CuOro Resources Drills 9.42% Copper Over 6 Meters at Santa Elena Project, Colombia
06.03.2012 | Marketwire
VANCOUVER, 03/06/12 - CuOro Resources Corp. (TSX VENTURE: CUA) (FRANKFURT: 6BC) ('CuOro' or the 'Company') is pleased to announce drill results from 9 additional drill holes from its Santa Elena Copper-Gold Project in Colombia.Highlights:
- Hole SEDDH-053, located near the TEM-4 anomaly and over 650 meters south of the TEM-1 orebody, intercepted massive sulphide mineralization at a down hole depth of 123.1 meters (50 meters below surface) with an interval of:
-- 6.0 metres @ 9.42% Cu.
- Hole SEDDH-47, located 100 meters south of the TEM-1 orebody, intercepted massive sulphide mineralization at a depth of 156.0 meters downhole (70 meters below surface) with an interval of:
-- 4.0 metres @ 1.78% Cu.
- Additional mineralization intercepted on the following hole:
-- SE-DDH-43: 7.5 metres of 0.42% Cu.
TABLE 1: DRILLING ASSAY RESULTS
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Total
Azimuth Dip Depth From To Interval Cu Au Ag Zn
Hole ID (Deg.) (Deg.) (m) (m) (m) (m) % (g/t) (g/t) (%)
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SE-DDH-43 160 -55 201.2 45.1 52.6 7.5 0.42 0.02 1.0 0.06
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SE-DDH-47 110 -45 250.0 156.0 160.0 4.0 1.78 0.53 11.8 1.30
including 156.0 157.0 1.0 2.90 0.43 21.0 4.47
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SE-DDH-53 150 -45 250.0 100.65 111.5 10.85 0.45 0.5 1.25
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SE-DDH-53 150 -45 250.0 123.1 129.1 6.0 9.42 22.3 0.10
Including 123.1 124.1 1.0 15.97 37 0.22
Including 124.1 125.1 1.0 7.52 22 0.97
Including 125.1 126.1 1.0 2.78 7.98 0.04
Including 126.1 127.1 1.0 7.15 8.85 0.01
Including 127.1 128.1 1.0 7.10 17 0.07
Including 128.1 129.1 1.0 15.98 41 0.17
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UTM coordinates for the above drill holes are as follows: SE-DDH-43 - 874669E 1247570N, SE-DDH-047 - 874688E 1247406N, and SE-DDH-053 - 874490E 1246871N.
Drill holes SE-DDH-42, SE-DDH-44 to SE-DDH-46, and SE-DDH-48 to SE-DDH-50 did not return any significant values. All widths represent down-hole core lengths and the true widths are unknown at this stage. Average grades are calculated by the average weighted length of each individual intercept over the entire length of the intercept. Assay results from holes SE-DDH-051 and SE-DDH-052 have not been received from the laboratory and are pending.
Drilling update
The Company currently has 4 rigs on the property conducting a 25,000-meter, Phase I drill program. The fourth rig was added recently and is being commissioned on its platform. This drill rig is a smaller man-portable unit and will be utilized to allow for more efficient, cost effective and environmentally friendlier access to some areas.
A total of 56 drill holes have now been completed to date with approximately 11,325 meters drilled. Assay results for the 51 holes have been received by the company.
Current drilling is continuing to be carried out over favorable geological zones and interpreted geophysical anomalies. Systematic fence drilling is being carried out between the TEM-1 and TEM-4 anomalies, which are separated by a distance of 800 meters. The newly arrived man portable drill rig will test the area south of TEM-4 where large outcrops of stringer type sulphide mineralization have been found. Topography in this area is extremely steep and access is difficult, necessitating the use of a man portable drill rig.
Drill hole SE-DDH-053 was drilled approximately 150 meters southwest of the visible TEM-2 outcrops. The hole was drilled at a 150 degree azimuth and -45 dip angle downslope. Two mineralized zones were encountered in this drill hole. Massive sulphide mineralization was encountered 123.1 meters down the hole with a 6 meter intercept length and returned an average copper grade of 9.42% (note that two separate one meter intercepts of 15.97% Cu and 15.98% are included in this average copper grade calculation). Vertical depth from surface to mineralization is approximately 50 meters below surface. Additional lower grade copper mineralization, averaging 0.45% over 10.85 meters, was encountered between 100.65 to 111.5 meters down the hole.
Drill hole SE-DDH-047 was drilled approximately 100 meters south and below the TEM-1 outcrops. This hole was the first one drilled in a series of 100 meter spaced fence line holes. The hole was orientated in such a manner as to test the historic TEM anomaly and the possible extension of massive sulphide mineralization south of TEM-1. In this drill hole mineralization was intercepted 156.0 meters down the hole over a length of 4.0 meters returning an average grade of 1.78% copper. Vertical depth from surface to mineralization is approximately 70 meters below surface.
