VANCOUVER, BRITISH COLUMBIA, Oct 09, 2014 (Marketwired via COMTEX) — Centurion Minerals Ltd. (CTN) (“Centurion”, “the Company”) announces that the Company has completed a reconnaissance (Phase 1) exploration program on the “Slate Belt” concession located in central Myanmar and continues to compile historical geological and exploration information. The Company has identified six priority exploration targets that will be the focus of a Phase 2 exploration program.
Centurion is currently evaluating two mineral exploration concessions located in the major north-south trending gold belt in central Myanmar. The Slate Belt Concession is located approximately 125 kilometers (“km”) south of Mandalay and covers an area of approximately 700 square km. The Bani Concession (also referred to as the Kin Ywar Concession) is located approximately 40 km north of Mandalay and covers an area of approximately 1000 square km. Both properties are road accessible and exploration activities can be completed year-round.
Slate Belt Concession
Active mining operations are located immediately south and east of the Slate Belt concession boundaries. The Modi Taung mine, a mesothermal lode gold deposit discovered by Ivanhoe Myanmar Holding Ltd. (“Ivanhoe”) in 2000, is located approximately 20 km south of the concession and is hosted by Mergui Group mudstone. Gold/copper/antimony skarn type mineralization occurs in the Lebyin district located approximately 4 km east of the concession. Vein type gold mineralization is hosted by Mogok Metamorphic rocks in a number of locations north of the Slate Belt Concession including the Shante gold mining district.
Bani (Kin Ywar) Concession
A number of gold prospects and one active gold mine are located in the vicinity of the Bani Concession. The Paung Taung Gold Mine, described as a stratabound lode gold deposit, is located approximately 7.5 km south of the Concession. Similarly sedimentary rocks hosting gold-bearing quartz vein mineralization occur at the Yegi and Kin Ywar prospects located approximately 1.6 km south and 3 km west, respectively, of the Concession. The succession of sedimentary rocks hosting the Payaung Taung Gold Mine has been mapped to continue onto the Concession. The Concession area is subject to seasonal placer mining operations and previous work by the DGSE confirms the presence of gold bearing stream sediments. Recent evaluation of the local and regional drainage completed by the Company suggests that the sedimentary rocks underlying the Concession represent a potential source for the placer gold.
Highlights of Phase 1 Exploration and Data Compilation
Based on the geological and structural setting of the Slate Belt Concession, as well as adjacent mining operations, exploration targets within the Slate Belt Concession include: 1) sedimentary hosted mesothermal lode gold deposits, 2) intrusion related gold, copper, (+/- antimony) deposits, and 3) quartz veins and disseminated gold deposits hosted by metamorphic rocks. Highlights of the recently completed Phase 1 field work in the Slate belt Concession as well as on-going data acquisition and compilations include:
— The Upper Nankwe prospect area consists of laminated and ribbon textured
veins similar to those at the Modi Taung gold mine. Quartz veins with
pyrite, chalcopyrite, and chalcocite are exposed in historical trenches
at Upper Nankwe. Modi Taung style gold mineralization hosted by Mergui
Group mudstone is currently being mined by Myanmar mining companies, and
by independent operators, approximately 2 km south of the southern
— The Mindale prospect similarly consists of a previously mapped laminated
quartz vein similar to those at Modi Taung.
— The Kyauk prospect has been reported to have alteration characteristics
similar to those recognized at the Lebyin gold/copper/antimony district
and was mined for copper during World War II.
— The Paungdaw prospect area is reported to contain quartz veins with
textures similar to those at Modi Taung and containing native gold,
pyrite, and chalcopyrite.
— The Tagundaing Chaung prospect has reported copper values of .07%, .08%,
.09%, and 1.98% from samples of float consisting of quartz tourmaline
breccia. During the Phase 1 field work, the area of tourmaline bearing
breccias and quartz veins in float was expanded from that previously
reported and a 0.6m wide quartz vein with fine grained pyrite exposed in
a historical trench was traced by the Company for 35 meters.
— The Monbinzon Chaung target area is defined by a cluster of anomalous
stream sediment samples ranging from 20 to 95 ppb gold occurring over an
area of approximately 300 m x 400 m. Small scale alluvial gold mining is
wide spread in the area. Altered granodiorite and metasedimentary rocks
of the Mogok Metamorphic Belt hosting pyrite bearing and pyrite + galena
bearing quartz veins have recently been mapped in this target area by
Phase 2 Exploration
The Company is planning Phase 2 exploration activities to commence upon the conclusion of the rainy season and will include advanced exploration in selected target areas within the Slate Belt as well as continued early stage concession-wide exploration and assessment in both the Slate Belt and Bani Concessions.
David Tafel, President and CEO of Centurion comments, “The results of the initial field work as well as the recently compiled historical exploration data clearly support our original exploration concepts of exploring for sediment hosted lode gold deposits and intrusion related gold-copper deposits within the Slate Belt Concession. The activities concluded to date will be utilized to focus more advanced exploration efforts, particularly in the southern section of the Concession.”
Mr. Jamie Lavigne, MSc., P. Geo and Consulting Geologist for the Company is the Qualified Person under National Instrument 43-101 who has read and approved the technical contents of this news release.
Centurion Minerals Ltd. is a Canadian-based company focused on the exploration and development of gold and other precious metal projects in Southeast Asia.
On Behalf of the Board,
David G. Tafel, President and CEO
Neither the 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 may contain forward looking statements concerning future operations of Centurion Minerals Ltd. (the “Company”). All forward looking statements concerning the Company’s future plans and operations, including management’s assessment of the Company’s project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company’s control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.
Source: Centurion Press Release