VMS Ventures Inc. announces follow-up results from the new copper zone discovery “Reed North” on its Super Zone property located 1.8 kilometres northeast of the Reed Copper deposit. The Super Zone is part of a parcel of four property packages adjacent to the Reed Copper deposit which are under option to HudBay Minerals Inc.  Reed North was previously referred to as the Super Zone Discovery.

To view “Figure 1. VTEM EM Anomalies” and “Figure 2. VTEM Anomalies with Magnetic Tilt” accompanying this press release, please click on the following link: http://media3.marketwire.com/docs/vms929i.pdf

HIGHLIGHTS

• Hole RLE021 Intersects 3.95 m of 9.31% Cu, 1.87% Zn, 3.59 g/t Au, and 35.53 g/t Ag

• Hole RLE022 Intersects 4.15 m of 2.16% Cu, 0.18% Zn, 0.71 g/t Au, and 8.01 g/t Ag

Neil Richardson, VMS’ Chief Operating Officer states: “The drilling results and the follow-up borehole pulse electromagnetic surveys on the Reed North discovery support our interpretation that this is a highly prospective area. The mineralization is at, and around, bimodal volcanism. This is especially encouraging as it is the setting in which the larger deposits tend to be located, in VMS camps around the world.”

The bimodal volcanism and the strong alteration over a large area suggest a large hydrothermal mineralizing system. HudBay has now drilled twelve (12) holes, for a total of 3,591 metres, on this discovery. Two mineralized horizons have been recognized and a possible third, a deeper target, has been identified by deep penetrating geophysical surveys over the area. Drilling will continue to focus on this area where the geophysical anomaly associated with the mineralization has been traced for more than 1 kilometre. The mineralization seen to date is semi-massive to stringer (remobilized) type sulphides. Variable amounts of pyrrhotite and chalcopyrite occur, with lesser amounts of sphalerite and magnetite.

PREVIOUSLY RELEASED SUPERZONE HIGHLIGHTS

• Hole RLE004 Intersects 0.34 m of 5.41% Cu, 0.27% Zn, 1.58 g/t Au,
  and 7.57 g/t Ag (May 17, 2011)

• Hole RLE006 Intersects 7.18 m of 7.44% Cu, 0.23% Zn, 0.48 g/t Au, and 7.57 g/t Ag
  and 44.9 m of 0.79% Cu, 0.39% Zn, 0.16 g/t Au and 1.58 g/t Ag (May 17, 2011)

• Hole RLE007 Intersects 2.23 m of 5.94% Cu, 0.27% Zn, 0.40 g/t Au and 5.50 g/t Ag
  and 24.70 m of 0.21% Cu, 1.18% Zn, 0.08 g/t Au and 0.79 g/t Ag (August 9, 2011)

DRILL SUMMARY FOR THE HUDBAY JV AND OPTIONED PROPERTY PACKAGES: MARCH THROUGH SEPTEMBER, 2011

• Reed Lake joint venture: two holes were completed for a total of 724 metres,
• Super Zone option: nine holes were completed for a total of 2,482 metres,
• Tower Zone option: one hole for a total of 1,082 metres,
• Northwest option: three holes completed for a total of 820 metres and
• Northeast option: one hole for a total of 349 metres.

One drill will continue to explore the option properties concentrating on the Reed North discovery zone until winter freeze up.

Millrock Resources Inc. released results of exploration work carried out at its Galiuro porphyry copper-gold project in southeastern Arizona.

Recent drilling by Millrock resulted in the discovery of porphyry copper mineralization and alteration in Cretaceous – aged rocks hidden beneath Tertiary volcanic cover rocks. While no ore grade intersections were obtained, Millrock geologists are strongly encouraged by the results.

Philip St George, Millrock VP of Exploration stated: “The drilling results are very exciting. We’ve intercepted copper porphyry alteration and mineralization. As we suspected from our mapping, Tertiary volcanic cover is quite thin. The rocks we have drilled are indicative of higher levels and/or proximal alteration assemblages in a porphyry system. Further drilling to depth, and in interpreted upthrown fault blocks to locate the ore shell of this porphyry system is warranted and will be carried out as soon as possible.”

