Catalyst Copper announces updated resource for La Verde copper project
Trading Symbol: CCY
VANCOUVER, Oct. 16, 2012 /PRNewswire/ – 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 MichoacÃ¡n 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
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/cm(3) 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.
Tetra Tech Resource Model September 19, 2012 Class Cu COG Tonnes Cu% Au Ag Cu lbs Au ozs Ag ozs g/t g/t 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 Cu lbs Au ozs Ag ozs g/t 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 0.54 0.0869 2.9 1,185,000,000 273,000 9,000,000 99,439,000
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 Cu% = copper Cu lbs = copper pounds Resources percent Ind = Indicated Au g/t = gold grams Au oz = gold ounces Resources per tonne Inf = Inferred Ag g/t = silver grams Ag oz = silver ounces Resources per tonne grams to troy Copper Cu COG = cut-off oz = grams/31.103 grade
SOURCE Catalyst Copper Corp.