|By Marketwired .||
|October 10, 2013 02:04 PM EDT||
LIMA, PERU -- (Marketwired) -- 10/10/13 -- Southern Legacy Minerals Inc. ("Southern Legacy" or the "Company") (TSX VENTURE:LCY)(BVL:LCY) is pleased to announce that it has completed a comprehensive nine-month study of the Company's flagship AntaKori Project, located in the Hualgayoc Mining District, Cajamarca, Peru. This study comprised the review and compilation of all geological and geophysical data obtained by previous exploration programs, and, in particular, included the re-logging and reinterpretation of all drill core and geologic data by the Company's technical staff with the assistance from independent, experienced professional geologists. The result of the study is a new and positive interpretation of the geology of the AntaKori Project.
Highlights of the AntaKori Project include the following.
-- Identification of a large, outcropping and sub-surface, mineralized and telescoped Au-Cu porphyry system with associated, mineralized breccias, skarns, and porphyry-style mineralization hosted in sedimentary and intrusive rocks, and associated epithermal, high-sulphidation mineralization in the overlying volcanic rocks. -- Significant zones of mineralization have been intercepted by the previous drilling within large geophysical anomalies, thus confirming the utility of the geophysics used in identifying future exploration targets. -- Indication that the mineralized system is open in all directions, and has potential for expansion through future exploration programs. -- That re-logging for the drill core indicates that the overall mineralization of the AntaKori Project has a low arsenic content, with the ratio of high arsenic bearing mineralization (located in the highest elevations of the system) to low arsenic bearing mineralization being 1:10.
Commenting on the results, Fernando Pickmann, President & CEO stated: "We are very pleased to receive such positive results regarding the geology and resource potential of the Antakori Project. They exceed our expectations and we are confident that our future exploration programs will confirm these preliminary results. Our studies provide us with increased confidence in the upside resource potential of the Antakori Project", he added.
Mr. Allen David V. Heyl is Southern Legacy's Qualified Person (as defined by NI 43-101). Mr. Heyl has read and verified the scientific and technical information in this news release.
The Antakori Project is located in the prolific, highly mineralized central Cajamarca Region of Peru. The property hosts a large copper-gold-silver mineralized system. Within this region are multiple major and world-class porphyry and epithermal deposits, including Yanacocha, Minas Conga, La Granja, Cerro Corona, Tantahuatay, Michiquillay, Galeno, and La Zanja. The Project encompasses 16 concessions and 232 hectares in the Hualgayoc district, and represents the northeastern most portion of the mid-to-late Tertiary age Tantahuatay volcanic centre with associated volcanic, porphyritic intrusive, and metosomatically altered sedimentary rocks. The poly-metallic Gold (Au), Copper (Cu), Molybdenum (Mo) and Silver (Ag) mineralization has been revealed by 48 diamond drill holes completed by previous owners. The Antakori property shows mineralization on the surface over an extent of 3,000 m x 1500 m with a tested depth to over 800 m. It is considered to be open in all directions.
About Southern Legacy Minerals Inc.
Southern Legacy is a mineral exploration company with a portfolio of copper and gold projects in South America. Southern Legacy is currently focused on advancing its flagship copper and gold AntaKori Project (formerly known as Sinchao), located in northern Peru between Gold Fields' Cerro Corona and Buenaventura-Southern Copper's Tantahuatay mines. The AntaKori Project currently has an inferred resource estimate of 3.1 billion pounds of copper and 3.4 million ounces of gold based on average copper and gold grades of 0.48% and 0.36 g/t respectively within a mineralized volume of 294 million metric tons. The combined, copper equivalent grade is 0.92%. For additional information regarding the AntaKori Project, please refer to the report entitled "Technical Report - Southern Legacy Minerals Inc., AntaKori Project, Peru" dated July 2, 2012 prepared by Scott E. Wilson Consulting, Inc., a copy of which is available on the Company's SEDAR profile at www.sedar.com.
Note Regarding Forward-Looking Statements:
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, this news release contains forward-looking information relating to the estimation of mineral resources, the resource potential of the AntaKori Project and future exploration plans. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning the resource potential of the AntaKori Project and future exploration plans. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Company can give no assurance that they will prove to be correct.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Southern Legacy Minerals Inc.
President and CEO