Oct 31 2013
New World Resource Corp. ("New World" or the "Company") announces an update on the underground exploration program at the Lipeña copper-gold project ("Lipeña" or the "Project") in southern Bolivia with Empresa Minera Marte S.R.L. ("MARTE").
MARTE constructed adits and commenced underground exploration on two levels; Level 0 and Level 40, which is 40 metres above Level 0. MARTE intersected mineralization on Level 0 and expects to reach known mineralization on Level 40 within the coming weeks.
MARTE is a partner with New World and pursuant to the amended option agreement (reported October 11, 2012), MARTE has been granted an option to acquire 20% of the Company's 57.6% interest in Lipeña by spending US$1,250,000 in mineral exploration expenditures on the Project over a period of 12 months. Upon completion of the transaction, MARTE will hold 62.4% and New World will hold 37.6%.
MARTE constructed underground adits to establish access into a known structure to obtain samples for metallurgical testing and bulk samples (reported December 11, 2012). Historical assays from rotary drilling carried out in 1995 by a subsidiary of the former Battle Mountain Gold Company outline that a structure containing high-grade silver was discovered. Historical rotary drill hole LP-04 contained 1,253 grams per tonne ("g/t") silver over 6 metres, which included 3,900 g/t silver over 1.5 metres. The high-grade silver structure appears continuous to surface with a series of veins and veinlets sampled ranging in thickness from 0.1 to 1.5 metres. Historical drill results were analyzed at Laboratorio de Exploración Inti Raymi, Bolivia.
The historical drill results were prepared prior to the implementation of NI 43-101. The Company is not aware of any subsequent drill results at this location and there has not yet been sufficient work completed to confirm the accuracy of the historical results.
At the Level 0 adit, MARTE intersected a shear zone averaging 10.5 metres in thickness. A composite sample across the zone returned values of 150 g/t silver, 4.2% copper, 2.1% zinc, 0.5% lead and 0.8% antimony. A 0.9 metre vein parallel to the shear zone returned values of 148 g/t silver, 5.4% copper, 2.4% zinc, 0.6% lead and 1.5% antimony.
MARTE plans to continue collecting samples for metallurgical testing and to evaluate its different options for the further evaluation and exploration work at Lipeña.
The Company also announces that it continues to negotiate with Sociedad Contractual Minera in relation to the El Tesoro copper-gold project (reported February 25, 2013).
Exploration work on the Lipeña project is under the supervision of Brian McEwen, P.Geol., B.Sc. (Geo), the Company's Chief Operating Officer, who is a "qualified person", as defined in NI 43 101, and is responsible for the preparation of the technical information contained in this news release.
The intra-lab standards, blanks and replicates were augmented by unmarked replicates and by aliquots of two geological standards acquired by New World. Unmarked checks (standards and duplicates) were inserted into the numbered sample sequence, and represents approximately 5% of the total samples. Under the supervision of the project geologist, sample bags were sealed and stored, pending secured transport for analysis. Samples were submitted to an ALS Minerals Ltd. preparatory laboratory (Oruro Minerals Lab) located in Oruro, Bolivia where they were crushed, split and pulverized. ALS Minerals then shipped the pulps to their analytical laboratory (Lima Minerals Lab) located in Lima, Peru where the samples underwent a four acid digestion followed by analysis of 33 elements using an ICP mass spectrometer. Samples with contents above the detection limit additionally were digested with aqua regia and assayed by Atomic Absorption Spectrometry. The Lima preparatory and analytical laboratories are accredited ISO 9001: 2008 and ISO 17025.