Drill holes SE-DDH-44, SE-DDH-46, and SE-DDH-48 were drilled approximately 300 meters north of the TEM-1 ore body. These holes tested a large IP anomaly that was situated on strike with the current know massive sulphide mineralization. Although sulphides were visible in the core, assay results showed no significant copper or gold values.
Exploration Update
The Company has Crone Geophysics and Exploration Ltd. on site conducting down-hole pulse EM surveys and fixed-loop surface surveys. Down hole measurements are being made at 5 metre intervals to identify any possible conductive off-hole targets. High density surface surveys have been completed between the TEM-1 and TEM-4 targets and the company is awaiting the results. These surveys will continue to complement ongoing exploration efforts at Santa Elena and has historically been very useful in the discovery and development of VMS deposits.
Company geologists have recently found several adits located approximately two kilometers west of the current drill area within the Company's concession. One main adit has significant work done, advanced up to 100 meters. These adits appear to be abandoned artisanal gold mines. Sampling and testing of these workings will be carried out during the work program scheduled over the next few weeks.
QA/QC
Sampling of the diamond drilling, and sample preparation, were performed by CuOro personnel and were carried out under strict protocols. Samples were taken every 1m and split in half to yield seven to ten kilogram samples. Drill sample recovery was generally in excess of 90%. CuOro has a rigorous QA/QC program to control the chain-of-custody of samples and the insertion of blanks, duplicates, and certified reference standards in each batch of samples. Samples were sent to SGS in Medellin where they were dried, crushed, pulverized. After preparation of the samples they were sent to SGS in Lima and assayed. All gold assays were obtained by standard 50g fire assaying with AA finish. All copper, silver, and zinc assays reported in the press release were obtained by four-acid dissolution followed by ICP measurement.
The above information has been prepared under the supervision of Michel Rowland, P.Geo., who is designated as a 'Qualified Person', and who has reviewed the information and has verified the authenticity and validity of the data.
About CuOro Resources Corp.
CuOro Resources (TSX VENTURE: CUA) is a Canadian publicly-listed exploration company currently developing two projects in Colombia. The company flagship Santa Elena Copper project, located in Antioquia hosts potential high-grade near surface VMS deposits. The current 25,000m drill program is well underway with 56 drill holes totaling 11,000m of drilling completed, with recent results returning assays of 102.9 m at 1.44% Cu including 14 m at 2.9% copper. The Company has the right to acquire 100% interest in the Santa Elena Property. The Company is managed by an experienced and technical management team residing in Medellin, Colombia and is well capitalized with $17M in the treasury. The long-term growth strategy is to continue identifying and acquiring new assets in South America with a focus on copper and gold, and the commitment to upholding the highest environmental and social standards.
For further information regarding CuOro, see CuOro's disclosure documents on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of CuOro,
Robert Sedgemore
President & CEO
Forward-Looking Statement
Statements contained in this news release that are not historical facts constitute 'forward-looking statements' or 'forward-looking information' within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date of this release. Forward-looking statements include, without limitation, possible events, statements with respect to possible events, the future price of gold and silver, the realization of mineral resource estimates and success of exploration activities. The words 'is expected' or 'estimates' or variations of such words and phrases or statements that certain actions, events or results 'may' or 'could' occur and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of the Company contained in this release which may prove to be incorrect, include, but are not limited to, (1) the discovery and expansion of mineral resources on the Company's Property being consistent with the Company's current expectations; (2) the implementation of Colombia's mining law and related regulations and policies being consistent with the Company's current expectations; (3) certain price assumptions for gold and silver. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold or certain other commodities; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada, Colombia or other countries in which the Company does business or may carry on business in the future; business opportunities that may be presented to, or pursued by, the Company; operating or technical difficulties in connection with mining activities; the speculative nature of gold exploration and development, including the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; and contests over title to properties, particularly title to undeveloped properties.
In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking statements made in this release are qualified by these cautionary statements and those made in our other filings with the securities regulators in Canada. These factors are not intended to represent a complete list of the factors that could affect the Company. Although the Company believes that the expectations in the forward-looking statements are reasonable, actual results may vary, and future results, levels of activity, performance or achievements cannot be guaranteed.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
CuOro Resources Corp.
Dave Doherty, VP Corporate Development
(604) 315-1237
ddoherty@cuororesources.com
Apex Capital Inc.
Brett Allan
(416) 907-4148
ballan@apexcap.ca