The drilling and other exploration work done by Millrock and VEC allows the companies to conclude that:

• The ZTEM airborne geophysical system has been successful in identifying areas of increased conductivity in Laramide-aged rocks below Tertiary cover due to disseminated sulfides, clay alteration and structures.
• As indicated by diatreme breccia-style mineralization, silicification and advanced argillic alteration, the level of paleo-exposure in the sub-Tertiary cover rocks is shallow, probably within 500 m of the paleosurface.
• A porphyry environment with favourable host rocks and potential for high grade deposits is indicated by the presence of bornite mineralization and diabase host rock.

Hole GAL_1001, drilled to 1,591 ft intersected hematite and goethite rich leach cap and phyllic altered (quartz-sericite-pyrite) rocks with pyrite content of 1% to 2%. Copper oxides and fine disseminated chalcocite replacing pyrite was observed. The intersection from 1,314.5 ft to 1,338.8 ft graded 0.2% Cu over 24.3 ft. Diatreme breccia was also intersected in the hole.

In Hole GAL_1002, a hole drilled to 2,229 ft, a porphyry system was indicated by acid leached diorite porphyry intersected below Tertiary volcanics at 786 ft. Near the bottom of the hole phyllic alteration (quartz-sericite-pyrite) with 3-4% pyrite and minor chalcopyrite and chalcocite was intersected, as was intrusive breccia with bornite. The sulfides in these two holes explain the ZTEM conductive zones. Two anomalous intersections were obtained in GAL_1002. The first intersection is form 919.0 ft to 929.5′ for 10.5 ft grading 0.12% Cu. The second intersection is from 1,924.5 ft to 1,979 ft for 54.5 ft grading 0.06% Cu. The presence of bornite is quite encouraging, as it typically occurs only in unusually high grade porphyry systems such as at the Resolution deposit located 80 km to the northeast of the Galiuro project.

Hole GAL_1003 was drilled to a depth of 1,979.0 ft in a porphyry system after cutting below late, post-mineral Tertiary basalt from the collar down to 720 ft. Pre-mineral rocks to the bottom of the hole include a mix of Laramide diorite and andesite with Precambrian sediments and diabase. The presence of diabase is encouraging as it can create a chemical trap for high grade mineralization. The higher-grade portions of the nearby Resolution and Ray deposits are hosted by diabase, The diabase is cut by numerous magnetite veinlets that may be related to potassic alteration. No significant copper results were obtained from laboratory analysis of the drill core.

Peregrine Diamonds Ltd.   reports the discovery of the CH-17 kimberlite on the Chidliak project on Baffin Island, Nunavut, Canada. The discovery of CH-17, 35 kilometres north of the nearest known kimberlites, CH-6 and CH-10, is further confirmation that Chidliak is a highly prospective and large Canadian diamond district. Formerly geophysical anomaly 166, CH-17 is the northernmost of two high-priority magnetic anomalies, 165 and 166, that have similar geophysical characteristics and are situated 200 metres apart under the same lake. Each of the anomalies has estimated surface expressions of at least one hectare. With this discovery, Peregrine management is confident that anomaly 165 is likely also a kimberlite.

The CH-17 drill core was described in the field as being macrocrystic olivine-rich kimberlite, containing country rock and mantle xenoliths, and abundant kimberlite indicator minerals. Pyrope garnet and chrome diopside grains up to 30 and 15 mm in size, respectively, were observed.

The CH-17 kimberlite is the first target drilled this year and the seventeenth kimberlite discovered at Chidliak since 2008. The discovery was made by drilling a vertical core hole from lake-ice into the centre of the high-priority magnetic anomaly and kimberlite was intersected underneath 41 metres of water and 2.5 metres of overburden. Three metres of kimberlite drill core was recovered before the hole was terminated due to drilling difficulties. A map showing CH-17 and the adjacent anomaly 165, and photographs of drill core, are available at: http://www.pdiam.com/i/pdf/chidliak613.pdf.

