Alturas Completes First Phase Drilling of Large Copper-Gold-Silver-Molybdenum, Skarn-Porphyry Discovery at Chapi Chapi Projec...
May 10 2012 - 7:00AM
Marketwired Canada
Alturas Minerals Corp. (the "Company" or "Alturas") (TSX VENTURE:ALT)(LMA:ALT)
is pleased to announce that it has completed the first drilling program at its
emerging Chapi Chapi discovery in southeastern Peru, comprising 16 diamond holes
for 5,498.45 meters drilled over the central part of the 4.5 x 2.5 kilometers
mineralized area. The strong metal values intersected have confirmed a large
copper-gold-molybdenum system and highlight the need of a follow-up drilling
program to define possible extensions of the intersected mineralized bodies and
to explore numerous additional untested drill targets.
Highlights of the mineralized intercepts include:
Copper-gold-silver-molybdenum mineralized in exoskarn
Drilling in the "Chapi Chapi" target zone aimed to test outcropping, copper and
gold rich, magnetite-skarn bodies and a plutonic complex comprising dioritic,
monzodioritic and monzonitic stocks, with the later displaying phyllic,
stockwork-type alteration and anomalous copper and gold values at surface. Holes
CHA-11-03 and CHA-12-10 are highlighted, intercepting intercalated packages of
propilitically-altered dioritic to monzonitic stocks and sub-horizontal
magnetite skarn zones that can be correlated with skarn bodies outcropping 250
meters west of the drillhole collar. The skarn features abundant disseminations
and veinlets of sulphides reporting significant copper-gold mineralization.
Drillhole CHA-11-03 was lost due to ground conditions at 221 meters, bottoming
at the top of another mineralized magnetite-skarn zone.
The mineralized rock is a magnetite-rich garnet-pyroxene-wollastonite skarn
affected by retrograde hydrothermal alteration including magnetite, actinolite,
calcite, scapolite, albite and sulphides (pyrite, chalcopyrite, pyrrhotite, gold
and molybdenite). Metal grades fluctuate between 0.57% and 1.31% copper
equivalent (see table below).
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From To Length Cu Au Ag Mo % Cu
Drill Hole (m) (m) (m) (%) (g/t) (g/t) (%) eq
----------------------------------------------------------------------------
CHA-11-03 35.50 58.10 22.60 0.35 0.25 1.30 0.01 0.57
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" 80.60 95.30 14.70 0.52 0.27 1.81 0.01 0.76
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including 80.60 85.40 4.80 0.93 0.44 3.00 0.02 1.31
----------------------------------------------------------------------------
CHA-12-10 74.00 114.50 40.50 0.30 0.30 1.63 0.03 0.60
----------------------------------------------------------------------------
including 86.00 114.50 28.50 0.39 0.39 2.08 0.04 0.80
----------------------------------------------------------------------------
90.00 109.10 19.10 0.53 0.53 2.08 0.05 1.06
----------------------------------------------------------------------------
(i) Copper Equivalent assumptions: Based on metal prices as of closing May
4, 2012, US$3.75/lb Cu, US$1642.10/oz Au, US$30.34/oz Ag and US$13.00/lb Mo.
The formula used is as follows: Cu eq= Cu% + (Au g/t x 0.639) + (Ag g/t x
0.012) + (Mo% x 3.47)
Copper-molybdenum-gold-silver mineralization in endoskarn
Approximately 180 meters northeast of the holes described above, garnet-pyroxene
skarns occur on surface at the contact with a large dioritic to monzonitic
plutonic intrusive complex. In the proximity of the monzonitic intrusive, which
shows porphyry-style alteration, the skarn bodies are affected by retrograde
alteration and mineralization. Hole CHA-11-08 is highlighted, intersecting 178
meters of endoskarn intercalated with monzonitic porphyry intrusives, where the
mineralization is associated with phyllic and propylitic alteration, including
quartz-sericite, calcite, chlorite, magnetite, pyrite and chalcopyrite. The
molybdenite content is unusually high, reporting an intercept of 36.80 meters
averaging 0.21% molybdenum. Metal grades are 0.52% to 0.95% copper equivalent
(see table below).
