Intercepts include 0.45% Cu over 158.7 meters,
including 0.93% Cu over 25.2 meters
Trading Symbol: CCY
VANCOUVER,
March 28 /PRNewswire/ - Catalyst
Copper Corp. (the "Company" or "Catalyst") today
announced it has intersected significant copper mineralization in
the first drill holes of the 2011 drill program on the La Verde copper porphyry project in Michoacán
state, Mexico.
Significant results include 0.45% Cu over 158.7 meters;
including 0.93% Cu over 25.2 meters and 0.38% Cu over
59.7 meters (see Table 1 below for details). Also, visual
inspection of the one hole with assay results pending exhibits
porphyry style mineralization and alteration suggesting the
possibility of an additional porphyry deposit at depth at the West
Hill similar to the one seen at the East
Hill of the property.
Drilling at La Verde restarted
on January 28, 2011, with the first
Phase 1 drill holes planned to test projected mineralized
extensions associated with the East
Hill and West Hill mineral deposits. To date four holes have
been completed for a total of 2,851 meters, all on the West Hill.
Today's release details results for the first three of these holes.
Results for the fourth hole are pending. The drill is currently
being moved to the East Hill
mineral deposit.
During 2011, Catalyst plans to drill a minimum of 20,000 meters
at La Verde. Additional work
planned for 2011 includes environmental studies, metallurgical test
work and updating the NI43-101 resource estimate incorporating all
new drilling results.
Results in detail
Drill hole LV11-013 tested an east-west trending geophysical
target located north of the West Hill deposit. Results show the
presence of a second mineralized zone located approximately 200
meters north of the West Hill mineral deposit. Further drilling is
planned to expand this zone.
Hole LV11-014, drilled south from the same location as LV11-013,
was designed to intersect the extension of copper mineralization
100 meters below the West Hill zone. Assay results, 0.45% Cu over
158.7 meters, show copper mineralization continues to depth. As the
hole failed to close off the mineralized zone another drill hole
will be required down dip of LV11-014.
LV11-015 was a 100-meter step-out east of the West Hill zone
towards the East Hill zone. The
East Hill and West Hill mineral
deposits are separated by approximately 800 meters with little
drill testing of the gap between them. Results are encouraging as
the intersections listed in the table below show copper
mineralization remains present in this step-out hole. Gold values
are also seen to be increasing in this direction. Further drilling
is planned for this area. Assays are pending for the bottom 120
meters of this hole.
Hole LV11-016, the longest hole drilled on the property,
visually exhibits encouraging porphyry style mineralization and
alteration. Drilled for 894.45 meters at -50° to the north as an
in-fill hole, LV11-016 was designed to better define copper
mineralization on Section 810850E that was previously intersected
in Catalyst hole LV10-008 (0.33% Cu over 508.7m and 0.55%Cu over
77.4m). Core logging indicates the upper portion of the hole is
mineralized similar to the underlying LV10-008 hole with veined and
fracture controlled copper mineralization. More significantly this
hole was extended to a length of 894.45m as Cu mineralization
continued and was increasing in intensity to depth.
Equally important is the presence of bornite and molybdenite
previously only observed in the East
Hill mineral deposit. The geological model developed by
Catalyst has predicted the presence at depth of a porphyry deposit
at West Hill similar to that seen at East
Hill. The presence of bornite and molybdenite, plus
associated alteration seen in LV11-016 are interpreted to be
indicators of an East Hill style
porphyry system. Detailed assay results for hole LV11-016 are
pending. Because this hole ended in copper mineralization plans are
being made to bring in a second drill rig with greater depth
capabilities in order to deepen it.
A map showing previous and current drill holes is available on
the Catalyst website at www.catalystcopper.com.
T.W. Hodson, P.Geo. is the
qualified person as defined by National Instrument 43-101, and has
reviewed the technical disclosure contained herein and accepts
responsibility for such disclosure.
Catalyst currently has approximately
$3.0 million dollars in working
capital. It is anticipated the 2011 work program will complete
commitments under the option agreement described below to exercise
the Company's option to earn a 60% interest in the property.
About La
Verde
The La Verde
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 180 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.
La Verde
property is subject to an option agreement with a Mexican
subsidiary of Teck Resources Limited (Teck) whereby Catalyst's 100%
Mexican subsidiary, 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. 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.
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 analysis.
TABLE 1:
|
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|
|
Drill Hole |
Location |
Dip |
Azm |
From(m) |
To(m) |
Length(m) |
Cu% |
Au g/t |
Mo% |
LV11-013 |
West Hill |
-50 |
0 |
91.7 |
151.4 |
59.7 |
0.38 |
0.002 |
0.001 |
|
|
|
|
379.0 |
387.6 |
8.6 |
0.23 |
0.019 |
0.003 |
|
|
|
|
|
|
|
|
|
|
LV11-014 |
West Hill |
-45 |
180 |
130.1 |
143.5 |
13.4 |
0.59 |
0.012 |
0.002 |
|
|
|
|
312.0 |
330.9 |
18.9 |
0.50 |
0.018 |
0.001 |
|
|
|
|
358.2 |
368.4 |
10.2 |
0.37 |
0.003 |
0.001 |
|
|
|
|
409.3 |
419.8 |
10.5 |
0.79 |
0.003 |
0.001 |
|
|
|
|
487.8 |
646.5 |
158.7 |
0.45 |
0.002 |
0.002 |
|
|
|
Incl. |
487.8 |
513.0 |
25.2 |
0.93 |
0.007 |
0.002 |
|
|
|
|
725.0 |
732.2 |
7.2 |
0.30 |
0.001 |
0.001 |
|
|
|
|
|
|
|
|
|
|
LV11-015 |
West Hill |
-55 |
180 |
14.9 |
41.0 |
26.1 |
0.31 |
0.017 |
0.001 |
|
|
|
|
241.0 |
258.6 |
17.6 |
0.53 |
0.109 |
0.001 |
|
|
|
|
505.0 |
519.9 |
14.9 |
0.44 |
0.011 |
0.001 |
|
|
|
|
551.0 |
580.2 |
29.2 |
0.44 |
0.003 |
0.003 |
|
|
|
|
580.2 |
706.1 |
Assays |
pending |
|
|
|
|
|
|
|
|
|
|
|
|
LV11-016 |
West Hill |
-50 |
0 |
0 |
894.45 |
Assays |
pending |
|
|
SOURCE Catalyst Copper Corp.