Welcome!

News Feed Item

Oracle Mining Reports Additional Drill Results From 2014 Drill Program

Drilling intersects 50.0 feet of 5.5% CuEQ including 9.4 feet of 11.3% CuEQ at Oracle Ridge Project

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/22/14 -- Oracle Mining Corp. ("Oracle Mining" or the "Corporation") (TSX:OMN)(FRANKFURT:OMC) announces additional drill results from the 2014 Drill Program.

The core holes reported in this news release were drilled from Drill Station 3 with the purpose of extending high-grade copper mineralization beyond the drilling that defines our current Mineral Resource Estimate. Until further drilling is completed and a geologic model constructed, true widths cannot be determined from the information available and all intervals reported in this news release are apparent thicknesses. All units are imperial unless otherwise noted. Highlights include:

--  OUH-63 hit moderate grades in B12 41 (Martin Formation Upper) indicating
    there is another potential copper-bearing skarn bed below the high grade
    skarn designated as B12 30. Based upon drill intersections to date
    (including from other drill holes), the high-grade copper and silver in
    B12 30 may have dimensions of 800 feet by 500 feet and is open in at
    least two directions. OUH-63 refines the Corporation's geological
    understanding and the importance of higher grade mineralization in
    extending high-grade copper mineralization beyond the drilling that
    defines our current Mineral Resource Estimate. 

--  OUH-62 assay results are low grade as drilling only hit mineralization
    on the upper 41 (Martin Formation). The Corporation's geology team
    believes drilling did not reach the mineralization in the Escabrosa
    Formation because may have been drilling parallel to the target in B12
    30. 

Intervals in the table below labelled "includes" are higher-grade portions of the previous listed interval. The following tabulates the assay results obtained from the underground drilling program to date:

----------------------------------------------------------------------------
                                           Au    Ag                         
Drill       From      To Interval    Cu  (oz/  (oz/ CuEQ(i)                 
 Hole     (feet)  (feet)   (feet)   (%)  ton)  ton)     (%) Zone Azimuth Dip
----------------------------------------------------------------------------
OUH-62     155.0   159.0      4.0  0.32 0.002  0.10    0.39  B12     100   0
----------------------------------------------------------------------------
OUH-62     190.0   194.0      4.0  0.28 0.001  0.14    0.34  B12     100   0
----------------------------------------------------------------------------
OUH-63     129.5   139.0      9.5  1.32 0.007  0.35    1.55  B12     112  17
----------------------------------------------------------------------------
OUH-63     239.2   272.5     33.3  1.23 0.006  0.38    1.45  B12     112  17
----------------------------------------------------------------------------
includes   262.0   265.0      3.0  4.19 0.002  1.06    4.53  B12            
----------------------------------------------------------------------------
OUH-63     288.5   338.5     50.0  4.83 0.013  1.48    5.50  B12     112  17
----------------------------------------------------------------------------
includes   306.6   316.7     10.1  6.61 0.024  2.01    7.64  B12            
----------------------------------------------------------------------------
includes   326.6   336.0      9.4 10.41 0.008  2.81   11.36  B12            
----------------------------------------------------------------------------

(i)CuEQ - Copper equivalency has been estimated using metal pricing of $2.80 per pound of copper, $20 per ounce of silver and $1,300 per ounce of gold. Metallurgical recovery were derived from preliminary lock cycle test results and assumed to be 81% for gold and silver. The formula used is as follows: CuEQ = Cu% + ((Ag oz/t x $20 x 0.81) + (Au oz/t x $1,300 x 0.81))/$2.80/2,000 x 100.

There are no known drilling, recovery or other factors that could materially affect the accuracy or reliability of the data. Oracle Mining has posted an updated diagram of all drill hole locations of these reported assay results at www.oracleminingcorp.com/_resources/images/2014_Zone_12_intersects.pdf.

The assay results reported today are the final results received following Oracle Mining's announcement earlier in May to temporarily suspend the 2014 Drill Program, reduce expenditures and manage remaining financial resources while evaluating Third Party Options and continuing to advance permitting.

Data Verification

The drill program and sampling protocol were managed by qualified persons employed by Oracle Mining. The Corporation maintains a rigorous QA/QC protocol on all aspects of sampling and analytical procedure. Drill core is checked, logged, marked for sampling and split in half. The sample length varies depending on the geology and the mineralization. In general, the samples are about 5 feet long. Drill core recovery was excellent and exceeded 90 per cent. One-half of each drill core is maintained for future reference and one-half of each drill core is sent for analysis. Half-core samples are shipped to Skyline Assayer and Laboratories ("Skyline"), in Tucson, Arizona, an ISO/IEC 17025 accredited laboratory. Skyline is contracted to complete all sample preparation and assaying and is independent of Oracle Mining. Samples are analyzed employing acid digestion and Atomic Absorption for analyses of copper, as well as fire assaying for silver and gold. For QA/QC purposes, Oracle Mining inserts standard reference materials and blank samples into each sample batch submitted for assay to monitor laboratory performance. The Corporation periodically submits the pulps of the samples assayed by its primary lab to ALS Chemex Labs Ltd. in Reno, Nevada for check analysis.