A second hole was not immediately attempted at CH-17 to allow for a thorough review and analysis of the drilling issues by Peregrine and the drilling contractor. While awaiting delivery of drill supplies, a geophysical anomaly 1.6 kilometres north of CH-17 was drilled because of its proximity to a favourable kimberlitic indicator mineral train. No kimberlite was intersected and the anomaly was explained by magnetic gabbro. The indicator mineral train is now interpreted as having likely originated from CH-17 and anomaly 165.

Since the CH-17 discovery hole was terminated on May 3, there have been ten days where weather did not allow access to the drill because of low visibility and/or high winds and blowing snow. In addition, unseasonably warm local weather has led to the formation of slush on the lake hosting CH-17 and anomaly 165. Both CH-17 and anomaly 165 cannot be efficiently drilled from the lake shore. For safety reasons, after a comprehensive analysis by an independent ice engineer, Peregrine has decided to postpone further drilling on the lake-ice at this particular locality until the spring of 2011. The drill is currently being moved to test two additional lake-based targets, anomalies 290 and 291 (see map at link noted above), that have more favourable lake-ice drilling conditions, and drilling is likely to commence in the next few days. Up to 30 land-based kimberlite targets are expected to be drilled this year during the spring and summer programmes at Chidliak.

Discoveries of high concentrations of kimberlitic indicator minerals (“KIMs”) on the 980,000 hectare Chidliak property in 2006 and 2007 encouraged Peregrine to look for new kimberlite deposits in the area due to the excellent potential for further diamond discovery. The property is located 150 km northeast of Iqaluit, capital of Nunavut. Three distinct and well-defined KIM anomalies situated 20 to 30 km apart were identified. Peregrine collected a total of 970 till samples at Chidliak in 2006 and 2007, of which 286 samples, or 29 percent, contained KIMs. The full suite of KIMs have been recovered from the property, including p-type pyrope garnet, eclogitic garnet, chrome diopside, picroilmenite, chromite and forsteritic olivine. A significant number of the KIMs were over 1.00 mm in size. Kimberlite mineral grains larger than 1.00 mm are not common and are often a strong indication of a proximal kimberlite source. Ten percent of the 2,284 p-type pyrope garnets that were analyzed by electron microprobe are classified as high-chrome, low-calcium G10 garnets. G10 garnets are commonly associated with diamond mines throughout the world. Based on the favorable indicator mineral results, a heliborne magnetic/electromagnetic survey commenced in July, 2008, the survey, flown at 100 metre line spacing, was completed in August.

The CH-1 kimberlite was discovered when a kimberlite outcrop within a circular magnetic anomaly selected from an airborne geophysical survey was identified.

More…

Northern Shield Resources Inc. The Wabassi and Max properties are located in northwestern Ontario, 60 km south of the Highbank Lake project and 100 km south of the Ring of Fire Ni-Cu-PGE and Chromite deposits. The properties are being explored for reef-hosted PGE and massive sulphide Ni-Cu-PGE deposits.

The Wabassi and Wabassi North properties were staked by Northern Shield Resources Inc. in 2007 based on the geophysical pattern observed on the magnetic survey published by the Ontario Geological Survey (OGS) in the Fort Hope area, which suggests a layered intrusion. Now four mafic-ultramafic intrusions are known to exist within the two properties.

WABASSI LAYERED INTRUSION
This is a layered mafic-ultramafic intrusion composed of olivine-gabbronorites and norites in the upper (northern) portion. To date, very little exploration has been conducted on the southern portion but it is now believed to represent the lower, and most prospective, levels of the intrusion.

WABASSI LAYERED INTRUSION
This is a layered mafic-ultramafic intrusion composed of olivine-gabbronorites and norites in the upper (northern) portion. To date, very little exploration has been conducted on the southern portion but it is now believed to represent the lower, and most prospective, levels of the intrusion.

WABASSI NORTH INTRUSION
Other than one drill hole, no other exploration has been conducted to date on the Wabassi North Property. Drilling intersected a variety of gabbroic rocks which may, or may not be related to the main Wabassi layered intrusion or the Max peridotite intrusion. The geophysics suggest that this body may consist of composite phases of gabbroic and other mafic/ultramafic phases.

