Intercepts from seven holes include 1.25% Cu over 17.8m,
2.02% Cu over 10m and 1.19% Cu over 49m
Trading Symbol: CCY
VANCOUVER,
June 14, 2012 /PRNewswire/ - Catalyst
Copper Corp. ("Catalyst" or "the Company") today released the
results of the final seven holes (6,771 meters) of its 2012 diamond
drill program at the La Verde
copper porphyry project in Michoacán state, Mexico.
The 2012 drill program was focused on expanding the known
mineralization associated with the two potential open pit copper
deposits, East Hill and West Hill.
Results from the latest drill holes are shown in Table 1 below.
Highlights include:
- LV12-043 with 0.69% Cu, 0.006 g/t Au, 2.2 g/t Ag over
27.0 meters;
- LV12-044 with 0.53% Cu, 0.014 g/t Au, 6.6 g/t Ag over
89.5 meters;
- LV12-045 with 1.25% Cu, 0.019 g/t Au, 4.6 g/t Ag over
17.8 meters; plus 1.68% Cu, 0.007 g/t Au, 4.0 g/t Ag over
26.0 meters; plus 2.04% Cu, 0.010 g/t Au, 6.4 g/t Ag over
14.3 meters;
- LV12-046 with 1.19% Cu, 0.039 g/t Au, 10.4 g/t Ag over
49.1 meters; and,
- LV12-048 with 2.02% Cu, 0.003 g/t Au, 2.5 g/t Ag over
10.1 meters.
The Company has now drilled a total of 34,968 metres under its
option agreement with Teck Resources Limited's Mexican subsidiary,
taking the total drilling on the property (including historic
drilling) to 108,800 meters in 649 drill holes.
A Preliminary Economic Assessment (PEA) is currently being
prepared by AMC Mining Consultants Limited, and is expected to be
published later this month. None of the 2012 drilling program
results have been used in the PEA.
Catalyst has requested Tetra Tech, Inc. to submit a proposal to
update its NI 43-101-compliant Technical Report and Resource
Estimate of La Verde dated
January 19, 2012 and to incorporate
all work conducted by the Company under the Option agreement with
Teck. Catalyst is targeting to have the updated report; including a
revised resource calculation, available in the third quarter of
2012. A summary of the current NI 43-101 compliant resource is set
out in Table 2.
TABLE 1. La
Verde 2012 Assay Results
Drill Hole |
|
From |
To |
Length |
Cu% |
Au g/t |
Ag g/t |
Mo% |
Location |
|
|
|
|
|
|
|
|
|
|
LV11-042 |
|
100.8 |
243 |
142.2 |
0.29 |
0.007 |
2.9 |
0.016 |
East Hill |
|
|
359.2 |
558 |
198.8 |
0.38 |
0.078 |
4.5 |
0.004 |
|
|
