Landen Capital Corp.
TSX VENTURE : LAN

June 17, 2010 07:30 ET

Landen Capital Discovers Two New Mineralized Zones Located 1.3 km From Its Main Poly-Metallic Samapleu Deposit in Cote d'Ivoire, Including 15 Metres of Semi-Massive Sulphide Material

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 17, 2010) - Landen Capital Corp. (TSX VENTURE:LAN) ("Landen") is pleased to announce the discovery of two new mineralized zones located 1.3 kilometres ("km") and 1.4 km, respectively, from Landen's main Samapleu poly-metallic deposit (the "Project"). Exploration hole SM24-661614, drilled 1.3 km northeast of the Project, intersected 106.2 metres ("m") of mineralized material, including 15 m of semi-massive sulphide (pyrrhotite ("Py"), pentlandite ("Pn") and chalcopyrite ("Cp")). A second exploration hole, SM23-675562, located 1.4 km northwest of the Project, returned 25 m of ultramafic host with 2 m of up to 60% disseminated Py, Pn and Cp rich sulphide material.

"These two newly discovered mineralized zones open up a whole new perspective and potential for the Project. We are very enthusiastic about the potential for SODEMI and Landen to become major poly-metallic producers in West Africa," said Dr. Audet, President and CEO of Landen.

The Project is a joint venture amongst Landen's 100% owned subsidiary, SAMA Nickel Corporation ("Sama") (66 2/3%) and Société pour le Développement Minier de Côte d'Ivoire ("SODEMI") (33 1/3%).

These two holes, drilled last week, were aimed at testing induced polarization ("IP") anomalies that formed two parallel sectors several km long and 500 m apart from each other. These two new discoveries increase the potential of the Project by adding several km of prospective ground northwest, north and northeast of the Project. Both new zones extend outside Sama's cut grid toward the west and the east. The reader is invited to visit Landen's website: www.landencapital.com under item "Investors/May 2010 investor presentation.pdf" for maps (slide 11) showing the location of these two new parallel mineralized zones outlined by IP anomalies 01 and 02. Table 1 shows the mineralized intersections for these two holes. Intervals with less than 10% disseminated mineralization are not reported in Table 1. True width for these mineral intersections are not known at this moment. However, according to our geological model, these holes were planned to intersect the ultramafic host perpendicular to the general strike and dip.

The semi-massive mineralized material intersected at the first new zone, called "Sama-Extension 1", presents a net-textured rock composed of intermixed sulphides and olivine. Sulphide phases are composed of a light grey metallic lust compound of combined Py-Pn and yellowish Cp phases. Cp phases are distinct from the Py-Pn compound and locally represent up to 30% of the metallic phases.

The mineralized material at the second new zone, called "Sama-Extension 2", shows a brecciate texture with finely disseminated and well crystallized sulphide phases associated with the replacement material. Again, the Cp phases are distinct from the main metallic compound ranging from trace to up to 5% of the metallic phases.

Down-hole geophysics, IP and ground magnetic surveys are ongoing at the Project. These geophysical surveys will support Sama's current exploration drill program aimed at delineating the extension of SM44-450250's semi-massive to massive intersection (Table 2, ref: News Release of May 31, 2010), as well as chasing continuities at the two newly discovered mineralized zones. Based on these excellent results, Landen will continue drilling through the summer, with additional holes aimed at defining mineral resources at the main Project as well as the two newly discovered mineralized zones.

Table 2 shows an update on assay results from our exploration holes drilled at the main Project.

Drilling was performed by Orex Africa SARL of Abidjan, Côte d'Ivoire. Core logging and sampling were performed at Sama's facility at Yorodougou village. Sample preparations were performed at Société Gouesse d'Investissement, de Gestion et d'Entretien des Patrimoines' sample preparation facility in Gouessesso village under Sama's supervision. Sample pulps were delivered to SGS's facility in Yamoussoukro and then dispatched by SGS directly to their assay laboratory in South Africa. All samples will be assayed for Nickel, Copper, Cobalt using peroxide fusion ICP-OES and Platinum, Palladium and Gold using fire assay ICP-OES finish (grade values greater than 1,000 parts per billion are re-analyzed using fire assay ICP-OES finish for detection as parts per million or grams per tonne ("g/t") levels). Results should be available in approximately six weeks.

