HALIFAX, NS, May 3, 2012 - Stockport Exploration Inc.
(TSX: SPT)(OTC: LMTCF) releases results from a preliminary sampling program on our priority target area Kamwango, centrally located within the Company's 2,000 km2 Kenyan property package. Highlights from the program include grades up to 2.85 grams per tonne (g/t) gold within surficial quartz vein pebble lag deposits ("pebble lag").
Pebble lag deposits are formed by the direct erosion of outcropping quartz veins, causing them to accumulate rubble at or near surface above the top of the source quartz reef. Continued accumulation, settling, erosion and minor local re-distribution further break down the quartz rubble and give the pieces a more rounded pebble appearance.
Stockport Exploration staff began mapping occurrences of the pebble lag and initiated a first-pass sampling program. This first test-phase succeeded in collecting a total of 25 samples, over total thicknesses from 0.3 metre to 1.6 metre (m) with an average thickness of 0.71 m. Typically, the pebble lag is covered by an approximately 0.2-0.3 m thick soil layer, but may also be exposed directly at surface.
Samples averaged 1.3 g/t gold, with a maximum of 2.85 g/t gold (over a thickness of 0.87 m). The thickest lag sample collected to date returned 1.175 g/t gold over 1.6 m. The 25 samples also returned remarkably consistent gold results, indicating relatively uniform gold mineralization within the pebble lag:
- 44% of samples returning greater than 0.5 g/t gold,
- 60% of samples returning greater than 0.2 g/t gold, and
- 88% of samples returning greater than 0.1 g/t gold;
It should be noted that all samples were composed of only the quartz pebbles themselves, in order to homogenize the sample media and speed-up the sample collection process. As a test, one sample (302775) was collected whole and had the fine fraction (soil) separated and analyzed. The quartz pebbles returned 0.67 g/t gold, while the fine fraction (< 1mm) returned 4.01 g/t gold, indicating that the bulk pebble lag may contain more gold that is generally indicated by the pebbles alone.
A second round of test sampling (results pending for 70 additional samples) was completed over the entire grid area. Mapping at a 0.1 m thick cutoff, identified the pebble lag covers an area of at least one km2, equivalent to an area of approximately 200 North American football fields, or 25% of the area of the 4 km2 Kamwango Grid.
"The gold-bearing quartz pebble lag deposits are very significant for our work at Kamwango," states Matt Rees, Stockport's Vice-President of Exploration. "Because it is at, or quite close to surface, it potentially represents an easily recoverable asset. But it is also a very useful exploration vector, directing us towards the larger and better gold-mineralized parts of the system in an area where soil sampling is unreliable due to the exotic loam soils".
In the mid-sixties, CDC-Falconbridge recovered gold from an approximate 0.25 km2 deposit of pebble lag at the Migori-Nyanza mine, located approximately 40 km south of Kamwango. The proceeds from processing of the pebble lag deposit were used to fund construction of an underground operation. .
"This provides further evidence of the wide spread nature of gold mineralization on the Kamwango Property. Up-coming work will determine if the pebble lag has potential to provide near term gold production from the property", said Jim Megann, Stockport's President and CEO, "The nature of the pebble lag indicates a localized source and we look forward to testing for the host structure at depth".
About Stockport Exploration Corporation Inc.
is focused on the exploration of a district-scale land package along a prolific gold-hosting greenstone belt in southwest Kenya. The 2,000 km2 property package has the potential to host multiple mineral deposits. Stockport also holds the La Morena copper-silver property in Coahuila, Mexico, the Seymour Lake Tantalum-Lithium-Beryllium project in Armstrong, Ontario and the KM61 property which hosts a 43-101 Molybdenum Resource, also in Armstrong, Ontario.
This press release was prepared under the supervision of Matthew Ian Rees, M.Sc., P.Geo., VP Exploration for Stockport, who is a Qualified Person as defined under National Instrument 43-101. Mr. Rees has reviewed the scientific and technical information in this press release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, continuity of mineralization, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. The likelihood of future mining at the Nyanza Project is subject to a large number of risks and will require achievement of a number of technical, economic and legal objectives, including obtaining necessary mining and construction permits, completion of pre-feasibility and final feasibility studies, preparation of all necessary engineering for pits and processing facilities as well as receipt of significant additional financing to fund these objectives, as well as funding mine construction. Such funding may not be available to the Company on acceptable terms or on any terms at all. There is no known ore at the Nyanza Project and there is no assurance that the mineralization at the Nyanza Project will ever be classified as ore. For more information on the Company and the risk factors inherent in its business, investors should review the Company's Annual Information Form at www.sedar.com
For further information:
Stockport Exploration Inc.
Jim Megann, President and CEO