Trading Symbol: CCY
VANCOUVER,
April 30, 2012 /PRNewswire/ -
Catalyst Copper Corp. (the "Company" or "Catalyst")
is pleased to announce results from the first five (5) diamond
drill holes from its 2012 program at the La Verde copper porphyry project in Michoacán
state, Mexico.
The 2012 exploration program is intended to complete all
requirements (US$10 million in
accumulated expenditures, 200 kilometers of Geophysics (IP) and
30,000 metres of diamond drilling) to earn a 60% interest in the La
Verde Project, under its option Agreement with the Mexican
subsidiary of Teck Resources Limited.
The released holes locations are indicated on the attached map
(which includes historic and 2011 drill locations) and the
significant results for these holes are included below.
TABLE 1. La Verde 2012 Assay
Results
Drill Hole |
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From |
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To |
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Length |
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Cu% |
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Au g/t |
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Ag g/t |
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Mo% |
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Location |
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LV12-037 |
|
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|
118.7 |
|
|
|
125.0 |
|
|
6.3 |
|
|
|
|
0.42 |
|
|
|
0.160 |
|
|
|
1.0 |
|
|
|
0.001 |
|
|
|
East Hill |
|
|
|
|
140.0 |
|
|
|
148.0 |
|
|
8.0 |
|
|
|
|
0.25 |
|
|
|
0.196 |
|
|
|
2.0 |
|
|
|
0.001 |
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|
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LV12-038 |
|
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|
276.5 |
|
|
|
303.7 |
|
|
27.2 |
|
|
|
|
0.58 |
|
|
|
0.275 |
|
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|
4.5 |
|
|
|
0.001 |
|
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|
East Hill |
|
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|
333.2 |
|
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|
336.7 |
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|
3.5 |
|
|
|
|
0.60 |
|
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|
0.127 |
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10.5 |
|
|
|
0.001 |
|
|
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|
|
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|
396.7 |
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|
461.3 |
|
|
64.6 |
|
|
|
|
0.37 |
|
|
|
0.121 |
|
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3.9 |
|
|
|
0.004 |
|
|
|
|
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498.1 |
|
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|
675.3 |
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177.2 |
|
|
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0.54 |
|
|
|
0.041 |
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5.3 |
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0.006 |
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|
LV12-039 |
|
|
|
236.8 |
|
|
|
250.8 |
|
|
14.0 |
|
|
|
|
0.35 |
|
|
|
0.028 |
|
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1.7 |
|
|
|
0.001 |
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|
East Hill |
|
|
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332.0 |
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|
346.0 |
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|
14.0 |
|
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|
|
0.23 |
|
|
|
0.008 |
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3.4 |
|
|
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0.001 |
|
|
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376.0 |
|
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|
603.1 |
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|
226.9 |
|
|
|
|
0.67 |
|
|
|
0.076 |
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5.7 |
|
|
|
0.003 |
|
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|
Incl. |
|
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|
411.0 |
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|
|
584.4 |
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|
173.4 |
|
|
|
|
0.81 |
|
|
|
0.075 |
|
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6.2 |
|
|
|
0.003 |
|
|
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|
661.6 |
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673.4 |
|
|
11.8 |
|
|
|
|
0.93 |
|
|
|
0.009 |
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6.1 |
|
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|
0.009 |
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|
LV12-040 |
|
|
|
69.3 |
|
|
|
74.9 |
|
|
5.6 |
|
|
|
|
1.66 |
|
|
|
0.009 |
|
|
|
3.8 |
|
|
|
0.001 |
|
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|
West Hill |
|
|
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|
181.9 |
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|
216.0 |
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|
34.1 |
|
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|
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0.86 |
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|
0.003 |
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1.7 |
|
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|
0.001 |
|
|
|
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|
231.2 |
|
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236.7 |
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5.5 |
|
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0.83 |
|
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|
0.001 |
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3.1 |
|
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0.001 |
|
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|
364.6 |
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372.4 |
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7.8 |
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|
1.48 |
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|
0.006 |
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1.8 |
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0.001 |
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LV12-041 |
