TSX-V: MSR
TORONTO, Feb. 7, 2020 /CNW/ - Minsud Resources Corp.
(TSX-V: MSR) ("Minsud" or the "Company") is pleased to announce
that it has commenced a diamond drilling program (four holes for
2,000m) over the Chinchillones
Porphyry Complex, part of the Chita Valley Project. The drilling
program will test the targets generated from the recently completed
pole-dipole IP survey, detailed surface mapping and review of the
results of the historical geochemical, geophysical and geological
surveys.
The principal target areas are centred on highly silicified,
hydrothermally brecciated, sulphidic and veined zones that are
thought to form part of a wider and pervasive "lithocap". It is
interpreted that the "lithocap" alteration-mineralisation footprint
is highly likely affiliated to a largely concealed porphyry
Cu-Au-Mo deposit. The principal target area, the Breccia Ridge, is
a 3km-long and 1km-wide prospective zone of strong silicification
(replacement-quartz stockwork) cut by unequivocal porphyry-related
B-, D- and A-type and intermediate sulphidation veins. Further
support comes from mapping of small windows of quartz diorite
porphyry bodies hosting B-type quartz-sulphide veins.
The scout drill testing program comprises of:
- Two drill holes to test porphyry targets with significant
coincident IP anomalies below the lithocap environment (Breccias
Ridge Zone)
- One drill hole to test porphyry bodies associated with the
Chinchillones breccias
- One drill hole to test a substantial IP anomaly, potentially
affiliated with the mapped intermediate sulphidation epithermal
base metal sulphides-quartz veins
The current program is fully funded under an agreement with
South32 whereby South32 has the option to earn a 70% interest in
the Chita Valley property upon contribution of exploration funds
and a PFS. To maintain the option in good standing South32 must
contribute minimum exploration funding of CAD$14 million over a 4-year option period with
minimum exploration expenditures of CAD$3.5
million in Year 1. Minsud will act as operator during the
option period.
Mr. Mario Alfaro, Professional
Geoscientist, Director of the Company and a geological consultant,
is a qualified person as defined by Canadian National Instrument
43-101. Mr. Alfaro visited the property and has read and approved
the contents of this release.
About the Chita Valley Project, San Juan Province:
The Chita Valley Project is a large exploration stage porphyry
system with classic alteration features, widespread porphyry style
Cu-Mo-Ag-Au mineralization and associated gold and silver-bearing
polymetallic veins of intermediate sulfide composition that
conformed an outcropping porphyry system at Chita and a lithocap of
a porphyry system at Chinchillones. San Juan Province of
Argentina has a robust mining
sector and recognizes the important economic benefits of
responsible development of its substantial Mineral Resource
endowment.
About Minsud Resources Corp.:
Minsud is a mineral exploration company focused on exploring its
flagship Chita Valley Cu-Mo- Au-Ag Project, in the Province of San
Juan, Argentina. The Company also
holds a 100% owned portfolio of selected early stage prospects,
including 6,000 ha in Santa Cruz
Province, Argentina.
About South32
South32 is a globally diversified mining and metals company.
South32 produce bauxite, alumina, aluminium, energy and
metallurgical coal, manganese, nickel, silver, lead and zinc at our
operations in Australia,
Southern Africa and South America. South 32 is also the owner of a
high grade zinc, lead and silver development option in North America and have several partnerships
with junior explorers with a focus on base metals.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION:
This news release includes certain information that may
constitute forward-looking information under applicable Canadian
securities laws. Forward-looking information includes, but is not
limited to, statements about strategic plans, spending commitments,
future operations, results of exploration, anticipated financial
results, future work programs, capital expenditures and objectives.
Forward-looking information is necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking information including, but not limited to:
fluctuations in the currency markets (such as the Canadian dollar,
Argentina peso, and the U.S.
dollar); changes in national and local government, legislation,
taxation, controls, regulations and political or economic
developments in Canada and
Argentina or other countries in
which the Corporation may carry on business in the future;
operating or technical difficulties in connection with exploration
and development activities; risks and hazards associated with the
business of mineral exploration and development (including
environmental hazards or industrial accidents); risks relating to
the credit worthiness or financial condition of suppliers and other
parties with whom the Company does business; presence of laws and
regulations that may impose restrictions on mining, including those
currently enacted in Argentina;
employee relations; relationships with and claims by local
communities; availability and increasing costs associated with
operational inputs and labour; the speculative nature of mineral
exploration and development, including the risks of obtaining
necessary licenses, permits and approvals from government
authorities; business opportunities that may be presented to, or
pursued by, the Company; challenges to, or difficulty in
maintaining, the Company's title to properties; risks relating to
the Company's ability to raise funds; and the factors identified
under "Risk Factors" in the Company's Filing Statement dated
April 27, 2011. There can be no
assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not
place undue reliance on forward-looking information. All
forward-looking-information contained in this news release is given
as of the date hereof and is based upon the opinions and estimates
of management and information available to management as at the
date hereof. The Company disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by law.
Neither the 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.
SOURCE Minsud Resources Corp.