----------------------------------------------------------------------------
From To Length Cu Au Ag Mo % Cu
Drill Hole (m) (m) (m) (%) (g/t) (g/t) (%) eq
----------------------------------------------------------------------------
CHA-11-08 93.75 177.70 83.95 0.15 0.05 0.83 0.10 0.52
----------------------------------------------------------------------------
including 100.50 137.30 36.80 0.16 0.07 0.33 0.21 0.95
----------------------------------------------------------------------------
(i) Copper Equivalent assumptions: Based on metal prices as of closing May
4, 2012, US$3.75/lb Cu, US$1642.10/oz Au, US$30.34/oz Ag and US$13.00/lb Mo.
The formula used is as follows: Cu eq= Cu% + (Au g/t x 0.639) + (Ag g/t x
0.012) + (Mo% x 3.47)
Gold-silver mineralization in altered and brecciated sandstones
In the central part of the Huarajo target area a combination of high
chargeable-low resistive geophysical anomalies underlying a magnetic anomaly was
drill tested by drill holes CHA-11-02 and CHA-11-02A. Outcrops in this area
include altered and brecciated sandstones and intrusive fingers, both showing
phyllic, stockwork-type alteration and moderate copper and gold rock chip
anomalies. The holes intercepted a thick sedimentary sequence including
feldspathic- and quartz-rich sandstones intercalated with shales and siltstones,
all displaying intense phyllic alteration with abundant pyrite throughout. Gold
mineralization is associated with shallow-dipping hydrothermal breccias with
silica, sericite and pyrite in the matrix (sphalerite and tetrahedrite have also
been reported), replacing selected sandstone units that can be correlated for
the 200 meters between drill holes CHA-11-02 and CHA-11-02A (see table below).
----------------------------------------------------------------------------
From To Length Cu Au Ag Mo g/t
Drill Hole (m) (m) (m) (%) (g/t) (g/t) (%) Au eq
----------------------------------------------------------------------------
CHA-11-02 14.50 17.50 3.00 - 0.16 - - 0.16
----------------------------------------------------------------------------
" 45.30 70.20 24.90 - 0.12 0.57 - 0.13
----------------------------------------------------------------------------
including 45.30 47.00 1.70 - 0.40 2.10 - 0.44
----------------------------------------------------------------------------
" 151.50 157.00 5.50 - 0.14 3.50 - 0.21
----------------------------------------------------------------------------
" 181.00 209.00 28.00 - 0.27 0.35 - 0.27
----------------------------------------------------------------------------
" 269.30 285.80 11.30 - 0.23 1.18 - 0.25
----------------------------------------------------------------------------
" 311.40 313.40 2.00 - 0.22 3.30 - 0.28
----------------------------------------------------------------------------
" 325.40 334.30 8.90 - 0.22 1.06 - 0.24
----------------------------------------------------------------------------
CHA-11-02A 13.20 43.20 30.00 - 0.37 0.67 - 0.38
----------------------------------------------------------------------------
including 13.20 28.00 14.80 - 0.67 1.30 - 0.69
----------------------------------------------------------------------------
" 121.20 147.90 26.70 - 0.39 1.45 - 0.42
----------------------------------------------------------------------------
including 137.60 147.90 10.30 - 0.66 2.75 - 0.71
----------------------------------------------------------------------------
" 182.80 193.60 10.80 - 0.17 1.10 - 0.19
----------------------------------------------------------------------------
" 275.15 276.40 1.25 - 0.16 0.95 - 0.17
----------------------------------------------------------------------------
" 285.40 287.60 2.20 - 0.25 0.62 - 0.26
----------------------------------------------------------------------------
" 291.40 292.90 1.50 - 0.20 0.90 - 0.21
----------------------------------------------------------------------------
" 317.50 318.10 0.60 - 0.35 7.90 - 0.50
----------------------------------------------------------------------------
Gold Equivalent assumptions: Based on metal prices as of closing May 4,
2012, US$1642.10/oz Au and US$30.34/oz Ag. The formula used is as follows:
Au eq= Au g/t + (Ag g/t x 0.018).
