TORONTO, ONTARIO--(Marketwire - July 24, 2012) - Vendome Resources Corp. (TSX VENTURE:VDR)(FRANKFURT:9VR) ("Vendome" or the "Company") is pleased to provide an update for the San Javier Mine property located within the municipality of Malinaltepec, State of Guerrero, Mexico. The spring 2012 exploration program targeting the property's mineralized systems is now complete. In excess of 600 bedrock grab, chip channel, soil and stream sediment samples were collected during the program. Results for bedrock chip samples are reported below.
Sampling focussed on the Veta Tajo area located 300 meters southwest of the historical San Javier mine workings. The Company's consultants, A.C.A. Howe International Limited ("Howe") believe the Veta Tajo is a previously unrecognized, unexplored and unexploited area of significant visible stockwork quartz veining that spans an 80 to 100 meter vertical rise in the west bank of the river valley that transects the central property area.
Quartz veining in the Veta Tajo is stacked, horizontal to shallow-dipping and consists of:
- a set of 0.8-1 meter thick veins dipping 40-60° to the east
- a second set of 25-40 centimeter thick veins dipping 25-35°
- a third set of 2-5 centimeter thick veins dipping 0 to 15º
In excess of 340 chip samples were collected across exposed vein and wall rock material in the Veta Tajo area. Chip channels were typically 2 to 3 cm wide and 1 cm deep and were cut using a hammer and moil. Laboratory analysis of these samples returned silver values ranging from <2 grams per tonne to bonanza grades in excess of 2,000 grams per tonne. Select weighted averages for silver concentration over continuous chip sample lengths in the Veta Tajo are as follows:
|* - approximate center of chip channel using UTM WGS8, Zone 14
Veining appears to be associated with east-west structures cross-cutting a host rock previously identified as "old granite", which Howe has re-interpreted as strongly silicified felsic volcaniclastics. Howe's field work also indicates that veining extends into areas north and south of Veta Tajo. Vendome management is extremely encouraged by these chip results in that the potential for bulk silver mineralization in wall rock, in addition to high grade narrow vein mineralization has been confirmed.
This material is found at surface making it extremely amenable for low cost open pit mining methods. This source of silver has been previously unrecognized at the San Javier Mine Property, and may be similar to other large scale silver mines in Mexico.
The next phase of work at San Javier will be to test for Veta Tajo mineralized extensions at depth and along strike, and to complete airborne surveying and reconnaissance prospecting with a view to developing diamond drill targets over the next few months.
The chip channel samples were analyzed at SGS Laboratories in Ciudad Durango, Durango, Mexico using fire assay with AAS finish, and ICP-OES finish after aqua regia digest.
The Company has the option to acquire a 50% interest in the San Javier Mine property by making aggregate cash payments of $325,000 and issuing 3,800,000 common shares over on or before November 28, 2013, and incurring $2,600,000 in exploration expenditures on or before November 28, 2014. In addition to the option agreement for the 253 hectare San Javier Mine property, Vendome has entered into agreements to acquire mineral rights in approximately 18,000 hectares of exploration territory within the Sierra Madre del Sur precious metal belt of southern Mexico in which the San Javier Mine property is located.
Warren Hawkins, P.Eng, a "Qualified Person", within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release. Mr. Hawkins is not considered to be "independent" of the Corporation (as defined in National Instrument 43-101), as he currently holds securities of the Corporation.
This news release contains certain "forward-looking statements". All statements, other than statements of historical fact that address activities, events or developments that the Corporation believes, expects or anticipates will or may occur in the future are forward looking statements. These forward-looking statements reflect the current expectations or beliefs of the Corporation based on information currently available to the Corporation. Such forward-looking statements include, among other things, statements relating to the Corporation's entry into an agreement in respect of the right to earn a 50% undivided interest in the Property and the proposed terms thereof. Forward- looking statements are subject to significant risks and uncertainties and other factors that could cause the actual results to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Corporation. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to: the failure to acquire an interest in the Property, or the right to earn an interest in the Property, on the terms currently proposed or at all; the failure to obtain any required regulatory or stock exchange approvals and other factors. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Corporation disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Corporation believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.