Malbex Resources Inc TSXV:MBG announced drill results from its Del Carmen Project in San Juan province, Argentina. Highlights include

0.3 g/t gold over 61 metres
1.1 g/t gold and 19.5 g/t silver over 18 metres
(including 5.66 g/t gold and 76.6 g/t silver over 3 metres)
0.46 g/t gold over 19 metres
1.25 g/t gold and 30.6 g/t silver over 6 metres
3.87 g/t gold over 15 metres

President/CEO Tim Warman tells ResourceClips.com, “It’s a project we’ve been working on for a couple of years now. It’s up in the El Indio Belt, a very prospective area. There are a lot of big mines up there. It’s a fairly large alteration system—about nine square kilometers—and we’ve been focused in on one particular area called Rojo Grande. It’s where most of these drill results were from. So really, we’re just building on a resource we put out last year, which was about a million ounces of gold equivalent. It’s shallow, oxide and seems to leach fairly well from the preliminary metallurgical tests.

“[The results] are not bad,” he continues. “There are some nice, high-grade zones in there. Obviously, in a leaching-type environment the grade is important. Relative to its peers it’s actually got a pretty good grade right now; the resource grade is 1 g/t gold and there aren’t many out there with that kind of grade in terms of oxides. The goal right now is to make it bigger.

“The drilling season has wound down. It’s winter up in the Andes right now, so we pulled the drills out about a week ago. There are still quite a few more drills holes to come in terms of results still pending in the laboratory. This season we’re going to get started on exploring some of our new projects in Argentina and Peru, some lower elevation projects that we can work during the Southern Hemisphere winter. We’ve also got some metallurgical work that is coming, I’m guessing, in May or perhaps in June. We’re looking at some column leach tests on the Del Carmen material to get a better idea quantitatively how well that leaches.

“It’s a relatively expensive area to work. We’ve spent about $20 million in the last two to three years drilling up there. I think we’ve come up with a pretty good resource out of that money. But, particularly given the state of the markets, I think that rather than trying to go back to the markets for another equity raise, it’s time to look for someone who has slightly longer timelines in mind.”

Regarding a possible joint venture, Warman says that discussions are going well. “We probably have three or four companies that have been to the site in the last two months. We signed confidentiality agreements with them and exchanged data with them. We have quite a few more CAs than that, but the serious ones I would guess are about three or four companies and we’re talking with them right now. Our plan has always been to explore [our properties], build them up, de-risk them and pass them on to someone who actually enjoys building mines.

“We’re in San Juan Province which—in terms of being pro-mining—is probably the best province in the whole country to work. There are big mines operating there right now, and it’s highly supported by the government. You can drive up [to Del Carmen] in a Toyota Corolla if you wanted, even though you’re above 4,000 metres in the Andes. It’s mainly because we use the access road that leads up to Barrick’s [TSX:ABX] Pascua-Lama and Veladero projects. And there is water up there. The one thing you don’t have is power, but these heap-leach operations aren’t terribly power hungry anyway.”

Warman adds, “We’re reasonably well funded for the next six months. That’s one of the reasons we want to get a partner in for Del Carmen: we don’t want to go back to the equity markets.”

He concludes, “We’re pretty pleased with how the project is shaping up. It’s proving to be a reasonably sizable resource—maybe not tens of millions of ounces but it certainly has the potential to be a multimillion ounce deposit. It will just take some more drilling and some more time.”

View Company Profile

Contact:
Tim Warman
President/CEO
416.628.0215

or Marla Gale
VP Investor Relations
416.628.0215

by Ted Niles

Malbex Resources Inc TSXV:MBG announced drill results from its Del Carmen Project in San Juan province, Argentina. Highlights include

0.3 g/t gold over 61 metres
1.1 g/t gold and 19.5 g/t silver over 18 metres
(including 5.66 g/t gold and 76.6 g/t silver over 3 metres)
0.46 g/t gold over 19 metres
1.25 g/t gold and 30.6 g/t silver over 6 metres
3.87 g/t gold over 15 metres

President/CEO Tim Warman tells ResourceClips.com, “It’s a project we’ve been working on for a couple of years now. It’s up in the El Indio Belt, a very prospective area. There are a lot of big mines up there. It’s a fairly large alteration system—about nine square kilometers—and we’ve been focused in on one particular area called Rojo Grande. It’s where most of these drill results were from. So really, we’re just building on a resource we put out last year, which was about a million ounces of gold equivalent. It’s shallow, oxide and seems to leach fairly well from the preliminary metallurgical tests.

