Drilling commenced at Guadalcazar
VANE Minerals ("VANE" or "the Company") is pleased to announce that it has
commenced a first phase drilling programme at its major Guadalcazar exploration
project, in the state of San Luis Potosi, Mexico.
Diamond drilling started on 8th March 2005, and is being carried out on a
two-shift per day basis, 7 days a week. Two holes have already been completed
and the third hole is underway. The first eleven sites are to be drilled
initially on the eight targets identified by the Company, and VANE expects the
drilling and analysis of the results of the first programme to be completed
within six to eight weeks.
Samples will be shipped for analysis to Jacobs Laboratories in Tucson, Arizona.
VANE will announce the assay results following this analysis when they become
Michael Spriggs, Chairman of VANE said: "We are very happy with the progress
made here at Guadalcazar. With Diablito moving forward to production and the
fast tracking of this drilling programme, we are ahead of the schedule we set
out at listing and we remain under budget. We have achieved this as well as both
expanding and diversifying our portfolio, with the addition of the Mina Charay
property, the Paraguay investigation permits and most recently the uranium
Guadalcazar is a large newly recognised hydrothermal system, previously thought
to be alluvial until recently defined by the VANE team. The project is directly
from the Freeport McMoRan Inc. Exploration Database that is available to the
Company and therefore is subject to the agreement the company has with Freeport
McMoRan (details of which can be found at the company's website
www.vaneminerals.com ) The exploration licence covers an area of over 20 sq km.
Within this large area, through geochemical and geophysical sampling, the
Company has identified drilling targets which the Company believes may lead to a
large gold deposit.