MAX PERIDOTITE INTRUSION
Five drill-holes were completed on this target by Northern Shield in 2007 as part of an option agreement to earn a 50% interest in the property. The body is composed mostly of peridotite (harzburgite) and comprises the most primitive rocks intersected to date within the two properties. The body has high background levels of Ni-Cu-PGE. Geophysics suggests a possible feeder conduit between the Max peridotite and Wabassi North gabbro.

GABBROIC INTRUSION
An intrusion in the southern portion of the Max property (see figure above) has been mapped by the OGS as a gabbroic body, but no exploration has taken place to date on this portion of the Property.

WABASSI LAYERED INTRUSION
The Wabassi intrusion is a well-layered mafic-ultramafic complex with similarities to the Stillwater Complex in Montana, where PGEs are mined from the J-M reef. Rock-types so far identified include, olivine gabbronorites, olivine norites and norites; these are all ideal lithologies in nickel and PGE bearing systems. The intrusion is being explored for Ni-Cu-PGE massive sulphides along the contacts and in feeders, and for disseminated mineralization hosted in “reefs”.

Based on geophysical interpretations and surface sampling, the Wabassi layered intrusion appears to be composed of two districts series, the Cyclic Series and the Layered Series.

Ongoing studies and interpretation of the Wabassi intrusion have isolated two layered sequences that will also be prospected for disseminated reef-type PGE mineralization and chromite. Disseminated mineralization and chromite are not usually detected by airborne EM surveys.

A VTEM survey completed over the Wabassi property has detected three distinct clusters of electromagnetic (EM) anomalies (WAbassi A, B & C.) The strength of the conductors range from moderate to very strong and correspond to magnetic highs. One of the clusters of VTEM anomalies can be traced intermittently along a magnetic feature that has strike length of 2000 meters. The location and geometry of this body suggests it may represent a feeder conduit into the main Wabassi Intrusion. Feeder conduits are ideal hosts for Ni-Cu-(PGE) mineralization. Fragments of nickel-bearing pyrrhotite and blebs of primary nickel-copper mineralization were observed in core from a drill-hole completed in 2008 adjacent to one of the VTEM conductors.

One of the VTEM anomalies at Wabassi.

May 2010.

Apollo Minerals (Australia), an iron ore explorer and developer, has reported on exploration progress at its Mt Oscar Magnetite Project in the Pilbara Province of Western Australia, during the quarter.

An exploration target of 350 to 650 million tonnes grading 30% to 37% in situ iron was modelled for Apollo’s Mt Oscar Magnetite Project. Metallurgical tests demonstrated >60% iron concentrate grades are achievable.

In addition to undertaking initial metallurgical testwork and commencing a detailed geological mapping program at Mt Oscar, the volume/tonnage modelled from aeromagnetic data was upgraded in light of the better than expected apparent thicknesses of magnetite-bearing banded iron formation (BIF) encountered in recent drilling.

Exploration Target

Detailed forward and 3D magnetic models, generated in 2009 by independent geophysical consultants Southern Geoscience Consultants (SGC) from airborne magnetic data flown by Apollo over its Mt Oscar project area, have been revised to take account of the results of the company’s recently completed drilling program.

This modelling was undertaken to assist in the ongoing exploration of the project, and to refine estimates1 of volume/tonnage of the highly magnetic BIF.

The combined estimate over portions of Apollo’s licence (E47/1379 – Mt Oscar) and the recently acquired Mt Oscar East (E47/1304) is an exploration target1 of 350 million tonnes (“Mt”) to 650Mt of magnetite-bearing BIF, grading 31% to 37% iron in situ.

This modelling is based on interpretation and modelling of geophysical data, rock-chip sampling and the December 2009 RC drilling information from Mt Oscar, and geophysical data and rock-chip sampling at Mt Oscar East.

