FOR IMMEDIATE RELEASE TSX
July 12th 2007 Symbol: VGM
Shares Outstanding: 77,989,385
Virgin Metals Releases Drill Results at Los Verdes
Virgin Metals Inc. ("Virgin Metals" or the "Company") reports results of remaining reverse circulation drill holes at its 100% owned Los Verdes Mo-Cu-W property in Sonora, northern Mexico. In addition, 20 diamond drill holes have been drilled but have not yet been sampled and results of these will be reported at a later stage. Results of holes 29, 57 and 64 to 73 are reported herein. Holes 29 and 57 were drilled earlier and not previously reported while assay checks were completed.
Holes 57, 64, 66 and 67 were drilled at the approximate boundary of known mineralization and results were of a background nature. Hole 65 was collared at the northern boundary of the mineralization at an angle of -50 degrees and provided infill between previously drilled holes. Holes 68, 70 and 74 were drilled in the western extension of known Mo-Cu mineralization on the Bacanora claim, 70 and 74 consisting of a pair of scissor holes through the southwest portion of the resource and 68 providing data about northwestern part of the deposit. Hole 69 was intended to define the western edge of the Mo-Cu mineralization but instead intersected tungsten mineralization.
Holes 29 and 71 to 73 targeted and hit expected tungsten mineralization to the west of the known Mo-Cu mineralization. Holes 71 and 72 were a little south of the ideal locations due to steep topography but 29 and 73 were in the central part of the tungsten mineralization. Although the Mo-Cu mineralization includes tungsten grades, which increase to the west, the tungsten zone itself appears to be a discrete zone of mineralization with no molybdenum or copper values and to be relatively shallow mineralization that starts at the surface and extends for some tens of meters in depth. It includes the summit of the ridge, which exhibits severe topography, and may be difficult to drill extensively. It will be modeled separately and excluded from the model on which mine planning will be based.
Results of holes 29, 65 and 68 to 75 are reported below:
Hole #
Inclination
Total
From
To
Intercept
True Thickness
Total Mo
Cu
W
Ag
Depth (m.)
(m.)
(m.)
(m.)
(m.)
%
%
%
g/t
LVRC6507
-50
150.88
39.62
150.88
111.26
85.22
0.20
0.46
0.08
3.3
including
85.34
147.83
62.49
47.87
0.27
0.57
0.10
4.1
LVRC6807
-50
160.02
38.10
64.01
25.91
19.85
0.04
0.40
0.09
2.5
LVRC7007
-45
121.92
21.34
121.92
100.58
71.11
0.11
0.23
0.15
10.9
Hole #
Inclination
Total
From
To
Intercept
True Thickness
Total Mo
Cu
W
Ag
Depth (m.)
(m.)
(m.)
(m.)
(m.)
%
%
%
g/t
including
36.58
70.10
33.52
23.70
0.27
0.09
0.18
21.9
LVRC7407
-50
121.92
35.05
121.92
86.87
66.54
0.06
0.54
0.17
3.6
including
36.58
89.92
53.34
40.86
0.07
0.69
0.20
4.0
LVRC7507
-45
114.3
35.05
114.30
79.25
56.03
0.06
0.23
0.07
5.0
W Zone
LVRC6907
-90
120.4
4.57
27.43
22.86
22.86
0.17
including
7.62
21.34
13.72
13.72
0.20
LVRC7107
-90
91.44
1.52
30.48
28.96
28.96
0.12
LVRC7207
-90
77.72
1.52
13.72
12.20
12.20
0.12
LVRC7307
-90
76.2
1.52
54.86
53.34
53.34
0.29
including
19.81
53.34
33.53
33.53
0.34
LVRC2907
-90
144.78
0
51.82
51.82
51.82
0.16
including
0
10.67
10.67
10.67
0.29
Note: Intervals where no samples were collected are included as intercepts of 0 grade.
No high values have been cut.
The samples, each representing 1.52 linear meters, were riffle split at the drill with approximately 12% of the recovered material (5 – 10 kg.) placed in a plastic bag and immediately fastened with a security tag. Little moisture has been encountered in drill holes to date resulting in free flowing material of all size fractions. Where moisture was present, a sampling cyclone was utilized with drill cuttings collected in buckets then placed in a large porous bag and immediately fastened with a security tag. The reject material for all samples have also been secured and stored for future use.
The samples were securely stored locally then collected by ALS Chemex personnel and transported to the ALS Chemex laboratory in Hermosillo where sample preparation was performed. All assay work was carried out at the ALS Chemex laboratory in Vancouver, BC.
In addition to the routine quality control work carried out by ALS Chemex, the Company has established a quality control protocol consisting of the routine use of sample duplicates, blank samples and certified sample assay standards obtained from WCM Sales Ltd., Burnaby B.C.
These results, excluding those in the tungsten zone, will be incorporated together with all previously reported results, into a new geological model and updated resource model that will be used as the basis for mine planning in the feasibility study currently in progress.
This report has been prepared by Mr. Gary Lohman, a Registered Professional Geologist and Qualified Person (QP) as defined by NI 43-101 of the Canadian Securities Administrators. Mr. Lohman is the QP for the Los Verdes exploration program
Virgin Metals is a junior exploration and development company; its projects include two copper/molybdenum porphyry properties in Sonora, northern Mexico. One of these, Los Verdes, is expected to evolve rapidly towards production while the other, Cuatro Hermanos, is expected to be the focus of expanded exploration effort.
FORWARD‐LOOKING STATEMENTS
This press release includes certain “forward‐looking information” within the meaning of the Securities Act (Ontario), including, but not limited to, statements as to timing and extent of exploration programs and the availability of exploration results. As such, forward‐looking information addresses future events and conditions and so involves inherent risks and uncertainties, as disclosed under the heading ʺRisk Factorsʺ and elsewhere in Virgin Metals documents filed from time to time with the Ontario Securities Commission and other regulatory athorities. Actual results could differ significantly from those currently projected as a result of, among those factors, adverse weather, regulatory changes, delays in receiving permits, accidents and delays in completing exploration activities not all of which are in the control of Virgin Metals. The forward‐looking information contained herein is Virgin Metalʹs reasonable estimate today of future events and conditions, but no assurance can be given that such events or conditions will occur.
For further information, please contact:
Valerie Kimball, Investor Relations
Email: vkimball@virginmetals.com
Phone: (303) 703 1210
Renmark Financial Communications Inc.
Mr. Neil Murray‐Lyon: nmurraylyon@renmarkfinancial.com
Barbara Komorowski: bkomorowski@renmarkfinancial.com
Phone: (514) 939‐3989
Fax: (514) 939‐3717
www.renmarkfinancial.com |
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