Vancouver, British Columbia October 19, 2011 - Redzone Resources Limited (TSX : REZ) today announced that it has starts its 2011 drill program at the Lara Property located in the Porphyry Copper Belt of Peru to test the enlarged porphyry system identified last year through IP and Magnetic surveying and subsequent drilling.
Redzone President and CEO, Michael Murphy, commented: “We have received all of the necessary permits to commence drilling immediately. This drill program will test the extension of the deposit as demonstrated in the 2010 drill campaign and the new targets identified from the geophysical surveys. We have budgeted US$1.7 million to spend on drilling 5,300 metres (approximately 12 holes) which will fulfil the terms to exercise our option to acquire 55% of the project.”
The Company has mobilized geologists and a field team to the project to complete site preparation. The same drilling contractor who completed the 2010 campaign, Lima-based MDH SAC (“MDH”), has mobilized its crews and equipment and is starting.
Results from the 2010 drilling program (11 holes totalling 2,000 metres) clearly demonstrated that the Lara porphyry system is larger than expected and is open in all directions. Some Oxide zones intercepted over 0.1% Cu may reduce the stripping ratio advantageously. The size of the Supergene-Enriched zone encountered was increased and the deep holes and step out holes intercepted Hypogene type mineralization of grade to suggest there is potential for it to be a medium-to-large porphyry system.
Overall the program aims to test the near surface Oxide-Enrichment Zone, the first priority is to test the large and deep Hypogene mineralization as suggested by the ground geophysical results.
“To the east, the Hypogene mineralization seems to continue as far as the surface Socos occurrence. To the west, better Cu and Mo grades are evident and open in that direction, meanwhile even better Cu and Mo grades are indicated to the south,” added Michael Murphy.
A large area of 3,000 by 2,000-2,300 metres (approximately 80% of the property) was tested in a detailed EW Induced Polarization (IP) and Magnetic (Mag) surveyin June and July 2011, covering the Lara and Socos targets which penetrated down to 500 metres. The Magnetic survey included 24 EW lines at 100 m totalling 70.59 km. A central zone with low magnetic susceptibility is striking EW with a twist to the SE and extends over 3 km EW and is open at both ends. Within this area, two large central areas were outlined by the geophysics as altered zones with disappearance of magnetite.
The IP and Resistivity included 13 lines totalling 37 km striking EW spaced every 200 mwith a pole-dipole array. The survey showed a very large low resistivityzone (1,600 by 1,000 m) coincides with a highchargeability zone that covers both Lara and Socos targets.
Permitting and Access Roads
The permit from the Laramate Community was obtained on September 25, 2011.
The property is located in the NASCA LINE national reserve and exploration permits are subject to a CIRA, obtained from the Ministry of Culture.Drill permits from the Mines and Energy Ministry, 7 CIRA (Certificate of Inexistence of Archaeological Remains) from the Ministry of Culture were approved in 2010, 8 CIRA automatically approved in 2011, and 5 CIRA currently in proceedings (at the Ministry of Culture).
The drilling permit that was obtained from the Ministry of Mines in 2010 has been re-submitted to covermore exploration area. This modified permit would allow the Company to drill up to 94 holes on a grid having 300 m intervals.
The road from Hornopampa to the drill area damaged during the 2011 rainy season has been rehabilitated and approximately 7 km of new access roads have been completed to access all drill platforms for the 2011 program.
2011 Drill Program
Seven holes will verify the east side including high chargeability anomalies in Socos and also to the north and south of hole 35.
Three holes will test the west part of the main Lara zone, where the mineralization is open coinciding with highchargeability and low resistivity anomalies.
Two holes will verify the northern part of Lara where persistence in high chargeability and low resistivity zone continues to 500 metres in depth. These holes, together with those to the east, will test the EW extension of the porphyry system for over 1,500 m EW and 700 m NS.
Quality Control and Qualified Person
The Company follows industry standard quality assurance and quality control procedures for all its samples, under the supervision of Noel Díaz, General Manager, Peru and André Gauthier, P. Eng., President of Lara Exploration Ltd., who is the Qualified Person and responsible for the preparation and content of this news release according to NI 43-101.
About Redzone Resources Ltd.
Redzone is a mineral exploration company focused on the acquisition and exploration of properties with prospects for hosting gold and base metal deposits in Peru. Redzone is listed on the Toronto Stock Exchange (REZ) and more information can be found at www.redzoneresources.ca.
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans and objectives of Redzone Resources Ltd. are forward-looking statements that involve various risks. The following are important factors that could cause Redzone Resources’ actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future exploration activities and cash flows, and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Redzone Resources undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Redzone Resources Ltd.
President and Chief Executive Officer
Suite 1030 – 885 Georgia Street
V6C 3H1, Canada
CHF Investor Relations
Associate Account Manager
T: 416.868.1079 Ext 222
T: 416.868.1079 Ext 231