Incl. |
359.2 |
373.3 |
14.1 |
0.66 |
0.437 |
8.1 |
0.073 |
|
|
|
|
|
|
|
|
|
|
|
LV11-043 |
|
115.6 |
119.8 |
4.2 |
1.01 |
0.046 |
5 |
0.001 |
East Hill |
|
|
176 |
203 |
27 |
0.69 |
0.006 |
2.2 |
0.001 |
|
|
|
211.2 |
221.3 |
10.1 |
0.69 |
0.036 |
2 |
0.001 |
|
|
|
336.5 |
345.8 |
9.3 |
0.68 |
0.021 |
3.1 |
0.005 |
|
|
|
|
|
|
|
|
|
|
|
LV11-044 |
|
197.1 |
201.2 |
4.1 |
0.24 |
0.018 |
2.2 |
0.002 |
East Hill |
|
|
238 |
246 |
8 |
0.3 |
0.016 |
5 |
0.001 |
|
|
|
278.5 |
283.3 |
4.8 |
0.25 |
0.022 |
4 |
0.003 |
|
|
|
303.5 |
307.5 |
4 |
0.23 |
0.021 |
2.5 |
0.001 |
|
|
|
366.2 |
369.7 |
3.5 |
0.39 |
0.05 |
2.8 |
0.001 |
|
|
|
400.5 |
406.5 |
6 |
0.2 |
0.14 |
2 |
0.002 |
|
|
|
432.8 |
436.7 |
3.9 |
0.21 |
0.113 |
2 |
0.002 |
|
|
|
483 |
487 |
4 |
0.56 |
0.095 |
4.5 |
0.005 |
|
|
|
506.4 |
510.4 |
4 |
0.65 |
0.504 |
6.5 |
0.003 |
|
|
|
533.7 |
575.4 |
41.7 |
0.56 |
0.014 |
5.1 |
0.003 |
|
|
|
657 |
746.5 |
89.5 |
0.53 |
0.014 |
6.6 |
0.007 |
|
|
|
|
|
|
|
|
|
|
|
LV11-045 |
|
133.1 |
150.9 |
17.8 |
1.25 |
0.019 |
4.6 |
0.003 |
West Hill |
|
|
233 |
255.9 |
22.9 |
0.97 |
0.015 |
4.4 |
0.001 |
|
|
|
295.6 |
299 |
3.4 |
0.27 |
0.002 |
2 |
0.001 |
|
|
|
326.7 |
352.7 |
26 |
1.68 |
0.007 |
4 |
0.001 |
|
|
|
381 |
395.3 |
14.3 |
2.04 |
0.01 |
6.4 |
0.001 |
|
|
|
403.1 |
410.5 |
7.4 |
0.39 |
0.003 |
2 |
0.001 |
|
|
|
|
|
|
|
|
|
|
|
LV12-046 |
|
187.8 |
227.1 |
39.3 |
0.23 |
0.038 |
2.1 |
0.001 |
East Hill |
|
|
256.3 |
259.6 |
3.3 |
0.22 |
0.041 |
3 |
0.001 |
|
|
|
267.5 |
274.9 |
7.4 |
0.22 |
0.062 |
2.2 |
0.001 |
|
|
|
279.6 |
283.6 |
4 |
0.29 |
0.045 |
3.5 |
0.001 |
|
|
|
314.5 |
319.7 |
5.2 |
0.21 |
0.055 |
2.7 |
0.003 |
|
|
|
414 |
418 |
4 |
0.3 |
0.003 |
8 |
0.001 |
|
|
|
445.4 |
452.5 |
7.1 |
0.24 |
0.092 |
3 |
0.002 |
|
|
|
466.3 |
472 |
5.7 |
0.38 |
0.094 |
4.1 |
0.002 |
|
|
|
493 |
529 |
36 |
0.59 |
0.114 |
6 |
0.003 |
|
|
|
562.3 |
611.4 |
49.1 |
1.19 |
0.039 |
10.4 |
0.003 |
|
|
|
623.8 |
630.1 |
6.3 |
0.28 |
0.005 |
2.9 |
0.012 |
|
|
|
635 |
641 |
6 |
0.21 |
0.046 |
2.7 |
0.01 |
|
|
|
605.2 |
640.1 |
34.9 |
0.6 |
0.002 |
1.2 |
0.001 |
|
|
|
|
|
|
|
|
|
|
|
LV12-047 |
|
81.7 |
86.3 |
4.6 |
0.29 |
0.003 |
2 |
0.001 |
West Hill |
|
|
114.6 |
123.4 |
8.8 |
0.26 |
0.004 |
2.3 |
0.001 |
|
|
|
132.8 |
140.9 |
8.1 |
0.87 |
0.009 |
4.3 |
0.001 |
|
|
|
196.3 |
