March 05, 2010 14:23 ET
MDN Inc.: Exploration Update, Ikungu Property, Tanzania
MONTREAL, QUEBEC–(Marketwire – March 5, 2010) – MDN inc. (“MDN”) (TSX:MDN) announces that the Ikungu drill program was restarted with two drill rigs on January 28, 2010. The objective of this program is to systematically drill the main gold-bearing reef along a 2.5 km strike length.
In January 2009, the MDN geological team obtained encouraging grab sample results from artisan mining sites in the west sector such as 56.80 g/t gold and 70.10 g/t gold. The average gold content of 11 grab samples from the east sector was 12.04 g/t. Drilling by previous owners in the early 2000s yielded good drill intersections in the east sector, including IKD-06 (11.50 g/t Au over 1.0 m), SIK8 (11.50 g/t Au over 5.9 m) and SIK1 (24.50 g/t Au over 3.9 m).
From October to December 3, 2009, MDN completed 10 diamond drill holes (IKD-17 to IKD-26) totalling 2,024 meters out of the total planned program of 4,500 meters. The program was suspended for the holiday season, and resumed on January 28, 2010. Since this time, five holes (IKD-27 to IKD-31) have been completed. The entire program is expected to be finished by the end of March with drill hole IKD-37. Assays results have been received for holes IKD-17 to IKD-30.
Ten holes were drilled along the main reef and another five holes (IKD-19 to IKD-23) tested other areas on the property. The ten holes along the reef were drilled to verify continuity, and to-date results confirm that the mineralization is hosted by metasedimentary rock for at least 2.5 km along strike. The metasedimentary rock hosts continuous gold-bearing sulphides with high-grade mineral lenses associated with highly silicified zones along the main reef. Assays results received so far indicate the possible existence of two high-grade mineralized lenses. Holes IKD-18, IKD-25 and previous owner drill hole IKD-04 outline a central high-grade lens from 2435 E to 2770 E. Holes IKD-26, IKD-28 and previous owner holes IKD-06 and SIK1 outlined an eastern high-grade lens from 3190 E to 3790 E along the main reef.
|Central Mineral Lens 2435 E to 2770 E||East Mineral Lens 3190 E to 3790 E|
|IKD-04 6.70 g/t Au over 4.8 m
IKD-25 3.04 g/t Au over 2.0 m
IKD-18 8.82 g/t Au over 2.0 m
|IKD-26 5.59 g/t Au over 2.0 m
IKD-28 16.41 g/t Au over 2.0 m
SIK8 11.50 g/t Au over 5.9 m
SIK1 24.50 g/t Au over 3.9 m
The second part of the drill program that began in January is focusing on delineating the high-grade lenses along the favourable horizon.
Results from the Ikungu main reef are as follows with grey cells indicating previous owner drill results. Note that holes IKD- 19 to IKD-23 were drilled on other targets and did not yield significant gold values.
The Ikungu gold-bearing structure in Tanzania brings an excellent discovery potential to MDN. We are encouraged by the ongoing drill program on this promising gold-bearing reef. We expect to continue with a follow-up phase during 2010, once the current program will end”, said Serge Bureau, President and CEO of MDN.
|Hole ID||Section (m)||From (m)||To (m)||Length (m)||Au g/t|
|IKD-33||1810 E||In progress|
|IKD-32||2560 E||Assays are pending|
|IKD-31||Assays are pending|
The samples were analysed by fire assay at the SGS Laboratory of Mwanza, Tanzania, which is certified according to international standards. A rigorous quality analysis verification program implemented by MDN included 20% control samples. The technical and scientific information contained in this press release have been reviewed by Marc Boisvert, P.Eng. and Vice President, Exploration, who acts as a qualified person in accordance with National Instrument 43-101.
True widths of mineralized intersections are still unknown.
MDN at PDAC
MDN Management will display at PDAC’s Coreshack with its niobium and tantalum core and maps on Tuesday March 9 and Wednesday March 10 at booth #5005 B. The team will also be available for meetings at booth 2614B during the same two days.
MDN Inc.(TSX:MDN) is a mining exploration and development company with adequate financial resources to develop its promising projects in Québec and in Tanzania. MDN also remains active in the search for new business opportunities that can raise shareholder value. In addition to its 30% participation in the Tulawaka Gold Mine, MDN is the operator and owner of a majority interest in mineral licenses totalling 621 sq. kms. around the Tulawaka gold mine in Tanzania. The company also owns a 67.5% interest in Minéraux Crevier, which owns a property with an NI 43-101 niobium and tantalum resource located in the Lac St-Jean area of Québec. MDN has an option to increase its equity participation in Minéraux Crevier up to 87.5%. Additional information is available on MDN’s website at www.niobaymetals.com.
Forward looking statements
All statements in this release, other than statements of historical fact, that address events or developments that the Company expects to occur, are forward looking statements. Although the Company believes 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 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 such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.