By
January 12, 2012 - Malbex Resources Inc. (TSX-V:MBG)
announced today that the first hole of the
2011/2012 field season at Del Carmen Norte has expanded the
current Rojo Grande resource envelope to the southwest, with
an intercept of 109 metres averaging 2.05 grams/tonne (g/t)
gold and 7.4 g/t silver. Hole DD-11-057A was drilled
approximately 85 metres from the nearest previous drill hole,
and encountered mineralization beginning at a depth of 55
metres below ground surface.
The current drilling is part of an approximately $8 million
exploration program, which also includes a
42 line-kilometre Titan 24 induced polarization/resistivity
survey (DCIP), geological mapping and surface rock sampling,
and detailed metallurgical (column leach) testing. The first
diamond drill rig commenced operations at Del Carmen Norte in
November. The second diamond drill rig arrived on site
shortly before operations were suspended in December for the
end of year holidays. Both rigs resumed drilling this past
week.
"Hole 57A has clearly demonstrated the continuity of
potentially economic, near-surface mineralization to the
south-southwest of the inferred mineral resource at Rojo
Grande. Our goals this season are to continue to expand the 1
million ounce gold-equivalent resource in the Rojo Grande
deposit and to test other promising geological and new
geophysical targets within the 9 km2
Del Carmen Norte alteration system," said Tim Warman,
President and CEO. "We previously identified at least three
target areas at Del Carmen Norte in addition to Rojo Grande
for follow up drilling, and we expect the Titan 24 survey
will improve drill testing of existing targets, as well as
generating new targets. Two of the known targets, Cerro
Amarillo and Naciente Quebrada Pedregosa, have demonstrated
shallow gold-silver oxide mineralization in previous
drilling."
Quantec Geoscience began the Titan 24 deep-penetrating DCIP
survey of the entire Del Carmen Norte alteration system,
including the Rojo Grande deposit, in December. Surveying has
resumed and is expected to be completed before the end of
January 2012. Previous drill results at Rojo Grande combined
with the reinterpretation of a smaller DCIP survey from the
mid-1990s show that silicified rocks hosting gold-silver
oxide mineralization at Rojo Grande are characterized by sub-
horizontal high resistivity and low chargeability anomalies.
The distinctive geophysical pattern of Rojo Grande
mineralization and geological knowledge gained from previous
drilling which includes quartz-alunite hosted mineralization
in non-resistive regions will greatly enhance the
interpretation of the Titan 24 survey, not only at Rojo
Grande but elsewhere in the Del Carmen Norte hydrothermal
system. The greater depth of imaging by the Titan 24 method
compared to the previous conventional IP surveying should
also provide evidence 1) for the identification of feeder
structures at Rojo Grande and elsewhere and 2) that
copper-gold porphyry style mineralization may underlie the
high-
sulphidation epithermal mineralization. Targeting will also
be assisted by three-dimensional
372 Bay Street, Suite 901, Toronto, ON, M5H 2W9
Tel: 416-628-0215 Web: www.malbex.ca
modelling of the various alteration lithologies, geochemical and geophysical characteristics and known locations of gold-silver mineralization from previous drilling.
Rojo Grandedrilling highlights:
