Antares Intersects 750.65 m Interval of 0.74% Cu (0.84% Cu EQ) at Haquira East
February 18 2010 - 7:02AM
Marketwired Canada
Antares Minerals Inc. ("Antares") (TSX VENTURE:ANM) is pleased to announce the
results of 11 additional diamond drill holes (9,026 m) completed within or near
the Haquira East deposit of the Haquira copper-molybdenum-gold project in
southern Peru. These holes represent all of the previously unreported drill
holes from the Haquira East area and they have been incorporated into an updated
43-101 resource estimate that is scheduled to be released prior to the February
27th commencement of the BMO 2010 Global Metals and Mining Conference
(Hollywood, Florida) where Antares executives will be making one-on-one
presentations to global financial institutions, international mining companies,
and natural resources fund managers. The remaining unreported holes from the
Haquira West portion of the project area will be reported in a separate release.
Highlights from the holes reported in this release are as follows:
-- Additional long runs of copper mineralization within and along the
margins of the Haquira East deposit that widen the deposit (AHAD-173)
and improve the proportion of indicated versus inferred resources within
the upcoming resource estimate (AHAD-174)
-- AHAD-174: 750.65 m with 0.74% Cu, 0.01% Mo and 0.063 g/t Au (0.84%
Cu EQ) including 482.3 m with 0.81% Cu, 0.011% Mo and 0.059 g/t Au
(0.91% Cu EQ)
-- Infill hole to complete the 100-m drill grid within the deposit
-- AHAD-173: 499.65 m with 0.54% Cu and 0.07 g/t Au (0.057% Cu EQ)
-- 100-m step-out from AHAD-130 along the SW margin of deposit
-- New zone of copper mineralization confirmed at the Potato Patch
prospect, located between the Haquira East and Haquira West deposits;
all three new holes in this area encountered significant intervals of
near-surface leachable secondary Cu mineralization.
-- AHAD-121 30.85 m with 0.76% Cu
-- AHAD-122 52.00 m with 0.61% Cu
-- AHAD-163 25.90 m with 0.69% Cu
-- Near-surface leachable mineralization remains open and with good
potential for increase in resources with additional drilling
-- Underlying primary mineralization also present in two of three holes
with potential open to the southeast towards the Haquira East SW
Extension target
-- Four drill holes at the Haquira Far East (HFE) target failed to
encounter significant copper mineralization. Additional work may be
warranted but target has been downgraded for now.
John Black, President and CEO of Antares Minerals Inc. commented as follows:
"The drill holes completed in late 2009 continue to increase the size and
confirm the grade of the Haquira East deposit. We look forward to revealing the
updated resource estimate in the very near future. It has been over a year since
our current resource estimate for the Haquira East deposit was first released
(November, 2008) and it was based on 33 shallow holes (4,950 m) and 22 long
holes (16,800 m). Since then we have since completed an additional 13 long holes
(12,275 m) with most containing long intervals of copper mineralization,
including several of the best holes reported to date at the project. This
represents an increase of more than 50% in number of deep holes and total drill
meterage at Haquira East since the last resource estimate. The majority of the
new holes have been 100 m step-out holes along the southern and eastern margins
of the deposit with only three in-fill holes within the deposit. Based upon the
additional drilling, improvements to the geologic model and the introduction of
geologically constrained grade shells, we anticipate that the updated 43-101
resource estimate will show a significant increase in both tonnage and copper
grades at Haquira East.
We are also encouraged by the emergence of a new zone of mineralization at the
Potato Patch target, located between the Haquira East and Haquira West deposits.
Although additional drilling will be required to define the full extent of the
near-surface leachable secondary copper mineralization, this target already
shows promise to partially bridge the gap between the two principal deposits
currently defined at the Haquira project."
Please see figure 1 and tables 1 to 3 below for a complete summary of the new
results and refer to the Antares website at www.antaresminerals.com for
drill-hole location maps, cross sections and additional information about the
Haquira Copper project.
Discussion of Results
The locations of the eleven diamond drill holes (9,026 m) reported in this
release are indicated on Figure 1. Four of the drill holes were drilled within
or along the eastern margins of the Haquira East deposit to provide additional
data for the updated 43-101 resource estimate (see Table 1 below for results).
Drill hole AHAD-174 was completed as an in-fill hole to complete a gap in the
100-m drill spacing and returned better grades than predicted by the previously
released interim resource estimate (November, 2008) for this area. AHAD-173 was
collared 100 m to the SW of AHAD-130 and extends mineralization in this
direction. Hole AHAD-168 constrains the northern margin of the Haquira East
deposit and Hole AHAD-172 was drilled to the east of the deposit and did not
encounter significant mineralization.
