| | | May 12, 2004
Drill Program Returns 7.91 G/T Gold Over 10.85 Meters
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| | MBMI RESOURCES INC. (MBR-TSXV) "MBMI" is pleased to report preliminary assay results from a diamond drill program completed on the Company's McMillan Gold Mine project. The McMillan Gold mine is a past producing mine about 75 km south- west of Sudbury, Ontario. Seven holes totaling 1077 meters were drilled. The initial two holes broke into the top of an old raise and were abandoned at 19m each. The other five holes were completed as planned. The objective of this first phase program was to test for extensions of the gold mineralization and structure on strike from areas previously mined.
All holes intersected a volcanic sequence of rhyolite, dacite tuff, with minor andesite, several narrow diabasic dikes, and mineralized quartz veins (QV). The mineralized quartz veins are not usually conformable to the volcanic stratigraphy.
The following table provides mineralized intervals:
| Hole No. |
Interval (meters) |
Intersection (meters) |
Au (g/t) |
|
| MM-1B-04 |
7.90-8.40 |
0.5 |
2.66 |
|
|
9.90-14.55 |
4.65 |
11.21 |
|
| Including |
13.75-14.05 |
0.3 |
94.77 |
|
|
Other Assays pending |
|
|
|
| MM-2-04 |
113.30-118.30 |
5 |
9.89 |
|
|
137.20-139.30 |
2.1 |
5.79 |
|
|
Other Assays pending |
|
|
|
| MM-3-04 |
170.60-171.25 |
0.65 |
6.03 |
|
|
179.30-179.65 |
0.35 |
8.81 |
|
|
182.75-193.60 |
10.85 |
7.91 |
|
| Including |
182.75-184.25 |
1.5 |
26.97 |
|
| Including |
189.00-190.00 |
1 |
17.11 |
|
| Including |
192.50-193.60 |
1.1 |
23.89 |
|
| MM-4-04 |
Assays pending |
|
|
|
| MM-5-04 |
144.90-148.40 |
3.5 |
0.3 |
|
|
Other assays pending |
|
|
|
Assays by Swastika Laboratories Ltd., Swastika, Ontario
Hole MM-1B-04 was drilled into the top of the C Zone and immediately to the west of the old workings and intersected a representative section of this vein. The C Zone was the main area of production in the 1930s operation of the mine.
Hole MM-2-04 was drilled in the J Zone area, and intersected two mineralized ande site zones from 80 -- 100 m below surface. The J Zone was an area of mineralization encountered in an underground exploration drift on the 160m level and extended 260m east of the old shaft. This was the furthest east that any work extended. Reported samples from this Zone during dewatering and sampling of the underground workings in 1985 -- 86 produced gold values up to 49.40 grams per tonne.
Hole MM-3-04 was an undercut of 2-04 and intersected two andesite zones which may represent the extension of the zones cut in hole 2-04, and also cut five mineralized QV's from 155 -- 175 m below surface which is immediately below the underground level.
Hole MM-4-04 was drilled west from the shoreline to verify an apparent bend or displacement in the stratigraphy.
Hole MM-5-04 was drilled from the shoreline area to the south to explain a weak electromagnetic conductor in the lake. This area is 375 m east of the old shaft and about 100 m east of the J Zone. The anomalous gold values and the continuation of the structure well beyond the eastern mine workings make this area a priority for further exploration.
The structure and mineralization have been proven to extend both east and west of the previous workings and are also open at depth below the old workings (265 m).
MBMI considers the McMillan Gold Mine project an excellent opportunity to apply modern exploration methods to an area of known gold mineralization and past production. An extensive follow up program is being planned for the property.
MBMI is a Canadian based mining exploration company focused on the acquisition, exploration and development of mineral properties. The Company has signed an agreement in principal pertaining to the Celestial Nickel laterite project in Palawan, Philippines, and holds the rights to three Canadian projects: the Squall Lake, Manitoba gold project; the Copper Prince property in Sudbury, Ontario; and the McMillan gold mine property in Espanola, Ontario.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
For further information, contact:
David G. Tafel - VP Corporate Development
Tel: 604-683-1991
Email: mbr@mbmiresources.com
Website: www.mbmiresources.com
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. |
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