Copper-gold-molybdenum porphyry-style mineralization
Porphyry-style mineralization occurs in the monzonitic and monzodioritic
intrusives and in sandstone/siltstone sediments. Drill holes CHA-11-04,
CHA-11-06, CHA-11-07, CHA-12-09, CHA-12-11, CHA-12-13 and CHA-12-15 intersected
moderate potassic alteration with disseminations and discontinuous veinlets of
chalcopyrite and molybdenite, plus superimposed phyllic and propylitic
alteration containing chalcopyrite, molybdenite, pyrite and pyrrhotite.
Low-grade, copper-gold-molybdenum mineralization has been reported over broad
intervals from several of the above mentioned drill holes:
-- Hole CHA-11-06 reported 245 meters of porphyry-style mineralization,
corresponding with copper grades of between 0.01 and 0.12% copper, and
intermittent strongly anomalous values of gold and molybdenum.
-- Hole CHA-12-09 reported 117 meters averaging 0.05% Cu, 0.005% Mo and
0.02 g/t Au
-- Hole CHA-12-11 intercepted 35.5 meters averaging 0.16% Cu, 0.030% Mo and
0.07 g/t Au
-- Hole CHA-12-13 highlighted 11 meters averaging 0.40 g/t Au, and 96
meters averaging 0.06% Cu, 0.03 g/t Au and 0.002% Mo
-- Hole CHA-12-15 reported 47 meters averaging 0.03% Cu and 0.05 g/t Au,
and 43 meters averaging 0.05% Cu, 0.05 g/t Au and 0.005% Mo
Miguel Cardozo, President and CEO of Alturas commented: "We are excited and
intrigued by the results of this initial drilling program at Chapi Chapi; it
confirms that the Company has uncovered a very large and strong
copper-gold-molybdenum mineralized system in this prolific porphyry-skarn belt
where several large economic deposits are located nearby. The program has
successfully highlighted the existence of varied mineralization styles, and the
geological complexity, present at Chapi Chapi. Subsequent drilling campaigns
will target hidden high grade skarn and porphyry bodies, potentially similar to
the various examples nearby in the Apurimac belt, where apparently poorly
outcropping mineralized occurrences have in some cases later grown into very
large economic deposits through detailed exploration drilling. In addition, the
Company will target potentially economic gold-silver replacement bodies in
hydrothermally altered and brecciated sandstones in the aureoles of monzonitic
intrusive stocks".
Dr. Cardozo added that "Alturas has outlined a large, potentially economic,
copper-gold-molybdenum mineralized system: a second phase drilling program of
10,000 meters is planned for the second half of 2012 and it will start as soon
as the environmental permit is obtained. The second phase program will aim to
more precisely define the extent and quality of the widespread
copper-gold-molybdenum mineralization."
About Alturas Minerals Corp
Alturas is a Canadian corporation, and is the indirect parent of the Peruvian
company, Alturas Minerals S.A. ("Alturas Peru") and of the Chilean company,
Alturas Chile Limitada ("Alturas Chile"). Alturas Peru has been exploring
various mineral projects in Peru since January 2004. Alturas Chile initiated
exploration activities during the second quarter of fiscal 2010. Alturas'
exploration strategy is focused on the discovery of large copper-gold
porphyry/skarn deposits and epithermal gold mineralized deposits.
The principal assets of Alturas are one project in drilling stage Chapi
Chapi-Utupara and five drill-ready mineral exploration projects located in Peru
and Chile, including the Sombrero, Huajoto, Ccaccapaqui and Pampa Colorada
projects in Peru, and La Corina property in Chile. Alturas entered into a
revised agreement on its Pampa Colorada property with Origen Group S.A.C. and
into an option agreement on its Ccaccapaqui project with Compania de Minas
Buenaventura S.A.A. (see press releases dated January 5th, 2012 and January
31st, 2012, respectively). In addition, Alturas Peru has interests in three
other less-advanced exploration projects in Peru (Callejones, San Antonio and La
Divina).