To view Figure 1. Drill Hole Location Map for Haquira East Area, please visit
the following link: http://media3.marketwire.com/docs/haquirae.pdf
Figure 1 also denotes the drill holes that have been completed since the last
resource update including several of the best holes reported to date at the
project (see Antares press release of February 11, 2009 for additional results).
The majority of the new holes have been 100-m step-out holes along the southern
and eastern margins of the deposit with only three in-fill holes within the
deposit.
----------------------------------------------------------------------------
Table 1 - Significant drill intercepts - Haquira East
----------------------------------------------------------------------------
Drill- from to Length Cu % Mo Au g/t Cu Comments
hole (m) (m) (m) % sol- % EQ(1)
uble
----------------------------------------------------------------------------
AHAD-168 120.40 170.35 49.95 0.70 45 0.021 0.017 0.84 0.2% Cu
cut-off;
mixed
----------------------------------------------------------------------------
including 120.40 134.60 14.20 1.12 83 0.009 0.014 1.12 0.2% Cu
cut-off;
secondary
----------------------------------------------------------------------------
TD equals 248.75 364.50 115.75 0.38 na 0.011 0.016 0.45 0.2% Cu
510.20 m cut-off;
primary
----------------------------------------------------------------------------
390.80 406.40 15.60 0.36 na 0.003 0.019 0.36 0.2% Cu
cut-off;
primary
----------------------------------------------------------------------------
----------------------------------------------------------------------------
AHAD-172 no significant intervals to report
----------------------------------------------------------------------------
TD equals
392.90 m
----------------------------------------------------------------------------
AHAD-173 171.10 182.60 11.50 0.43 17 0.004 0.018 0.43 0.2% Cu
cut-off;
primary
----------------------------------------------------------------------------
TD equals 239.10 265.70 26.60 0.40 15 0.015 0.017 0.50 0.2% Cu
1055.35 m cut-off;
primary
----------------------------------------------------------------------------
271.40 284.30 12.90 0.49 60 0.015 0.015 0.59 0.2% Cu
cut-off;
secondary
----------------------------------------------------------------------------
320.40 326.15 5.75 1.11 94 0.024 0.016 1.27 0.2% Cu
cut-off;
secondary
----------------------------------------------------------------------------
338.85 350.65 11.80 0.43 90 0.008 0.007 0.43 0.2% Cu
cut-off;
secondary
---------------------------------------------------------------------------
390.65 397.35 6.70 0.83 89 0.015 0.014 0.93 0.2% Cu
cut-off;
secondary
----------------------------------------------------------------------------
456.25 508.50 52.25 0.45 na 0.036 0.019 0.69 0.2% Cu
cut-off;
primary
----------------------------------------------------------------------------
531.00 543.50 12.50 0.22 na 0.013 0.006 0.31 0.2% Cu
cut-off;
primary
----------------------------------------------------------------------------
551.80 1051.45 499.65 0.54 na 0.006 0.070 0.57 0.2% Cu
cut-off;
primary
----------------------------------------------------------------------------
----------------------------------------------------------------------------
AHAD-174 93.00 843.65 750.65 0.74 na 0.010 0.063 0.84 0.2% Cu
cut-off;
all
----------------------------------------------------------------------------
including 93.00 115.35 22.35 0.62 68 0.005 0.051 0.64 0.2% Cu
cut-off;
secondary
----------------------------------------------------------------------------
and 353.60 835.90 482.30 0.81 na 0.011 0.059 0.91 0.2% Cu
cut-off;
primary
----------------------------------------------------------------------------
TD equals
873.45 m
----------------------------------------------------------------------------
Three of the drill holes presented in this release tested the Potato Patch
target, located between the Haquira East and Haquira West deposits (see Figure 1
above and Table 2 below). Previous drilling had indicated the presence of
mineralization in the area and these three holes have confirmed the presence of
near-surface leachable secondary copper mineralization. Additional drilling will
be required to determine the extent of the near-surface leachable mineralization
and also to pursue the potential for underlying primary copper sulphide
mineralization as discovered below the leachable mineralization at Haquira East.
----------------------------------------------------------------------------
Table 2 - Significant drill intercepts - Potato Patch Target
----------------------------------------------------------------------------
Drill- from to Length Cu % Mo Au g/t Cu Comments
hole (m) (m) (m) % sol- % EQ(1)
uble
----------------------------------------------------------------------------
AHAD-121 34.55 65.40 30.85 0.76 66 less 0.017 0.76 0.2% Cu
than cut-off;
0.001 secondary
----------------------------------------------------------------------------
TD equals
566.35 m
----------------------------------------------------------------------------
AHAD-122 37.35 196.20 158.85 0.42 30 0.012 0.024 0.50 0.2% Cu
cut-off;
all
----------------------------------------------------------------------------
TD equals 37.35 89.35 52.00 0.61 52 0.006 0.024 0.61 0.2% Cu
550.85 m cut-off;
secondary
----------------------------------------------------------------------------
89.35 196.20 106.85 0.33 23 0.014 0.024 0.43 0.2% Cu
cut-off;
primary
----------------------------------------------------------------------------
----------------------------------------------------------------------------
AHAD-163 149.60 217.90 68.30 0.61 60 0.002 0.013 0.61 0.2% Cu
cut-off;
all
----------------------------------------------------------------------------
including 149.60 175.50 25.90 0.69 94 0.002 0.008 0.69 0.2% Cu
cut-off;
secondary
----------------------------------------------------------------------------
and 183.00 217.90 34.90 0.67 35 0.002 0.018 0.67 0.2% Cu
cut-off;
primary
----------------------------------------------------------------------------
TD equals
544.75 m
----------------------------------------------------------------------------
Four holes were also completed to test the Haquira Far East (HFE) target located
approximately one kilometer east of the Haquira East deposit. The HFE target
presents a geological setting similar to Haquira East with a large recessively
weathered topographic bowl that was thought to represent a covered porphyry
deposit. The four holes encountered several narrow intercepts of copper
mineralization associated with narrow porphyry dikes and sills, but failed to
intersect mineralization of immediate economic interest (see Table 3 below).
Although further drilling may be warranted in the area in the future, this
target's priority has been downgraded at this time.
----------------------------------------------------------------------------
Table 3 - Significant drill intercepts - Haquira Far East (HFE) Target
----------------------------------------------------------------------------
Drill- from to Length Cu % Mo Au g/t Cu Comments
hole (m) (m) (m) % sol- % EQ(1)
uble
----------------------------------------------------------------------------
AHAD-162 194.80 218.15 23.35 0.57 28 less 0.029 0.57 0.2% Cu
than cut-off;
0.001 primary
----------------------------------------------------------------------------
TD equals
488.35 m
----------------------------------------------------------------------------
AHAD-164 46.15 66.90 20.75 0.45 87 0.002 0.016 0.45 0.2% Cu
cut-off;
secondary
----------------------------------------------------------------------------
TD equals
263.90 m
----------------------------------------------------------------------------
AHAD-165 65.00 71.10 6.10 0.98 91 less 0.012 0.98 0.2% Cu
than cut-off;
0.001 secondary
----------------------------------------------------------------------------
TD equals
236.80 m
----------------------------------------------------------------------------
AHAD-166 3.25 30.60 27.35 0.31 28 0.005 0.019 0.31 0.2% Cu
cut-off;
secondary
----------------------------------------------------------------------------
TD equals 61.60 71.20 9.60 0.48 94 0.004 0.024 0.48 0.2% Cu
691.90 m cut-off;
secondary
----------------------------------------------------------------------------
74.60 80.40 5.80 0.27 93 0.001 0.010 0.27 0.2% Cu
cut-off;
secondary
----------------------------------------------------------------------------
181.10 188.55 7.45 0.38 66 0.001 0.038 0.40 0.2% Cu
cut-off;
secondary
----------------------------------------------------------------------------
228.75 234.80 6.05 0.37 28 0.010 0.034 0.45 0.2% Cu
cut-off;
primary
----------------------------------------------------------------------------
----------------------------------------------------------------------------
About the Haquira Copper Project, Peru
The Haquira project is located in southern Peru and offers excellent potential
for an initial low-strip, low-cost SX-EW copper operation with a subsequent
transition to a higher grade primary porphyry copper-molybdenum
mill/concentrator operation. The project is located contiguous to, and
immediately south of, Xstrata Copper's Las Bambas Cu-Au project and consists of
two blocks of property optioned under separate agreements as well as additional
concessions acquired by Antares for a total of 20,635 hectares of area. Antares
has an option agreement with Minera Phelps Dodge del Peru S.A.C. to acquire a
100% interest in the original Haquira project by completing optional payments
totalling US$15 million over a five-year period (see Antares press release dated
March 17, 2005). A total of US$10 million has been paid to date with the
remaining US$5.0 million due on or before March 4, 2010. Antares also has an
option agreement with Minera del Suroeste S.A.C. (MISOSA), a wholly owned
subsidiary of Hochschild Mining PLC, whereby Antares can acquire up to a 60%
interest in the Cristo de los Andes project, located contiguous to, and
immediately south of the Haquira project (see Antares press release dated April
28, 2008).
