Cascadero Copper Corporation: Exploration Starts on Five Properties That Adjoin Lumina Copper's Cu-Au-Mo Taca Taca Bajo Porph...
May 29 2012 - 9:50AM
Marketwired Canada
Salta Exploraciones S.A. (Salta), Cascadero's (TSX VENTURE:CCD) 50% owned
Argentine subsidiary, has mobilized an exploration crew to start property-scale
Mobile Metal Ion (MMI) geochemistry, outcrop rock sampling and mapping on five
properties adjoining Lumina's 1.762 billion tonne Taca Taca Bajo Cu-Mo-Au
deposit. MAP ONE shows the relative position of the Salta claims with respect to
the deposit.
To view MAP ONE please click on the following link:
http://media3.marketwire.com/docs/CascMap529.pdf
LUMINA'S TACA TACA BAJO WORLD CLASS CU-AU-MO DEPOSIT
The Taca Taca Mineral District is located in Salta province in the Puna region
of north western Argentina. It is approximately 230 kilometres west of the
provincial capital of Salta. Lumina's Taca Taca Bajo is close to the
Argentina-Chilean border and 120 kilometres east of Escondida, which is one of
the world's largest copper mines and the world's single largest copper producer.
The Lumina Taca Taca claim group consists of 2,546 hectares as displayed in MAP
ONE above with RED boundary lines.
On May 16th 2012, Lumina published inferred and indicated resources that total
1.762 billion tonnes grading 0.53% copper, 0.016 molybdenum and 0.099 g/t gold.
The deposits' resource contains approx. 20.5 billion pounds of copper, approx.
5.5 million ounces of gold and approx. 603 million pounds of molybdenum at a
0.40% copper equivalent cut-off. It has potential for further significant
growth. TABLE ONE below compares Taca Taca Bajo with three other undeveloped
copper deposits.
TABLE ONE
METAL COMPOSITE COMPARABLES
Deposit Data and Gross metal Value per tonne
---------------------------------------------------------------------------
Metal
Cu Au Mo Value Cu
Resource % % % US$ Lbs Au
Tonnes in in in per (bill- Oz
Deposit Company Country (billion) situ situ situ tn ion) (mil)
---------------------------------------------------------------------------
Cerro Barrick Chile 1.34 45% 55% 0% $31 6.2 15.5
Casale (75%)
---------------------------------------------------------------------------
Agua Rica Alumbrera Argentina 0.91 63% 22% 15% $51 9.8 6.7
JV
---------------------------------------------------------------------------
Prosperity Taseko Canada 1.01 45% 55% 0% $36 5.3 13.3
Mines
---------------------------------------------------------------------------
Taca Taca Lumina Argentina 1.76 80% 11% 9% $44 20.5 5.5
Copper
---------------------------------------------------------------------------
The deposit has a gross metal value of approx. US$76.5 billion and the most
pounds and highest percentage of copper of the four comparables. Lumina is
conducting a planned 163,500 metre drill program (85,932 metres completed
through May 3, 2012) and has 9 drill rigs (7 core and 2 reverse circulation
rigs) operating. There is a high-probability this drill program will materially
increase the tonnage of the deposit. Completion is expected in the fourth
quarter of 2012. The Company's announced that it intends to sell the deposit to
a major mining company for development.
SALTA EXPLORACIONES S.A.
TABLE TWO
SALTA'S TACA TACA CLAIM DETAILS
LA SARITA AREA
---------------------------------------------------------------------------
Salta Salta
Inte- Net Geological
Claim ID Units Has rest Has Model Target Metals
---------------------------------------------------------------------------
La Sarita I 15 1,491 100% 1,491 IOCG-Porphyry- copper-moly-gold
copper-gold
veins
---------------------------------------------------------------------------
La Sarita II 14 1,400 100% 1,400 IOCG-Porphyry copper-moly-gold
---------------------------------------------------------------------------
Sarita Este 9 830 100% 830 Low-Sulph- gold-silver
Epithermal-gold
veins
---------------------------------------------------------------------------
Sarita Sur 24 2,376 100% 2,376 Low-Sulph- gold-silver
Epithermal-gold
veins
---------------------------------------------------------------------------
La Sarita Sur II 6 600 100% 600 IOCG-Porphyry copper-moly-gold
---------------------------------------------------------------------------
Francisco I 13 1,313 50% 656 IOCG-Porphyry- copper-moly-gold
Cu-Au Veins
---------------------------------------------------------------------------
Francisco II 10 1,000 50% 500 Porphyry - copper-moly-gold
copper-gold
veins
---------------------------------------------------------------------------
Deserito I 15 1,500 33% 500 Low-Sulph - copper-silver-
silver Veins gold
---------------------------------------------------------------------------
Desierto II 10 1,000 33% 333 High-Sulph- copper-moly-
Epithermal- gold-silver
Porphyry
---------------------------------------------------------------------------
Totals 116 11,509 8,686
---------------------------------------------------------------------------
TABLE TWO details Salta's claim holding in the Taca Taca Mineral District. Salta
is planning a three stage exploration program on each of its five claims. The
first phase, which consists of property-scale geochemistry including rock
outcrop grab and Mobile Metal Ion (MMI) samples. Subject to results, a second
stage consisting of IP/Res/Mag geophysics is planned. Subject to identifying
geophysical targets a core drilling program will occur.
