Odin Mining and Exploration Ltd.

Odin Mining and Exploration Ltd.

March 31, 2015 08:30 ET

Odin Announces Results of Phase One Drilling at Cangrejos, Ecuador-Expands Mineralised Zone Laterally and Vertically

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 31, 2015) - Odin Mining and Exploration Ltd. (TSX VENTURE:ODN) ("Odin") is pleased to announce the results from the Company's nine hole, 3,540 metre Phase 1 drill program at its Cangrejos project in southern Ecuador. The Cangrejos gold/copper project, comprises approximately 5,594 hectares, is located El Oro province of southern Ecuador approximately 30 kilometres southeast of the coastal port city and Provincial capital, Machala.

Results demonstrate the continuous nature of the mineralization, highlighted by hole C14-47 that intersected 405.10 meters from surface to the end of the hole grading 0.66 grams per tonne gold and 0.09% copper for a gold equivalent grade of 0.82 grams per tonne and including 58 metres grading 1.63 grams per tonne gold and 0.16% copper for a gold equivalent grade of 1.91 grams per tonne.

The results from the initial 9 drill holes are shown in the table below. A map showing the location of the drill holes is provided in Figure 1, below.

Au Eq.
0.00 405.10 405.10 0.66 0.09 0.82 This hole was drilled on an azimuth of 110 degrees at an inclination of -55 degrees and was designed to confirm the previous drill results for use in an eventual NI 43-101 resource estimate, which it did successfully. The hole also extended the limits of the known mineralisation to the south at depth.
including 73.10 131.10 58.00 1.63 0.16 1.91
0.00 351.00 351.00 0.51 0.08 0.65 Inclined at -70 degrees and oriented north this drill hole stepped out 50m to the northeast of the existing drilling and extended known mineralization 150m vertically below the neighbouring drill holes.
including 0.00 19.00 19.00 1.65 0.17 1.94
including 291.00 351.00 60.00 1.08 0.09 1.23
0.00 336.00 336.00 0.44 0.11 0.63 This hole was drilled at -60 degrees to the north and is a 100m step-out to the northeast of hole C14-48 and extended the known mineralised body in this direction.
including 6.80 68.00 61.20 1.01 0.10 1.18
including 134.00 176.00 42.00 0.72 0.35 1.29
11.00 177.00 166.00 0.47 0.10 0.66 Inclined at -70 degrees to the south this hole was designed to test the depth extent of the known mineralisation and succeeded in extending gold and copper grades to 200m below the base of existing drilling, ending in mineralisation.
and 269.00 539.55 270.55 0.78 0.21 1.15
including 337.00 417.00 80.00 1.45 0.18 1.76
0.00 344.40 344.40 0.67 0.09 0.83 Inclined at -60 degrees to the north, this hole confirmed continuity of mineralisation in a 150m gap in the existing drill pattern
including 66.40 114.40 48.00 1.52 0.10 1.69
0.00 112.00 112.00 0.32 0.07 0.44 Orientated -50 degrees to the north, this hole was designed to test the down-dip extent of mineralization seen in the ADAB 1* adit which returned 0.52 grams per tonne gold and 0.08 % copper over 110m. in a historic continuous channel sample and is coincident with a surface rock sample gold anomaly.
0.00 42.00 42.00 0.21 0.09 0.37 This hole was drilled at -60 degrees to the north and is a 100m step-out to the east of hole C14-9 and extended the known mineralised body in this direction.
90.00 102.00 12.00 0.19 0.08 0.33
122.00 202.00 80.00 0.29 0.10 0.47
240.00 288.00 48.00 0.31 0.12 0.53
338.00 388.00 50.00 0.13 0.05 0.21
0.00 19.00 0.48 0.09 0.64 This holes was orientated -65 degrees north and is a 200m vertical step-out below previously drilled hole C11-18
53.00 193.00 0.24 0.02 0.28
227.00 293.00 0.25 0.04 0.32
No Significant Results

This scout drill hole was orientated -55 degrees north to test below a surface gold-copper-molybdenum anomaly with a coincidence IP anomaly and tourmaline breccia mapped at surface.
* Gold equivalents are calculated assuming a gold price of $1,200 per troy ounce and $3.00 per pound of copper. 100% recoveries are assumed in the absence of metallurgical test work. No interval reported above contains an intersection of 10m or greater of continuous samples grading below 0.2 g/t Au Eq. The highest drill core assay used in the above results is 5.48 g/t for gold and 1.39% for copper. No top cutting of the database was deemed necessary. All samples in the drill program were 2m long except for a total core length of 55.75m in 32 samples (1.6% of total), which were cut to different lengths.

Odin is encouraged by the current drill results, which are consistent with the company's expectations. Results demonstrate the continuous nature of the mineralization at Cangrejos, making it suitable for a large-scale open pit low-cost mining operation. The Company is also anticipating changes to the regulatory and taxation environment in Ecuador and is encouraged by recent dialogue with the government in this regard. Additionally, Odin has initiated a scoping level metallurgical testing program along with a conceptual project siting and environmental study.

Figure 1. Drill hole plan: http://media3.marketwire.com/docs/ODN331.jpg

In other corporate news, Leo Hathaway has been appointed Senior Vice President and Diego Benelcazar has been appointed Vice-President Exploration and Corporate Development.

Leo Hathaway, P.Geo., and Senior Vice President for Odin, is the Qualified Person as defined by National Instrument 43-101 for the Cangrejos Project. The quality assurance/quality control program is monitored by independent consultant Dr. Bruce M. Davis. Logging and sampling are completed at Odin's secure facility located at the project. The drill core is sawn in half on site and half drill core samples are securely transported to Acme's sample preparation facility in Cuenca, Ecuador. Sample pulps are sent to Canada for analysis. Gold content are determined by fire assay of a 30 gram charge at ALS Chemex in Lima, Peru and Vancouver, Canada. Total copper content is determined by four-acid digestion with ICP finish at Acme in Vancouver. Check assays for gold were done at ALS Chemex Labs in Vancouver and Lima, Peru. Odin inserts standards, blanks and duplicates selected on a random basis into the sample stream.

Mr. Hathaway has reviewed and approved the contents of this news release.

Odin Mining & Exploration Ltd.

Marshall Koval, President & CEO

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