Float mapping at the Ibis Prospect confirmed the presence of near-surface magnetite-rich metasediments similar to those observed at Sequoia.
Interpretation of airborne and ground magnetic data acquired by earlier explorers indicates that the Ibis anomaly comprises a number of parallel bands of magnetic material, ranging in thickness from 20 m to 50 m, occurring discontinuously over a total strike length of 4 km.

Results of the 2D inversion of the IP using Null reference data along line L1 (on the top)

Results of the 2D inversion of the MT data along line L1 Boss area (on the bottom)

Salares Lithium Inc. reports the results of the first phase of a transient electromagnetic survey (“TEM”) completed on the northern portion of the Salar de la Isla. This salar is part of the Company’s Salares 7 project in Region III, Chile. The TEM survey was carried out by Geodatos SAIC (“Geodatos”) of Santiago, Chile, and was designed to define the size and extent of the brine pool within the salar. The majority of the world’s lithium production comes from salars, or salt lakes, where prospective lithium mineralization is generally hosted in brine horizons.
Salar de la Isla, which encompasses a total of 16,500 hectares, is approximately 15 kilometres (“km”) long and 6 km wide on average. The northern area surveyed and studied comprises approximately 10,750 hectares, which is approximately 65% of the areal extent of the salar. Using the results obtained from the 38.5 line km survey, Geodatos has constructed a three dimensional model of the distribution of the interpreted brine bearing horizon. Using a resistivity cut-off of 1 ohm/metre (interpreted by Geodatos as definite brine), Geodatos has calculated the brine bearing horizon within the northern portion of the salar to have a volume of 2.459 billion kilolitres (kilolitres are equivalent to cubic metres). Using a resistivity cut-off of 2 ohm/metres (interpreted by Geodatos as possible brines) the calculated volume of this horizon increases to 5.393 billion kilolitres.

A gravity survey is being initiated on Salar de la Isla as the TEM survey was unable to penetrate to the base of the salar which indicates that the salar has a depth in excess of 200 metres. There is potential for additional brine bearing horizons beyond where the TEM was able to penetrate to.

“We are excited about the volume calculation identified by Geodatos and the fact that it only accounts for the northern portion of one of the Company’s seven salars. The experience Geodatos represents regarding the TEM survey and the relationship of the correlation of 1 ohm/metre as definite brine with potential of brine up to 2 ohm/metre, is encouraging. The Company will now be required to drill/sample the extensive interpreted brine horizons before a porosity value and a resource calculation can be established”, commented Todd Hilditch, CEO of the Company.

The Company intends to complete an additional 13 kms of TEM survey lines on the southern portion of the salar to enable the entire salar to be modelled in a similar fashion. Further, some of the existing lines will be extended to completely investigate the lateral extent of the interpreted brine bearing horizon. In order to fast track the exploration program on the remaining six salars, the Company has instructed Geodatos to double the size of the geophysical crew.

The TEM survey lines for Las Parinas were extended beyond the boundaries of the salar on to areas covered by alluvial and / or volcanic material. The survey identified a continuous brine bearing horizon that extended up to 2.5 kms from the salar edge and underneath the adjacent rocks. The three survey lines averaged approximately 9 kms long each.

Using the results obtained from the 26.5 line km survey, Geodatos has constructed a three dimensional model of the distribution of the interpreted brine bearing horizon. This horizon extends from surface to a depth of 170 metres.

Using a resistivity cut-off of 1 ohm/metre (interpreted by Geodatos as probable brine), Geodatos has calculated the brine bearing horizon within the surveyed portion of the las Parinas to have a volume of 1.177 billion cubic metres. Using a resistivity cut-off of 2 ohm/metres (interpreted by Geodatos as possible brines) the calculated volume of this horizon increases to 4.009 billion cubic metres.

Management is very encouraged by these initial geophysical results and intends to commence the brine sampling program as soon as the relevant equipment can be secured and moved on-site. Results from additional TEM and gravity surveys will be released as interpreted and received from Geodatos.

In January 2009, Pele Mountain announced the staking of more than 1,000 mining claim units totaling approximately 18,750 hectares in the Pigeon River area of Northwest Ontario, about 80 kilometres west of Thunder Bay. The 100-percent owned property covers very large unexplored magnetic targets with potential to host nickel (“Ni”), copper (“Cu”), and platinum group elements (“PGE”) mineralization.