Based on Salta's knowledge of this area and the results of Salta's historic
sampling there are multiple occurrences of copper, gold and silver in the
property area. In addition, there are areas of porphyry style alteration and
significant areas of silicification. Salta will start work on the 100% owned
Sarita Este claim where historic sampling yielded promising gold and base metal
assays in a large area of silicification that adjoins the Taca Taca Bajo deposit
to its immediate west.
Of the 51 historic Salta (2007) Sarita Este rock outcrop grab samples 30 assayed
between 8ppb to 100ppb; eight were 101ppb to 1,000ppb, five were 1,001ppb to
5,000ppb, and three were over 5,000 ppb. Three samples assayed over 5,000ppb and
2 were greater than one ounce of gold with the highest at 36,400ppb or 36.4 g/t
Au (1.17 oz/tn). Of the 51 samples, 13 were greater than 0.05% copper with
highest at 0.86% copper. Zinc values are very anomalous and molybdenum is
anomalously low. Arsenic is also very low. The geochemistry of this area has
characteristics common to silicified gold bearing systems proximal to Cu-Au-Mo
porphyry systems. The objective is to resample the area to expand the scope of
the sampled area and to verify the historic results.
In addition, two historic trenches on the Francisco II Cateo encountered an area
of high-sulphidation alteration, which hosts a north south trending quartz vein.
One Salta historic chip sample (BR5069) from the vein assayed 5.13 g/t gold.
This vein is described as a quartz hematite gold-copper showing. Further to the
northwest on Francisco I, the geology may transition from porphyry style to
IOCG, as exposed in one pit, where rock grab samples returned high-values of
copper-gold. This area is also described as hosting quartz hematite gold-copper
showings. These are potential drill targets and the Company expects to identify
additional drill targets with IP/Res/Mag geophysical surveys.
The La Sarita, Sarita Este, Francisco and Desierto claim group is a large under
explored area to the west of Lumina's Taca Taca Bajo deposit. It is about 8kms
east west by 16kms north south and is a highly prospective geological
environment.
It is one thing for a junior exploration company to have a high-quality property
that adjoins a mineral deposit but Taca Taca Bajo is not just any copper
deposit. It is a world class Cu-Au-Mo porphyry system with tonnage and grade in
the top quartile of undeveloped global porphyry systems.
Salta identified the Taca Taca area as a core portfolio holding and acquired
property here from 2005 to 2012. The Company has a large geologically and
strategically important land position in the Taca Taca Mineral District. The
Company is looking forward to adding significant value to the Taca Taca area
development as a world class mining district.
ABOUT CASCADERO COPPER
Cascadero Copper is an integrated prospecting and mineral exploration business
with offices in North Vancouver, BC, Canada, Sudbury, Ontario, Canada and Salta
City in the province of Salta, Republic of Argentina. The Company generates,
acquires and explores mineral properties and it active in the three
jurisdictions.
In north central British Columbia, the Company has a 100% interest in a 31,000
hectare property in the Toodoggone region, which is prospective for copper gold
porphyry systems. This property is subject to a C$20 million Joint Venture with
Gold Fields.
In Ontario, the Company holds or has the right to acquire a 100% in 17
properties in the Sudbury, Swayze and Timmins camps, which are volcanic and
sediment hosted copper gold prospects.
In north western Argentina, the Company holds a 50% interest in a 46 property
portfolio, which consists mainly of bulk mineable copper-moly-gold porphyries
and bulk mineable sediment hosted silver-gold plus base and rare metals.
In 2009, the Company discovered Taron, a large bulk mineable sediment hosted
epithermal rare metal deposit in Argentina. In 2011, Cascadero discovered Las
Burras, a new Argentine Cu-Mo-Au porphyry.
The Company holds a large claim block that adjoins Lumina Copper's Taca Taca
Bajo Cu-Mo-Au deposit. Several copper and gold showings exist on these claims. A
property-scale geochemical exploration program is underway on claims that adjoin
the Taca Taca deposit to the west.
Cascadero's commodity focus is gold, silver, moly, copper, base and rare metal
hosted in large-scale bulk mineable mineral systems.
In 2012 to 2013, Cascadero intends to conduct exploration in three core areas:
Pancho Arias Cu-Mo-Au porphyry District, the Taca Taca porphyry District and the
bulk mineable sediment hosted silver prospects in the El Oculto District.
Exploration is also planned for Taron, an exciting large-scale sediment hosted
rare metal discovery.
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