TORONTO, March 7, 2011 (GLOBE NEWSWIRE) -- PDAC 2011 Convention: Caldera Resources Inc. (the "Company") (TSX-V:CDR) is pleased to announce the receipt of overlimit silver, lead, and zinc assays from drill hole MC-08-10. Samples carrying in excess of 100 g/t silver, 0.5% lead, and 1.0% zinc, as reported in News Release January 12, 2011 were reassayed to determine actual intersection values. Samples were digested in 8-acid aqua regia followed by assay by induced neutron activation analysis (INAA).
Overlimit assay results, combined with previously reported values not requiring reassay, total 2.59 g/t gold, 164 g/t silver, 0.13% copper, 4.34% lead, and 4.34% zinc. This interval spans 7.1m, from 139.5m to 146.6m, and covers the central silicified vein zone plus additional continuous mineralization in the silicified, pyritized, and argillically altered hanging wall and footwall alteration zones. The intersection is anchored by the first 1.10m section of the vein zone, with values of 5.39 g/t gold, 431 g/t silver, 0.26% copper, 12.4% lead and 15.3% zinc, from 141.5m to 142.6m downhole.
* Items with an asterisk were overlimit and reassayed. See NR of Jan. 12, 2011 for a complete list of results.
The hanging wall of the MC-08-10 vein zone spans 2.0m and carries values of 1.16 g/t gold, 40.60 g/t silver, 0.04% copper, 2.43% lead, and 2.49% zinc. The vein itself spans 3.1m and carries 4.58 g/t gold, 276 g/t silver, 0.23% copper, 7.38% lead and 7.59% zinc. The footwall of the MC-08-10 vein zone spans 2.0m and carries 0.95 g/t gold, 114 g/t silver, 0.07% copper, 1.56% lead, and 1.15% zinc.
The mineralized zone remains open on the footwall, with the lowermost reported sample returning 0.62 g/t gold, 197.0 g/t silver, 0.12% copper, 0.61% lead, and 0.82% zinc. Further footwall samples have been prioritized for assay.
Jim Steel, MBA, P.Geo, Vice-President, Mining and Development for Caldera, stated: "This appears to be a recurrent theme at the Marjan Gold-Silver Project. Mineralization is not found solely in highly silicified and mineralized, vein material, but also in strongly altered hanging wall and footwall samples. Results to date confirm our belief that the underlying Soviet-ear data is of excellent quality and is reproducible."
Drill hole MC-08-10 was located at 573453E and 4359739N (zone 38S; WGS84 datum), drilled on an azimuth of 240 degrees at a dip of -78 degrees. The hole was targeted to hit vein 1a between Adit 2 at 2424m and a road exposure of vein 1a at 2480m.
The exploration program is designed to confirm historical Soviet-era data. These historical estimates are presented for historical reporting and to provide a basis for assessing Caldera's choices for its business activities. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the historical estimate should not be relied upon or understood to indicate the existence of reserves or resources.
All samples from all holes have been received at Activation Laboratories Ltd in Ancaster, Ontario. Additional results will be announced as soon as they are available.
PDAC 2011 Convention Update
Caldera participated yesterday at a PDAC presentation, organized by the Armenia-Canada Chamber of Commerce on Armenia titled, Armenia, Mining and Investment Opportunities. Present at the session were the Minister of Energy and Natural Resources of the Republic of Armenia ("MENR"), Mr. Armen Movsissyan, the Governor of Syunik Province of Armenia, Mr. Suren Khacatryan, the Deputy Minister of the MENR, Mr. Areg Galstyan and the Head of the Geology Department of the MENR, Mr. Vardan Vardanyan.
The Minister gave the keynote address followed by corporate presentations by Mr. Jonathan Goodman, President and CEO of Dundee Precious Metals, Dr. Hayk Aloyan, Managing Director of Lydian International, Mr. Sergei Nossoff, First Vice President of GeoPro Mining and Bill Mavridis, President and CEO of Caldera Resources.
Caldera will also be presenting at the Core Shack at the PDAC conventions, on Tuesday and Wednesday of March 8 – 9.
The Marjan Gold-Silver Project
The Marjan Gold-Silver Project is a high-grade gold and silver epithermal vein system, with three distinct zones. The Marjan Central Zone consists of multiple anastomosing silicified veins in a zone of propylitic and argillic alteration some 500m wide east-west and over some 1000m vertically. The Marjan North Zone consists of parallel sulphide veins and alteration zones that outcrop over a 400m by 400m area as well as a potentially mineralized clastic unit some 1.6km long by some 600m wide.
Historical Soviet-era Resources at the Marjan Gold-Silver Project
The Marjan Central zone was extensively explored between 1964 and 1989, and has Soviet-era GKZ standard resources as outlined below:
The Marjan Northern zone was explored between 1991 and 1992 by the Sissian Geological Exploration Group, and published by the State Committee for Reserves of Armenia, Yerevan, has historical Soviet-era GKZ standard resource, as follows:
The total C1 and C2 historical resources of the Marjan project outlined above are equal to 405,147 oz of Gold and 14.2M oz of Silver. The total P1 historical resources of the Marjan project are equal to 647,152 oz of Gold and 37.1M oz of Silver.
Mr. Ricardo Valls, P.Geo., independent geologist for Caldera reviewed the Marjan Gold-Silver Project. The NI 43-101 Technical Report on the project was filed on SEDAR on June 17, 2010 and can also be viewed on our website at .
Qualified Person
Mr. Jim Steel, MBA, P.Geo, Vice-President, Mining and Development for the Company, is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of NI 43-101.
About Caldera Resources Inc.
Caldera is engaged in advancing its gold project in the Republic of Armenia. Caldera holds a 55% interest in the Marjan Gold-Silver project with a purchase obligation to acquire 100% of the project from Global Gold Corporation (OTCBB:GBGD) by December 2012. You can learn more about the Company's projects by watching recent interviews on our website www.calderaresources.com.
For additional background information and details relating to the Joint Venture, please see our press releases of October 12, 2010, October 22, 2010, November 21, 2010, March 1, 2011 on our website.
Cautionary Statement
The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Former Soviet country estimates are presented for historical reporting and to provide a basis for assessing Caldera's choices for its business activities. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the historical estimate should not be relied upon or understood to indicate the existence of reserves or resources.
Additional information related to the Corporation is filed electronically on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this release.
CONTACT: Caldera Resources Inc. Bill Mavridis President and CEO Tel: 514-380-5310 x 221 Cell: 514-813-9200 bmavridis@calderaresources.com