Metalline Commences 4000 Meter Drilling Program in Africa With JV Partner AngloGold Ashanti
Metalline Mining Inc. is extremely pleased to announce the start of a 4000m diamond drilling program in August on its Ndjole and Mevang Exploration licenses in Gabon, Central Africa. The drill program will be conducted under the direction of Joint Venture partners AngloGold Ashanti. The Ndjole and Mevang permits cover rocks from two adjacent sedimentary basins which comprise of a sequence of deformed sedimentary and volcano-sedimentary rocks that are early Proterozoic in age. Three prospective zones for gold exist within these licenses; the La Mboumi, Ebel, and Mianga prospects. Details and an update on the project and the exploration areas are available on the web site at http://www.metallinemining.com/gabon.html.
This initial drilling program is a follow‐up on three large soil grids, each in excess of 10km x 5km in size and over 2500 samples targeted areas with known mineralization and favorable geology. Results from these grids were then followed up with 4 infill soil grids and targeted geological mapping aimed at better defining the anomalous zones. In a testament to the joint venture's team in Gabon, a total of over 13,000 samples have been taken in steep terrain and dense jungle since the start of the year. To date, three main coherent gold anomalies above 50ppb and over 5km in length and up to 1.5km wide and several smaller anomalous zones up to 2km in length and up to 1km wide have been identified. Background gold values in the region are less than 5ppb and results above 20ppb are considered anomalous. Over 25% of the results received to date are above 30 ppb with peak values in excess of 5000ppb in the soils. The anomalies appear to have strong structural controls concentrating along mapped or inferred lithological contacts, structural breaks, and fold hinges. There is also a strong spatial relationship of the gold anomalies to a thick graphitic lithological unit in the area which is thought to represent an ideal lithological trap for mineralizing fluids. Initial prospecting in these anomalous zones has identified a number of gold bearing quartz veins, many of which run between 2 g/t to 5 g/t gold.
A man-portable diamond drill from E-Global Drilling recently arrived into the country and has been transported to site, with drilling expected is to commence in the first week of August. A 4000m drilling program composed of 4 drill lines and a combined total of 20 holes to 200m depth is currently planned.
Dome entered into a joint venture agreement with AngloGold Ashanti in October 2009 with respect to the Ndjole and Mevang licenses. Under the terms of the joint venture agreement, AngloGold Ashanti has earned a 20% interest by paying to Dome $400,000 on signing of the joint venture agreement. AngloGold Ashanti can earn an additional 40% interest by paying Dome $100,000 per year over the next three years and by incurring exploration expenditures under the Ndjole and Mevang licenses in the amount of $3.7 million over the next three years at the rate of $1 million in the first year, $1.2 million in the second year and $1.5 million in the third year. Dome became a wholly owned subsidiary of Metalline Mining Company upon the completion of the merger between Dome Ventures Corporation and Metalline Mining Company on April 15, 2010.
Timothy Barry (AusIMM), VP-Exploration -- Africa for Metalline, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and verified the technical information contained in this news release.
About Metalline Mining Company
Metalline Mining Company is focused on mineral exploration. Metalline currently owns mineral concessions in the municipality of Sierra Mojada, Coahuila, Mexico and holds licenses in Gabon, Africa and operates there through its wholly owned subsidiary Dome Ventures SARL Gabon. Metalline conducts its operations in Mexico through its wholly owned Mexican subsidiaries, Minera Metalin S.A. de C.V. and Contratistas de Sierra Mojada S.A. de C.V. To obtain more information on Metalline Mining Company, visit the Company's web site (www.metallinemining.com).
This news release contains forward-looking statements regarding future events and Metalline's future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act") and constitute "forward looking information" within the meaning of Canadian securities laws. These statements include statements about Metalline's planned drilling program and are based on material factors and assumptions including Metalline's management's current expectations, estimates, forecasts, and projections about the industry in which Metalline operates and the beliefs and assumptions of Metalline's management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words, and similar expressions, are intended to identify such forward‐looking statements. In addition, any statements that refer to projections of Metalline's future financial performance, Metalline's anticipated growth and potentials in its business and other characterizations of future events or circumstances are forward‐looking statements. Readers are cautioned that these forward‐looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including the risk that Metalline's drill program may not be successful or result in the discovery of commercially mineable deposits of ore and those risks identified in Metalline's Annual Report on Form 10-K for the fiscal year ended October 31, 2009 under "Risk Factors, " and in subsequent reports filed with the Securities and Exchange Commission. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Metalline undertakes no obligation to revise or update any forwardlooking statements for any reason.