MONTREAL, Oct. 25, 2010 (GLOBE NEWSWIRE) -- Caldera Resources Inc. (TSX-V:CDR) ( the "Company" or "Caldera") is pleased to announce the completion of its Phase I exploration program on the Marjan Gold and Silver Project, located in Armenia.
Bill Mavridis, President and CEO, stated that, "Our first season of exploration on the Marjan Gold and Silver project has been a real milestone for us. The work performed to date allows us to confirm the Soviet-era exploration data in areas we explored. With this phase of work completed, we will now focus on drilling identified targets to start confirming and expanding individual resource blocks."
"We were also able to identify a new exploration target," said Mavridis, "that has been ignored previously. The conglomerate unit or clastic unit, has been identified as a new base metal and precious metal exploration target which has been mapped over 1.6 km long, over 600 meters wide and over 100 meters in height from its base."
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 260m 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.
The Phase I program was focused on confirming the Soviet-era exploration data in the Central Zone and North Zone and also identifying and exploring a new target in the Clastic Unit.
The Central Zone Phase I program was designed to confirm the underlying Soviet historical resource in gold and silver by generating and evaluating mineralization targets on the surface and in the subsurface. The exploration program also included trench sampling and mapping, with grab sampling of vein sulphides and wallrock gangue from adit portal dumps for microscopy studies.
The North Zone Phase I program consisted of evaluating and resampling vein/alteration sequences in historic drill cores; shallow handheld drill sampling of the discovery zone of the Clastic Unit as well as a detailed geochemical enzyme leach survey over the mapped extent of the Clastic Unit.
North Zone Phase I Program- Reviewing the Global Gold Core
The Company evaluated core from 36 drill-holes from the Northern Zone. Holes were mapped as to host rock, extent and type of alteration, as well as thickness of vein. Samples were taken of drill holes that showed evidence of well developed alteration/vein sequences, and for which assays and core logs were supplied by Global Gold Corporation (OTCBB:GBGD), the Company's joint venture partner on the Marjan Project. (Data from Global Gold Corporation is not compliant under NI43-101 and was used for comparison purposes only.)
Two hundred and thirty seven (237) samples from the Marjan North property and sixty-two (62) samples from the Marjan Central property were submitted for Atomic Absorption Spectrometry (AAS) analysis. Results show no statistical difference from the underlying Global Gold AAS results, while fire assay confirmations and comparison to Global Gold fire assay values is in progress.
Central Zone Phase I Program – Trenching and Confirmation of High Grade Zones
Trench 1 confirms Soviet-era values: 3.2m of 1.71 g/t Au and 31.3 g/t Ag
Trench 2 confirms Soviet-era values: 3.2m of 17.2 g/t Au and 344 g/t Ag
Trench sampling from Marjan Central commenced in May 2010 after a comprehensive study of underlying Soviet data.
The initial area of focus for exploration was on the east side of the mountain, where the presence of outcropping silica veins with intense associated argillic alteration was explored in detail during the Soviet-era, by the Geological Institute of Sissian, and supported with underlying data compiled in over 1000 pages of detailed studies, maps, and analysis.
Jim Steel MBA P.Geo., Caldera VP Mining & Development, notes, "confirming a Soviet-era higher grade sample with even higher values recovered in Caldera sampling supports our belief that the underlying Soviet-era data is of excellent quality and is reproducible."
Trench 1, at 2570m above sea level ("asl") elevation, was resampled to confirm a historic value of 1.0 g/t gold and 99.2-g/t silver with minor copper, lead, and zinc, over 2.1m. Caldera sampling returned 3.2m of 1.71 g/t gold and 31.3 g/t silver, with values in silver ranging to 68 g/t. The Company considers the Soviet trench values in the area of trench 1 to be confirmed, as elevated values of gold and silver were present in both Soviet-era and Caldera sampling.
Trench 2, at 2470m asl, returned 3.2m of 17.2 g/t gold and 344 g/t silver. The nearest underlying Soviet-era values are 5.6 g/t gold and 233.4 g/t silver over 2.3m and 1.5 g/t gold and 48.8 g/t silver over 1.0m. The Company considers this underlying data to be confirmed as a high Soviet silver value of 233.5 g/t silver was matched by two Caldera values of 627 g/t silver and 629 g/t silver. Caldera values are not statistically cut; it is unknown if Soviet data was statistically cut.
Trenches 14, 20, 21, 22, 28, 29, and 34 returned only anomalous results from resampling. This area is called the 'horsetail' section as the vein splits into two separate streams, then split again into four separate streams. As the horsetail area is south of the Soviet-era data and ore blocks, there are no comparative values in this area.
However, trench 20 is at the same stratigraphic level as Soviet trenches on vein 9, just 20m to the west, where some of the highest grades at Marjan Central are found. Underlying Soviet-era data suggests that surface mineralization (not accessible without extensive re-excavation) gives 4.1 g/t gold and 255 g/t silver over 1.3m (Soviet longitudinal section 1a, in C1 block 1A-2-C1). A historic adit value at 2300m asl down dip of the above value gives similar grades.