The property lies in the Proterozoic Superior Mid Continent Rift, a geological setting with proven potential to host mafic-ultramafic igneous systems associated with the rifting of the Archean cratons.  Pele’s exploration target at Pigeon River is a massive sulphide deposit similar to recently discovered magmatic sulphide deposits hosted in an ultramafic body or conduit, such as Kennecott`s Ni/Cu/PGE deposits at Eagle (in Michigan) and Tamarac (in Minnesota) and Magma Metals’ PGE deposit northeast of Thunder Bay.

The VTEM survey was flown over the Pigeon River East Block by Geotech Ltd. of Aurora, Ontario. The survey has defined linear magnetic features with the potential for mafic/ultramafic conduit systems and feeder dykes into larger mafic/ultramafic intrusions. Preliminary analysis by the geophysical contractor indicates the presence of a number of, possible sulphide-related conductors, coincident with conduit-type magnetic features and other, larger, conductive anomalies with similarities to known mineralized layered mafic/ultramafic complexes. Conductive zones, possibly sulphide-related, are also found in the vicinity of a GSC lake sediment anomaly which gave anomalous values of 234 parts per million (ppm) Ni and 298 ppm Cu. Geotech has identified several high-priority, drill-ready, targets from the survey. Other priority targets require further definition through prospecting and follow-up geophysical surveys, which are planned after spring breakup. The targets are generally till or swamp covered and no previous prospecting, mapping, or geophysical surveys, other than an airborne magnetic survey flown by the GSC in 1964, are known.

The RN-10-05 hole, targeting an airborne geophysical survey (VTEM) anomaly, has been started, with an anticipated hole length of 500 m. These holes are testing targets in the Magoo Lake area, located approximately 1.5 km northwest of the Discovery Zone. Five additional holes ranging in depth between 325 m and 700 m are planned and will target VTEM, DeepEM surface survey and Borehole Pulse EM geophysical survey anomalies. Total drilling anticipated in this program is estimated to be 3,000 m.

Hole RN-10-10 will target a large conductive modeled plate near the recently completed drilling on the Tower Zone, and is planned to be 700 m in length. Company geologists have recognized the potential extension of the Discovery Zone rhyolite in this area. This target will be drilled later in the program, as it can be drilled from ground that is accessible all year round.

Deep penetrating ground geophysical surveys have identified new conductive targets northeast and along strike of the Tower Zone over a strike length of approximately 1 km. These are untested anomalies and deeper than any previously drilled in the northeast Tower area. Three holes, each testing a new anomaly, will be drilled. Anomalies have been modeled below 300 m from surface. Hole RN-10-09 will test the deepest target in the area and has a planned length of 700 m.

drill holes RN-10-07 and RN-10-08 will test geophysical conductors located in the vicinity of an historical drill hole which reported multiple intervals of disseminated, stringer and near solid to solid sulphide, with anomalous copper, zinc and silver values in altered volcanic rock. Reprocessed historical geophysical survey data, including bore hole survey data, has been merged with VMS VTEM airborne survey data and more recent ground deep EM survey results.

These three drill targets, located on mining claim P6805E, are spatially associated with the Company’s recent surface pulse electromagnetic survey that outlined several highly conductive plates directly associated with, or flanking, a magnetic response.

A VTEM anomaly with a coincident magnetic high defined on mining claim P5643E will also be drilled. It is located approximately 2 km east-northeast of the Phase 1 Tower Zone drilling area.  This target has a lateral extent of over 700 m and based on modeling of electromagnetic data is suggestive of stacked conductive zones. Historical drilling results in the area have reported strongly altered volcanic rock and sulphide mineralization with anomalous copper and zinc. The geological setting of these conductors is interpreted to be very favorable for hosting base metal massive sulphide-type deposits of the Flin Flon-Snow Lake belt.

