December 09, 2010 07:04 ET
MDN Provides an Update on its Ikungu Project
MONTREAL, QUEBEC–(Marketwire – Dec. 9, 2010) – MDN Inc. (“MDN”) (TSX:MDN) is pleased to report the assay results for three holes (IKD-49, 50 and 51) from its Ikunguprogram in Tanzania. The widths in this press release refer to true widths.
The 2010 diamond drilling program is now finished. The only assay results still pending are those for four RC holes added to the original program to test a geochemical anomaly 600 m west of Hole IKD-33 (2.56 g/t Au / 5.36 m).
Holes IKD-49, IKD-50 and IKD-51 were drilled on the eastern part of the Ikungu structure between Section 3190 E and Section 3400 E, to depths of between 200 and 400 m.
|(1)Note: Core length|
- IKD-51 extends the central zone at depth along the southeast plunge of the mineralized zone. This hole returned two intersections of 5.3 g/t Au over 1.53 metres and 6.19 g/t Au over 1.49 metres in a mineralized envelope grading 3.39 g/t Au over 7.5 m. The intersections lie at a vertical depth of 400 m in the axis of the southeast plunge formed by holes IKD-45 (8.6 g/t Au/14.67 m), IKD-4 (6.74 g/t Au/2.4 m), IKD-39 (19.26 g/t Au/1.5 m) and IKD-48 (3.11 g/t Au/9.5 m).
- Holes IKD-49 (2.27 g/t Au / 4.90 m) and IKD 50 (1.90 g/t Au / 6.13 m) demonstrate the continuity of the gold mineralization from surface in the area of holes IKD-35 (2.79 g/t Au / 6.5 m) and IKD-32 (8.02 g/t Au / 2.4 m) down to the area of hole IKD-44 (2.53 g/t Au over 6.13 m). In combination with holes IKD-35, IKD-32 and IKD-44, these two new holes confirm the interpretation that the mineralization plunges southeast, which is consistent with what is seen at other such deposits in Tanzania, like Tulawaka and Bulyanhulu.
All the results are shown on the longitudinal section attached to this press release.
Highlights of drilling on the Ikungu property are as follows:
- The Ikungu gold-bearing structure has now been outlined by drilling over a distance of 2,000 m and to a depth of 300 m.
- The structure remains open in all directions.
- The 42 holes drilled on the gold-bearing structure all intersected the mineralized zone. Twenty of these 42 holes returned mineralized intersections grading over 3.0 g/t Au.
- The intersections grading over 3.0 g/t Au show a weighted average grade of 7.13 g/t Au over a weighted average thickness of 3.4 m.
- Hole IKD-45 (8.6 g/t Au over 14.67 m) confirmed the presence of high-grade mineralized zones with significant widths along this structure.
- Holes IKD-33 and IKD-47 indicate that the structure thickens to the west, suggesting the possibility of additional mineralization in that direction.
- Holes IKD-48, IKD-51 and IKD-44 show the largest widths at depth in the central zone, suggesting an exploration target in the direction of the southeast plunge.
- Surface mapping and a number of mineralized intersections on structures parallel to the main structure indicate strong potential for secondary mineralized zones.
- Four RC holes with results still pending were drilled to test soil geochemical anomalies 600 metres west of the areas already outlined by drilling.
A drilling program planned for early 2011 is now in the planning stage, and will be finalized once the results from the four RC holes have been received.
“The 2009-2010 drilling programs generated very positive results overall. In our opinion, when we compare it to known deposits of the same type, the Ikungu structure represents a continuous gold-bearing system that could potentially contain a major deposit. The structure remains open in all directions, and we are very keen to resume exploration early in the new year,” said Marc Boisvert, Ing., MDN’s Vice President of Exploration.
Samples were analysed by fire assay at the SGS Laboratory of Mwanza, Tanzania, which is certified according to international standards. A stringent analysis quality verification program implemented by MDN included 10% control samples. The technical and scientific information contained in this press release has been reviewed by Marc Boisvert, engineering geologist and Vice President, Exploration, who is a qualified person under National Instrument 43-101.
MDN Inc. (TSX:MDN) is a mining exploration and development company exploring and developing projects in Quebec and Tanzania. MDN is also active in the search for new business opportunities that can increase shareholder value. In addition to its 30% participating interest in the Tulawaka gold mine, MDN is the operator and owner of a majority interest in mineral licenses totalling 753 km2 in the vicinity of the Tulawaka mine. MDN Inc. also owns a 67.5% interest in Crevier Minerals Inc. which owns an NI 43-101 niobium-tantalum resource in the Lac-Saint-Jean area of Quebec. MDN has an option to increase its equity participation in Crevier Minerals Inc. to a maximum of 87.5%. Additional information is available on MDN’s website at www.niobaymetals.com.
Forward-Looking Statements Other than statements of historical fact, all statements in this release that address events or developments that the Company expects to occur 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 may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements are discussed in greater detail in the Company’s most recent Annual Information Form filed on SEDAR, which also provides additional general assumptions in connection with these statements. Investors and others who base themselves on the Company’s forward-looking statements should carefully consider the factors mentioned in the Annual Information Form as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct, and as such, the forward-looking statements in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.
- MDN Inc.
Serge Bureau, Ing.
President and Chief Executive Officer
514-866-6500, Ext. 221
Marc Boisvert, Ing.
Vice President, Exploration
514-866-6500, Ext. 227
Sun International Communications
Nicole Blanchard, Investor Relations