Kevin Francis RM SME, Vice President Technical Services of Oracle Mining, a non-independent "qualified person" within the meaning of NI 43-101, has reviewed and approved the scientific and technical information included in this news release.

About Oracle Mining Corp.

Oracle Mining Corp. (TSX:OMN)(FRANKFURT:OMC) is a Vancouver, Canada-based corporation that is the sole owner and operator of Oracle Ridge Mining, LLC and the Oracle Ridge copper project located 24 km northeast of Tucson, Arizona. Oracle Mining is managed by an experienced team of mining professionals with extensive operating and financial experience.

Cautionary Note Regarding Forward-Looking Information

Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of Canadian securities legislation that involves risks and uncertainties. Forward-looking information included herein is made as of the date of this news release and Oracle Mining does not intend, and does not assume any obligation, to update forward-looking information unless required by applicable securities laws. Forward-looking information relates to future events or future performance and reflects management of the Corporation's expectations or beliefs regarding future events. In certain cases, forward-looking information can be identified by the use of words such as "plans", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may" or "could" or the negative of these terms or comparable terminology. Examples of forward-looking information in this news release include, but are not limited to, statements with respect to: our plans and expectations for the Oracle Ridge Project, including any extension of copper bearing mineralization beyond the current Mineral Resource Estimate, and the timing or completion of any work on the Oracle Ridge Project. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: our ability to successfully raise capital and re-start rehabilitation, drilling and exploration activities at the Oracle Ridge Project.

By its very nature, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by forward-looking information. Such factors include, but are not limited to: risk that we are unable to enforce our legal rights under existing agreements, permits or licences or are subject to litigation or arbitration that has an adverse outcome, including results of operations, our mining and project development operations or our current or potential financing arrangements; risk that we are unable to obtaining financing or are substantially delayed in obtaining financing, as well as those factors discussed in the section entitled "Risks and Uncertainties" in the Managements' Discussion and Analysis for the year ended December 31, 2013 and discussed in the Corporation's annual information form dated March 31, 2014, for the year ended December 31, 2013, filed and available for review on SEDAR at www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated by such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information.

Contacts:
Oracle Mining Corp.
Investor Relations
604-689-9282 or Toll-free: +1-855-689-9282
[email protected]

Oracle Mining Corp.
Mr. Jason Mercier
Senior VP Corporate Secretary
604-689-9261
www.oracleminingcorp.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DXWorldEXPO LLC, the producer of the world's most influential technology conferences and trade shows has announced the 22nd International CloudEXPO | DXWorldEXPO "Early Bird Registration" is now open. Register for Full Conference "Gold Pass" ▸ Here (Expo Hall ▸ Here)
Bill Schmarzo, Tech Chair of "Big Data | Analytics" of upcoming CloudEXPO | DXWorldEXPO New York (November 12-13, 2018, New York City) today announced the outline and schedule of the track. "The track has been designed in experience/degree order," said Schmarzo. "So, that folks who attend the entire track can leave the conference with some of the skills necessary to get their work done when they get back to their offices. It actually ties back to some work that I'm doing at the University of ...
The now mainstream platform changes stemming from the first Internet boom brought many changes but didn’t really change the basic relationship between servers and the applications running on them. In fact, that was sort of the point. In his session at 18th Cloud Expo, Gordon Haff, senior cloud strategy marketing and evangelism manager at Red Hat, will discuss how today’s workloads require a new model and a new platform for development and execution. The platform must handle a wide range of rec...
Rodrigo Coutinho is part of OutSystems' founders' team and currently the Head of Product Design. He provides a cross-functional role where he supports Product Management in defining the positioning and direction of the Agile Platform, while at the same time promoting model-based development and new techniques to deliver applications in the cloud.
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
"We began as LinuxAcademy.com about five years ago as a very small outfit. Since then we've transitioned into more of a DevOps training company - the technologies and the tooling around DevOps," explained Doug Vanderweide, an instructor at Linux Academy, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
They say multi-cloud is coming, but organizations are leveraging multiple clouds already. According to a study by 451 Research, only 21% of organizations were using a single cloud. If you've found yourself unprepared for the barrage of cloud services introduced in your organization, you will need to change your approach to engaging with the business and engaging with vendors. Look at technologies that are on the way and work with the internal players involved to have a plan in place when the ine...
The revocation of Safe Harbor has radically affected data sovereignty strategy in the cloud. In his session at 17th Cloud Expo, Jeff Miller, Product Management at Cavirin Systems, discussed how to assess these changes across your own cloud strategy, and how you can mitigate risks previously covered under the agreement.
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to impr...
"DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great team at @DevOpsSUMMIT and CloudEXPO tell the world how they can leverage this emerging disruptive trend."
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...