HALIFAX, June 29, 2012 /CNW/ - Stockport Exploration Inc. (TSX: SPT) (OTC: LMTCF) is pleased to report it will advance to auger-based drilling at its Kamwango Grid, centrally located within the company's 2,000 km2 Kenyan property package. The company says both surface gold-bearing deposits and an independent geophysical program point to the same target areas.
"There is no single road sign when you are looking for world-class gold deposits," says Stockport President and CEO Jim Megann. "What we are looking for are multiple vectors that all point in the same direction, and that is what we believe we are seeing here in Kamwango—multiple, independent evidence pointing to the fact that there is the potential for a significant gold discovery."
Results of Stockport's recently completed induced polarization (IP) survey have been overlaid with mapping and sampling of a gold-bearing quartz vein pebble lag with reported individual samples grading up to 8.11 g/t gold (see Stockport media releases of May 3rd and 15th). Both IP and pebble lag sampling have independently highlighted three potential targets that may host significant quartz vein systems.
The gradient IP program on the Kamwango Grid was comprised of 34 line kilometres laid out on north-south grid lines spaced at 100 metres. As a follow-up to the gradient data results, five kilometres of pole-dipole IP were completed.
Stockport Vice President of Exploration Matt Rees says, "The IP program identified three strong, east-west trending resistivity-high anomalies. The three zones are sub-parallel, and all appear to be located along or within a magnetically defined northeast-trending fault corridor."
- The northern anomaly is approximately 800 m long and up to approximately 50 m wide. There is an artisanal pit located near its south flank, also where DDH-6 was drilled. DDH-6 returned 0.4 g/t over 11.7 m, indicating it may have intersected a parallel lower-grade satellite zone.
- The central anomaly is located 800 m south and is approximately 500 m long and up to 25 m wide.
- A further 400 m south, the southern anomaly is approximately 550 m long and up to 25 m wide, where several artisanal shafts are located just off its western tip.
Quartz pebble lag deposits were mapped and systematically sampled prior to the IP survey. Combined with the new IP data, the results show a very strong correlation with three resistivity targets. The highest-grade lag samples (generally 6-8 g/t Au) occur directly over the resistivity highs, with gold grades in the lag decreasing away from the IP anomalies, suggesting the resistivity highs are the source of the highest-grade lag samples.
The three IP resistivity high targets that correlate to highly anomalous gold-bearing pebble lag all occur in an area of known artisanal workings. Several other similar resistivity high anomalies, over which pebble lag was not recovered, remain to be investigated.
Stockport will begin an auger drill-based exploration program to measure the grade and tonnage of the surface pebble lag deposit, as well as mapping additional quartz pebble lag in other areas of the Kamwango Grid. Stockport will also be undertaking an additional 70 kilometres of gradient IP testing on the Kamwango Grid
Effective July 1st, Rob Randall has been appointed as Chief Financial Officer for Stockport Exploration. Rob is a CA with an extensive background in the mining and exploration industry holding senior positions with resource-based publically traded companies including Etruscan Resources, Endeavour Mining and as a Principal with PricewaterhouseCoopers. Mr. Randall replaces Keith Abriel who is leaving the firm due to other obligations.
About Stockport Exploration Inc.:
Stockport 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, including Lode-Au and Cu-Zn-Au-Ag massive sulphide types. Stockport also holds the La Morena Copper-Silver property in Coahuila, Mexico, the Seymour Lake Tantalum-Lithium-Beryllium property near Armstrong, Ontario, and the KM61 property, which hosts a 43-101 Compliant Molybdenum-Copper-Silver Resource, also near 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. Standards, duplicates and blanks are submitted with the samples for QA/QC monitoring. Samples are stored in a locked building onsite, and delivered to the prep-lab in Mwanza by Company vehicles and drivers, in numbered, tamper-proof tagged gunny sacks. All assays reported were performed by ALS Chemex Laboratories in Johannesburg, South Africa.
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
SOURCE STOCKPORT EXPLORATION INC.