Minefinders Corp. Ltd. (MFL.V) is an aggressive well-funded mineral exploration and development company with strong leadership and properties with excellent potential for multi-million ounces of gold potential. The management and staff have the commitment and professional expertise to build the company into a respected, profitable mining company and have implemented strategies to maximize the company's growth. The Dolores Project in Chihuahua is approaching final feasibility and the northern Sonora Properties show a lot of potential.
Minefinders
Corporation Ltd. MFL
(TSX)
Minefinders Corporation Ltd.
2288-1177 W Hastings St.
Vancouver, BC
Canada V6E 2K3
T +(604) 687-6263
F +(604) 687-6267
Investor Relations: Mike Wills mike@minefinders.com
http://www.minefinders.com
Latest Press Releases The best way to keep up with press releases, drill sections etc is to link directly to Minefinder's very informative website - either to latest news releases or to project by project summaries. Links below are direct..
Dolores Project, Chihuahua. Recent exceptional drill results from the Company's Dolores project include grades up to 44 gpt Au and 2,222 gpt Ag. These drill results support and provide continued verification of the company's previous drilling that has outlined an overall geologic resource of more than 88.8 million tonnes of mineralized rock containing 2.14 million ounces of gold and 122.3 million ounces of silver. Results will be incorporated into a new updated resource calculation following the current phase of drilling. Infill drilling continues to encounter high-grades throughout the 1.9 kilometer length of the Dolores main zone gold and silver deposit that, through recent exploration has become one of Mexico's largest undeveloped gold and silver resources. Preliminary studies for a part of the resource suggest that the deposit can be open-pit mined profitably at a rate of 10,000 tonnes per day over a 14 year mine life. Results from initial pulp-agglomeration column leach tests on ore from the Dolores gold/silver project in Mexico. The company reports that ore was crushed to 9.5 mm, with HG ore further milled to either 65 mesh or 150 mesh and then agglomerated with LG ore and placed in columns. Column leaching was reportedly continued for more than 400 days, and Minefinders says recovery rates ranged from 82% to 89% for gold and 43% to 51% for silver. At a 1.0 g/t gold cut-off, the property has an estimated resource of 35.2 million tonnes averaging 1.4 g/t gold and 84.46 g/t silver, for 1.59 million ounces of gold and 95.6 million ounces of silver.
Press Release 25May00
Press Release 27Apr00A 66,000 acre project. As of June, 1998 estimates of indicated and inferred reserves stood at 54,297,000 tonnes grading 1.338 grams Au equivalent using an un-capped inverse-distance model with a 0.5 gpt Au-equiv cut-off. (1,404,842 oz Au and 69,817,897 oz Ag). Initial scoping plans for open-pit mine indicate stripping ratio of 2.9:1. New October, 1999 resource estimations designed to minimize the undue averaging of higher-grade ore over a large area and tonnage came out to 4.18 million ounces Au-equivalent at a 60:1 Ag:Au valuation and 0.3 gpt Aueq cutoff. Using a 1.0 Aueq cutoff the resource estimate is 3.18 million ounces
Press Release 7Oct99
GCN #215 9Nov98
GCN #108 5Jun98Minefinders has completed the re-purchase of Echo Bay Mine's prior option to acquire a 60% interest in the property for $4 million Cdn and 1,250,000 shares (restricted until 10/2/98). This means Minefinders now controls 100% of the Dolores property, however, this puts Echo Bay Mines Ltd.'s position in Minefinders at 3.5 million shares or roughly 25% of the company. Dolores property position is 3,100 ha plus additional staked 41,000 ha. First activity back in March, 1993. Intense chip sampling (>1600 samples) identified highly prospective surface anomalies over 4000m of strike and 500m of width. Goal of Phase III drilling was to identify target of 2 to 3 million ounces of Au plus 30-40 million ounces of Ag over 4km strike of known mineralization along trend which now includes Norte, Chabacan and Hondo/Main Target Zones. Phase IV drilling complere (see below). On August 26, 1997 Minefinders placed preliminary resource estimates at 1.2 million oz Au and 40 million oz Ag in a bulk-mineable configuration. Exploration resumed in January, 1998 with 10,000m of infill and stepout drilling planned for 1Q98. Prefeasibility study in progress.
