Alturas's Initial Drilling in Chapi Chapi Confirms Large Copper-Gold System
December 15 2011 - 7:00AM
Marketwired Canada
Alturas Minerals Corp. (the "Company" or "Alturas") (TSX VENTURE:ALT)(BVLAC:ALT)
announces encouraging assay results from the first four widely-spaced diamond
drill holes completed as part of the first phase 5,000 meter drill program at
its Chapi Chapi project in southeastern Peru.
Highlights include copper-gold mineralized sections of skarn reporting:
22.60 meters grading 0.35% copper, 0.25 grams/ton gold, 1.30 grams/ton
silver and 0.01% molybdenum, and
14.70 meters grading 0.52% copper, 0.27 grams/ton gold, 1.81 grams/ton
silver and 0.01% molybdenum, both in drillhole CHA-11-03.
Sections with gold-silver mineralized in altered and brecciated sandstones
include:
28.00 meters grading 0.27 grams/ton gold and 0.35 grams/ton silver in
drillhole CHA-11-02, and 30.00 meters grading 0.37 grams/ton gold and 0.67
grams/ton silver, and
26.70 meters grading 0.39 grams/ton gold and 1.45 grams/ton silver,
including 10.30 meters grading 0.66 grams/ton gold and 2.75 grams/ton
silver, both in drillhole CHA-11-02A.
Miguel Cardozo, President and CEO of Alturas commented: "We are pleased to
announce that the kilometric size and strength of the Chapi Chapi mineralization
system has been confirmed by the results obtained from these first four core
holes drilled by Alturas. One of the holes (CHA-11-03) intersected copper-gold
mineralization associated with magnetite-skarn bodies proximal to altered
intrusive bodies and another two holes (CHA-11-02 and CHA-11-02A) reported
distal gold replacement mineralization hosted by hydrothermally altered and
brecciated sandstones".
Dr. Cardozo added that "the targeted Chapi Chapi mineralization system of 4.5 by
2.5 kilometers is associated with a large dioritic to monzonitic plutonic
complex showing porphyry-style alteration and strong copper-gold anomalies. The
significant lateral and vertical extent of the mineralization encountered to
date would suggest that we are on track to defining a large, potentially
economic, copper-gold mineralized system and that a second phase drilling
program of 10,000 meters planned for 2012 is now fully justified. The second
phase program will aim to more precisely define the extent and quality of the
copper-gold mineralization."
To date, Alturas has completed four holes totaling 1,365 meters and now has
increased the number of drill rigs in operation from one to three, with the aim
of completing the first drilling phase of 5,000 meters before the end of January
2012.
Assay results received to date are as follows:
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Drill Hole From (m) To (m) Length (m) Cu (%) Au (g/t) Ag (g/t) Mo (%)
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CHA-11-02 14.50 17.50 3.00 - 0.16 - -
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" 45.30 70.20 24.90 - 0.12 0.57 -
------------- -------- --------
including 45.30 47.00 1.70 - 0.40 2.10 -
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" 151.50 157.00 5.50 - 0.14 3.50 -
----------------------------------------------------------------------------
" 181.00 209.00 28.00 - 0.27 0.35 -
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" 269.30 285.80 11.30 - 0.23 1.18 -
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" 311.40 313.40 2.00 - 0.22 3.30 -
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" 325.40 334.30 8.90 - 0.22 1.06 -
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CHA-11-02A 13.20 43.20 30.00 - 0.37 0.67 -
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including 13.20 28.00 14.80 - 0.67 1.30 -
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" 121.20 147.90 26.70 - 0.39 1.45 -
------------- -------- --------
including 137.60 147.90 10.30 - 0.66 2.75 -
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" 182.80 193.60 10.80 - 0.17 1.10 -
----------------------------------------------------------------------------
" 275.15 276.40 1.25 - 0.16 0.95 -
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" 285.40 287.60 2.20 - 0.25 0.62 -
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" 291.40 292.90 1.50 - 0.20 0.90 -
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" 317.50 318.10 0.60 - 0.35 7.90 -
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CHA-11-03 29.00 31.50 2.50 0.19 0.09 0.45 0.01
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" 35.50 58.10 22.60 0.35 0.25 1.30 0.01
----------------------------------------------------------------------------
" 61.30 62.60 1.30 0.10 0.02 0.50 -
----------------------------------------------------------------------------
" 65.20 72.50 7.30 0.15 0.08 0.62 -
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" 80.60 95.30 14.70 0.52 0.27 1.81 0.01
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including 80.60 85.40 4.80 0.93 0.44 3.00 0.02
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Hole CHA-11-01: Located in the western end of the Chapi Chapi area was directed
at a combination of mineralized skarn bodies adjacent to intrusive outcrops,
both showing copper, gold and molybdenum rock chip anomalies. The hole
intercepted recrystallized limestones with limited hydrothermal alteration. No
significant mineralization was reported.
Hole CHA-11-02 and 02A: Located in the central part of the Huarajo area and
targeted a combination of high chargeable-low resistive geophysical anomalies
underlying a magnetic anomaly. 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 feldspatic and quartz-rich
sandstones intercalated with shales and siltstones, 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, replacing selected sandstone units that can be correlated for the
200 meters between drill holes number 02 and 02A.
Hole CHA-11-03: Located on the eastern end of the Chapi Chapi area aimed to test
an outcropping plutonic complex comprising dioritic, monzodioritic and
monzonitic stocks, with the later displaying phyllic, stockwork-type alteration
and anomalous copper and gold values at surface. The hole intercepted an
intercalated package of propylitically-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. The drillhole was lost due to ground conditions at 221 meters,
bottoming at the top of another mineralized magnetite-skarn zone.
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 six drill-ready mineral exploration projects
located in Peru and Chile, including the Chapi Chapi-Utupara, Sombrero, Huajoto,
Ccaccapaqui and Pampa Colorada projects in Peru, and La Corina property in
Chile. 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.
For maps and an extended summary of previous exploration results, refer to the
Company's website www.alturasminerals.com/project-pdfs.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 fulfilling the
following conditions:
a) Alturas would have to start drilling on the joint venture property no
latter that June 30, 2011 in order to complete at least 15,000 additional
meters of drilling on the Chapi-Chapi Property and a scoping study by
December 31, 2012.
b) If IRL does not contribute pro-rata and its percentage interest in the
Huaquirca Joint Venture dilutes below the initial 20%, IRL shall have the
right to convert its joint venture interest to a 2% net smelter royalty
("NSR") on the properties. If IRL's percentage interest in the Huaquirca
Joint Venture dilutes below 10%, IRL shall have the right to receive an
additional 1% NSR on the JV Property (for a total of 3%). The NSR shall be
subject to a total buyout for $5 million at Alturas' option.
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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