Vancouver, B.C., Canada, June 26 2013 – Vela Minerals Ltd. (TSX-V: VLA) (the “Company”) is pleased to announce the results of a recent exploration program on its Mavis Bank special exclusive prospecting License (SEPL) in Jamaica. The ground exploration program consisted of geological mapping, collection of 501 soil samples on two grids, 84 regional stream samples, and 143 rock samples. Soil grids for both Mavis Bank and Epping were established in order to determine the distribution of base, precious, and pathfinder elements.
Mavis Bank Soil Grid: Sampling results on the Mavis Bank grid feature gold in soil anomalies on the northwest portion which correlate directly with strong copper soil anomalies. Additionally, two soil samples taken in the south portion of the Mavis Bank soil grid area returned 1420 and 1480 ppb Au along with 11.3 and 12.1 ppm Ag, and 6020 and 6200 ppm As respectively. This Au-Ag-As soil anomaly coincides with the location of a geophysical survey residual gravity anomaly that is adjacent to several Pulse-EM geophysical survey conductors that have been interpreted to dip to the west towards the Au-Ag-As soil anomaly. The Au-Ag-As soil anomaly occurs adjacent to a northeast trending creek gully and appears to be structurally related.
Epping Soil Grid: The Epping grid returned highly anomalous values of 380 to 2010 ppm copper in soils coincident with anomalous gold values of 10 to 166 ppb Au in four different north-northwest trending lineaments. These zones of structural weakness roughly coincide with major fault zones characterized by widespread and locally intense argillic alteration, silicification, chlorite, and carbonate alteration. Although the general trend of mineralization is north-northwest, there is an east-northeast component to the local fabric, which is reflected in the local east-northeast trend of creek gullies where the highest copper in soil anomalies occur (14 soil samples ranging from 338-922 ppm Cu.
Mavis Bank Rock Samples: Copper is highly anomalous in the Mavis Bank area with most samples returning between 429 ppm Cu and 9150 ppm Cu. Thirteen samples returned high-grade copper values of 1.46% – 12.5%. Rock sample number 931383 contains 5.28% Cu, 48.6 g/t Ag, 179 ppb Au, 1900 ppm Co, and 5870 ppm As. The high copper values obtained from the area are due to the presence of chalcopyrite and/or malachite, with lesser amounts of chalcocite and/or azurite, and trace amounts of bornite mineralization associated with iron oxide and sulphides (pyrite, magnetite, hematite and specularite). Gold values range from 10 ppb to 301 ppb Au and correlate with high copper values. Silver values range from trace to 48.6 g/t and correlate with high cooper and gold values.
Epping Rock Samples: Of the sixty-four samples taken in this area, thirty-three samples returned between 585 ppm and 8550 ppm Cu, and ten samples returned high-grade copper values of 1.52% – 13.7%. Six of these samples are located in the southwest portion of the grid area and correlate with anomalous gold values of up to 733 ppb Au, and silver values of up to 9.42 ppm.. Anomalous silver values are associated with malachite, chalcocite, chalcopyrite, and bornite mineralization.
Barbeque River: Limited sampling was performed in a 300 X 500 meter area elongated east-west in the Phillip’s Gully Area. Of the 21 samples taken, eight samples graded between 1.14% – 3.15% Cu with a strong correlation between copper, silver (up to 6.66 ppm), and arsenic (up to 1770 ppb).
Mavis Bank Regional Setting:
The Mavis Bank Area possesses similarities to the Pueblo Viejo area of the Dominican Republic (approx. 25m oz/Au). Structurally complex overprinting of intrusion related hydrothermal mineralization superimposed on sedimentary and volcanic host rock with widespread alteration is present, and the widespread occurrence of Fe-oxides (magnetite-hematite) associated with Cu-Ag-Au bearing mineralization suggests potential for Pueblo Viejo style epithermal precious-base metal deposits.
Technical information in this news release has been reviewed by Derrick Strickland P.Geo., a qualified person as defined in NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
“Derrick Strickland P.Geo.”
For further information please contact:
Suite 910 – 475 Howe Street, Vancouver, BC V6C 2B3, Tel 604.773.0992; www.velaminerals.com
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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.