project is located north of Zamora, the district capital of Zamora Chinchipe province, southeastern Ecuador. The project adjoins the Kinross (formerly Aurelian) exploration license which covers the Fruta del Norte epithermal deposit with a reported 13.7Moz Au (Micon, 2007).
Work on the Rio Zarza and other projects in the Ecometals portfolio has been on hold for the last year due to the imposition of a moratorium on exploration by the government of Ecuador, and enactment of new mining legislation and regulations. Ecometals is in the process of applying for environmental and water use permits to continue exploration, and plans to drill the Rio Zarza project as expediently as possible after receipt of these permits.
The west side of the Rio Zarza project is underlain by the Zamora granite batholith, and on the east side there is a volcano-sedimentary assemblage deposited in an extensional pull-apart rift basin which hosts the Kinross Fruta del Norte and Bonza las Penas deposits.
Detailed IP/Resistivity surveys have outlined a significant linear chargeability anomaly 200m width X 850m length associated with an interpreted fault structure which is analogous to the Fruta del Norte response. Anomalous Au and associated elements (As, Hg) are spatially correlated to the IP anomaly, and are characteristic of epithermal type mineralization. Silicification, disseminated sulphides and argillic/sericite alteration of the Suarez Fm suggest close proximity to the source of mineralization.
An initial programme of three diamond drill holes for a total of 1200m is planned to intersect the core of the IP chargeability anomaly. Should results prove encouraging, the drilling programme will be continued to further define the mineralization.
To view Geology map of the Rio Zarza project area please click on the following link: http://media3.marketwire.com/docs/EC0626.pdf
Further details and maps of the planned drilling program can be obtained from the Ecometals Web site (www.ecometalslimited.com).
Chief Executive Officer Fran Scola said, "The Company has made a considerable investment in Ecuador and has a long term commitment to the country, so we are pleased that after such a long enforced delay we are able to now announce our intention to test the potential of the Rio Zarza project."
SR McMullan, P.Geo, Vice President of Exploration for Ecometals Limited, is a qualified person according to National Instrument 43-101 definition and has supervised the preparation of the technical information included in this press release.
Ecometals Limited is a Canadian-listed mineral exploration and development company focused on the mineral resources in Latin America. Ecometals also has significant manganese and iron projects in Brazil at grass roots and development planning stages.
Safe Harbour Statement: Statements contained in this release that are not historical facts are forward-looking statements which involve risk and uncertainties, which could cause actual results to differ materially from those expressed in forward-looking statements.
These include risks relating to changes in economic or environmental conditions and the company's ability to execute its business model and strategic plans. The company relies on litigation protection for forward-looking statements."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."