“[The results] are not bad,” he continues. “There are some nice, high-grade zones in there. Obviously, in a leaching-type environment the grade is important. Relative to its peers it’s actually got a pretty good grade right now; the resource grade is 1 g/t gold and there aren’t many out there with that kind of grade in terms of oxides. The goal right now is to make it bigger.

“The drilling season has wound down. It’s winter up in the Andes right now, so we pulled the drills out about a week ago. There are still quite a few more drills holes to come in terms of results still pending in the laboratory. This season we’re going to get started on exploring some of our new projects in Argentina and Peru, some lower elevation projects that we can work during the Southern Hemisphere winter. We’ve also got some metallurgical work that is coming, I’m guessing, in May or perhaps in June. We’re looking at some column leach tests on the Del Carmen material to get a better idea quantitatively how well that leaches.

“It’s a relatively expensive area to work. We’ve spent about $20 million in the last two to three years drilling up there. I think we’ve come up with a pretty good resource out of that money. But, particularly given the state of the markets, I think that rather than trying to go back to the markets for another equity raise, it’s time to look for someone who has slightly longer timelines in mind.”

Regarding a possible joint venture, Warman says that discussions are going well. “We probably have three or four companies that have been to the site in the last two months. We signed confidentiality agreements with them and exchanged data with them. We have quite a few more CAs than that, but the serious ones I would guess are about three or four companies and we’re talking with them right now. Our plan has always been to explore [our properties], build them up, de-risk them and pass them on to someone who actually enjoys building mines.

“We’re in San Juan Province which—in terms of being pro-mining—is probably the best province in the whole country to work. There are big mines operating there right now, and it’s highly supported by the government. You can drive up [to Del Carmen] in a Toyota Corolla if you wanted, even though you’re above 4,000 metres in the Andes. It’s mainly because we use the access road that leads up to Barrick’s [TSX:ABX] Pascua-Lama and Veladero projects. And there is water up there. The one thing you don’t have is power, but these heap-leach operations aren’t terribly power hungry anyway.”

Warman adds, “We’re reasonably well funded for the next six months. That’s one of the reasons we want to get a partner in for Del Carmen: we don’t want to go back to the equity markets.”

He concludes, “We’re pretty pleased with how the project is shaping up. It’s proving to be a reasonably sizable resource—maybe not tens of millions of ounces but it certainly has the potential to be a multimillion ounce deposit. It will just take some more drilling and some more time.”

View Company Profile

Contact:
Tim Warman
President/CEO
416.628.0215

or Marla Gale
VP Investor Relations
416.628.0215

by Ted Niles

Malbex Resources Inc TSXV:MBG announced results from its Del Carmen Project in Argentina. Highlights include

2.05 g/t gold and 7.4 g/t silver over 109 metres
(including 4.01 g/t gold and 17.3 g/t silver over 23 metres)
1.48 g/t gold and 1.9 g/t silver over 4 metres

The project’s Rojo Grande Deposit has a September 2011 resource estimate of 25.4 million tonnes grading 1 g/t gold and 13.3 g/t silver for 816,600 ounces gold and 10.9 million ounces silver inferred.

President/CEO Tim Warman stated, “Hole 57A has clearly demonstrated the continuity of potentially economic, near-surface mineralization to the south-southwest of the inferred mineral resource at Rojo Grande. Our goals this season are to expand the one-million-ounce gold-equivalent resource in the Rojo Grande deposit and to test other promising geological and new geophysical targets within the nine-square-kilometre Del Carmen Norte alteration system.”

View Company Profile

Contact:
Tim Warman
President/CEO
or Marla Gale
VP of Investor Relations
416.628.0215

by Greg Klein

1. Mirasol Resources 251 g/t over 33.6m, 230 g/t over 28.3m, 159 g/t over 46.7m
   TSXV:MRZ
2. Radius Gold 3,520.6 g/t over 2m, 1,428.9 g/t over 1.1m, 1,222.9 g/t over 1.1m
   TSXV:RDU
3. Malbex Resources 29.3 g/t over 267m, 71 g/t over 17m, 9.4 g/t over 82m
   TSXV:MBG
4. Gold Canyon 21.38 g/t over 172.5m, 13.79 g/t over 194m, 17.63 g/t over 142m
   TSXV:GCU
5. US Gold 458.3 g/t over 8.4m, 191.4 g/t over 17.7m, 164.6 g/t over 11m
   TSX:UXG