About Alturas's QA/QC Procedures
Strict sample integrity is maintained throughout the geochemical sampling
program. The bagged samples are transported by Alturas staff to the city of
Abancay in South Peru where they are shipped directly to Inspectorate Services
Peru SAC Labs in Lima. Inspectorate is an ISO 9001:2000 certified laboratory
that is preparing for ISO 17025 accreditation. At the Inspectorate's Lima
facility, all samples are dried then crushed to 90% -10 mesh (less than 2mm)
size; then riffle split to obtain an approximately 200 gram subsample. The
subsample is further crushed to 95% -200 mesh (less than 75 microns) to obtain a
100 gram split ready for analysis. All samples are routinely assayed for gold by
conventional fire-assay methods at Inspectorate's Lima facility, and for 34
additional elements (including silver, copper, lead, zinc) using aqua regia acid
digestion followed by Inductively Coupled Plasma-Atomic Emission Spectroscopy
("ICP-AES") analysis. Alturas follows a rigorous QC/QA program, including
routine insertion of standards and blanks as well as assay of duplicate samples
at other independent laboratories. Certified standards, of known gold grade are
inserted "blind" every 20th sample as an independent check on assay accuracy.
As required by the National Instrument 43-101, Alturas's designated Qualified
Person for the supervision of exploration of the projects is Dr. Paul Pearson,
F. AUSIMM, who has reviewed the technical information reported in this News
Release.
About the Huaquirca copper-gold district
The Huaquirca copper-gold district is situated in the department of Apurimac in
southern Peru, within the emerging Apurimac-Cusco porphyry-skarn belt of
southeastern Peru. The 6,903 hectare Chapi Chapi property block is immediately
adjacent to Alturas' 5,276 hectare Utupara property. Together the two projects
now comprise a larger joint venture area ("Huaquirca Joint Venture") between
Alturas and Minera IRL Limited.
At Chapi Chapi, Alturas conducted 104.7 line-km ground magnetic and 70.2 line-km
induced polarization geophysical surveys during 2011. Geophysical modeling,
complemented by surface geochemical copper-gold anomalies and extensive areas of
mapped skarn mineralization, hydrothermally altered sandstone horizons and
strong alteration within monzonitic intrusive rocks, together define a 4.5
kilometer by 2.5 kilometer zone of skarn-, replacement- and porphyry-style
mineralization.
The limestones in the Huaquirca District are part of the same unit (Ferrobamba
Formation) that hosts world-class skarn deposits in the Apurimac-Cusco
porphyry-skarn belt, such as the Tintaya and Las Bambas copper-gold skarn
projects of Xstrata. The quartzite sandstone unit (Hualhuani Formation) also
hosts a significant copper oxide resource at the nearby Antilla project of
Panoro Minerals, situated some 10 kilometers to the west. The Los Chancas copper
porphyry deposit (in feasibility stage by Southern Copper Corporation) is hosted
by a similar intrusive complex located 20 kilometers north of the Huaquirca
District and the Trapiche copper porphyry exploration project of Buenaventura
occurs 15 kilometers to the south.
An Initial dioritic, intrusive phase in the Chapi Chapi project area produced an
intense thermal metamorphism/metasomatism at the contact with the sedimentary
sequence, generating garnet-pyroxene skarns, marble, hornfels and quartzites.
This phase was followed by subsequent phases of dioritic porphyries and
monzodioritic intrusives. A later phase of monzonitic intrusive was emplaced
along subvertical structures and as sills following stratigraphically weaker
zones, inducing an extensive hydrothermal alteration in several successive
phases.
For maps and an extended summary of previous exploration results, refer to the
Company's website http://www.alturasminerals.com/press-release-maps.html.
About the Agreement with Minera IRL Limited
Under an amended agreement signed with Minera IRL Limited ("IRL") in January
2011, the parties agreed that the Chapi-Chapi and Utupara properties would be
combined as the "Huaquirca Joint Venture" and IRL would hold a 20% and Alturas
an 80% interest in the Huaquirca Joint Venture upon Alturas completing at least
15,000 additional meters of drilling on the Chapi-Chapi Property and a scoping
study by December 31, 2012. For further details, please refer to Alturas' press
release dated January 13th, 2012.
For further information, please visit the Company's website at
www.alturasminerals.com.
Should you wish to receive Company news via email, please email
investor@alturasminerals.com and specify "Alturas News" in the subject line.
Cautionary Language and Forward Looking Statements
This press release may contain "forward-looking statements", which are subject
to various risks and uncertainties that could cause actual results and future
events to differ materially from those expressed or implied by such statements.
Investors are cautioned that such statements are not guarantees of future
performance and results. Risks and uncertainties about the Company's business
are more fully discussed in the Company's disclosure documents filed from time
to time with the Canadian securities authorities.
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