Since August 1996 Minefinders has drilled over 103 holes (80 DDH, 23 RC). Open pittable resource initially reported as 700,000 ounces in 14 MM tonnes grading 0.058 opt Au and 1.0 opt Ag availible in a pit design with a 1.3 to 1 stripping ratio. Based on 107 holes Humboldt Mining Services of Reno, NV calculated a minimum drill indicated and inferred resource of 1,200,000 ounces of gold and 45,800,000 ounces of Ag. This assumed a cutoff grade of 0.015 opt Au (0.5 grams) for indicated and 0.008 opt (0.3 grams) for inferred. At a 0.015 cutoff there are 27,840,000 tons at 0.038 opt (1.3 grams) and 1.38 opt Ag (47.3 grams).
Initial drilling began at Dolores15Aug95, primarily in two main target areas: Chabacan Main and West Zones. The East Chabacan Zone, Norte and Hondo Target areas were drilled during Phase II. Au-Ag mineralization in the Chabacan area was intersected over 800m of strike. Intercepts range from 12m to 102m with grades from 0.82-5.97 g/t Au. Best intercepts include D96-1 with 40m of 0.174 opt Au (39.5m of 5.97 g/t Au and 41.11 g/t Ag). Two rigs have been active since 15Jan97. A third RC rig was added in March. Phase III drill results reported in May and extended Au-Ag mineralization over 1,500m in strike length. Ground IP/resistiviyy has been completed over central portion of property. The 56 hole Phase IV infill program was very successful with significant ore grade Au and Ag in every hole. Lots of News Releases in 1998 - go to Minefinder's website for details.GCN #215 9Nov98
GCN #211 3Nov98
GCN #175 11Sep98 (tabulated drill results)
GCN #12 19Jan98 (tabulated results, Chabacan Zone drill section)
GCN #232 3Dec97
MBD November, 1997
MBD October, 1997
MBD September, 1997(map, section, reserve table)
GCN #159 19Aug97 (resource calculation table)
GCN #125 30Jun97 (map and tabulated results)
GCN #119 20Jun97 (tabulated Phase III results)
NMN v83#15 06/09/97
GCN #101 27May97 (map and tabulated results)
NMN v83#6 04/07/97
GCN #61 27Mar97 (map and tabulated results)
CSW 14Mar97
NMN v83#2 03/10/97
CSW 24Feb97
LAMR Feb, Mar, Apr, 1997
MBD Jan, Mar, Apr, 1997
October 10, 1997: Phase IV drill results confirmed the continuity of ore-grade gold and silver mineralization over more than 1,000 metres of strike length from the surface to a depth exceeding 200 metres at the Dolores property in Chihuahua, Mexico. All 56 of the recently completed phase-four drill holes (18 DDH and 38 RC) encountered significant ore-grade gold and silver mineralization. Average intercept grades suggest an increase in overall grade for the previously announced resource is likely. The attached tables summarize some intervals from these holes.
Drill holes of note include: D97-R41 which cut 22.9 metres (75.0 feet) averaging 17.35 g/t (0.51 oz/ton) gold and 272.6 g/t (7.95 oz/ton) silver, including 3.0 metres (10 feet) averaging 121.94 g/t (3.56 oz/ton) gold and 2,878.33 g/t (84.0 oz/ton) silver; D97-R46 cut 108.2 metres (355.0 feet) averaging 1.47 g/t (0.043 oz/ton) gold and 15.5 g/t (0.45 oz/ton) silver, including 22.9 metres (75.0 feet) averaging 3.94 g/t (0.115 oz/ton) gold and 38.1 g/t (1.11 oz/ton) silver; D97-85 cut 178.7 metres (586.3 feet) averaging 0.96 g/t (0.028 oz/ton) gold and 49.03 (1.43 oz/ton) silver, including 18.0 metres (59.1 feet) averaging 2.37 g/t (0.069 oz/ton) gold and 231.6 g/t (6.76 oz/ton) silver and 42.7 metres (140.1 feet) averaging 1.92 g/t (0.056 oz/ton) gold and 30.82 g/t (0.90 oz/ton) silver; D97-91 cut 62.5 metres (205.1 feet) averaging 1.3 g/t (0.038 oz/ton) gold and 147.1 g/t (4.28 oz/ton) silver, including 20.2 metres (66.3 feet) averaging 3.6 g/t (0.105 oz/ton) gold and 360 g/t (10.5 oz/ton) silver; D97-92 cut 45.7 metres (149.9 feet) averaging 1.82 g/t (0.053 oz/ton) gold and 89.0 g/t (2.60 oz/ton) silver, including 8.0 metres (26.25 feet) averaging 6.5 g/t (0.190 oz/ton) gold and 181.0 g/t (5.28 oz/ton) silver.
