Mosquito Consolidated Gold Mines Limited

Mosquito Consolidated Gold Mines Limited

January 28, 2008 09:01 ET

Mosquito Receives Another Excellent Intersection at the Cumo Molybdenum Project

Hole 32 Returned 2004 Feet (610.8 Meters) Grading 0.143% Molybdenite Equivalent/1.61% Copper Equivalent

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 28, 2008) - Mosquito Consolidated Gold Mines Limited (TSX VENTURE:MSQ)

Mr. Shaun M. Dykes, M.Sc. (Eng), P.Geo., Exploration Manager and Director of Mosquito and Mosquito's qualified person under National Instrument 43-101 has updated the board on the excellent results from the next holes of the 2007 diamond drill program on the CUMO Property, Idaho. The exploration program is under the direction of Dr. Matt Ball, Ph.D., P.Geo. a Director and Senior Geologist.

Hole 32 was an inclined (-70) bearing 190 degree hole drilled to a depth of 623.0 meters (2044 feet). The hole was drilled from the same setup as vertical hole 28 drilled in 2006. It is designed to confirm the continuity of mineralization to the south (figure 1). Hole 32 intersected Molybdenum bearing mineralization from 12.2 metres (40 feet) to 623.0 metres (2044 feet). The hole stopped in the mineralized zone with last sample assaying 0.097% MoS2 equiv./1.10% Cu equiv. Assay results returned include:

Hole 32-07 610.8 meters (2004.0 feet) grading 0.115% MoS2
(0.143% MoS2 Eq., 2.57 lbs MoO3/t, 1.61% Cu Eq.)

Including 70.1 meters (230.0 feet) grading 0.168% MoS2
(0.192% MoS2 Eq., 3.46 lbs MoO3/t, 2.17% Cu Eq.)

3.05 meters (10.0 feet) grading 1.09% MoS2
(1.131% MoS2 Eq., 20.35 lbs MoO3/t, 12.77% Cu Eq.)

Due to the stockwork nature of the mineralization all reported lengths can be considered true thicknesses.

The table below lists the location and orientation of the current drill holes. All holes are being surveyed down the hole using a Reflex survey instrument.

Hole Northing Easting Elevation dip azimuth Length
Number feet feet feet degrees degrees feet
29-07 20,016.7 20,160.3 6305 -70 140 2281.7
30-07 19,531.6 20,796.4 6206 -90 000 2416.5
31-07 20,016.7 20,160.3 6305 -70 045 2104
32-07 19,480.0 20,720.3 6316 -70 190 2044
33-07 18585.3 21,268.9 6798 -90 000 2095 suspended
34-07 18530.5 20,343.8 6512 -70 095 1769 suspended

Note: Due to weather conditions (snow) holes 33 and 34 have been suspended. Mosquito will try and complete these holes early in the 2008 program. Both holes stopped in the copper-molybdenum zone just above the main molybdenum bearing zone. Partial assay results for the section drilled to date will be available shortly.

Full summary of the analytical results are outlined in Table 1. Mineralization consists of copper, molybdenum, silver, rhenium and gallium. As a result of the multi-element nature of the mineralization, it was decided to calculate both a copper and molybdenum equivalent for the intercepts. Both equivalents are required as the deposit is zoned as described above. See notes below table for explanation of the calculation of copper equivalent (Cu Equiv.) and MoS2 equivalent (MoS2 Equiv.). The presence of the by-product elements gold, silver, rhenium, and gallium is very significant in terms of the development of the property.

The entire core was sampled and cut in half using a diamond saw. Half the core is sent for analysis and the other half has been kept and stored at the core facility located on site. Following cutting the samples are delivered directly by Mosquito personnel to ALS Chemex in Elko, Nevada, a fully accredited analytical laboratory. They are first analyzed for 47 elements using a four (4) acid digestion with analysis by Inductively Coupled Argon Plasma Optical Mass Spectrometer (ICP-MS). Copper and Molybdenum bearing samples are then checked by using a larger 5 gram sample and analyzed using pressed powder pellet X-Ray Fluorescence Spectroscopy (XRF). In addition duplicates, blanks, and standards are analyzed to ensure analytical accuracy and reproducibility. All rejects are being kept for further analysis and for use in metallurgical testing.

