TORONTO, Feb. 21, 2013 /PRNewswire/ - Cerro Grande Mining Corporation (the "Company" or "CEG") (TSX-CEG; OTCQX-CEGMF) reported Quantec Geoscience, Toronto, Canada has reached the final interpretation stage of an Orion 3D DCIP (Direct Current Induced Polarization) and MT (Magnetotelluric) Inversion Geophysical study on its Santa Cecilia Property on which the Company holds an option to purchase a 65.6% interest. This is the first Orion 3D DCIP and MT Inversion Geophysical study conducted by Quantec in all of Latin America and is designed to provide detailed magnetotelluric information and induced polarization data.
The results of the Orion 3D DCIP and MT Inversion geophysical study on the Santa Cecilia prospect will be presented by Quantec Geoscience at this year's KEGS Symposium "Copper: Discovery and Delineation" to be held on March 2, 2013 at this year's PDAC Convention.
In summary the geochemical, MMI and CSAMT study followed by the Orion 3D CIP and MT Inversion surveys has provided an accurate delineation of deep seated alteration zones that host mineralization. The 3D DCIP results gave a detailed insight of the area to a depth of approximately 1,000 mt. and the MT Inversion study results suggest a significant extension of the deep alteration zone laterally and vertically to a depth of nearly 2,000 mt.
The Company expenditure on the Orion 3D DCIP and MT Inversion survey including Company costs was in excess of US $525,000 and has provided the Company with substantial additional and unforeseen knowledge of the Santa Cecilia prospect.
Utilizing the information obtained from the Orion 3D DCIP and MT Inversion study Quantec will recommend Drill Targets to test the anomalies found. A complete report on the results of the Orion 3D DCIP and MT Inversion study is expected to be completed by early March, 2013. The Santa Cecilia Prospect is located in the prolific Maricunga gold belt of Chile and directly adjacent to Exeter Resources' Caspiche Project. Santa Cecilia and the Caspiche Project are both close to the Kinross's Maricunga gold mine 16 kilometers to the north and to Barrick/Kinross's Cerro Casale gold/copper project 14 kilometers to the south, as well as Barrick's new Luciano Prospect 11 kilometers to the south.
The Company will study the results of the geophysical study and select drill targets for drilling, in the next drill season beginning in October - November 2013.
The Company, in the mean time will focus on developing its producing Pimenton gold/copper mine, continue drilling its porphyry gold/copper targets at Pimenton and conducting further exploration and drilling at its Tordillo gold/copper prospect, which lies 12 kilometers to the south of Pimenton.
Cerro Grande Mining Corporation is a minerals producing, exploration and development company with properties and activities currently focused in Chile.
Cautionary Statement on Forward-looking Information
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of CEG. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of CEG to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release based on current expectations and beliefs and CEG disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
SOURCE Cerro Grande Mining Corporation