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<< HIGHLIGHTS: - Analysis of concentrates collected from alluvial mineralization has indicated a significant contribution to the value of the precious metal mineralization from platinum group elements; - The average assayed grades for the concentrates 70.5 grams gold, 0.29 grams palladium, 3.15 grams platinum, 12 ppm uranium and 118 ppm thorium per tonne; >>
The objective of this sampling program was to provide a statistically significant quantification of the precious metal content of the Mkuvia mineralization. It is not intended to confirm the grade concentrations of the mineralization with respect to a resource calculation. That work is the subject of an ongoing, independent economic assessment of the potential of an alluvial mining operation at Mkuvia by TANZMINEX.
The 127 samples were collected from areas of known mineralization by Douglas Lake's field crews. Each sample consisted of 150 kg of mineralized host sediments which varied from sands to conglomerates and gravels. These samples produced a total concentrate weight (dry) of 5.1 kg through processing in the field. These samples were then prepared and shipped to Eco Tech Laboratories in Kamloops British Columbia for analytical processing. Eco Tech Laboratories is a British Columbia certified assay facility that employs industry standard QAQC protocols in its analytical procedures. All of the assay results are listed on the Company's website www.douglaslakeminerals.com.
<< Weighted Average analytical results for Mkuvia concentrate: ----------------------------------------------------------------- Metal Symbol Grade ----------------------------------------------------------------- Gold Au 70.5 g/t ----------------------------------------------------------------- Platinum Pt 3.15 g/t ----------------------------------------------------------------- Palladium Pd 0.29 g/t ----------------------------------------------------------------- Silver Ag 1.56 g/t ----------------------------------------------------------------- Uranium U 12 ppm ----------------------------------------------------------------- Thorium Th 118 ppm ----------------------------------------------------------------- >>
The results of this sampling program has confirmed that the precious metal content of the concentrates from the Mkuvia prospect contains gold, platinum and palladium and indicates that the potential for a significant contribution to the project economics from the valuable by-products. Douglas Lake expects to continue to work on concentrate samples to further define and quantify the recoverable content of valuable minerals including silver and uranium.
Douglas Lake acquired a 100% interest in the Mkuvia Alluvial Gold Project in July 2008. The property is in the SE margin of the Karoo Basin and covers an area of 430 square kilometers. To date one of the most significant prospects is an eight by two kilometer block, with high gold concentrations within a 1.0 to 1.5 meter zone in the gravel, the areal extent of which is currently undefined.
The Mkuvia project is in an early stage of exploration, with an independent and systematic sampling and resource assessment program currently in progress.
Observations of available artisanal workings and exploration pits over 20 km strike length, combined with panning of exposed units and analytical data available to date from samples of conglomerate, sand and panned concentrate, suggests the potential for a multi-million ounce Au-Pt resource.
The potential size of the deposit is greater than 29 km length and greater than 6 km width with 1 to 3 m of low-grade sand overlying a minimum of 0.5 to 2 m higher-grade conglomerate. The deposit is a paleoplacer that is slightly reworked in the present drainage, but its age is unclear.
The Mkuvia prospect has some similarities in terms of Au-U association and its fine-grained distal gold to the Witwatersrand deposits, but is much younger (Late-Archean to Tertiary/Quaternary), the sequence is much thinner (kms vs a few meters), and the clasts are largely quartzite not vein quartz. It probably represents a restricted fluvial basin that was ancestral to the current, much narrower Mbwemkuru River system, but the possibility of a more extensive Karoo or pre-Karoo palaeoplacer cannot be ruled out.
The best current model is that the Au-Pt-U-Th paleoplacer mineralization represents reworking in the Tertiary/Quaternary of a basal Karoo-age continental sedimentary sequence enriched in Au-Pt and U-Th near the regional contact with Proterozoic basement rocks. The paleoplacer probably occupies the ancestral valley to the recent river.
As part of the process to prepare the Mkuvia property for a mine permit application, a separate program of independent geological sampling and mineral processing is ongoing. This work is directed toward the definition of an alluvial, precious metal resource and project economics. This program was initiated in August 2008 and is being managed by TANZMINEX, under the supervision of Ross McMaster Bsc, MAus IMM. Mr McMaster qualifies as a Competent Person (JORC Compliant) for the preparation of Resource Statements. The results of this work are expected to be available in the second quarter of 2009.
About Douglas Lake
DLKM is an emerging mineral exploration company focused on exploring and developing mining opportunities in Tanzania. The Company has a large portfolio of gold, copper, nickel, uranium and diamond prospecting licenses. For more information, go to www.douglaslakeminerals.com.
This release contains forward-looking statements, which involve risks and uncertainties. Complete forward-looking statement available at www.douglaslakeminerals.com/forwardlooking.html.
SOURCE: Douglas Lake Minerals
Pacific IR Corp., 415-119 W. Pender St., Vancouver, BC, V6B 1S5, Tel: (604) 734-7026, Toll free: 1-866-734-7026, Email: info@pacificircorp.com, Website: www.pacificircorp.com
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