Drilling on mining claim P1019F will target two separate VTEM anomalies near Magoo Lake.  Historical work completed by Noranda Exploration in this region outlined highly anomalous copper and zinc values in a highly chlorite-altered volcanic host rock. This geological setting is also favorable for the formation of base metal massive sulphide mineralization and two holes are planned to test the targets.

The Controlled-Source Audio-Frequency Magnetotellurics (CSAMT) survey was conducted by Zonge Geosciences Inc. for Otis Gold Corp., between October 19th and October 27th 2009 and consisted of data acquisition from six N45E-oriented survey lines for a total of 8.5 line-kilometers of coverage. Detailed geophysical interpretation of the CSAMT survey data was conducted by James L. Wright of J. L. Wright Geophysics, Spring Creek, Nevada, during the latter half of December 2009.

Otis Gold Corp. announces the results of a recent CSAMT geophysical survey that indicates the presence of numerous sizeable and geologically significant resistivity anomalies underlying the Dog Bone Ridge gold target area located at the Kilgore Gold Project, Clark County, Idaho. The target area, which has only been minimally tested by historic drilling, is located approximately 1,200 meters southwest of the known Kilgore gold deposit and comprises most of the core of the larger epithermal system containing the deposit (see http://www.otisgold.com/news/06-10-2008/ and http://www.otisgold.com/blog/gold-intercepts-at-kilgore/). Of the five CSAMT anomalies detected by the survey, only three have been initially tested by historic drilling, with all drill holes in these three anomalies containing significant intercepts of gold mineralization.

Based on the lack of drilling and the fact that the anomalies are sizeable (upwards of 1,200 meters in length), a 2,000-meter, 6-hole drill program is planned to test the highest priority anomalies and offset some of the known historic drill-hole intercepts during the 2010 field season. This drilling is part of a larger 8,000-meter drill program planned for the Kilgore Gold Project in 2010.

The Dog Bone Ridge gold target comprises an extensive area of 242 hectares mostly overlain by an apron of Pliocene-age hot-spring sinter and explosion breccia that caps lithic tuff, the same rock unit that hosts the Company’s nearby Kilgore gold deposit. Of the three CSAMT anomalies associated with historic and significant drill-hole intercepts, the most northerly (Target C1) coincides with Kilgore Gold Company drill holes KG04-02 containing 51.8 m @ 1.25 grams/tonne (“g/t”) gold (“Au”) and KG06-01 with 12.6 m @ 1.57 g/t Au. Within the hole KG04-02 intercept a higher-grade intercept of 3.1 m @ 15.9 g/t Au was reported that coincides directly with the slightly higher resistive core of the anomaly, possibly reflecting a silicified structure. The second, or central, CSAMT anomaly (Target D3) associated with historic drill-hole intercepts coincides with Echo Bay core hole 96EKC-178 that contains 99.4 m @ 0.428 g/t Au and further contains within this intercept higher grade intercepts of 4.6 m @ 2.57 g/t Au, 10.7 m @ 1.51 g/t Au, and 3.1 m @ 2.57 g/t Au. Gold mineralization in these holes is hosted within silicified lithic tuff.

A detailed location map of the CSAMT survey grid lines and resultant anomalies, along with the historic drill-hole intercepts associated with these targets, can be found on the Otis website at http://www.otisgold.com/projects/kilgore . Although a few additional and widely scattered historic holes were drilled in the Dog Bone Ridge target area, they either were not drilled deep enough to reach the newly discovered CSAMT anomalies or they were angled away from and/or off the flanks of them, missing them completely.

Everyone can look at the results of Titan-24 survey over the Gold Project.

