October 13, 2005
Carpathian Gold Inc. awarded new Exploration License in Romania & identifies Porphyry copper and gold mineralized areas
TORONTO, Oct. 13 /CNW/ - Carpathian Gold Inc. (CPN:TSX-V) is pleased to
announce that its wholly owned subsidiary, Samax Romania SRL, has been awarded
a new exploration license within the prolific 'Golden Quadrilateral' where in
excess of 40,000,000 ounces of gold has been produced. This new license,
located in central Romania, called the Rovina License, encompassing an area of
93.5 km2 was awarded by the National Agency for Mineral Resources in Romania
("NAMR") through a competitive public tender process following reconnaissance
exploration work completed by Carpathian in late 2004/early 2005 on a
Prospecting Permit.
This license includes 5 known mineralized prospects. Mapping and sampling
by Carpathian has identified copper-gold mineralized potassic-porphyry style
alteration outcropping at two of these prospects, Rovina and Colnic, which lie
2.5 km apart (see www.carpathiangold.com for location map). Results from
recent chip-channel sampling in outcrops by Carpathian at the Rovina Prospect
includes 29.5 metres at 0.43% Cu and 0.44 g Au/t and 10.0 metres at 0.67% Cu
and 0.54 g Au/t, and 11.0 metres at 0.41% Cu and 0.53 g Au/t. In addition,
recent results from chip-channel sampling at the Colnic Prospect include
18.8 metres at 1.07 g Au/t and 0.16% Cu, and 2.8 metres at 1.98 g Au/t and
0.13% Cu.
The copper-gold mineralization at the Rovina and Colnic prospects is
hosted in altered porphyritic microdiorite containing magnetite in thin
veinlets and as disseminated granular agglomerates and secondary biotite
consistent with potassic alteration at the core of gold-rich porphyry
hydrothermal systems. This alteration is cut by quartz-chalcopyrite-pyrite
stock work veinlets. Geologic mapping has identified large halos of pyrite-
sericite alteration (phyllic alteration) typically associated with porphyry
systems.
"We are extremely pleased to have obtained this license as it gives the
Corporation added value and tremendous upside with an excellent land position
in a mining district that is not only known to host significant gold
mineralization, but also gold-rich porphyry Au-Cu systems," said Dino Titaro,
President and CEO of Carpathian. "The Corporation originally held this area as
a prospecting permit over the past 12 months and through its confidential
field work program identified significant economic grade copper and gold
mineralization in a porphyry setting which lead us into aggressively pursuing
the acquisition of the license in an open forum tendering process," said
Dino Titaro.
At the Rovina Prospect, geologic mapping identified outcrop of potassic
altered microdiorite occurring as discontinuous streambed exposures over a
linear map distance of 200 metres within a phyllic alteration halo measuring
800 x 1,200 metres. Chip-channel sampling within the potassic zone was
completed over a cumulative sample length of 92.0 metres with individual
samples generally averaging 5 metres in length.
Outcrops with continuous chip-channel sampling from this zone yields:
29.5 metres at 0.43% Cu and 0.44 g Au/t;
10.0 metres at 0.67% Cu and 0.54 g Au/t;
11.0 metres at 0.41% Cu and 0.53 g Au/t.
Romanian Government exploration work in the 1980's included drilling and
underground exploration adits. Grab samples of mineralized material from these
dumps range from trace up to 0.65% copper with an average of 0.31%; and gold
ranging from trace to 1.52 g Au/t with an average of 0.45 g Au/t from a total
of 14 samples.
At the Colnic Prospect, geologic mapping has identified a series of
outcrops of potassic altered microdiorite over a distance of 165 metres along
road-cut exposures. A phyllic alteration halo measuring 800 x 1,000 metres
encompasses the potassic alteration zone. Results from chip-channel samples
from this zone return consistent assays ranging from 0.47 to 1.98 g Au/t and
0.04% to 0.20% Cu from 41 samples over a cumulative sample interval of
50 metres with sample lengths varying from 1 to 3.5 metres. Outcrops with
continuous chip-channel sampling from this zone yields:
18.8 metres at 1.07 g Au/t and 0.16% Cu;
2.8 metres at 1.98 g Au/t and 0.13% Cu.
During the period 2001 to 2003 the Romanian State exploration company,
Minexfor, drilled 4 holes in the Colnic area. This data (drill logs and 2005
report) has been obtained and shows gold was assayed from continuous one-metre
samples with copper rarely assayed. Results are as follows:
<<
Drill hole From (m) To (m) Length (m) Au (g/t)
-------------------------------------------------------------------------
F-9 0.0 200.0 (eoh)(*) 200 0.72
Including 32.0 66.0 34.0 1.11
F-18 9.0 58.0 49.0 1.07
F-18 74.0 91.0 17.0 1.00
(*)eoh equals end of hole
Carpathian's surface sampling at Colnic appears to support these drill
results; however, Carpathian, while it has visually inspected some of the
drill core, has not verified the above grades and will embark on its own
verification drill program.
The Corporation has also completed reconnaissance mapping and sampling on
the license and has identified three significant target areas for follow-up
work. These areas are known as Valisoara, Cordurea, and Ciresata with grab
samples from each area containing Au +/- Cu, Pb, Zn mineralization and results
will be reported shortly. (See www.carpathiangold.com for locations).
The Corporation will continue to carry out field work for the balance of
the season, including the possibility of some drilling, on the prospects
already identified as well as other prospects on the license. In addition to
this, Carpathian is obtaining from the state, further historical exploration
data which it will compile with its ongoing field programs. The historical
information includes a 'State defined' resource estimate of porphyry Cu-Au
zones at the Rovina prospect from the mid 1980's. Carpathian believes the long
history of mining and exploration in this region provides valuable exploration
data for rapid targeting and the existing infrastructure will enhance the
economics of mine development.
All samples collected from any program in the country are prepared and
analysed at the independent SGS Ltd laboratory in Gura Rosiei, Romania, using
industry-standard fire assay techniques for gold on 50 g sample-charges with
AAS finish. Blanks and known gold-standards are inserted on a routine basis
and together comprise 10% of submitted samples. Mr. Dino Titaro is the
in-house Qualified Person (as defined in National Instrument 43-101)
overseeing the design and implementation of the present exploration programs
and responsible for preparing the technical information contained in this news
release.
Carpathian Gold Inc. is a mineral exploration company focused on gold and
copper exploration on its properties in Romania.
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The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
This press release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical facts, that address future exploration drilling,
exploration activities and events or developments that the Company
expects, are forward looking statements. Although the Company believes
the expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially from
those in forward-looking statements. Factors that could cause actual
results to differ materially from those in forward-looking statements
include market prices, exploitation and exploration successes, continued
availability of capital and financing, and general economic, market or
business conditions.
>>
%SEDAR: 00018939E
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For more Information please contact:
Dino Titaro, President and CEO
Website: : www.carpathiangold.com
Tel. +1 (416) 368-7744 (CAN)
Fax. +1 (416) 368 2579 (CAN)
e-mail info@carpathiangold.com
OR
Eric Leboeuf, Investor Relations
Tel. +1 (514) 341-0408 or
1-866-460-0408
Fax. +1 (514) 341-1527
e-mail: ericleboeuf@paradox-pr.ca
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