Trading Symbol: CCY
VANCOUVER, Dec. 17 /PRNewswire/ - Catalyst Copper
Corporation ("Catalyst Copper" or "the Company") today announced
that Micon International Engineering of Vancouver has completed a NI 43-101 compliant
independent Resource estimate of the La
Verde copper project, Michoacan State, Mexico.
Using a 0.2% copper cut-off grade, the East and
West Hill deposits at La Verde
contain Measured and Indicated Resources of 210.5 million
tonnes averaging 0.46% total copper (TCu) contains 2.1 billion
pounds of copper. An Inferred Resource of 130.8 million
tonnes grading 0.46% TCu contains 1.3 billion pounds of copper.
The Micon report indicates that there is
potential for additional tonnage in both deposits especially at
depth. Micon therefore recommends that additional delineation
drilling around the perimeter of the deposits and at depth should
be initiated.
The Resource has been calculated at various
copper cut-off grades and is based on drill results including 596
drill-holes totalling 80,606 meters conducted by previous owners.
Results from these historic holes were verified with 11 diamond
drill-holes totalling 6,319 meters plus nine definition drill-holes
totalling 5,957 meters completed by Catalyst Copper this year.
"We are extremely pleased with the increased
size of the deposits utilizing a 0.2% Cu cut-off and the potential
to further improve on the size with the 2011 drill program. These
two deposits are exposed at surface and amenable to low-cost
open-pit mining. This, along with the is excellent infrastructure
that exists on site, should reduce future anticipated capital and
operating costs for this project," says Terry Hodson, Catalyst's VP Exploration.
A summary of Measured and Indicated and Inferred
Resources at various cut-off grades is shown in Table 1 below.
Table 1
Measured, Indicated and Inferred Resouces
Total East Hill plus West Hill
Cu% Cut-Off |
|
Measured+lndicated
Tonnes |
|
Cu% |
|
Inferred
Tonnes |
|
Cu% |
0.1 |
|
345,165,850 |
|
0.34 |
|
240,761,200 |
|
0.31 |
0.2 |
|
210,487,200 |
|
0.46 |
|
130,768,400 |
|
0.45 |
0.3 |
|
142,785,350 |
|
0.56 |
|
84,913,150 |
|
0.57 |
0.4 |
|
93,595,500 |
|
0.67 |
|
54,333,700 |
|
0.69 |
0.5 |
|
60,113,350 |
|
0.79 |
|
34,807,650 |
|
0.82
|
- It cannot be assumed that all or any part of an Inferred
Mineral Resource will be upgraded to an Indicated or Measured
Resource as a result of continued exploration.
- Mineral Resources are not Mineral Reserves because there is
insufficient studies to demonstrate economic viability.
- Mineral Resources are global insitu totals.
- Mineral Resource numbers have been rounded and may not add up
in the above table
A NI 43-101 Technical Report detailing the
Mineral Resource estimate will be filed on SEDAR within the next 45
days.
Copper mineralization associated with the
deposits is primarily chalcopyrite and to a lesser extent, bornite.
Historically gold (Au), silver (Ag) and molybdenite (Mo) values are
known to be associated with the deposits; currently the number of
assays available for these elements is insufficient to interpolate
Au, Ag and Mo grades into the block model.
The project is located in an area with excellent
infrastructure. Power, rail and water all cross the property.
Lazaro Cardenas, Mexico's third
largest port on the Pacific ocean coast, is 150 km from the site.
Significant upside potential remains for the two known zones of
porphyry style copper, gold and molybdenum mineralisation as the
2010 drill program has shown both deposits remain open to depth and
along strike.
The Resource was prepared by D. Makepeace,
P.Eng., senior geologist for Micon who is an independent qualified
person as defined by NI 43-101. The Mineral Resource estimate was
completed using a 3D computer model. The drill hole database was
based on 616 drill holes which totaled 92,881 meters. A composite
interval of 5 meters was used and constrained to geological rock
types. A single block model (10 x 10 x 10 meters) was created to
envelope both mineralized deposits. Block grades were interpolated
using the inverse distance squared technique. The estimate did not
employ a high grade copper cap. A density (specific gravity) of
2.70 g/cm3 was used for the East Hill deposit (porphyry style
mineralization) while the West Hill deposit (chalcopyrite vein
style mineralization) used 2.75 g/cm3, based on
historical density measurements. All QA/QC requirements have been
followed including incorporating standards, blanks and duplicates
into the assay procedures and independent check analyses by a
second laboratory.
La Verde
property is subject to an option agreement with a Mexican
subsidiary of Teck Resources Limited (Teck) whereby Catalyst's 100%
Mexican subsiderary, Minera Hill 29,
may earn a 60% interest in La
Verde by making US$10,000,000
in exploration expenditures (including 30,000 meters of drilling
and 200 kilometers of IP) by December 31,
2012. During 2010, Catalyst drilled 12,27 6 meters and
completed 150 kilometers of Induced Polarization surveys (IP). Upon
Catalyst earning a 60% interest, Teck has the option to increase
its interest to 60% by incurring aggregate expenditures equal to
two times the amount spent by Catalyst. Should Teck fail to
exercise its option to earn a 60% interest, Catalyst can acquire a
100% interest in La Verde by
paying to Teck US$20 million. The
property is subject to an underlying 0.5% NSR.
Catalyst Copper currently has approximately
$3.5 million dollars in working
capital, as a result of the addition of $1.4
million from the exercise of warrants to purchase 10 million
shares at $0.14 per share. An
agressive work program is planned for 2011 including commencement
of environmental baseline studies, metallurgical testwork,
continued definition drilling at the East and West Hill deposits,
plus drill testing of various geophysical anomalies.
Catalyst Copper is a Vancouver-based publicly traded mine
development company (TSX-V: CCY) that optioned the La Verde copper porphyry target from a
subsidiary of Teck Resources Limited.
ON BEHALF OF THE BOARD OF DIRECTORS OF
CATALYST COPPER CORP.
"Terence W.
Hodson, P.Geo."
TERENCE HODSON,
V.P. EXPLORATION
Certain information set forth in this news release may
contain forward-looking statements that involve substantial known
and unknown risks and uncertainties. These forward-looking
statements are subject to numerous risks and uncertainties, certain
of which are beyond the control of the Company, including, but not
limited to, risks associated with mineral exploration and mining
activities, the impact of general economic conditions, industry
conditions, dependence upon regulatory approvals, and the
uncertainty of obtaining additional financing. Readers are
cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements. Neither 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.
Quality Assurance: The Company employs a system of quality
control for drill results which includes the use of blanks,
certified reference materials (standards) and check assaying. Core
is logged on site and split with a diamond saw. Samples are shipped
to Acme Analytical Laboratories Ltd. for geochemical analysis of
copper with all values of greater than 1.000 parts per million
copper being reanalyzed by assay methods for copper, gold and
silver.
SOURCE Catalyst Copper Corp.
Copyright . 17 PR Newswire