Maps direct link http://www.steliasmines.com/titan24/images.pdf and interpretation model sections http://steliasmines.com/titan24/titan2d_xsectionFigures.pdf

St. Elias Mines Ltd. is owner of the Tesoro Gold Property located in Peru.  The Property covers approximately 1,700ha and is located in the Acari District within the prolific Nazca-Ocoño gold belt of southwestern Peru.  The Nazca-Ocoño gold belt is a 300km x 30km belt paralleling the Pacific coast of southwestern Peru.  Gold is associated with disseminated sulfides that seeped into quartz veins or rock fractures within the intrusive body.  The continuity of the quartz veins and fractures is very impressive in the Nazca-Ocoño belt since these veins are often hosted within fractures and shears that show continuity along several kilometers.  To date, more than 70 gold deposits have been exploited in this region since as early as the 17th century.
The veins located immediately north of the Property are being mined by Dynacor (TSX-DYN) who published an inferred gold resource of 606,611 ounces at 16.4g/t (on only 3 of 10 veins discovered to date).  The veins located immediately south of the Property have been in continuous production since the 1970’s and have produced over 700,000 ounces to date.  These veins have been mined over a 2,000m strike length to a depth of 1,000m.  Barrick Gold has recently acquired claims that adjoin St. Elias’ Property to the south.

Since the Property acquisition in March 2004, the Company has completed a Phase I exploration program and a Phase II exploration program is ongoing.  Prior to these programs, the Property was primarily unexplored.

The Phase I program consisted of control grid emplacement, reconnaissance geological mapping and prospecting over the entire Property, detailed geological mapping and sampling of all identified veins, trenching and sampling of wider structures that flank the veins and underground sampling of the Canchete 1 vein.

Since the completion of the Phase I program, the Company has assessed and prioritized the five main concentrations of gold mineralization (“zones”), as well as, other gold bearing areas within the Property.

The Phase II exploration program is ongoing with initial exploration efforts focused on the Zona Canchete Vein #1 (“ZCV#1”).  The ZCV#1 is a first priority target and is one of eight gold-bearing quartz veins located at Zona Canchete.

The Phase II program consists of detailed geological mapping, sampling, development of additional underground workings and the collection and processing of an initial 150-200 tonne bulk sample at the ZCV#1.  This work will assist in determining the horizontal and vertical extent of the vein, as well as, the vein’s physical and gold grade characteristics.

Detailed sampling from the existing underground workings confirms that both the gold values and the vein width are getting stronger with depth.  On the 40m-level, the overall grade and continuity of the veins are improving with distance away from the winze both to the east and to the west.  For example, the average grade of the vein between 10.5m east and 22.6m east (a distance of 12.1m) is 3.0 oz/T gold.  The average grade of the vein between 20m west and 24m west is 1.36 oz/T gold over an average vein width of 31.6cm.

St. Elias Mines Ltd.  provides further information following the recently announced results from the Titan 24 Geophysical survey conducted by Quantec GeoScience Limited on the Property.

Alchemy Resources Ltd announced today that it is about to embark on an aggressive exploration drilling campaign which will see it test at least 13 copper-gold targets adjacent to Sandfire Resources NL’s Doolgunna discovery in the Gascoyne region of Western Australia. Alchemy’s Managing Director Michael Hannington said the Company has received the final results from its VTEM survey in recent days and has commenced the interpretation and assessment of the data. The final interpreted results will be released to the market within the next few weeks. Drilling at Alchemy’s Magnus Project is scheduled to start in early March 2010 and will initially test 13 bedrock conductors identified by its extensive VTEM survey. Three of these conductors span the border between Alchemy’s tenements and those containing Sandfire’s high-grade Doolgunna copper-gold orebody. A separate VTEM survey carried out by Sandfire also identified these three conductors. Mr Hannington, who is a qualified geophysicist with 20 years experience, said the 13 EM targets resulting from the survey were strong and persistent bedrock conductors, sparking the Company’s decision to accelerate the exploration program and its commitment to drill testing every one of them. Alchemy’s tenements at Magnus cover 178km2, extending from the Sandfire border on the western side. They are also located on the same Narracoota Formation which hosts Doolgunna. “The latest results from the VTEM survey give us every reason to be optimistic about the prospectivity for copper-gold mineralisation at Magnus,” Mr Hannington said. “These strong EM anomalies, combined with the fact that our tenements boast the same key geological characteristics as Sandfire’s ground, have prompted us to accelerate an extensive drilling program to explore the full potential of Magnus.” Alchemy expects the drilling program to generate a steady flow of news over coming months, with the first assay results due in early April 2010.