Vancouver, BC Canada, April 4, 2013 – Vela Minerals Ltd. (TSX-V: VLA) (the “Company”)is pleased to announce that crews have been mobilized and ground work has begun on the 63 square kilometre Mavis Bank Concession in Jamaica.
The exploration program will consist of geological mapping and soil and rock sampling over the Epping-Whitfield, and Mavis Bank Occurrencesin conjunction with a property wide stream sampling-prospecting programme.
Epping-Whitfield Cu-Au-Ag Occurrences
This group of mineral occurrences covers approximately 1 X 2 kilometres (elongated north-south) and are hosted in the Upper Cretaceous Blue Mountain and Main Ridge Group of sedimentary, volcanic, and ultramafic rocks. Historical IP geophysics from the Epping-Whitfield areas defined two broad >250 meter wide high-chargeability and coincident low resistivity anomalies.
Historic soil sampling performed in the Epping-Whitfield areas outlined 3 areas of multi-element Cu-Au-Ag-As-Co-Zn-Pb-Ba-Mn geochemical anomalies. The 3 soil anomalies are approximately 100-200 meters wide, and are 400-800 meters long. The 2 multi-element soil anomalies in the Epping Farm area are flanked to the east (about 50-200 meters distance) by a north-south trending nickel-chromium in soil anomaly, and approximately 250 meters further east, exists a lead-zinc-barium soil anomaly
Alteration minerals present in the Epping-Whitfieldareas include secondary chlorite, calcite, quartz, ankerite, talc, pyrolusite, and sericite. The alteration minerals occur in variable amounts and are associated with mineralization that includes chalcopyrite, pyrite, pyrrhotite, bornite, chalcocite, malachite, and chalcocite.
Mavis Bank Cu-Au-Ag-Fe-Co Occurrences
The Mavis Bank Area of mineral occurrences includes the Boxshaw Hill-Water Tank Zone, Orchard Spring Zone, Tunbridge-Orchard Hill Zone, and Dublin Castle Zone
The Boxshaw Hill-Water Tank Zone: includes magnetite, pyrite, specularite, azurite, bornite, chalcopyrite, and malachite occurring in a 400 x 800 meter area. A total of 446 meters of diamond drilling intersected variable chalcopyrite with highlights that include 0.61 meters at 4.31% Cu.
Orchard Spring Zone: includes magnetite, pyrite, specularite, azurite, bornite, chalcopyrite, chalcocite, erythrite, and malachite. A total of 203 meters of diamond drilling intersected several massive magnetite vein/replacement zones. Cobalt minerals and associated silver occur in limestone hosted replacement zones. Sampling by MINEX in 1993 indicates gold values of 3 g/t with 2% Cu, and associated silver, zinc, and cobalt.
Tunbridge-Orchard Hill Zone: includes pyrite, bornite, chalcopyrite, chalcocite, and malachite. A total of 70 meters of underground workings in 2 adits intersected vein/replacement zones of copper bearing mineralization that gave an average of 0.78% Cu over 40 meters from rock chip sampling. Sampling by MINEX in 1993 indicates gold values of 1g/t and silver in excess of 20g/t associated with strongly anomalous copper, cobalt, and arsenic values.
Dublin Castle Zone; includes two trenches approximately 700 feet apart that returned 2.74 m @ 3.14% Cu, 3.04 m @ 2.46% Cu, and 3.65 m @ 4.14% Cu.
The Mavis Bank Orchard Spring area contains altered and mineralized intrusive rocks underlying a carbonate capping which are coincident with significant pulse-EM and residual gravity geophysical anomalies. In addition, the proximity to the Mt. Rosana Eocene age volcanic center (about 0.7 km to the SE) supports the model for a satellite, deep-rooted sub-volcanic hydrothermal system.
The proposed model for mineralization is similar to Pueblo Viejo, Dominican Republic. Pueblo Viejo district, Dominican Republic, show that an extensive advanced argilliclithocap and contained giant Cretaceous to early Tertiary age high-sulfidation epithermal gold-silver deposit were emplaced beneath a thick limestone cover.
About Vela Minerals Ltd.
Vela Minerals Ltd. (VLA: TSX-V) is a mineral exploration company with a business strategy to identify, acquire, and explore high potential mineral projects ready for rapid advancement. The Mavis Bank Project in Jamaica, which the Company has an option to ean up to a 100% interest, fits this strategy.
Technical information in this news release has been reviewed by Derrick Strickland P.Geo., a qualified person as defined in NI 43-101.
Neither 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.
ON BEHALF OF THE BOARD OF DIRECTORS
President & Director
For further information please, visit the Company’s website, www.velaminerals.com, or contact:
Derrick Strickland, President & Director
Suite 910 – 475 Howe Street, Vancouver, BC V6C 2B3, Tel 604.773.0992;
Cautionary Note Regarding Forward-Looking Information
This press release contains certain forward-looking statementswithin the meaning of the Canadian securities laws, which are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected. Forward-looking information in this press release includes statements about the potential existence and size of mineralization at the Epping Farm and Mavis Bank areas, geological interpretations and potential mineral recovery processes. Information concerning mineral reserve and resource estimates also may be deemed to be forward-looking information in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were developed and mined.
In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, regarding, among other things: the geological, metallurgical, engineering, financial and economic advice that the Company has received is reliable, and is based upon practices and methodologies which are consistent with industry standards. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the actual mineralization may not be as favorable as suggested, or at all;; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; and uncertainty as to timely availability of permits and other governmental approvals.
Vela undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.