A focus of further exploration will be to determine if oriented ore shoots are present with the context of the dipping veins and alteration zones, and whether higher grades are indicated by specific mapped textures and mineralogical assemblages.
Mapping completed by Caldera shows that gold and silver mineralization is as much concentrated in high-silica 'veins' as well as low-silica, intensely argillically altered wallrocks. Initial empirical observations suggest that grade diminution occurs as the intensity of argilltization decreases, but may stabilize at above-anomalous values within intensely hematized or moderately to intensely propylitically altered sequences outside the main alteration zones and between vein structures.
Future exploration will focus on the dimensions of the full mineralized suite, either in surface trenches or drillholes to see if resource widths can increase over the Soviet values, which appear to focus only on the high-silica vein exposures.
North Zone - Clastic Unit – New Base Metal and Precious Metal Exploration Target
Two 1-m samples carrying 0.793 g/t and 0.704 g/t gold recovered
The Clastic Unit is a conglomeratic sandstone that unconformably overlaps the Marjan North vein zones on the southern boundary. The conglomeratic rock includes poorly-sorted angular clasts of volcanic and sedimentary affinity with textures of quiescent deposition as well as turbidite/debris flow character. The conglomerate facies appears to grade laterally into a well-sorted coarse sandstone with primary bedding evident. The clastic unit has been locally silicified and pyritized.
Initial sampling of the discovery zone was done by hand-held drill with each site having two samples of 1m each. Hand held drill samples were taken over a 200m square grid on 25m centers, where topography permitted.
Results included two 1-m samples carrying 0.793 g/t gold and 0.704 g/t gold from a sample site with noted pyrite and silica content. These samples were also noted by geochemical barite values some 10x higher than background.
Subsequently, the Clastic Unit was geochemically sampled for enzyme leach analysis. One hundred and twenty five samples were analyzed, with anomalous values in copper appearing in two consecutive samples. Spot highs in manganese were also noted, with values two, three and four times background.
Currently the Company is evaluating Clastic Unit exploration results with the goal of setting drill targets for the Phase II exploration program.
Central Zone - Adit Portal Sampling Confirms System is Epithermal
Recently the Company took random grab samples of vein sulphides and wallrock gangue minerals for incident and reflected light microscopy, with the goal of confirming mineral suites and mineral genesis as indicated in Soviet literature. Samples include what may be wad, as an indicator of a high-manganese reducing environment; semi-massive to massive sulphide mineralization, with pyrite, chalcopyrite, sphalerite, galena, and potential enargite; oxide copper in wallrock and sulphide copper in veins, and propylitically-altered volcanic with scattered groundmass pyrite.
Initial sample results are seen in the table below:
All samples have been submitted for fire assay quantification of both overlimit and non-overlimit values. Also, above background manganese values were noted for samples 425274, 425276, and 425278.
As these rocks were specifically selected to be high-sulphide low-alteration or low-sulphide high-alteration, no connection can be made the vein grade tenor of adits referenced - adits are inaccessible beyond the portals and have in many cases collapsed, and the Company cannot guarantee that fresh adit vein samples will be obtainable.
Adits play a fundamental role in the quantification of Soviet resources. On vein 10, adit 1/78, 2 and 7 intersect the vein longitudinal with values consistent with surface samples. On vein 8, adits 1/78, 8 and 7 add consistent grades to resource block 2-1-C2.
Phase II Exploration Program - Drilling the Obvious
The Company is now planning a 10,000-m drill program with an initial 3000-m drill program to commence in November, 2010. The drill will be sited near Trench 2 on the Marjan Central Zone and oriented so as to pierce the longitudinals of veins 11, 10, 9, and possibly 8 by twinning Soviet-era drillholes that define resource blocks. A further goal of the drill program will be to add insights into the orientation of potential higher grade oreshoots. The program will also include holes designed to test the continuation of vein/alteration zone mineralization to the south, where there is no reference data from Soviet studies.
On the Marjan North Zone, drilling will focus on exploring the Clastic Unit for silicified pyritized zones in the context of favourable stratigraphy.
The Marjan Gold and Silver Project
The Marjan Central Zone has a Soviet-era mineral resource, categorized as C1 and C2, of 4.77 million tonnes grading on average 2.64 g/t Au and 92.67 g/t Ag. This translates to approximately 405,000 oz of gold and 14.2 million oz of silver. There are an additional 3.211 million tonnes grading on average 2.35 g/t Au and 93.42 g/t Ag. This translates to approximately 243,000 oz of gold and 9.6 million oz of silver. The combined resource is approximately 647,000 oz of gold and 23.8 million oz of silver. (Poghosyan, N.F. 1995)
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.
Historical Soviet-era Resources at the Marjan Gold and Silver Project
The Central Zone of the Marjan Project was extensively explored between 1964 and 1989, and has Soviet-era GKZ standard resources as outlined below:
The 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 www . calderaresources . com .
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 clear path to acquire 100% of the project. You can learn more about the Company's projects by watching recent interviews on our website .
For additional background information and details please see our press releases of October 12, 2010 and October 22, 2010 at the following links or on our website:
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.
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 514-813-9200 firstname.lastname@example.org