Catalyst Copper Reports Drill Results from La Verde Project, Mexico
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 Ag Cu lbs Au Ag ozs
g/t g/t (Billions) (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 0.55 0.078 2.8 2.44 230,600 8.3
92,309,100
1. Mineral Resources are not Mineral Reserves as there is
insufficient studies to demonstrate economic viability.
2. 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.
3. 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.
