TORONTO, ONTARIO--(Marketwire - Oct. 22, 2012) - Morumbi Resources Inc. (TSX VENTURE:MOC) ("Morumbi" or the "Company") is pleased to announce that it has filed a National Instrument 43-101 ("NI 43-101") compliant technical report in respect of the Popondetta Property in Papua New Guinea.
Morumbi Resources Inc. holds Exploration Licence 1767 (EL1767) also known as Popondetta Property, in the southeastern Owen Stanley Range, Papua New Guinea. The 34,100 ha concession lies between concessions where recently discovered porphyry copper-gold mineralization is being drilled to the northwest and massive nickel sulphides and some porphyry copper-gold mineralization is also being investigated to the southeast.
2012 Exploration Program
During two (2) weeks in April, April 12 - 26, 2012, a crew of six (6) geologists traveled to Popondetta (EL1767) to sample in the central-east portion of the concession in the Ukuma River, Uko Creek, Mina Creek and Aime Creek areas. These areas were identified as prospective targets during an earlier sampling program by the previous operator.
A total of 68 rock samples, 45 stream sediment samples and 52 panned concentrate samples were taken, many of which confirmed previous sampling and a few of which extended the potential for mineralization. Attention was paid in particular to identifying visible gold and describing in detail rock samples.
Of the 68 rock samples, 17 contained greater than 1% copper and 13 contained greater than 1 g/t gold. Five of the samples also contained greater than 1% copper and 1 g/t gold combined. Additionally thirty samples contained greater than 0.5% copper or 0.5 g/t gold. Most of the samples contained vein quartz and sulphides.
Alteration minerals described in the samples included carbonate, chlorite, epidote, sericite, smectite and kaolin. Clay gouge and shearing were common features and most samples with anomalous values contained quartz veins.
The highest gold sample assayed 31.7 g/t gold described as massive carbonate-silica vein with up to 1% pyrite-chalcopyrite-sphalerite in an ultramafic-basalt host. Another sample assaying 6.25 g/t gold was from a 10-15 cm wide silica vein in gabbro. The best coincident copper-gold results were in quartz-sulphide veins in gabbro-ultramafic rocks.
Rock sampling 500 to 1,500m southwest of the previously investigated area produced assays of 2.19, 1.34 and 0.33 g/t gold in three samples with corresponding higher copper values.
This round of sampling confirmed previous work which identified the Uko, Aime and Mina Creek prospects and also extends the area of interest south of Mina Creek prospect where a recent sample in a quartz vein with pyrite assayed 1.34 g/t gold, and in the Aime Creek area where a new sample in a massive sulphide vein assayed 5.24 g/t gold.
Although there is a concentration of sampling along Uko Creek some of the recent sampling indicates that mineralization occurs further afield and needs in-fill sampling, geological mapping and more extensive sampling.
Recommendations of the NI 43-101 author
The author has proposed a two-phase program. Phase I budget of US$261,800 to conduct an initial exploration program including compilation of previous work, stream sediment sampling, pan concentrate sampling, litho-geochemical sampling and geological mapping. The objective of the program is to identify potential targets to be followed up with a phase II program which would include soil sampling, ground geophysical surveys (magnetic and IP) and an initial diamond drilling program (1500 metres). Proposed budget for Phase II is US$750,000. Phase II would be contingent upon favorable results from Phase I. Phase I would be completed over a three months field program.
The independent technical report, entitled "Review of the Popondetta Property (EL1767), Oro Province, Papua New Guinea" (the "Technical Report"), dated September 27, 2012, was prepared by Gerald Clark, FAusIMM, MAIG, a Qualified Person as defined by, and independent of Morumbi for the purposes of, NI 43-101 requirements. The technical information relating to the Technical Report contained in this press release has been reviewed and approved by Gerald Clark, FAusIMM, MAIG, an independent qualified person under NI 43-101. The Technical Report is available on SEDAR at www.sedar.com and on the Company's website at www.morumbi.ca.
About Morumbi
Morumbi Resources Inc. is a public company with a light oil property in northwest Alberta as well as early stage mineral exploration licences in PNG. Morumbi is also currently evaluating resource opportunities in Bougainville, PNG by forming strategic relationships with local Landowner companies with the view to securing mineral exploration licences on their traditional lands, if and when the moratorium on mining is lifted and mining licences are issued. The Company trades on the TSX Venture Exchange under the symbol "MOC". For more information about Morumbi and the Company's plans visit our website at www.morumbi.ca.
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:
Lindsay Semple
Chief Executive Officer
416-364-2266
lsemple@morumbi.ca
www.morumbi.ca