Dia Bras Exploration Inc.

Dia Bras Exploration Inc.

September 09, 2010 10:30 ET

Dia Bras Begins Drilling the Las Coloradas Polymetallic Target in Zacatecas

MONTREAL, QUEBEC--(Marketwire - Sept. 9, 2010) - Dia Bras Exploration Inc. (TSX VENTURE:DIB) ("Dia Bras") (the "Company") is pleased to announce that it has commenced a 1,000 to 1,500 metre drill program at the Las Coloradas project in the Melchor Ocampo district of Zacatecas, Mexico. The Company controls five concessions covering approximately 67.4 hectares at the project, which was acquired in the merger with EXMIN Resources Inc. ("EXMIN").

Three of the concessions are contiguous and cover part of a known exploration target at Las Coloradas that was previously identified by Echo Bay Exploration ("Echo Bay") in the 1990s, while the remaining two concessions cover a portion of the potential down-dip extension of the target. The Melchor Ocampo district occurs in a similar geologic environment as the world-class Peñasquito deposit of Goldcorp Inc. ("Goldcorp"), located approximately 20 kilometres to the south, where Goldcorp has reported proven and probable reserves of 917 million metric tons with grades of 0.44 grams per metric ton (g/t) gold, 29.3 g/t silver, 0.33 % lead and 0.72 % zinc.

Daniel Tellechea, President and CEO of Dia Bras, stated, "Previous exploration by Echo Bay in the 1990's demonstrated the presence of a large, zoned-polymetallic mineralized system at Las Coloradas. Dr. Craig Gibson, our consulting geologist and former Executive Vice President of Exploration for EXMIN, ran the exploration drill campaign for Echo Bay and is overseeing the Company´s current drill program on-site."

"This project hosts a defined drill target in a very prolific mining region with numerous past and currently operating mines, including the new Peñasquito mine," he continued. "The purpose of this small drilling campaign is to confirm the previous results obtained by Echo Bay which indicate the presence of similar grades and mineralization to that of the Peñasquito mine."

The Target

Mineralization in the Concepcion del Oro region is characterized by carbonate replacement deposits related to intermediate intrusions and includes several mines and historical producers at Concepcion del Oro, Terminal de Providencia, Salaverna, Santa Rosa, Noche Buena, Melchor Ocampo, and Peñasquito. Several companies have explored with great success in the Melchor Ocampo district over the last 15 years, including Canplats Resources Corporation ("Canplats") at its Camino Rojo project, located approximately 50 kilometres southeast of Peñasquito. Canplats was subsequently acquired by Goldcorp for C$300 million. 

Echo Bay explored in the district for replacement gold deposits but also encountered a silver-lead-zinc mineralized system at Las Coloradas. The three contiguous concessions controlled by Dia Bras cover about 32 hectares (80 acres) over the area identified by Echo Bay, as well as about 35 hectares (86 acres) over the possible down-dip extension. All of the concessions are adjacent to and partly surrounded by several concessions controlled by a subsidiary of Goldcorp, who recently concluded a drill program in the area. 

The mineralization at Las Coloradas consists of replacements of moderately dipping sedimentary rocks in the north limb of the Zuloaga anticline. Dia Bras has part of the Echo Bay data package, including reverse circulation drill hole data. Eight drill holes were completed by Echo Bay within or close to the boundaries of the Company´s project concessions, and the mineralized intercepts indicate that a large deposit may be present. One of the Echo Bay holes intersected 69 metres with 51 g/t silver, 1.2 % lead and 1.1 % zinc and was drilled on ground controlled by Dia Bras. This drill hole was stopped due to drilling problems and ended in mineralization. 

Table 1: Echo Bay intercepts(1) at the Las Coloradas target

Hole(2) Interval (m) Intercept Au Ag Pb Zn
Number From To (m) (g/t) (g/t) (%) (%)
Z96-11 13.5 37.5 24.0 0.493 38.6 0.5 0.6
Z96-12 52.5 73.5 21.0 0.108 53.2 0.5 0.6
Z96-13 76.5 111.0 34.5 0.089 31.8 0.5 0.4
Z96-14 136.5 148.5 12.0 0.150 77.6 0.6 0.6
  159.0 165.0 6.0 0.190 19.3 0.4 0.2
Z96-15 31.5 54.0 22.5 - 16.2 0.2 0.2
  54.0 66.0 12.0 0.0970 33.5 0.3 0.2
  66.0 102.0 36.0 - 10.6 0.2 0.1
Z96-16 85.5 99.0 13.5 - 13.8 0.1 0.2
  99.0 124.5 25.5 0.040 58.4 0.7 0.9
Z96-34 40.5 57.0 16.5 0.583 109.4 1.5 0.9
Z96-35 171.0 240.0 69.0 0.084 51.4 1.2 1.1
includes 202.5 225.0 22.5 0.034 61.4 1.5 1.6

(1) Drilling by Echo Bay was conducted under the supervision of Dr. Craig Gibson. Samples were subjected to normal quality control/quality assurance procedures, including insertion of standard samples into the sample stream and second lab check analyses, and are believed to be reliable.

(2) Drill holes or intercepts in holes 13, 14, 16 and 35 are believed to be on Dia Bras ground, and intercepts within the remaining holes are believed to be within 50 metres of the concession boundaries.

Quality Assurance

Sample geochemical data, including partial laboratory digital data, were obtained by EXMIN and are believed to be reliable. Assays were completed mainly by Bondar Clegg, since acquired by ALS Chemex, and by Cone Geochemical of Denver. Two standard samples prepared from bulk samples of mineralized material from the project were inserted into the sample stream, and duplicate samples were analyzed in blind tests or at a second lab. Also, blank samples were inserted in the sample stream from some drill holes. Gold analyses by Bondar Clegg were performed by fire assay with an AA finish and other elements were analyzed as part of a multi-element ICP package with an aqua regia digestion. Silver values from some samples were re-analyzed by Cone Geochemical using a four acid "total" digestion and AA methods. 

Dr. Craig Gibson, PhD., Certified Professional Geologist and former Executive Vice President of Exploration for EXMIN, was the authorized professional geologist for EXMIN and the direct manager of all technical programs and information for EXMIN at the time of the merger with Dia Bras.

The technical content of this news release has been approved by Thomas L. Robyn, Ph.D., CPG, RPG, a Director of Dia Bras, a Qualified Person as defined in NI 43-101.

About Dia Bras

Dia Bras is a Canadian exploration mining company focused on precious and base metals in Chihuahua State and other areas of northern Mexico. The Company is committed to developing and adding value to its most advanced assets – the Bolivar Property and the Cusi Property. The Company's shares trade on the TSX Venture Exchange under the symbol "DIB". 

For further information on Dia Bras Exploration Inc. visit www.diabras.com

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 news release.

Forward-looking Statements

Except for statements of historical fact, all statements in this news release without limitation regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

Contact Information

  • Dia Bras Exploration Inc.
    Daniel Tellechea
    President & CEO
    Dia Bras Exploration Inc.
    Karl J. Boltz
    Vice President, Corporate Development