Antares has announced an updated resource estimate (October 9, 2007) and
Preliminary Economic Assessment (May 14, 2008) for the near-surface, SX-EW
amenable portion of the Haquira project. Mineralization at Haquira occurs within
two deposits (Haquira East and Haquira West) with a combined indicated resource
of 133.7 million tonnes at 0.53% total Cu with an additional inferred resource
of 43.6 million tonnes at 0.44% total Cu (0.3% total Cu cut-off, leachable
secondary copper sulphide and oxide mineralization only). This resource is
projected to support a 50,000 t/d SX/EW heap leach operation that will produce
an average of 109 million lbs of copper cathode for 11 years of mine life. The
capital cost to construct the operation is estimated at US$301 million with a
projected IRR of 26.9% and an NPV of US$224 million utilizing a copper price of
US$2.00/lb and a discount rate of 8%.
Antares has also recently announced the first interim resource estimate for the
underlying primary Cu-Mo-Au mineralization at the Haquira East zone based upon
drill holes up to AHAD-120 (November 24, 2008). The Haquira East primary
mineralization includes an indicated resource of 147.9 million tonnes at 0.57%
Cu and 0.015% Mo, an inferred resource to a depth of 700m of 205.2 million
tonnes at 0.56% Cu and 0.014% Mo and an additional inferred resource below 700 m
depth of 99.4 million tonnes at 0.46% Cu and 0.008% Mo. Mineralization remains
open to depth and several directions laterally. Additional drill holes that have
been released after the completion of the interim resource calculation include
hole AHAD-159 which intersected 937 m of 1.14% Cu, 0.034% Mo and 0.1 g/t Au -
the best hole completed at Haquira to date.
About Antares
Antares is a successful mineral exploration company with highly experienced
technical and management teams. The Company is focused on precious- and
base-metal exploration properties in Latin America that can be quickly and
cost-effectively advanced to the discovery and production stage. In addition to
the Haquira Project in Peru, Antares is also currently exploring the Rio Grande
(Cu-Au porphyry) project in Salta Province of NW Argentina in a 50/50
option/joint-venture basis with Pachamama Resources Ltd., a spin-off from
Mansfield Minerals Inc.
For further information: please visit our website at www.antaresminerals.com.
(1) CuEQ equals Copper Equivalent is calculated for intervals dominated by
primary mineralization using US$1.50/lb Cu, US$500/oz Au, and US$10.00/lb Mo and
is not adjusted for metallurgical recoveries as these remain uncertain.
Metallurgical recoveries and net smelter returns are assumed to be 100%. The
formula used is as follows: CuEQ equals Cu% + (Au g/t x 10.72/22.05) + (Mo% x
10.00/1.50). Copper Equivalent contributions from Au and Mo only occur if the
grade of Au exceeds 0.03 g/t and/or the grade of Mo exceeds 0.01% and if the
interval is dominated by primary sulphide mineralization.
All of Antares' exploration programs and pertinent disclosure of a technical or
scientific nature are prepared by, or prepared under the direct supervision of
John Black, Antares' President, who serves as the qualified person (QP) under
the definitions of National Instrument 43-101.
Antares' security, chain of custody and quality control is described on their
website and can be reviewed at:
http://www.antaresminerals.com/bestpractices/samplingmethodologies
Mineral resources do not have demonstrated economic viability and future in-fill
drilling and scoping, pre-feasibility and feasibility studies will determine
what percentage of the inferred resource can be placed into the mineable
category. Antares is not aware of any environmental, permitting, legal, title,
taxation, socio-political, marketing or other issue which may materially affect
this estimate of mineral resources.
Certain disclosure in this release, including management's assessment of
Antares' plans and projects, constitutes forward-looking statements that are
subject to numerous risks, uncertainties and other factors relating to Antares'
operation as a mineral exploration company that may cause future results to
differ materially from those expressed or implied. Readers are cautioned not to
place undue reliance on forward-looking statements.
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