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69.0 |
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|
76.5 |
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|
7.5 |
|
|
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|
0.42 |
|
|
|
0.011 |
|
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2.7 |
|
|
|
0.007 |
|
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|
West Hill |
|
|
|
|
93.0 |
|
|
|
106.0 |
|
|
13.0 |
|
|
|
|
0.60 |
|
|
|
0.011 |
|
|
|
2.1 |
|
|
|
0.003 |
|
|
|
|
|
|
|
|
185.0 |
|
|
|
193.0 |
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|
8.0 |
|
|
|
|
1.32 |
|
|
|
0.005 |
|
|
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6.9 |
|
|
|
0.002 |
|
|
|
|
|
|
|
|
223.5 |
|
|
|
227.3 |
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|
3.8 |
|
|
|
|
0.58 |
|
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|
0.005 |
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3.7 |
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|
0.001 |
|
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|
249.6 |
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|
259.0 |
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|
9.4 |
|
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|
0.27 |
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0.005 |
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1.4 |
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|
0.003 |
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284.5 |
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311.4 |
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26.9 |
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0.29 |
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0.012 |
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1.4 |
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|
0.002 |
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337.3 |
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408.0 |
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|
70.7 |
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0.86 |
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0.003 |
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2.8 |
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|
0.001 |
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|
419.0 |
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|
438.0 |
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|
19.0 |
|
|
|
|
1.95 |
|
|
|
0.003 |
|
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|
5.4 |
|
|
|
0.001 |
|
|
|
|
|
|
|
|
461.6 |
|
|
|
477.5 |
|
|
15.9 |
|
|
|
|
0.61 |
|
|
|
0.003 |
|
|
|
2.0 |
|
|
|
0.001 |
|
|
|
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|
|
487.0 |
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|
|
496.0 |
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|
9.0 |
|
|
|
|
1.90 |
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|
0.180 |
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|
5.4 |
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|
0.001 |
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533.6 |
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|
539.0 |
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5.4 |
|
|
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|
0.64 |
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|
0.001 |
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1.6 |
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|
0.001 |
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549.0 |
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553.7 |
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4.7 |
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0.61 |
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0.001 |
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1.3 |
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0.001 |
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605.2 |
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|
640.1 |
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34.9 |
|
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|
0.60 |
|
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|
0.002 |
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|
1.2 |
|
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|
0.001 |
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|
The program is focused on upgrading Inferred Resource to
Measured and Indicated status and expanding the mineralization
associated with the two known open pitable copper deposits.
Catalyst has to date completed 33,890 meters of drilling on
the La Verde property, 152
kilometres of IP and has now spent approximately $9,000,000. It is anticipated that Catalyst
will have completed all option agreement requirements by late
3rd quarter of 2012 and thereby will earn a 60% interest
in the La Verde deposit
Terry Hodson, Vice-President
Exploration of Catalyst stated, "Work to date continues to define
and expand known resources at the project. Results from the
first holes of 2012 continue to grow the deposit."
Terry 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.
About La
Verde
La Verde 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 coast
is 180 km from the site. Significant upside potential remains for
the two known zones of porphyry style copper, gold and molybdenum
mineralization as the drilling program to date shows 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 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. All elements
with the exception of gold are analyzed by Aqua Regia digestion and
ICP-ES analysis. Gold is analyzed by fire assay method.
SOURCE Catalyst Copper Corp.
Image with caption: "La Verde
2012 Drill Holes (CNW Group/Catalyst Copper Corp.)". Image
available at:
http://photos.newswire.ca/images/download/20120430_C2474_PHOTO_EN_12898.jpg
Image with caption: "La Verde Drill Program (CNW Group/Catalyst
Copper Corp.)". Image available at:
http://photos.newswire.ca/images/download/20120430_C2474_PHOTO_EN_12899.jpg
Image with caption: "La Verde Drill Program (CNW Group/Catalyst
Copper Corp.)". Image available at:
http://photos.newswire.ca/images/download/20120430_C2474_PHOTO_EN_12900.jpg