Vancouver, BC Canada, April 28, 2014 – Vela Minerals Ltd. (TSX-V: VLA) (the “Company”) is pleased to announce that crews have completed ground work on the Mavis Bank and Port Antonio Special Exclusive Prospecting Licenses located in Jamaica, West Indies.
Orchard Spring Area:
Follow-up rock and soil sampling was performed in a newly discovered zone located in the south-central portion of the Orchard Spring area. The new (2014) area is located 20 meters south of a 2013 rock sample site and returned values of 183 ppb Au, 9.48 ppm Ag, and 4.57% Cu (#164859). A second area of discovery located approximately 400 meters to the southeast returned values of 8.0% Cu, 15.2 ppm Ag, 16 ppb Au, and 27800 ppm As (#164861).
A total of 12 rock chip samples were taken in the Orchard Spring Area:
|Sample ID||Au ppb||Ag ppm||Cu ppm||Cu %||Co ppm|
The Orchard Spring mineral occurrences are hosted in Eocene Halberstadt Formation limestone, Wagwater Trough clastic sedimentary rocks (shale, sandstone, & conglomerate), and volcanic rocks (andesite, dacite tuffs/flows). Alteration minerals found within and surrounding the microgranodiorite intrusive rocks include quartz-calcite-sericite-chlorite. Intrusion related mineralization consists of pyrite, chalcopyrite, chalcocite, bornite, azurite & malachite, with minor amounts of cobaltite and erythrite.
Textures found at Orchard Spring display quartz-carbonate-sulphide-oxide bearing mineral zones cutting massive magnetite, suggesting there is low temperature of formation, late stage infiltration, and fracture filling of Cu-Ag-Au bearing mineralization as vein, replacement, and/or breccia deposits.
This zone is located 100-600 meters northwest of Orchard Spring and linked by a major north trending fault structure that is visible as a regional air-photo lineament. Sample 164865 was taken in this area and returned values of 4 ppb Au, and 1920 ppm Cu.
Exposed bedrock was sampled in the south-central portion of the 2013 soil grid at a site that returned values of 2010 ppm Cu and 11 ppb Au. This area is underlain by Cretaceous age Main Ridge Group volcaniclastic lithologies that feature widespread phyllic alteration and variable chalcopyrite, chalcocite, and bornite. Anomalous gold and copper anomalies were returned from 2 sample sites.
|Sample ID||Au ppb||Ag ppm||Cu ppm||Cu %||As ppm||Co ppm|
Mount Rosana is a 300 meter diameter clay-altered volcanic center, producing a distinctive upstanding landform, located approximately 750 meters southeast of Orchard Spring. The close proximity to the Mount Rosana volcanic center suggests that the extensive faulting and folding (anticline/syncline structures) as well as silicate, carbonate, and oxide alteration minerals common in the surface area may represent an epithermal intrusive system at depth.
Two rock samples were taken in the central and south margin of the Bellevue leached lithocap. Both rock samples exhibit strong silicification (8-30% quartz as veining and breccia), & contain spongy, porous, and cellular texture limonite and hematite. Despite strong leaching, geochemical analysis of rock sample 164866 indicates above average Au & Ba values, and sample 164867 contains elevated Ag, As, Ba, &Te values:
|Sample ID||Au ppb||Ag ppm||Cu ppm||As ppm||Te ppm||Ba ppm|
Sample 164866 returned 206 ppb Au and was taken from an area of increased silicification as well as a chargeability high exhibited by historical IP geophysical surveys.
A total of 26 geology stations within the 1.5 X 1.5 kilometer area of the leached lithocap were mapped and sampled in order to identify lithology, minerals, alteration, and textures.
The Bellevue area is underlain by andesitic-dacitic volcanic rocks (porphyritic and fine grain tuffs/flows) which are cut by occasional 2-5 meter wide Cretaceous granodiorite-diorite intrusive dykes/sills. The Bellevue lithocap is characterized by widespread argillic alteration and strong bleaching of country rock accompanied by 2-8% limonite (goethite & jarosite), hematite, chlorite, sericite, zeolite, and kaolinite as disseminations and fracture fillings.
Samples were shipped directly from Kingston, Jamaica to AGAT Laboratories in Mississauga, Ontario for 32 element ICP & Au geochemical analysis.
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
“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
Cautionary Note Regarding Forward-Looking Information
This press release contains certain forward-looking statements within 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 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.