Feb 16 2011
ANDINA Minerals Inc. (TSX VENTURE:ADM) today announced results from the first six completed drill holes in 2011 at the Ojo de Agua East mineralized zone, situated at the Volcan Project site some 6.5 kms from the known Dorado zone and approximately 4 kms to the north of the proposed Mill and Heap Leach Pad in the Volcan Phase 1 Development Plan.
These completed holes are from the 10,000 metre Strategic Exploration Program in the current field season. The ODAE zone is part of the mineral concessions acquired from Barrick Gold Corporation in 2009.
Four (4) of the six (6) completed holes consist of combined reverse circulation pre-collars with a diamond drill finish.
Hole RODAE-853 returned 2.2 grams per tonne gold ("g/t Au") over 104 m, including 30 m at 3.98 g/t Au. Hole RODAE-853 was pre-collared to a depth of 132 m and followed up with a diamond drill to a total depth of 539.15 m. The objective was to intercept the down-dip continuity of hole RODAE-851 which intercepted 122 m of 1.45 g/t Au in the previous 2009/2010 field season (see press release June 8, 2010). The results extend the ore shoot an additional 100 m, to a depth of 300 m, and increase the grade of the zone.
Along what was considered to be a northerly strike continuity of the known mineralized zone, Andina tested at 100 m intervals and this resulted in hole RODAE-861 intercepting 144 m at 0.51 g/t Au and hole RODAE-856 intercepting 38 m at 0.464 g/t Au, while hole RODAE-854 to the south did not intercept mineralization. Hole RODAE-857, a reverse circulation hole collared into the northeastern 100 ppb geochemical halo, with the objective to test for oxidized ore, did not return positive results.
An important parameter, requiring additional investigation, is the presence of an approximately 150 m deep oxidized zone at ODAE.
"Hole RODAE-853 demonstrates down-dip continuity of increasing high-grade mineralization at ODAE and supports our belief that we have intercepted a structurally controlled mineralized system at ODAE with significantly higher average grades than the main Volcan deposits. This could meaningfully impact Volcan's development plan and economics as we prepare a feasibility study for Volcan during 2011" stated George Bee, President and CEO of Andina. "This additional result provides an excellent opportunity to supplement our existing mill feed with higher grade than is contemplated in our Phase 1 Development Plan".
Results to Date and Geology
Andina has drilled 13 successful holes to date into the structural gold target at ODAE. Its north-south trending corridor has now been traced over 750 m; of which 500 m are drill indicated, while another 250 m can be inferred from new trench results cutting the corridor. These trenches show 100 m of 54 ppb gold, a strong indicator for continuity of ODAE towards a northerly direction.
The central higher grade zone however, is interpreted as a deep rooted sub-circular diatreme whose central core is located around holes RODAE-853 and RODAE-861.
This diatreme is characterized by phreatomagmatic breccias, indicating near surface explosive events. Its dimensions are approximately 200 m by 150 m and it appears to have used the north-south dilational zone and secondary north-west structures to develop. Best grades are located at its core and its total depth may well extend to greater depth. Total width of the structural corridor outside the diatreme is in the order of 50 m.
Diatreme hosted gold deposits are common features in high level gold environments such as the Volcan district and are characterized by higher grades than parent porphyry hosted deposits.
In addition to ODAE, Andina is also focusing its regional exploration program on other opportunities such as ODAE to generate Diatreme hosted gold targets with the objective to deliver higher grade gold sources to the Volcan Project.
Andina plans to complete definition drilling to further define the potential at ODAE at 50 m sections in the central zone and will delineate continuity towards the North.
Andina anticipates an initial resource estimate for ODAE in the 3rd quarter of 2011.
Ojo de Agua East Area Qualified Person
The trenching and drilling program at the Ojo de Agua East area of the Volcan Gold Project was reviewed and the results approved by Mr. Sergio Diaz, Andina's Qualified Person under National Instrument 43-101 and he is the Public Registered Person for Reserves and Resources N° 51, in Chile, also registered in the Colegio de Geólogos de Chile under N° 315. Mr. Diaz is responsible for preparing technical information on the Ojo de Agua East area.