March 26, 2004
Ore-Leave extends gold-copper discovery on the Oravita License, Romania
TORONTO, March 26 /CNW/ - Ore-Leave Capital Inc. (OLV- TSX-Venture) today announced that it has extended the large gold-copper and gold occurrence at the Carbunari-Stinapari prospect in the southern part of its 100% owned Oravita Exploration License in southwestern Romania. Recent results from Ore-Leave's exploration program have extended the surface gold + copper zone 800 meters further northward for a total north-south dimension of 4.5 km.
"Ore-Leave believes the extension of gold-copper and gold zones at the Carbunari-Stinapari prospect is quickly refining the geological extent and style of mineralization of this prospect and further supports the potential for large porphyry-related, sediment-hosted gold deposits," said Dino Titaro, Ore-Leave's President and CEO. "The Oravita license is situated between the multi-million gold ounce deposits of the Golden Quadrilateral to the north and the large porphyry copper/gold complexes to the south, such as the Bor and Majdanpek mines in Serbia. The wide spread extent of this occurrence and that of the recently announced (March 4, 2004) second large gold and gold-copper discovery within the license, 25 km to the north, clearly signifies that the Oravita license is located in a region which is under-explored, and has the potential for large scale gold deposits."
Ore-Leave has contracted a helicopter-borne Magnetic and EM survey to cover the 32 kilometre long Oravita License, which will be initiated in late March. This survey, together with surface sampling results and geologic mapping will enable Ore-Leave to launch a trenching and drilling program in the near future.
The Carbunari-Stinapari prospect is one of two large gold and gold-copper anomalies within the Oravita License, which covers a 32 km long segment of the Banat Porphyry Belt in Southwestern Romania. Previous gold and copper mineralization at this prospect covered 5 km(2) based on soil and rock-chip samples, and has now been extended a further 800 metres northward. The extension is based on the results of a recently completed soil geochemistry program, when it was determined that the northern limits of the zone were not closed off from the previous sampling program. The occurrence is defined by a gold-in-soil halo of greater than 20 ppb Au measuring 800 metres north by 500 metres east-west and contains a core of greater than 30 ppb Au, ranging up to 193 ppb Au. A coincident copper-in-soil anomaly is comprised of greater than 200 ppm Cu with a core of greater than 1,000 ppm Cu ranging up to 3,285 ppm Cu. Background levels in the soils are 5 ppb for Au and 25 ppm for Cu.
These anomalies occur over Cretaceous porphyritic intrusive complexes, contact zones, and folded Mesozoic shelf-sedimentary rocks (calcareous- siliciclastic). In addition to the above gold-copper anomaly, an additional gold-only soil anomaly was defined extending the previous gold zone to the north over an area of 800 metres x 200 metres. This new zone is defined by an envelop of greater than 20 ppb Au and ranging up to 73 ppb Au and appears to be controlled by a favourable unit in the folded sedimentary package of rocks. As previously reported, within the initial portion of this gold-only zone, rock chip sampling defined wide spread discrete zones of jasperoids over an area of approximately 4 km by 1 km. These sub outcrops occur exclusively in the sedimentary package of rocks, with gold mineralization ranging from 2 g/t Au to 15 g/t Au and Cu mineralization ranging from 0.5% to 2.2% Cu. This style of mineralization and geological setting has never been previously documented in the region.
The soil samples for the Carbunari-Stinapari soil-geochemistry program were dry-sieved to -80 mesh (0.177 mm), and analysed by the independent OMAC Laboratories Ltd., Ireland, for gold using acid-digestion and AAS finish, and a 46 Element Aqua-regia digest-ICP package. Mr. Dino Titaro is the in-house Qualified Person (as defined in National Instrument 43-101) overseeing the design and implementation of the field-work programs.
Ore-Leave Capital is a mineral exploration company focused on gold exploration on its highly prospective properties in Romania and Hungary, within the Carpathian Arc. As previously reported, a diamond drill program is currently underway on the Baia Mare Joint Venture project area in Northern Romania, which covers a 30 km long belt of historic, epithermal base-metal and gold deposits. Further results from this program will be released shortly.
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The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
For further information: Dino Titaro, President and CEO, Tel. +1 (416) 368-7744 (CAN), Fax. +1 (416) 368-2579 (CAN), Forbes West, Investor Relations, (416) 203-2200/1-888-655-5532
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