Mediterranean Resources Ltd.
TSX : MNR
FRANKFURT : MHM1

Mediterranean Resources Ltd.

September 05, 2013 08:45 ET

Mediterranean Resources Announces Further Sampling at Its Tac Deposit Including 31.1 g/t Au Over Five Metres

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 5, 2013) - Mediterranean Resources Ltd. (TSX:MNR)(FRANKFURT:MHM1) ("Mediterranean") is pleased to announce results from rock chip (RC) sampling in the northern sector of its Tac deposit.

Surface sampling activities were performed during spring/summer 2013 over an area of approximately 12.5 hectares. Of these the most exceptional was an assay of 31.1 g/t Au, obtained in a 5-metre sample taken. Mineralization occurs in zones of pervasive argillic alteration over silicified rock. In the eastern part of the Ugur Zone, sulfide mineralization (chalcopyrite, pyrite) is abundant in quartz stockwork hosted by pyroclastic rocks. The Ugur Zone is interpreted as having gold-copper mineralization potential and requiring further drill-testing. Subject to funding availability, the Company is developing drill targets in the Ugur Zone.

The table below shows the best samples from the campaign:

SAMPLE Au Ag Cu Sample
g/t g/t % area/length
49697 4.29 5.7 1.333 0.1 m
49698 9.45 3 0.966 3×2 m
49700 0.961 0.5 0.4 3×0.5 m
49703 0.716 0.5 0.437 1.5 m
49704 0.219 3.3 3.016 0.5 m
49709 0.048 0.6 0.896 0.4 m
49719 2.51 1.1 0.458 4×2 m
49720 1.285 5.7 2.815 0.2 m
49721 2.53 6.9 1.214 0.2 m
49722 1.88 4.4 1.057 0.4 m
49726 1.975 6.6 0.0375 1 m
49734 3 9.4 0.933 0.4 m
49735 2.74 7.9 0.866 0.4 m
49745 0.117 1.5 0.598 4 m
49746 0.032 0.5 0.188 5 m
49747 0.12 0.5 0.209 1.5 m
49748 0.292 2.8 1.468 1.5×1 m
49749 2.19 1.4 0.0966 0.7 m
49750 0.752 2.4 2.054 2 m
49753 0.117 0.5 2.185 2×1 m
49755 0.735 0.9 0.526 5 m
49756 31.1 33.2 0.182 5 m
49768 3.17 5 0.119 2 m
49805 0.311 1.2 0.256 3 m
49806 0.21 2.4 0.19 3 m
49807 0.073 0.5 0.0417 2×5 m
49808 1.335 20.2 0.417 1 m
49821 0.347 1.6 0.652 0.15 m
49822 0.093 0.9 1.982 4 m
49823 0.078 1.7 1.6 0.15 m
49824 0.063 0.5 1.855 0.1 m
49825 0.111 5.6 1.95 4 m
49826 0.202 6.5 2.335 0.2 m
49827 0.15 2.8 0.783 0.4 m
49828 0.157 2.6 0.681 3 m
49829 0.042 1.5 0.171 3×2 m
49830 0.031 1.2 1.265 6×1.5 m
49832 0.059 0.7 0.636 3×2 m

The Ugur zone is a steep ridge and peak. It can best be seen in the photograph here:
www.medresources.ca/news/2013/september04/ugurzone.jpg.

This area known as the Ugur Zone (shown in the map at link here: www.medresources.ca/news/2013/september04/ugurzone-map.png) has been relatively lightly explored in the past with only two drill holes in the area, which showed little to no mineralization. However both of these holes were drilled at the periphery of the zone (one at the lower south-western edge and one at the top ridge). Despite this lack of mineralization the zone was included in the Whittle pit shell design by SRK (the area within the intermittent yellow lines on the map) and its inclusion is substantially responsible for the high stripping ratio mooted for the Tac deposit.

It is also interesting to note that all of these samples were taken outside the Gold Corridor (the area between the red double lines), a target so named by the previous owners, Cominco.

Quality Control

Mediterranean Resources and its subsidiaries adhere to industry standard quality assurance and quality control procedures for all samples. The QA/QC program includes the insertion of blanks, duplicates and certified standards into the sample stream. Gold and multi-element assaying is undertaken by ALS at its laboratories in Izmir, Turkey.

Alex Gostevskikh, MMSA (QP), a Director of the Company, is a Qualified Person as defined by National Instrument 43-101. Mr. Gostevskikh has reviewed and consents to the publication of all technical information included in this news release.

Christopher Ecclestone, CEO, said: "Any work that extends mineralisation within the defined pitshell is a breakthrough, particularly when it occurs in areas previously deemed to be no-grade or very low-grade or areas previously defined as overburden for stripping."

Signed on behalf of the Board of Directors.

Christopher Ecclestone, Chief Executive Officer

Neither Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements: This Mediterranean Resources Ltd. news release may contain certain "forward-looking" statements and information relating to Mediterranean which are based on the beliefs of Mediterranean management, as well as assumptions made by and information currently available to Mediterranean management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein.

Contact Information

  • Mediterranean Resources Ltd.
    Christopher Ecclestone
    Chief Executive Officer
    604-669-3397
    www.medresources.ca