Final Assays Received – NI43-101 Compliant Resource Estimate Proceeding For Zoe Discovery
Vancouver, B.C., October 11, 2011 – Extorre Gold Mines Limited (AMEX:XG; TSX:XG; Frankfurt: E1R, “Extorre” or the “Company”) is pleased to announce that all assays are in hand for the first National Instrument 43-101 compliant resource estimate for the Zoe zone at Cerro Moro, Santa Cruz Province, Argentina. Assays for the final 33 drill holes of the approximately 100 holes to be included in the initial resource estimate are reported in this release.
Assay highlights include:
MD1345 intersected 3.00 metres (“m”) at 18.9 grams per tonne (“g/t”) gold y 943 g/t silver (37.8 g/t gold equivalent*), including 0.88 metros at 55.5 g/t gold y 2,655 g/t silver (108.6 g/t gold equivalent*).
MD1348 intersected 3.65 metros at 17.3 g/t gold y 2,314 g/t silver (63.6 g/t gold equivalent*), including 0.34 metros at 116.8 g/t gold y 16,068 g/t silver (438.2 g/t gold equivalent*).
MD1351 intersected 2.02 metros at 39.1 g/t gold y 2,231 g/t silver (83.7 g/t gold equivalent*), including 0.51 metros at 113.6 g/t gold y 5,250 g/t silver (218.6 g/t gold equivalent*).
MD1362 intersected 7.70 metros at 10.1 g/t gold y 3,285 g/t silver (75.8 g/t gold equivalent*), including 1.40 metros at 53.0 g/t gold y 17,297 g/t silver (399.0 g/t gold equivalent*).
MD1372 intersected 2.55 metros at 15.8 g/t gold y 1,494 g/t silver (45.7 g/t gold equivalent*), including 0.43 metros at 69.1 g/t gold y 4,932 g/t silver (167.7 g/t gold equivalent*).
Drilling continues at Zoe with a total of 119 diamond drill holes now completed since the March 2011 discovery. Results from 19 new holes are awaited.
Independent consultant, Ted Coupland of Cube Consulting, Australia recently visited the site and is now performing the new resource estimate. Extorre has been advised the new estimate should be available in early November 2011. The estimate will include contributions from recent discoveries at the Zoe, Martina, Carla, and Esperanza-Nini zones.
Six drill rigs are operating at Cerro Moro, with 3 continuing to delineate the Zoe zone and potential extensions. The Zoe structure has been tested for 2.2 kilometres (“km”) of strike with significant mineralization delineated over a 1.1 km long zone. Low grade shallow holes will be followed up with deeper holes to test for high grade mineralised zones in the interval 150-250 metres below surface. Drilling in the past has discovered “blind” mineralised zones at many sites, a geological occurrence common to both the Cerro Moro property and the Deseado Massif in general.
Much of the potential 4 km long easterly strike length of the Zoe structure is covered by a veneer of younger (post mineralization) volcanic rocks that have little to no geochemical signature. Detailed ground magnetic surveying by Extorre and a trial CSAMT (controlled source audio magnetotellurics) survey are in progress. These surveys should assist in refining targets for drill testing.
Two diamond drill rigs are testing both known zones and new targets within an approximate 10 km radius of Zoe and Escondida. To date over 30 holes have been drilled with results awaited.
As reported on September 12, 2011, one multi-purpose drill rig is conducting a program of PQ sized (large diameter) drilling to provide samples for metallurgical test work, including bond, rod and ball work indices, abrasion indices and SMC tests. Four holes have already been completed at Zoe and 4 holes at the Gabriela and Carla zones are planned. This rig will also evaluate the ground water potential at Zoe.
Two links are embedded in this news release – a location plan of the Zoe target and a longitudinal section showing the drill hole array.
Of the 33 drill holes received 9 were low grade and/or narrow within the principal Zoe structure; 5 drill holes intersected significant mineralization in either interpreted hanging wall or footwall splays of the main structure and are included with the new significant results from the remaining 19 drill holes detailed in the following table.
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