Minefinders is drilling to fill in gaps of greater than 50 metres between holes and to extend ore along strike and to greater depths. Results from this next phase of drilling are expected to advance the previously announced gold and silver resource (1.2 million ounces gold and 45 million ounces silver) to the proven and probable category.
Minefinders will continue with the phase-one feasibility study, initiated by Echo Bay, with an anticipated completion date in early 1998. Column leach tests are in progress, environmental baseline studies are ongoing, a preliminary geotechnical study was completed, and prefeasibility engineering studies will commence later this year.
NORTHERN SONORA PROJECT:
Minefinders controls several significant mineralized zones within their 388 square kilometer
Northern Sonora Project area located in northern Sonora, Mexico. These include:
La Bolsa Project, northern Sonora has had 42 RC holes during 1994-1995 defining 115,000 - 140,000 oz eAu on 22,000 ha. property S of border and 2000 acres on N side. (105,000 to 120,000 Au). Metallurgical leach tests favorable with 57-95% recovery in 72 hrs and 80.6-86% in 96 hours. Surface rights agreement for Life-of-Mine has been finalized with local ranchers. In 1996 drill indicated resource stood at 4.1 M tonnes at 0.030 opt Au. Indications are that extensions continue 300m east and 600m along strike. Mineralization is stands at greater than 230,000 ounces Aueq and consists primarily of quartz-adularia-calcite stockworks with associated sericitic alteration. The drilled resource at La Bolsa is currently 208,000 ounces of gold and 2.1 million ounces of silver at a 0.3 gpt gold only cutoff. This resource is based on a nearest neighbor block model calculation from the 14 core and 58 reverse circulation drillholes in the resource area. The deposit remains open down dip to the east, and toward surface mineralization to the south and southeast. The potential exists to triple the size of the resource by drilling these extensions.WWWinfo 2Q01
GCN #179 17Sep98 (with maps and tabulated drill results)Reserva El Correo Cu-Au Prospect, Sonora. A site of former USGS geological and geochem work. Financing in place for Phase II and III drilling. Minefinders' geologists continue to advance the geological mapping and geochemical sampling programs. Minefinders is the operator of a 70:30 joint venture with Dakota Mining and has an option to purchase Dakota's 30 percent interest subject to a 3.25 percent retained NSR royalty. Results from a recently completed helicopter-borne magnetic, radiometric and electromagnetic survey, covering more than 90,000 hectares (350 square miles) of the combined La Reserva/El Correo, La Bolsa, and Oro Blanco properties are presently being evaluated on the ground.
CSW 4Apr97
MBD December, 1996
GCN #223 19Nov96
CSW 15Nov96
NMN 10/25/96
MBD Jul, Aug 96
GCN #151 4Aug96
LAMR v3, #6 June, #7 July96
Press Release 28Jun96
GCN #96 16May96
NMN v82 #8 04/22/96El Durazno Concession, Sonora. The 460 hectare El Durazno concession was awarded to Minefinders via the Mexican government sponsored lottery process, and is composed of two previously existing concessions that have been combined into one. The new concession covers an area of precious metals mineralization and highly anomalous stream sediment geochemistry. Minefinders has now effectively consolidated property from the US/Mexico border west of Nogales southward. (See Map) Several areas of past precious metals mining also occur within the newly acquired concession area. Approximately 75 rock chip samples have been collected from the area, with significant assay values ranging from 0.5 to more than 44 grams per tonne (0.015 to 1.3 ounces per ton) gold. Individual rock chip samples have returned assay values of 10.00, 11.50, and 44.57 grams per tonne gold (0.292, 0.336, and 1.3 ounces per ton gold, respectively). Units hosting mineralization include Tertiary volcanic rocks and interbedded calcareous sediments. Although sampling and reconnaissance geology of these new prospects is at a very early stage, preliminary results suggest high potential for the discovery of additional gold resources. Follow-up work will include detailed geological mapping and geochemical sampling to advance this prospect to the drilling stage.