The Project is located approximately 600 km northwest of Abidjan. The area has excellent infrastructure with a road network leading to the Project and all required services available in the nearby towns of Man and Biankouma.

Table 1: Samapleu Project: Mineral Intersection summary at the two newly discovered zones.

Hole ID Mineralized Interval
  From (m) To (m) Interval (m) Pct-Sulphides Ni% Cu% Co% Pt (g/t) Pd (g/t) Au (g/t)
Zone: Sama-Extension 1                    
SM24-661614 95.50 105.50 5 10 -15%            
  111.00 117.00 6 30-40%            
  136.70 156.00 19.3 15-20%            
  161.60 170.60 9 50-70%            
  186.50 208.00 21.5 10 -15%            
  212.00 222.00 10 10 -15%            
  230.00 243.00 13 10 -15%            
  258.60 265.00 6.4 10 -15%            
  273.00 289.00 16 10 -15%            
      106.2              
Zone: Sama-Extension 2                    
SM23-675562 62.00 64.00 2 40-60%            
                     

Table 2: Samapleu Project: Mineral Intersection at the Samapleu Main Deposit.

Hole ID Mineralized Interval
  From (m) To (m) Interval (m) Pct-Sulphides Ni% Cu% Co% Pt (g/t) Pd (g/t) Au (g/t)
                     
SM44-450250 32 48 16 15-20% 0.24 0.29 0.01 0.13 0.30 0.04
  67 82 15 10-20% 0.61 0.47 0.03 0.38 0.52 0.07
  84 98.8 14.8 20-50% 1.36 1.50 0.05 0.17 1.05 0.24
  98.8 101.3 2.5 80-90% 4.29 3.72 0.16 0.02 3.15 0.39
  101.6 114 12.4 10-15% 0.25 0.17 0.01 0.58 0.18 0.07
      60.7              
SM44-517178 50.2 61 10.8 10-15% 0.26 0.15 0.01 0.10 0.39 0.01
  68.4 73.6 5.2 10-15% 0.25 0.15 0.01 0.12 0.34 0.03
  83.6 95 11.4 10-15% 0.38 0.34 0.02 0.09 0.66 0.04
  110 160.4 50.4 15-20% 0.25 0.26 0.02 0.13 0.28 0.05
  176.6 181 4.4 10-15% 0.13 0.65 0.01 0.16 0.33 0.25
      82.2              
SM44-587090 89.4 92.4 3 10 -15%            
                   
SM44-525290                    
  24.1 24.3 0.2 30-40% 0.81 0.40 0.04 0.10 1.12 0.03
  24.3 24.4 0.1 80-90% 4.84 0.04 0.17 0.46 2.50 0.03
  24.4 64.1 39.7 5-10% 0.21 0.11 0.02 0.10 0.25 0.05
  64.1 75.85 11.75 10-20% 0.43 0.55 0.02 0.14 0.48 0.13
  87.5 114.3 26.8 20-30% 0.34 0.32 0.02 0.10 0.27 0.03
      78.55              
                     
  Terminated at 148m for technical reasons before reaching the target zone:
SM44-590230 Assays are still pending
  82.75 83.4 0.65 5-10%            
  100.7 101.7 1 20-30%            
  127.9 128.1 0.2 10-20%            
  138.95 139.07 0.12 5-10%            
  144.45 144.65 0.2 5-15%            
                     
SM44-665150   No significant intercept            
                     

This News Release was prepared by Dr. Marc-Antoine Audet, P.Geo., President and CEO of Landen, a Qualified Person under National Instrument 43-101. The core logging and sections selected for assays were performed by Sama's geological team in Côte d'Ivoire. Dr Audet reviewed the core logging, mineral description, mineralization estimates and the selection for assays during his latest visit to the Project (June 11 to 13, 2010).

This news release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Landen's reports or in the filings made by Landen from time to time with securities regulatory authorities.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Landen Capital Corp.
    Dr. Marc-Antoine Audet
    President and CEO
    (514) 726 4158