September 12, 2012 @ 5:00 am EST
Oracle Mining announces first assays from underground drilling program
Recent drilling intercepts 94.0 feet of 2.02% copper, including 20.0 feet of 4.7% copper
VANCOUVER, BRITISH COLUMBIA, September 12, 2012 - Oracle Mining Corp. ("Oracle Mining" or the "Corporation") (TSX: OMN, OTCQX: OMCCF, FRANKFURT: OMC) is pleased to announce assay results from its ongoing core drilling program. These assay results include Oracle Mining’s first underground drill hole and the first results from drilling on the Zone 5 mineralization at the Oracle Ridge Copper Mine, located in southern Arizona.
Underground drill hole OUH-01 encountered an interval of 94.0 feet of 2.02% copper, including within that interval 60.0 feet of 2.59% copper containing 20.0 feet of 4.7% copper. OUH-01 is the first hole drilled from an underground drill station by Oracle Mining and these results are the first from the Zone 5 mineralization. The following tabulates the intervals obtained from this phase of the drilling program:
The intervals were calculated using a 1.0% copper cut-off and may include internal waste to reflect a potential mineable width. True widths of mineralized intercepts completed to date will need to be modelled but are estimated to be 60% to 100% of the stated interval length for Zones 1, 2 and 4. Additional drilling in Zones 5, 6 and the “PD” target will be needed before true thickness can be estimated. Intervals labelled "includes" are higher-grade portions of the previous listed interval.
These holes were drilled as part of Oracle Mining’s ongoing drilling program, the results of which will be included in a National Instrument 43-101 (“NI 43-101”) compliant resource estimation to be completed in 2012. A total of 42 holes have been assayed and reported since Oracle Mining began its current drill program in early 2011. The assay results are consistent with historical data. The Corporation is analyzing the samples for a full suite of additional elements and have identified silver and gold as likely by-products that could provide additional project economic value.
Oracle Mining employs a rigorous QA/QC protocol on all aspects of sampling and analytical procedure. Drill core is checked, logged, marked for sampling and split in half. One-half of each drill core is maintained for future reference and the other half of each drill core is sent for analysis. Half-core samples are shipped to accredited laboratories contracted to complete all sample preparation and assaying, including Skyline Assayer and Laboratories (Tucson), SGS Minerals Services (Elko/Vancouver) or ALS Chemex Labs Ltd. (Reno/Vancouver). Samples are analyzed employing the appropriate methodology for analyses of copper, as well as fire assaying for silver and gold. For QA/QC purposes, the assay laboratories run a series of standard and blank samples and provide the results of these assays to the Corporation. Oracle Mining periodically submits the pulps of the samples assayed by one laboratory to another independent laboratory for check analysis.
Oracle Mining has posted an updated diagram of drilled holes with reported assay results at http://www.oracleminingcorp.com/properties/.
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, FRANKFURT: OMC) is a Vancouver, Canada-based corporation that is the sole owner and operator of Oracle Ridge Mining LLC and the Oracle Ridge 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.
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.
For further information, contact:
Mr. Alex Langer, VP Capital Markets
Mr. Jason Mercier, VP Corporate Secretary