Mansfield enjoys exploration success in Argentina

Vancouver – In the space of two days, Mansfield Minerals (MDR-V) has reported positive exploration results from two separate projects in Argentina. A recent drill-hole intersected 274 metres grading 1.65 grams gold per tonne, starting from surface, at the wholly owned Lindero project in Salta Province.

The aforementioned intersection included a 178-metre interval of 2.1 grams gold, and a 72-metre interval of 3.17 grams gold.

Assay results were released from six holes drilled at Lindero. The remaining results are: 80 metres of 1.35 grams gold, including 50 metres of 1.82 grams; 120 metres of 0.88 gram, including 72 metres of 1.08 grams; 116 metres of 0.88 gram; and 84 metres of 0.85 gram. Another hole drilled 150 metres north of the mineralized outcrops to test for buried extensions failed to encounter mineralization.

Lindero is a porphyry gold deposit discovered by the company in 1999. Mineralization in the main zone is hosted in an intense magnetite and quartz-magnetite stockwork that correlates with strong potassic alteration. Mansfield’s initial exploration attracted the interest of Rio Tinto (RTP-N), which optioned the project and drilled ten holes in 2002. The mining giant dropped the project a year later after determining that it was unlikely to meet its size threshold.

Mansfield resumed exploration, and in the fall of 2003, released an independent inferred resource estimate of 29.95 million tonnes grading 1.08 grams gold, or about 1 million contained oz., within three zones. These resources are amenable to open-pit mining techniques.

Mansfield plans to carry out an aggressive follow-up program “as soon as is practical” to delineate and define the Lindero deposit. An updated resource estimate will follow. Metallurgical (column-leach testing) and geotechnical studies are also planned to form part of a pre-feasibility study for the project. Previous tests have shown that mineralization is amenable to extraction of gold using cyanide.

Mansfield has other projects in Argentina, including La Frontera, a gold-silver property in Catamarca Province. The company discovered and staked the project, which is now being explored by joint-venture partner, Apex Silver Mines (SIL-X).

La Frontera hosts low-sulphidation (quartz-adularia) epithermal-style mineralization within Tertiary felsic volcanics. A recent trenching program by Apex Silver exposed silver mineralization over a structural trend exceeding 1,500 metres in length.

The North trench returned values of 0.6 gram gold and 2,344 grams silver over 6.2 metres, while Trench II returned 415.7 grams silver over 38 metres, including 1,253 grams silver over 10 metres.

Three other trenches returned: 0.6 gram gold and 207 grams silver over 24 metres; 2.76 grams gold and 18 grams silver over 6 metres; and 71 grams silver over 14 metres, which includes 290 grams silver over 2 metres.

Mansfield reports that a separate zone about 1 km northwest of the main mineralized trend returned “erratic yet significant” values of gold and silver. More than 80 samples were assayed from the Amethyst zone, and returned values ranging from nil to 4.3 grams gold, and from nil to 43 grams silver.

The Amethyst zone comprises an area of intense stockwork and sheeted quartz-adularia veining measuring 250 metres by 300 metres. Based on geological evidence, the company notes that the zone may represent a low-grade silica cap above higher-grade mineralization at depth.

Apex has informed Mansfield that it intends to carry out a follow-up program consisting of additional trenching and pitting, along with a substantial drill program.

Apex can earn an initial 51% interest in the project by spending US$2 million on exploration and making US$600,000 in property payments over four years. This can be increased to 61% by spending another US$1 million on exploration over a subsequent 12-month period.