Teras Resources Inc. (TSX VENTURE:TRA): Peter Leger, President and Chief Executive Officer of Teras has announced results from the first diamond drill hole completed at the Cahuilla gold-silver project in Imperial County, California.
The Cahuilla Project is a large epithermal, paleo-hot springs system hosting multiple bonanza-grade veins that occur within an extensive body of disseminated gold-silver mineralization. For further information on the Cahuilla project see the NI 43-101 Technical report entitled "Cahuilla property 43-101 technical report", dated October 25, 2007 prepared by Todd Wakefield, MAusIMM of AMEC E&C services filed on Sedar on November 15, 2007.
The Company has completed three diamond drill core holes totalling 1,356 feet. The holes were drilled within one of the main historical mineralization areas and spaced approximately 100 meters apart to evaluate and substantiate existing gold plus silver mineralization. The major purpose of obtaining this new drill data is to calculate a NI 43-101 compliant resource.
The first core hole, CAH – 111, was drilled to a depth of 587 feet and anomalous gold and silver mineralization was encountered from 34 feet to the bottom of the hole.
Evaluation of assay results for the first hole shows that there are significant amounts of silver in many of the mineralized zones. The historical mineralization was estimated for gold only and did not include silver, which will be a favorable addition to the mineral model. The associated down-hole geochemistry is also positive and indicates that the epithermal system is very clean as demonstrated by the anonymously low mercury, arsenic and antimony values.
The purpose of the first hole was to drill at an angle within the mineralization area that passed through older vertical reverse circulation drilling to better evaluate the continuity of precious metal mineralization as well as the down-hole geochemistry. The second and third diamond drill holes were vertical and twinned TM – 41 and TM – 59 which were drilled by the Torres Martinez Tribe in the early 1990's. The Company will use this data to compare with historical drill results and confirm assay information that was utilized in the 1996 Mine Development Associates report.
Samples from the second and third holes are currently being prepared for assay and will be delivered to Inspectorate Laboratories in Reno, Nevada in December. The Company is planning to resume Phase 1 drilling in the first quarter of 2011. The primary objective of Teras, and its partner, Consolidated Goldfields Corporation, continues to focus on expanding the current mineral model to obtain a NI 43-101 Compliant resource and evaluate the development of both a high grade underground and large open pit mining operation.
Thomas E. Callicrate B.Sc., Professional Geologist, Vice President of Exploration of the Company, is the Company's nominated qualified person responsible for monitoring the supervision and quality control of the programs completed on the Company's properties "Diamond drill core is logged and sampled by Company personnel at the Cahuilla project.