1. Fire River 71.4 g/t over 5.9m, 41 g/t over 9m, 26.4 g/t over 13.1m
   TSXV:FAU
2. Carpathian Gold 0.95 g/t over 434m, 1.02 g/t over 210m, 1.05 g/t over 172m
   TSX:CPN
3. Gold Canyon 2.48 g/t over 110.6m, 1.11 g/t over 194m, 1.08 g/t over 19m
   TSXV:GCU
4. Silver Quest 1.09 g/t over 378m, 9.14 g/t over 23m, 2.89 g/t over 20m
   TSXV:SQI
5. Malbex Resources 2.05 g/t over 267m, 0.71 g/t over 82m, 2.72 g/t over 17m
   TSXV:MBG

1. Colossus Minerals 59.66 g/t over 6.9m, 136.43 g/t over 7.8m
   TSX:CSI
2. Carpathian Gold 0.94 g/t over 603m, 0.81g/t over 240m
   TSX:CPN
3. Continental Gold 43.97 g/t over 10.8m
   TSX:CNL
4. Malbex Resources 3.31 g/t over 46m, 2.1 g/t over 132.7m
   TSXV:MBG
5. Channel Resources 2.1 g/t over 70m, 2.46 g/t over 38m, 1.18 g/t over 52m
   TSXV:CHU

Malbex Resources Inc TSXV:MBG announced results from the Rojo Grande Target of its Del Carmen Project in San Juan province, Argentina. Assays include 3.31 g/t gold and 25.2 g/t silver over 46 metres, and 2.1 g/t gold and 10.8 g/t silver over 132.7 metres (including 5.51 g/t gold and 20.4 g/t silver over 23 metres).

President/CEO Tim Warman said, “The results of holes 42 and 46 have improved our geologic model, and our ability to target higher-grade zones within the Rojo Grande ledge. Rojo Grande is delivering everything we could ask for—consistent gold-silver mineralization with higher-grade, near-surface zones, generally shallow to non-existent overburden, encouraging metallurgy, and the structure remains open at depth and to the southwest. We’re currently awaiting the results for the scissor hole on this section in order to better understand the geometry of the higher-grade zones discovered in holes 42 and 46, and will be looking to infill this area before the end of the current drilling season.”

Read More about Malbex Resources

View Company Profile

Contact:
Tim Warman
President/CEO
416.628.0215

or Marla Gale
VP Investor Relations
416.628.0215

by Ted Niles

1. $164,988 Gold Canyon Resources Inc
   TSXV:GCU
2. $138,348 Valley High Ventures Ltd
   TSXV:VHV
3. $87,290 Malbex Resources Inc
   TSXV:MBG
4. $64,000 GobiMin Inc
   TSXV:GMN
5. $45,800 Selwyn Resources Ltd
   TSXV:SWN

Malbex Resources Inc TSXV:MBG announced assay results from the Rojo Grande Target of its Del Carmen Project in San Juan Province, Argentina. Highlights include 2.84 g/t gold and 6.4 g/t silver over 103 metres (including 48.34 g/t gold and 15.4 g/t silver over 5 metres) and 0.7 g/t gold over 19 metres (including 1.14 g/t gold over 10 metres).

President/CEO Tim Warman commented, “Today’s results confirm the presence of high-grade zones within Rojo Grande. Such high-grade areas bring us closer to our goal of defining a potentially economic, near-surface, oxidized mineral resource at Rojo Grande in the current drill campaign. We’re currently planning a scissor hole through the high grade zone discovered in hole 42 in order to better understand its geometry.”

View Company Profile

Contact:
Tim Warman
President/CEO
416.628.0215

Read More about Malbex Resources

by Ted Niles

Malbex Resources Has Found Gold And Political Stability In Argentina

By Kevin Michael Grace

Two decades of worldwide mining experience have taught Tim Warman an invaluable equation: the size of a deposit is only as valuable as the jurisdiction in which it is located allows. After a sobering lesson in Ecuador, the President and CEO of Malbex Resources Inc has found the right balance. A rich property, the Del Carmen gold-silver project, in a welcoming location, Argentina’s San Juan Province, a jurisdiction where “both the government and the people understand mining and appreciate it can be done responsibly and create mutual benefits.”

