May 15, 2012 @ 10:21 am EST
Oracle Mining Intercepts 87.5 Feet of 2.3% Copper and 17.5 Feet of 5.8% Copper
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 15, 2012) - Oracle Mining Corp. (TSX:OMN)(OTCQX:OMCCF)(PINKSHEETS:OMCCF)(FRANKFURT:OMC) ("Oracle Mining" or the "Corporation") is pleased to announce assay results of a new mineralized zone from its ongoing drilling program at the Oracle Ridge Copper Mine, located in southern Arizona.
Drill hole ODH-24 encountered an interval of 17.5 feet of 5.81% copper and ODH-27 encountered an interval of 26.0 feet of 3.27% copper. In addition, the Corporation believes ODH-26, with an interval of 87.5 feet of 2.32% copper, is important as it indicates a large-scale irregularity in the intrusive/carbonate contact. Abrupt changes in the orientation of the intrusive/carbonate contact have been seen in other areas that host major skarn bed mineralization.
The new target area was indicated based on mineralization that is exposed in the ramp connecting the 5900 and 6400 haulage ways. As there is no historic drilling recorded in this area, these intersections represent a new mineralized zone that is not included in the historic resource base. The following tabulates the intervals obtained from this phase of the drilling program:
The intervals were calculated using an external 1.0% copper cut-off and may include internal waste to reflect a potential mineable width. True widths of drilling done to date will need to be modelled but are estimated to be 70% to 100% of the stated interval length. Intervals labelled "includes" are higher-grade portions of the previous listed interval.
The results encountered in Holes ODH-24, ODH-26 and ODH-27 continue to reinforce the Corporation's belief that the undrilled portions of the property have significant potential to host additional +1.0% copper mineralization. These holes were drilled as part of the Corporation's ongoing historic data base confirmation program. The successful completion of the validation drilling program will allow the Corporation to undertake a National Instrument 43-101 compliant resource estimation.
A total of 32 holes have been assayed and disclosed since Oracle Mining began its current drill program in early 2011. The assay results to date are consistent with historic data. The Corporation is analyzing the samples for a full suite of elements and have identified silver and gold as likely by-products that could provide additional project economic value.
Oracle Mining operates a rigorous QA/QC protocol on all aspects of sampling and analytical procedure. Drill core is checked, logged, marked for sampling and sawn in half. One-half of each drill core is maintained for future reference and one-half of each drill core is sent for analysis. Half-core samples are shipped to Skyline Assayer and Laboratories ("Skyline"), an accredited laboratory in Tucson, Arizona, which is contracted to complete all sample preparation and assaying. Samples are analyzed employing the appropriate methodology for analyses of copper, as well as fire assaying for silver and gold. For QA/QC purposes, Skyline runs a series of standard and blank samples and provides the results of these assays to us. Oracle Mining periodically submit the pulps of the samples assayed by Skyline to Chemex in Reno, Nevada for check analysis.
The technical information in this media release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed by Glenn R. Clark, P.Eng., of Glenn R. Clark & Associates Limited, a consultant for Oracle Mining and a Qualified Person under NI 43-101, who is responsible for the technical information reported herein.
About Oracle Mining Corp.
Oracle Mining Corp. (TSX:OMN)(OTCQX:OMCCF)(PINKSHEETS:OMCCF)(FRANKFURT:OMC) is a Vancouver, Canada-based corporation that is the sole owner and operator of Oracle Ridge Mining LLC and copper mine located 24 km north of Tucson, Arizona. Oracle Mining has minimal long-term debt and is managed by an experienced team of mining professionals with extensive operating and financial experience. The Corporation is focused on uncovering overlooked deep-value projects to achieve superior shareholder returns.
Forward-looking Statement Disclaimer
This document may contain "forward-looking statements" within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this document and Oracle Mining Corp. (hereinafter referred to as the "Corporation") does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management of the Corporation's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the receipt of permits to develop and operate the project, the timing and amount of estimated future production, costs of production, access to capital, capital expenditures, success of mining operations, commodity prices, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology.
By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Corporation's annual information form for the year ended December 31, 2011 filed and available for review on SEDAR at http://www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. 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, readers should not place undue reliance on forward-looking statements.
Oracle Mining Corp.
Mr. Alex Langer
VP Capital Markets
604-689-9293 or Toll Free: 1-855-689-9282