205.3 |
9 |
0.63 |
0.042 |
4.3 |
0.004 |
|
|
|
209.3 |
213.3 |
4 |
0.25 |
0.005 |
2 |
0.001 |
|
|
|
298 |
330.7 |
32.7 |
0.39 |
0.003 |
2.1 |
0.001 |
|
|
|
378 |
382 |
4 |
1.64 |
0.014 |
5 |
0.001 |
|
|
|
413.4 |
422.7 |
9.3 |
0.67 |
0.018 |
2.3 |
0.001 |
|
|
|
433.4 |
437.6 |
4.2 |
0.22 |
0.002 |
2 |
0.001 |
|
|
|
452 |
458.9 |
6.9 |
0.41 |
0.002 |
2 |
0.001 |
|
|
|
493.6 |
584.9 |
91.3 |
0.53 |
0.003 |
2.2 |
0.001 |
|
|
|
|
|
|
|
|
|
|
|
LV12-048 |
|
98.6 |
102.6 |
4 |
0.82 |
0.002 |
2 |
0.001 |
West Hill |
|
|
115 |
124.3 |
9.3 |
0.88 |
0.002 |
2.4 |
0.002 |
|
|
|
146.4 |
153.9 |
7.5 |
0.23 |
0.002 |
2 |
0.001 |
|
|
|
179.3 |
188.7 |
9.4 |
0.47 |
0.004 |
2.3 |
0.001 |
|
|
|
208.5 |
216 |
7.5 |
0.26 |
0.002 |
2 |
0.001 |
|
|
|
222 |
226 |
4 |
0.65 |
0.004 |
2 |
0.001 |
|
|
|
244 |
252 |
8 |
0.63 |
0.005 |
2 |
0.001 |
|
|
|
261.6 |
269.3 |
7.7 |
1.01 |
0.006 |
2.4 |
0.001 |
|
|
|
279 |
283 |
4 |
0.2 |
0.002 |
2 |
0.001 |
|
|
|
298.5 |
308.6 |
10.1 |
2.02 |
0.003 |
2.5 |
0.002 |
|
|
|
320.2 |
324.2 |
4 |
0.29 |
0.002 |
2 |
0.001 |
|
|
|
352.2 |
356.2 |
4 |
0.27 |
0.007 |
2 |
0.001 |
|
|
|
373.2 |
377.1 |
3.9 |
2.15 |
0.007 |
3.8 |
0.001 |
|
|
|
411.8 |
428.1 |
16.3 |
0.47 |
0.002 |
2 |
0.001 |
|
|
|
457 |
465.4 |
8.4 |
0.3 |
0.002 |
2 |
0.001 |
|
Table 2. La
Verde Measured, Indicated and Inferred
Resources (January, 2012)
Class |
Cu% COG |
Tonnes |
Cu% |
Au g/t |
Ag g/t |
Cu lbs (Billions) |
Au (ozs) |
Ag ozs (Millions) |
|
|
|
|
|
|
|
|
|
Ms+Ind |
>=0.100 |
552,446,500 |
0.31 |
0.037 |
2.0 |
3.80 |
651,400 |
35.1 |
|
>=0.200 |
354,077,000 |
0.41 |
0.043 |
2.3 |
3.17 |
485,500 |
26.0 |
|
>=0.300 |
216,275,000 |
0.51 |
0.048 |
2.6 |
2.44 |
333,200 |
17.8 |
|
|
|
|
|
|
|
|
|
Inferred |
>=0.100 |
345,639,600 |
0.27 |
0.038 |
1.6 |
2.05 |
423,700 |
17.8 |
|
>=0.200 |
168,074,400 |
0.41 |
0.058 |
2.3 |
3.17 |
311,400 |
12.1 |
|
>=0.300 |
92,309,100 |
0.55 |
0.078 |
2.8 |
2.44 |
230,600 |
8.3 |
- Mineral Resources are not Mineral Reserves as there is
insufficient studies to demonstrate economic viability.
- 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.
- The Mineral Resource is a global insitu total without
constraints to an economic pit.
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.
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.