Before he joined Malbex in 2009, Warman was Vice President, Corporate Development at Aurelian Resources. In 2006, Aurelian discovered the Fruta del Norte gold deposit in Ecuador, 13.7 million ounces of gold and 22 million ounces of silver, which sent its share price to $40. But after Ecuador’s new President, crusading socialist Rafael Correa, declared a mining moratorium, shares fell 93%. Aurelian decided to sell the riches and the risk to Kinross in 2008 for US$815 million, and Warman decided to seek a safer harbour.

“Ecuador was very much on our minds when we were looking for the next project,” he says. “When we got taken down to Argentina to look at what eventually became Malbex, we met people at both the federal and provincial levels and saw what was going on in San Juan Province. Mining is really a part of life there; it’s now 20% of provincial GDP. You’ve got Barrick with its Veladero and Pascua-Lama mines, Yamana with its Gualcamayo mine and Troy Resources with Casposo.”

While Ecuador remains mired in turmoil, including a botched coup attempt against Correa last year, Argentina is stable and mining friendly. This latter point was demonstrated forcefully when President Cristina Fernández de Kirchner was photographed with Peter Munk, Chairman of Barrick, at the G20 summit in Toronto last year.

So San Juan has the stability, but what of the resource? Malbex’ 22,400-hectare property is located on the El Indio Belt, which straddles the Andes, from Argentina to Chile. Argentinean exploration lagged far behind Chilean until the 1990s, which saw the discovery of Veladero, with its 12 million ounces. And then the price of gold collapsed, which put paid to exploration until 2008, when concessions were put out to tender. “It’s amazing, really,” Warman says. “You’ve got 30 million ounces and yet no more than five or six years of exploration history.”

Warman says of Del Carmen, “It’s starting to look quite a bit like Veladero in its characteristics. It seems to be really shallow; a lot of mineralization comes to surface; and it’s oxidized, so it responds well to heat-leaching processing. We’ve done a little bit of preliminary metallurgical work and got very good results in terms of recoveries. The assays are averaging between half and one-and-a-half grams over intervals of tens of metres.”

Del Carmen is located at 4,000 to 5,200 metres elevation. At those heights, Warman explains, “Mining has to be relatively easy, and what we’ve found is very encouraging in that respect. We’ve outlined mineralization about 500 metres in strike length and something like 140 metres in vertical thickness. It appears to be open both along strike and vertically, so we’re pretty happy.”

The most recent assays from Del Carmen, February 8, include 1.41 grams per tonne gold and 3.2 g/t silver over 49 metres, including 7.08 g/t gold and 11.6 g/t silver over 8 metres, 0.41 g/t gold and 8.78 g/t silver over 22 metres, 0.90 g/t gold and 13.25 g/t silver over 24 metres and 0.77 g/t gold and 9.3 g/t silver over 86 metres. Higher grades from previous results have included 2.22 g/t gold over 35 metres and 2.75 g/t gold over 22 metres.

An 11,000-metre drilling campaign which began in November will continue until April. Despite the altitudes, transportation is not a problem. “We did an analyst tour before Christmas,” Warman reports. “We drove a 30-passenger bus right up and parked it at the camp at 4,000 metres. From there, you can drive anywhere on the property.”

For the next season, Malbex plans “a much larger drilling program: double or triple what we’re drilling now.” And he hopes this summer for an inferred resource estimate of the Rojo Grande deposit.

As to the potential size of the resource, “It’s tough to say,” Warman admits. “As a conceptual target, we can imagine being to able to put together something between one million and three million ounces at Rojo Grande alone, and of course that would change if we were to hit some higher-grade zones. But we did hit eight metres of seven-odd grams, so it wouldn’t take much more of that higher grade to fatten up our resource. We’ve also got a number of other promising areas at Del Carmen, and a second drill is going after some of those targets.”

Malbex shares have risen 25 cents this month, to $0.80 February 16. The company has a market cap of $80 million, $8 million in cash and a burn rate (while drilling) of $1 million a month. Given that exploration is possible only seven months a year at Del Carmen, Malbex looks to fill the lull with new projects that can be worked on year round, and Warman says to expect an announcement in that regard shortly.

The ultimate goal for Del Carmen, Warman says, is a project “similar to Veladero: a simple, low-cost, open-pit heap-leaching operation.” But don’t expect Malbex to be there then. “We are explorers; we are not mine builders. We like to find projects and add value to them. If you look at the share-price curve of companies that make discoveries, the steep part is from the discovery hole up to prefeasibility. We really want to hit that sweet spot, and two years from now we should be right in the middle of it.”