Lateegra Resources cuts gold and silver at Del Norte

Vancouver — Lateegra Resources (LEG-V) and partner, Teuton Resources (TUO-V) have received encouraging results from the first seven holes drilled this year on the Del Norte property, situated 20 miles east of Stewart, British Columbia.

The Del Norte property covers a 10-km long belt hosting multiple mineralized showings, near or within the contact area of sediments of the Salmon River Formation and adjacent volcanic rocks. Three gold-bearing streams, Nelson, Del Norte and Willoughby Creeks, cut across the property. One of these streams supported a placer mining operation in the 1930’s.

Lateegra has an option to earn a 50% interest in the property in consideration for making staged cash payments totalling $200,000, issue 100,000 common shares, and undertake exploration expenditures of $2.5 million over the five year term of the option.

Results from recent drill holes is as follows;

• Hole DN-01 cut 7.8 ft. averaging 16.48 oz. silver and 0.315 oz. gold per ton starting 12.2 ft. down-hole.
• Hole DN-02 cut 10.0 ft averaging 15.9 oz. silver and 0.278 oz. gold, starting 18.4 ft. down-hole.
• Hole DN-03 cut 6.1 ft. averaging 7.06 oz. silver and 0.406 oz. gold, starting 41.5 ft. down-hole.
• Hole DN-04 cut 9.0 ft. averaging 13.01 oz. silver and 0.093 oz. gold starting 94.1 ft. down-hole.
• Hole DN-05 cut 3.6 ft averaging 76.41 oz. silver and 0.416 oz. gold, starting 222.4 ft. down-hole.
• Hole DN-06 cut 3.3 ft. averaging 34.33 oz. silver and 0.451 oz. gold, starting 398.6 ft. down-hole.
• Hole DN-07 cut 4.9 ft. averaging 39.26 oz. silver and 0.337 oz. gold, starting 475.7 ft. down-hole.

Lateegra states that the first four holes were drilled from drill pad “F”, situated in the centre of the 1,800 ft.-long surface exposure of the LG vein. The next three holes were drilled from drill pad “A”, about 700 ft. to the northwest.

Two more holes have been drilled from Pad “G” which is situated southeast of Pad “A.” Lateegra, states that both of these holes intersected the LG vein at target depth. Assays are pending.

The steeply-dipping LG vein remains open to depth and along strike. Lateegra believes that the LG vein may be related to the Kosciuszko zone which was discovered last year1,550 ft. further southeast, on the other side of a broad snowfield. The LG and Kosciuszko structures share similar mineralogy and strike in the same direction. Deeper intersections of the LG vein exhibit a brecciated character which is reportedly similar to the Kosciuszko mineralization.

Lateegra states that the core recovery in the mineralized sections of holes DN03-1 to 4 ranged from 25% to 65% only and may have contributed to a reduction in gold-silver values in these holes.

The drill is currently spinning the area between pads “A” and “G”. Lateegra plans to step out to the northwest beyond the limits of outcrop and continue to test the LG vein. The company also intends to perform geophysical work on the LG and Horatio zones. Once completed the drill will be moved to test targets in the Horatio zone, where sampling returned massive sulphide mineralization carrying values up to 36.43 oz. ton silver and 3.457 oz. per ton gold.