Messina drops on latest Boomerang results

Vancouver – Results from four additional drill holes on Messina Minerals’ (MMI-V) Boomerang zone, at its Tulks South project, returned further massive sulphide mineralization including a gold-rich zone.

The most recent drilling on the central Newfoundland base metals property cut lower zinc grades, within the massive sulphide lens, compared to other recent holes. The latest Boomerang results include:

• GA05-19 A 4.5-metre section (from 376 metres) averaged 3.3% zinc, 1.3% lead, 0.3% copper and 28.3 grams silver per tonne, including a one metre intercept of 7.1% zinc, 2.5% lead, 0.4% copper and 45.5 grams silver;
• GA05-22 An intercept of 19 metres (from 109 metres) assayed 2.8% zinc, 2.3% lead, 0.3% copper, 148 grams silver plus 3.6 grams gold per tonne, including a higher-grade 10-metre intersection of 4.5% zinc, 3.8% lead, 0.6% copper, 245 grams silver and 6 grams gold.

Drilling also identified a second massive sulphide lens, named BCT, within the sequence occurring about 15 metres beneath the Boomerang lens and in the footwall. A second exhalative horizon provides evidence of a strong vent system that was active over multiple periods.

The Boomerang lens is zoned, with lower base metal grades up-dip and elevated values down-dip albeit within thinner intervals.

Messina is earning a 100% interest in the project from Noranda (NRD-T) for $1.15-million in exploration expenditures. Noranda retains a 2% NSR or a back-in right for 50% interest if more than 10 million tonnes of economic mineralization is outlined in a positive feasibility study. Exercise of the back-in requires a payment of 150% of exploration costs incurred by Messina.

Following its recent meteoric rise to the over $4.00 per share level, the lower zinc grades prompted investors to sell off the issue, driving Messina shares down $1.18, or off 32%, to $2.52 per share on strong volume of over 1.5 million.