|November 30, 2015|
Rosita Mining Earns 65% Interest In Nicaragua Project
Toronto, Ontario -- November 30, 2015: Rosita Mining Corporation (RST: TSX-V) ("Rosita" or the "Company") is pleased to announce that it has received confirmation from Calibre Mining Corp. that the Company has completed the expenditure requirements to earn a 65% interest in the Rosita-D Concession in Nicaragua.
This important milestone was achieved following the completion of a 1,939-metre drill program which tested and infilled the extensive surface stockpiles and two priority exploration targets on the property. Assay results from the drill program are expected early in the New Year.
The Rosita project is located 275 air kilometres northeast of the capital city of Managua and 120 kilometres west of the port town of Puerto Cabezas.
In May 2012 Coffey Mining completed a maiden Inferred Mineral Resource for the North, South and East stockpiles around the Santa Rita Open Pit Mine. This estimate comprises 7.95 million tonnes of Inferred Mineral Resources at an average grade of 0.62% copper, 0.46 g/t gold and 9.2 g/t silver with an overall copper-equivalent grade of 1.01% (see Alder Resources' press release June 22, 2012). This resource comprises broken mineralized material at surface containing 108 million pounds of copper, 118,500 ounces gold and 2.35 million ounces of silver.
Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. The quantity and grade of reported inferred mineral resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred mineral resources as indicated or measured mineral resources and it is uncertain if further exploration will result in upgrading them to indicated or measured mineral resources.
In the recently completed drill campaign, 55 vertical infill drill holes totalling 1,040 metres were completed in the North, South, South West and East stockpiles. These holes were drilled through the base of the stockpile material and range from 12 to 34.5 metres in depth. They were designed to in-fill the stockpile drill density on a spacing of 50 metre or less in order to provide the Company with a future opportunity to upgrade the inferred resource to an indicated category and to increase the tonnage of the resource.
Drilling on the East stockpile tested for in-situ supergene enrichment below the stockpile on the southern and southwestern edge of the adjacent R-13 and R 13 West Zone.
(Figure 1 below details the location of the planned drill holes on the Santa Rita stockpiles.)
Revised 43-101 Study
Following the completion of the Santa Rita resource drilling program, the Company has engaged an independent geological consultant to prepare an updated 43-101 report including a revised resource estimate. This estimate is expected to be completed late in the first quarter of 2016.
R-13 and R-13 West Exploration Drilling
The Company drilled a total of 24 holes totalling 759.5 metres to test the R-13 and R-13 West Zones which are situated immediately adjacent to the R13 open pit and to the east of the Santa Rita stockpiles with the goal of verifying historic in situ supergene mineralization contiguous to the Company's Inferred Mineral Resource.
Historic drill data indicates the presence of two parallel, near surface, northwest-oriented, mineralized zones, which are interpreted to be 130 x 450 metres and 90 x 300 metres in area, respectively. These zones appear to be open along strike and locally to depth. The R13 deposit was also subject to a small open pit in an area where drilling returned unvalidated intercepts up to 2.08% copper over 47.5 metres, and 0.98% copper over 79.9 metres in historic drill holes R-33 and R-40 respectively.
El Rastro Exploration Drilling
The El Rastro prospect is located one kilometre north of R-13 and R-13 West and is an active centre for artisanal mining where supergene mineralization was observed in an area approximately 300 metres by 100 metres in area. To date this zone has not received any drilling despite being one of the highest priority target areas to provide potential accretive resources to any future production model centered on the Santa Rita resource.
A recent grab sample from an underground artisanal working at El Rastro returned 1.18% copper, 2.9 g/t gold and 5.2 g/t silver. Two previous grab samples from the artisanal underground workings provided significant assays of 0.56% copper, 114.12 g/t gold and 4.2 g/t silver, and, 0.61% copper, 3.24 g/t gold and 0.6 g/t silver respectively. This demonstrates that the copper-gold association that was historically mined at the Santa Rita mine and which is also observed in the Company's stockpile inferred resource is also present at the El Rastro prospect.
Grab samples are selective by nature and the grades assayed may not be representative of mineralization hosted on the property.
Mechanical problems with the drill equipment combined with poor road and access conditions during the rainy season, did not allow the Company to complete the planned 4-6 hole exploration program at El Rastro. El Rastro will be a priority exploration target for the follow up drill campaigns during the next exploration program.
Figure 1: Drilling Plan at the Santa Rita, R-13, R-13 West and El Rastro Zones.
Tipispan Exploration Drilling
The Company completed four drill holes totaling 139.5 metres on the Tipispan target which were completed along a fence designed to follow up results from trenching. These trench results included assays of up to 5.21% copper, 4.60 g/t gold and 144 g/t silver over 12.0 metres.
In 2010, Calibre drilled two holes one of which intersected 0.42% copper and 7 g/t silver over 50.0 metres (BB10-001), and the other intersected 0.13% copper, 0.16 g/t gold and 2.11 g/t silver over 61.9 metres (BB10-002). It is interpreted that these holes intersected porphyry style copper-gold mineralization below a supergene cap that appears, from historic shafts, to be at least 5 metres thick.
Figure 2 shows the planned holes for Tipispan, the location of trenches and holes drilled as well as the mineralized zones.
Figure 2: Drilling Plan at the Tipispan Zone.
Company President and CEO, Craig Pearman tendered his resignation citing personal reasons, which was accepted by Rosita's board of directors, effective immediately.
The board has appointed Mr. John Cook, a Company director, as interim President and CEO.
"On behalf of the board, I would like to thank Craig for his contributions to the Company and for his role in identifying and helping acquire the Rosita project via our merger with Alder Resources earlier this year," Nick Tintor, Chairman of Rosita, said.
About Rosita Mining Corporation
Rosita is a junior mining and exploration natural-resource company focused on growing shareholder value through the development of near-term mining opportunities and advancing accretive exploration opportunities.
Rosita's current high priority copper-gold-silver supergene/skarn/porphyry target is its 65%-owned Rosita project in Nicaragua located 275 kilometres northeast of Managua. The Company has current Inferred Mineral Resources in surface stockpiles of 7.95 million tonnes grading 0.62% copper, 0.46 g/t gold and 9.21 g/t silver with numerous zones that have near term potential to add to and enhance these resources.
See the technical report entitled "Rosita Cu-Au-Ag Project, RAAN, Nicaragua, NI 43-101 Technical Report on Mineral Resource Estimate of Rosita Stockpiles" effective as of May 8, 2012, which is available under Rosita's subsidiary company, Alder Resources' profile at www.sedar.com.
The technical information included in this update has been reviewed and approved by John Cook, P.Eng., Interim President and CEO of Rosita Mining Corporation and a "Qualified Person", under National Instrument 43-101 Standard of Disclosure for Mineral Projects.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States.
For further information, contact:
Nick Tintor, Chairman
Telephone: 416 987 0855
This news release includes certain forward-looking statements or information under applicable Canadian, U.S. and other securities laws. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the future plans, objectives or expectations of Rosita are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the plans of Rosita or expectations include risks relating to the fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by Rosita with securities regulators. Rosita expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation. Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange, nor the OTCQX accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note to U.S. Investors Regarding Mineral Reporting.
Rosita prepares its disclosure in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. Terms relating to mineral resources in this press are defined in accordance with Canadian National Instrument 43-101 --- Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") --- CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended, which standards differ significantly from the discourse permitted by the United States Securities and Exchange Commission requirements and terminology set forth in SEC Industry Guide 7. Accordingly, information contained in this press release and the public filings of Rosita containing descriptions of mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.
You can return to the main News Releases page, or press the Back button on your browser.