TORONTO, ONTARIO--(Marketwired - Feb. 12, 2014) - Anconia Resources Corp. (TSX VENTURE:ARA) ("Anconia" or the "Company") is pleased to announce the acquisition of the "Jarositas" exploration permit situated in southern Spain.
Anconia has acquired, by way of application with the regional mining authority, an exploration permit in southern Spain called Jarositas, which covers approximately 154 square kilometres of ground prospective for lead-zinc-silver exploration.
With the Jarositas exploration permit, along with the Company's VMS discoveries in Nunavut (ATLAS-1 and ZAC), Anconia is positioning itself to be a significant exploration and development company with a focus on zinc and other base metals.
Highlights of the Jarositas Permit Area
- Area has been historically mined for silver and lead and zinc, and there are several known mineralized showings within the property area.
- One area of the property (Coto Fortuna), which was mined in Roman times for silver and lead, has a historical estimate of 165,229 tonnes of contained zinc metal which equates to 7,282,697 tonnes at a grade of 2.27% Zn. This estimation was calculated in 1972 by the Instituto Geologico y Minero de Espana (Institute of Mining and Geology of Spain), a Spanish governmental agency, and can be found in the report titled "Estudio Del Yacimiento De Zinc De Coto Fortuna, y Evaluacion De Sus Reservas". There is no information on the category of the historic resource.
- The Jarositas exploration permit area contains geology favorable for additional mineral occurrences in a region of active and previously active geothermal systems. These systems contain widespread alteration zones of a type commonly associated with lead, zinc and silver mineralization. Modern exploration methods have never been used in the area to search for hidden deposits.
- Infrastructure in the area is well established with road, rail, and towns all nearby.
A qualified person has not done sufficient work to classify the historic estimate as current mineral resources or mineral reserves, and the Company is not treating the historical estimate as current mineral resources or mineral reserves.
Mr. Jason Brewster, President and C.E.O. of Anconia commented, "We are very pleased with this acquisition. We believe this area has the potential to host a significant zinc deposit, this is an important target, which needs to be drilled both to bring the historic estimate in line with NI-43-101 requirements, and to determine if there is an extension at depth of the deposit outlined by the Spanish Geological Survey. This area has been very productive in the past (back to Roman times) and the potential to host a mineable deposit is very good. The Company believes that this new property in Spain is an excellent complement to the property we have and the work we are doing in Nunavut. Anconia is positioning itself to be a significant exploration and development company through its base metal assets."
The Jarositas permit contains at least 3 epithermal centers outcropping at surface. Coto Fortuna, one of the three known near surface occurrences, was mined during Roman times. This along with an extensive hydrothermal alteration halo prompted the Instituto Geologico y Minero de Espana to do an extensive exploration program consisting of 23 drillholes in the early 1970's, which led to a historical estimate of 165,229 tonnes Zn metal which is equivalent to 7,282,697 tonnes at 2.27% Zn, as estimated in the above noted report dated October 7 1972. Anconia's technical team notes that there is a possibility of a depth extension to the mineralization at Coto Fortuna, as all the completed drillholes were relatively shallow (the majority of the holes were from 120 - 130m with a maximum of 301m). Additionally the area has historically been hydrothermally active and active hot springs in the area indicate that there may be other deposits, which have not yet been discovered as modern exploration techniques (large scale airborne geophysical surveys amongst others) have never been utilized.
Mr. Raul Hidalgo, EurGeol, a principle of Geotrex Gestion Minera S.L. a qualified person pursuant to NI 43-101 has reviewed and approved the content of this press release.
Anconia is a base and precious metals exploration and development company, which is focused on providing shareholder value through the advancement of the properties in its portfolio. Anconia is undertaking comprehensive exploration programs to determine the potential of its current projects.
Neither 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.