Trading Symbol: CCY
VANCOUVER,
Oct. 16, 2012 /CNW/ - Catalyst Copper
Corp. (Catalyst) today announced an updated Measured plus Indicated
Resource of 408 million tonnes grading 0.41% Cu; 0.03 g/t Au; 2.4
g/t Ag at the La Verde copper
porphyry deposit in Michoacán State, Mexico. This resource is estimated to contain
3.7 billion lbs of copper; 446,000 oz of gold; 31.7 million oz of
silver (Tables 1 & 2).
In addition, Inferred Mineral Resources are estimated at 338
million tonnes grading 0.37% Cu; 0.02 g/t Au; 1.9 g/t Ag and
estimated to contain 2.7 billion lbs of copper; 250,000 oz of gold;
21.0 million oz of silver.
| Table 1 |
| La Verde Resource |
| September 19, 2012 |
| |
|
|
|
|
|
Class |
Tonnes |
Cu % |
Au g/t |
Ag g/t |
| |
|
|
|
|
| Measured |
57,527,000 |
0.45 |
0.046 |
2.9 |
| Indicated |
350,442,000 |
0.40 |
0.032 |
2.3 |
| Total |
407,969,000 |
0.41 |
0.034 |
2.4 |
| |
|
|
|
|
| Inferred |
337,838,000 |
0.37 |
0.024 |
1.9 |
- Please refer to cautionary notes following Table 2.
- Reported at 0.2% Cu cut-off (no gold or silver value
added)
|
The resource has been completed by Tetra Tech Inc. (Tetra
Tech). It incorporates all drilling to date and has an
effective date of September 19, 2012.
The complete NI 43-101 technical report will be filled on SEDAR
within 45 days of this news release.
La Verde consists of two
proximal deposits referred to as East
Hill and West Hill. The deposits are amenable to low-cost
open-pit mining methods and are located in an area of excellent
infrastructure; rail, power, water and highways all cross the
property.
A Preliminary Economic Assessment (PEA) of La Verde incorporating all work to date is
currently being prepared by AMC Mining Consultants (Canada) Ltd. and is expected to be completed
this month.
"Catalyst is very pleased with the updated resources at
La Verde. The numbers continue to
grow and there is still room for expansion," says Terry Hodson, V.P. Exploration. "With this
resource update we can now complete our initial economic assessment
of La Verde."
Catalyst has now completed more than 30,000
meters of drilling, more than 200 kilometers of geophysics (IP).
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.
The updated resource has been estimated by
Mike O'Brien, Pr.Sci.Nat.. Mr.
O'Brien is the Chief Geologist of Tetra Tech and 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 consists of 641 drill holes for a total of 114,823.93
meters, 49,597 assays. A composite interval of 3 meters was used
and constrained to geological rock types. A single block model (20
x 20 x 15 meters) was created to envelope both mineralized
deposits. Block grades were interpolated using ordinary kriging
method. The estimate did not employ a high grade copper cap. A
density (specific gravity) of 2.70 g/cm3 was used for
the deposit (porphyry style mineralization). 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.
T.W. Hodson, P.Geo. has reviewed
and approved the technical disclosure contained in this news
release. Mr. Hodson is a qualified person as defined by NI
43-101, and is the V.P Exploration of Catalyst.
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.
Table 2
Tetra Tech Resource
Model
September 19, 2012 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class |
|
Cu COG |
|
Tonnes |
|
Cu% |
|
Au g/t |
|
Ag g/t |
|
Cu
lbs |
|
Au ozs |
|
Ag ozs |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ms+Ind |
|
>=0.100 |
|
664,563,000 |
|
0.30 |
|
0.03 |
|
2.0 |
|
4,439,000,000 |
|
613,000 |
|
42,000,000 |
| |
|
>=0.200 |
|
407,969,000 |
|
0.41 |
|
0.03 |
|
2.4 |
|
3,661,000,000 |
|
446,000 |
|
32,000,000 |
| |
|
>=0.300 |
|
266,379,000 |
|
0.50 |
|
0.04 |
|
2.7 |
|
2,907,000,000 |
|
326,000 |
|
24,000,000 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Inferred |
|
>=0.100 |
|
765,040,000 |
|
0.24 |
|
0.02 |
|
1.4 |
|
3,997,000,000 |
|
464,000 |
|
34,000,000 |
| |
|
>=0.200 |
|
337,838,000 |
|
0.37 |
|
0.02 |
|
1.9 |
|
2,748,000,000 |
|
256,000 |
|
21,000,000 |
| |
|
>=0.300 |
|
187,983,000 |
|
0.47 |
|
0.03 |
|
2.4 |
|
1,956,000,000 |
|
153,000 |
|
14,000,000 |
Tetra Tech Resource
Model
January 19, 2012 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class |
|
Cu COG |
|
Tonnes |
|
Cu% |
|
Au g/t |
|
Ag g/t |
|
Cu lbs |
|
Au ozs |
|
Ag ozs |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ms+Ind |
|
>=0.100 |
|
552,447,000 |
|
0.31 |
|
0.0374 |
|
2.0 |
|
3,798,000,000 |
|
651,000 |
|
35,000,000 |
| |
|
>=0.200 |
|
354,077,000 |
|
0.42 |
|
0.043 |
|
2.3 |
|
3,173,000,000 |
|
486,000 |
|
26,000,000 |
| |
|
>=0.300 |
|
216,275,000 |
|
0.51 |
|
0.0485 |
|
2.6 |
|
2,442,000,000 |
|
333,000 |
|
18,000,000 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Inferred |
|
>=0.100 |
|
376,709,000 |
|
0.27 |
|
0.040 |
|
1.6 |
|
2,210,000,000 |
|
484,000 |
|
20,000,000 |
| |
|
>=0.200 |
|
181,739,000 |
|
0.40 |
|
0.062 |
|
2.3 |
|
1,618,000,000 |
|
362,000 |
|
13,000,000 |
| |
|
>=0.300 |
|
99,439,000 |
|
0.54 |
|
0.0869 |
|
2.9 |
|
1,185,000,000 |
|
273,000 |
|
9,000,000 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Notes: |
1. 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. |
| |
2. Mineral Resources are not Mineral Reserves as
there is insufficient studies to demonstrate economic
viability. |
| |
3. The Mineral Resource is an in situ total without
constraints to an economic pit. |
| |
|
|
|
|
|
|
| |
Ms = |
Measured Resources |
Cu% = |
copper percent |
Cu lbs = |
copper pounds |
| |
Ind = |
Indicated Resources |
Au g/t = |
gold grams per tonne |
Au oz = |
gold ounces |
| |
Inf = |
Inferred Resources |
Ag g/t = |
silver grams per tonne |
Ag oz = |
silver ounces |
| |
|
|
grams to troy
|
|
|
|
| |
Cu COG = |
Copper cut-off grade |
oz = |
grams/31.103 |
|
|
SOURCE Catalyst Copper Corp.