Press Release 18Apr00
La Dura prospect - northeast trending zone of strong quartz stockworks exposed over a 500m x 100m area, with moderate silicification and argillic alteration, developed in rhyodacite flows. Mineralization includes an iron oxide gossan, galena, copper and manganese oxides with rock chip assays up to 1443 g/t (42.1 opt) silver. Numerous prospect pits, underground workings and a 25m x 50m open cut expose mineralization over the area.
El Malacate prospect - east-west trending brecciated, quartz stockwork zones exposed over a 2000 meter x 500 meter area. Strong silicification, quartz veining and argillic alteration is developed in conglomerates and siltstones intruded by rhyolite dikes. Rock chip assays of up to 30 meters averaging 2.0 g/t (0.058 opt) gold have been collected across stockworked and hematite stained zones. Mineralization and alteration are similar to the La Bolsa Deposit.
El Ruidito prospect - east-west trending, up to 15 meter wide quartz-calcite vein exposed over 600 meters, with rock chip assays up to 9.3 g/t (0.27 opt) gold. Moderate quartz-calcite stockworks are found adjacent to the vein in conglomerates and andesite flows. Mineralization and alteration are similar to the La Bolsa deposit.
Real Viejo prospect - northeast trending quartz stockwork in felsic volcanics exposed over a 1000m x 500m area. Mineralization includes locally abundant galena and specular hematite with rock chip assays up to 462 g/t (13.5 opt) silver. Historical activity includes numerous prospect pits and an open cut 20m x 30m in area.
Picacho Alto prospect - northeast trending quartz stockwork vein zones are exposed over a 1000m by 500m area. Mineralization is associated with silicification and moderate argillic alteration of conglomerates, sandstones, siltstones and shales intruded by rhyolite dikes. Surface mineralization includes galena and copper oxides with rock chip assays up to 1.1 g/t gold and 329 g/t (9.6 opt) silver over 10 meters. Numerous old prospect pits.La Verde - El Tapon prospects - east-west trending, low angle mineralized zone in rhyodacite flows is exposed over 2000m of strike and up to 20m thick. Strong quartz stockworks, silicification and gossan, locally containing galena, copper sulfides and oxides. Rock chip assays up to 339 g/t (9.9 opt) silver and 2.65% zinc.
Santa Juliana prospect - northeast trending quartz stockwork and silicified zones exposed over 200 meters along strike, with strong iron oxides, and local galena, sphalerite, and copper mineralization hosted in rhyodacite flows. Rock chip assays up to 1.1 g/t gold and 1865 g/t (54.4 opt) silver.
Cerro Amarillo prospect - northeast trending quartz-stockwork zones are exposed over a 1500m x 500m area, with silicification, argillic alteration and local gossan developed. Mineralization includes silver sulfides, galena, sphalerite and copper oxides hosted in volcanic flows and sediments, adjacent to an intrusive. Rock chip assays up to 7.7 g/t (0.22 opt) gold and 836 g/t (24.4 opt) silver have been collected from the prospect.
San Antonio Property, Pinos District, Zacatecas. Minefinders secured a land position in the San Antonio Mines area of Zacatecas from late 1996 through 1997. This property was acquired through staking of free ground and consolidation of fragmented concessions. Minefinders’ holdings within this old silver and gold district now total 465 hectares of prospective ground. We will continue to map, sample and evaluate this property for drilling during 1998. The San Antonio property is in the vicinity of the high-grade gold-silver Los Pinos mine (historic producer) and the currently producing Real de Angeles mine, whose production has exceeded 30 million ounces of silver. The Minefinders ground is located 20 kilometers west of the massive sulphide discovery of Western Copper Holdings and Teck.WWWinfo
