HALIFAX, NOVA SCOTIA – May 29, 2013 – Oceanus Resources Corporation (TSXV:OCN) (“Oceanus” or the “Company”) is pleased to report results from underground and surface channel samples collected within the Dos Hermanos zone, one of seven gold bearing zones identified on the La Lajita Property, have returned high grade gold over significant widths. Highlighted assay results include the following;
- 9.55 g/t gold and 108.5 g/t silver over a length of 15 meters from surface channel SPML-001
- 10.3 g/t gold and 87.6 g/t silver over a length of 10 meters from underground channel SPML-040
The La Lajita Property is located in Durango State, Mexico in the Sierra Madre gold belt which hosts many epithermal gold and silver mines. The property is underlain by volcanic sequences and intrusive rocks disrupted by faulting. Gold and silver mineralization occurs along the northwest trending La Lajita and La Lajita East structures over a strike length of 2 km. Mineralization on the property consists of epithermal low-sulphidation quartz-adularia vein systems with breccias and stockwork carrying gold and silver along and adjacent to the La Lajita fault.
Oceanus previously announced significant results from underground and surface channel sampling at Mina la Guadalupe (see Oceanus news release dated May 8, 2013).
Dos Hermanos Zone
Sampling at the Dos Hermanos Zone has confirmed gold and silver mineralization for a strike length of 125 meters and up to 50 meters in width on surface exposed in surface trenches and small underground workings. A total of 63 channel samples averaging 2.0 metres in length were collected from eleven (11) channels cut perpendicular to the strike of the mineralization over a strike length of 65 metres (2560685N to 2560750N).
Significant results from the underground and surface channel samples at Dos Hermanos are presented in the following table.
| Channel # | Description | Comment | Length* (m) | Au (g/t) | Ag (g/t) | EqAu50** (g/t) |
|---|---|---|---|---|---|---|
| SPML-001 | surface | 43.0 | 4.37 | 63.2 | 5.63 | |
| SPML-001 | surface | including | 15.0 | 9.55 | 108.5 | 11.72 |
| SPML-006 | surface | 2.0 | 1.64 | 33.2 | 2.30 | |
| SPML-007 | surface | 12.0 | 0.62 | 22.3 | 1.07 | |
| SPML-008 | surface | 3.0 | 10.72 | 138.0 | 13.48 | |
| SPML-009 | surface | 6.0 | 2.95 | 102.5 | 5.00 | |
| SPML-041 | surface | 10.0 | 0.63 | 35.2 | 1.33 | |
| SPML-041 | surface | including | 4.0 | 1.13 | 39.0 | 1.91 |
| Channel # | Description | Comment | Length* (m) | Au (g/t) | Ag (g/t) | EqAu50** (g/t) |
| SPML-002 | underground | 8.0 | 4.82 | 88.5 | 6.59 | |
| SPML-003 | underground | 8.0 | 2.19 | 101.7 | 4.23 | |
| SPML-004 | underground | 2.0 | 14.71 | 307.5 | 20.86 | |
| SPML-005 | underground | 18.0 | 0.19 | 29.4 | 0.78 | |
| SPML-005 | underground | including | 8.0 | 0.39 | 42.7 | 1.25 |
| SPML-040 | underground | 10.0 | 10.30 | 87.6 | 12.06 | |
Dos Hermanos mineralization appears to be associated with a northwest striking fault zone that dips approximately 45o-55o to the southwest. Weakly disseminated sulphide and isolated visible gold mineralization were observed at this location, hosted by brecciated, maroon, andesitic pyroclastic rocks showing hematitic and silicic alteration.
In 2004, International Northair Mines released gold and silver assay results for surface and channel samples, as well as reverse circulation (RC) drilling, at Dos Hermanos. These results included the following;
- 4.02 g/t gold and 44.8 g/t silver (or 4.92 g/t eqAu50**) over 13.0 meters from surface channel CSL-30
- 23.2 g/t gold and 603.7 g/t silver (or 35.3 g/t eqAu50**) over 9.0 meters from underground channel CSL-24
- 8.19 g/t gold and 46.2 g/t silver (or 9.14 g/t eqAu50**) over 10.7 meters from RC drill hole TRC-04-006.
Current Exploration Program
Oceanus mobilized an experienced exploration team to the La Lajita property in April 2013 to map and sample the known gold and silver prospects; to complete a structural analysis of the NW-SE trending fault structures on the property; and to carry out a diamond drilling program to verify the results obtained in historic reverse circulation drill holes at the Guadalupe, Dos Hermanos and Santo Nino prospects. Oceanus has contracted SPM Perforacion of Hermosillo, Mexico to drill 1000 meters of NQ size core. A bulldozer is preparing the drill roads and drill pads for the rig. Oceanus also contracted MPX Geophysics to fly a helicopter borne magnetics and radiometric survey over the property to assist with the geological interpretation of the intrusive rocks and structures.
Lab Preparation and Assay
Oceanus samples are prepared and assayed by Activation Laboratories Ltd. (“Actlabs”). Actlabs is a CAN-P-1579, CAN-P-4E (ISO/IEC 17025:2005) accredited laboratory and independent of Oceanus. The sealed and tagged sample bags are turned over to ActLabs personnel at the site who transport them to the ActLabs facility in Zacatecas, Mexico. ActLabs crushes the samples and prepares 200-300 gram pulp samples with ninety percent of the pulp passing Tyler 150 mesh (106µm).
The pulps are assayed for gold/silver using a 30 g charge by fire assay (Codes 1A2) and over limits greater than 3 g/t are re-assayed using a gravimetric finish (Code 1A3). Silver analysis is performed using atomic absorption spectrometry (Code ME-AR) after multi-acid digestion. Over limit values greater than 100 g/t silver are re-assayed using fire assay with a gravimetric finish (Code 8-Ag). Copper, lead, zinc and other element analysis is completed using the ICP-41 (Code IF2) for all the other elements.
Quality Assurance/Quality Control and Data Verification
Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the sample strings. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data. All results stated in this announcement have passed Oceanus’s quality assurance and quality control (“QA/QC”) protocols.
David R. Duncan, P. Geo., a director of the Company, is the Qualified Person for Oceanus as defined under National Instrument 43-101. Mr. Duncan has reviewed the scientific and technical information in this press release.
About Oceanus Resources Corporation
Oceanus Resources Corporation is a well-financed gold exploration and development company run by a team of mining professionals with international experience in discovering open pit gold mines. Oceanus is exploring the 3200 km2 La Lajita Property located in the Sierra Madre Mountains of Durango, Mexico. Epithermal, low-sulphidation gold and silver mineralization associated with considerable hematite and silica alteration is hosted along NW-SE trending fault/breccia structures that have been traced over a strike length of 2 km and to known depths of 150 meters. The mineralization is exposed on surface in numerous small scale “gambusino” workings and in underground workings at the Mina la Guadalupe deposit.
For further information: Richard Gordon, President, Oceanus Resources Inc., T: 902 441-6700 F: 902 446-2001
CAUTIONARY STATEMENT:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release includes certain “forward-looking statements”. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Oceanus, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Oceanus’s expectations are exploration risks detailed herein and from time to time in the filings made by Oceanus with securities regulators.
