ANDINA Terminates Domeyko and Gitana Options Agreements.
ANDINA Minerals Inc. (TSX VENTURE:ADM) ("Andina" or "the Company") "the Company") has terminated the option agreements on the Domeyko copper and the Gitana copper gold silver projects which are both located in Chile. Elsewhere in Chile, Andina has begun exploration activities, including geological mapping, trenching and sampling, on its Aroma gold copper molybdenum project in preparation for a reverse circulation ("RC") drilling program anticipated to commence during the third quarter of 2005.
"The results from the first phase exploration programs on the Domeyko and Gitana projects did not meet our objectives," said Mr. Carl Hansen, President and CEO of Andina, "and therefore, in keeping with our exploration philosophy, the projects have been returned to the vendors. We will focus our efforts on our portfolio of precious metals including Aroma and our cornerstone gold property, the Volcan project."
Diamond drill assay results from the Company's Volcan project, centrally located within Chile's Maricunga gold belt, are anticipated to be available for release prior to the end of June.
The Elisa and Inesperada properties, which comprise the Domeyko copper project, were the focus of a limited exploration campaign including the drilling of ten reverse circulation drill holes. On the Elisa property, six RC drill holes (1,250 metres) targeted oxide and sulphide mineralization associated with a porphyry system. Oxide mineralization did not exceed 0.2% copper and, similarly, sulphide mineralization was generally too low grade to be of further interest. The four RC holes drilled on the Inesperada property targeted copper mineralization associated with a stockwork of iron oxide veining. Drilling returned narrow intervals of copper mineralization, up to 2.5% copper, however, the best intersection was 0.66% copper over a core distance of 18 metres. The results from the exploration program were not significant enough to warrant further expenditures.
Under the guidelines of National Instrument 43-101, the qualified person for the Domeyko exploration project is Mike Easdon, P. Geol.
During the first quarter of 2005, Andina completed a 1,830 metre RC drilling program on its Gitana copper gold silver property located in the Copiapo area of Chile. Significant drill results, 0.75% copper over a core distance of 22 metres and 1.12% copper over a core distance of 6 metres, were encountered in a single hole drilled in the vicinity of the existing mine workings. After completing a review of the exploration results, it was determined that the project does not meet the Company's objectives.
Under the guidelines of National Instrument 43-101, the qualified person for the Gitana exploration project is Mr. Mike Hodgson, P. Eng.
Aroma Gold Project
Andina has commenced exploration activities, including geological mapping, trenching and sampling, on its 1,000 hectare Aroma gold project located in northern Chile approximately 110 kilometres east of Arica. During the mid to late 1990's, a Chilean subsidiary of North Limited conducted an exploration program on the Aroma property identifying coincidental gold, copper and molybdenum soil geochemical anomalies centrally located within a two by three kilometre hydrothermal alteration zone. An induced polarization survey, completed on behalf of North, outlined two resistivity anomalies coinciding with the geochemical anomalies. North was acquired by RTZ Limited in 1997 and the property was subsequently returned to the owner prior to the anomalies being drilled. Further information on the property can be found within the Company's Technical Report, "Review of Gold and Copper Exploration Potential of Mineral Properties in Chile" filed on the Sedar website (www.sedar.com) on November 24, 2004.
Andina is a well financed, Americas focused exploration company with a diversified portfolio of gold, copper and silver exploration projects in Chile and Mexico. The Company is dedicated to maximizing the value of its exploration assets through a commitment to fiscally responsible exploration.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
ANDINA Minerals Inc. (TSX VENTURE:ADM)
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|Date:||Jun 16, 2005|
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