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Additional Information
Market: TSX-V
Sector: Gold Mining
EPIC: SLI
Latest Price: 0.46  (-8.00% Descending)
52-week High: 2.62
52-week Low: 0.45
Market Cap: 53.87M
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St. Elias Mines
www.steliasmines.com

The principal business of St. Elias Mines Ltd. is the acquisition, exploration, development and sale of high potential mineral properties in the most prolific regions of the world.  At present, the Company is focusing its exploration efforts on gold in Peru with three gold properties (Tesoro, Vilcoro and Cueva Blanca.)

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St. Elias Mines unveils diamond drill results from Tesoro project

11th Jan 2012, 9:13 am by Deborah Sterescu
St. Elias Mines unveils diamond drill results from Tesoro project

St. Elias Mines (CVE:SLI) announced late Tuesday 2011 gold results from diamond drilling at its Tesoro gold project in Peru.

Eleven holes have been completed thus far, for a total of 4,374.5 metres.

Notable results include 4.144 parts per million (ppm) of gold over 0.57 metres in hole DDH TE 01, and 1.148 ppm gold over 0.18 metres with 0.43 metres of 9.438 ppm gold in hole DDH TE 04.

Other significant results included 0.74 metres of 23.5 ppm gold in hole DDH TE 06.

In addition, hole DDH TE 09 interesected 0.34 metres at 0.416 ppm gold and hole DDH TE 10 returned 0.07 metres at 0.259 ppm gold. The company said the highest gold value was obtained in these two holes.

St. Elias also said that a systematic re-sampling program, including total metallic screening and re-assaying of high grade intercepts, is ongoing.

"This is in an effort to qualify the suspected nugget effect on chemical assays received thus far," the company said in a statement.

Diamond drilling has now re-started at Tesoro after the Christmas holidays, with the company now preparing for the arrival of a second drill rig at the project.

"I believe that complete results received from the Phase I drilling at Tesoro will be more representative than the partial results reported here, however, it is important to note that the results so far indicate the system is mineralized to depth," said president Lori McClenahan.

The Tesoro property is 100 percent-owned by the company, with no underlying royalties.

The project covers approximately 6,974 hectares and is part of the prolific 300 kilometre by 30 kilometre Nazca-Ocoña gold belt parallel to the Pacific coast of southwestern Peru.

While veins tend to be narrow, the grade is significant and the mineralized structures tend to extend along strike for several kilometres and to depths of up to 1,000 metres, St. Elias said.

To date, the miner has identified five mineralized zones with more than 50 quartz veins, having a total combined length of nine kilometres at Tesoro. It has carried out underground exploration and development work on three of these veins.

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