As with previous holes, the drilling has confirmed the presence of three distinct metal zones within the deposit. This zonation was not recognized by the previous operators. The zones consist of a copper-silver upper zone, a transitional copper-molybdenum zone and a lower molybdenum zone. Grades from the new drilling are as follows:

Copper-silver zone

Hole 32-07 24.38 meters (80 feet) grading 0.10% Cu, 0.017% Mos2,
2.57 gms Ag/T
(0.54% Cu Eq., 0.048% MoS2 Eq., 0.86 lbs MoO3/t)

Copper-molybdenum zone

Hole 32-07 201.17 meters (660 feet) grading 0.13% Cu, 0.108% Mos2,
3.27 gms Ag/T
(1.59% Cu Eq., 0.141% MoS2 Eq., 2.53 lbs MoO3/t)

Molybdenum zone

Hole 32-07 397.46 meters (1304.0 feet) grading 0.07% Cu,
0.121% Mos2, 1.94 gms Ag/T
(1.65% Cu Eq., 0.146% MoS2 Eq., 2.63 lbs MoO3/t)

All drill holes from the 2007 program have been logged and the work has confirmed the hypothesis produced from the 2006 3D Modeling of the metal zonations, which indicated the area drilled previously is located on the north side of a large system of which only a small part has been drilled. Holes 29, 30 and 32 are the most southern holes that intersected the complete mineralized zone and all three holes show thicker molybdenite bearing veins, increasing potassic alteration and increasing grades. Seventy-six (76) out of the 670 (10 foot samples) from holes 29,30 and 32 assayed greater than 0.2% MoS2 in the area of these thicker veins, including the highest grade on the property encountered to date in hole 32 with 3.05 meters (10.0 feet) grading 1.09% MoS2. Compare this with the results from the next set of holes (19, 10, 28, 15) located approximately 500 feet north which returned thirty-six (36) out of 660 samples greater than 0.2% MoS2, and the increase in grade can easily be demonstrated. Mosquito intends to continue following the thick (greater than 2000 feet) mineralized system to the south, during the 2008 program, using 1000 to 1500 foot step out holes, such that by the end of the 2008 program the full potential size of the CUMO project is determined.

Work by AMAX although excellent, stopped prior to fully exploring the entire system. As such the 1981 AMAX resource calculation did not take into account the higher grade areas encountered in holes 29, 30 and 32. Figure 1 shows a plan view of the area.

The 6 holes completed in 2007 plus the 28 other holes on the property will be used to calculate a 43-101 compliant resource calculation that should confirm and possibly improve on the historic (1982) AMAX resource calculation of 1.38 billion metric tonnes grading 0.092% MoS2. This new resource will take into account the three different zones encountered on the property: Cu-Ag; Cu-Mo, and Mo zones and the higher grades intercepted in holes 29, 30 and 32. Information on the data to be used in the 2008 43-101 resource calculation will be made available shortly.

It should be noted that although the AMAX resource was calculated by highly competent and professional personnel it was done prior to the implementation of NI 43-101 and an independent qualified person has not done sufficient work to classify the historical estimate as current mineral resources. The issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.

Shaun Dykes, M.Sc. (Eng), P.Geo., Exploration Manager and Director of Mosquito is the designated qualified person for the Cumo Project, and prepared the technical information contained in this news release.

To view Table 1, Significant Intersections for 2007 Drill program, please click on the following link:

To view Figure 1, 2007 - 08 Cumo Drill Plan, please click on the following link:

On Behalf of the Board


Brian McClay, President

This news release was prepared by management who takes full responsibility for its contents.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Mosquito Consolidated Gold Mines Limited
    Brian McClay
    (604) 689-7902
    (604) 689-7816 (FAX)