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El Capitan Reports on Platinum and Gold Potential in Three Square Mile Area
Note reference to Auric labs. -m
Friday November 3, 7:15 am ET
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--El Capitan Precious Metals, Inc. (OTC/BB:ECPN - News) Company President/CEO Chuck Mottley reports: "After completion of the recent hyperspectral survey, thirty-eight surface samples were collected from the various anomalies detected by the survey. Assays from these samples indicated the potential for platinum and gold.
"Specific attention is being given to two of the anomalies located within a three square mile area surrounding the primary El Capitan property which consists of approximately 75 acres. Samples assayed from one of the anomalies indicated greater than 0.4 ounces per ton of gold and samples from both of the anomalies indicated greater than 0.06 ounces per ton of platinum. These assays, performed by AuRIC Metallurgical Labs, have not been verified by an independent third party laboratory.
"Dr. Clyde Smith, the Company's consulting geologist has recommended two actions:
1. Drill two holes at each of the anomalies to determine depth and potential grade. 2. Conduct a Priority #1 exploration program over the three square mile area."
Dr. Smith details his recommendation:
"It is my recommendation that El Capitan Precious Metals, Inc. conduct a Priority #1 exploration program over a three square mile area surrounding the El Capitan gold-platinum deposit. The program should consist of a detailed geologic mapping of mineralized areas, and geochemical soil sampling and magnetic surveying on north-south trending lines spaced 500 feet apart. As reported previously, two locations, approximately one mile to the west-southwest (AN-8) and one mile to the east-southeast (AN-6) of the El Capitan deposit, both within the Priority #1 area, have been selected for reverse circulation drilling. Although fusion assay results in gold (Au) and platinum (Pt) reported for outcrop and float samples from AN-8 and AN-6 have not been verified by an independent third party laboratory, the results reported are sufficiently encouraging to justify the Priority #1 program in the three square mile area that surrounds these locations and the El Capitan deposit. The average reported for three samples from AN-8 is 0.060 opt Au, 0.061 opt Pt; the average reported for five samples from AN-6 is 0.435 opt Au, 0.066 opt Pt. Fusion assay results from other sites within the El Capitan claim block have gold and platinum values similar to those at AN-8 and AN-6 and will require additional evaluation."
Mottley continues: "In addition we will commence drilling to the West of the completed 3 Stage drilling program (consisting of approximately 12,500 feet on approximately 75 acres) in an attempt to locate the Western boundary of the mineralization. Currently AuRIC Metallurgical Labs is completing the assays on the four remaining drill holes of the 3 Stage drilling program. Upon completion of these assays the results will be compiled by Dr. Smith in order to estimate the total mineralized tonnage for the 3 Stage drilling program."
About El Capitan Precious Metals, Inc.
El Capitan Precious Metals, Inc. is an exploration stage company that owns a 40% interest in the El Capitan property located near Capitan, New Mexico as well as a joint venture and 20% ownership of 13 mining claims and other assets known as the C.O.D. mine located near Kingman, Arizona. In addition, the Company owns 100% of the Weaver mine located near Phoenix, Arizona.
The statements included in this press release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. This press release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among others, the results of metallurgical testing, interpretation of drill results, the geology, grade and continuity of mineral deposits, results of initial feasibility, pre-feasibility and feasibility studies and the possibility that future exploration, development or mining results will not be consistent with past results and/or the Company's expectations, discrepancies between different types of testing methods, some or all of which may not be industry standard, the ability to mine precious and other minerals on a cost effective basis, the Company's ability to successfully complete contracts for the sale of its iron ore and other products; fluctuations in world market prices for the Company's products; the Company's ability to obtain or maintain regulatory approvals; the Company's ability to obtain financing for the commencement of mining activities on satisfactory terms; the Company's ability to obtain necessary financing; the Company's ability to enter into and meet all the conditions to close contracts to sell its mining properties that it chooses to list for sale, and other risks and uncertainties described in the Company's filings from time to time with the Securities and Exchange Commission. The Company disclaims any obligation to update its forward-looking statements.
Contact:
El Capitan Precious Metals, Inc., Scottsdale Ron Perkins, 480-607-7093 www.elcapitanpmi.com
Source: El Capitan Precious Metals, In
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