AQM Copper Continues to Expand the Victoria Zone and Provides Corporate Update
12.12.2011 | Marketwire
VANCOUVER, 12/12/11 - AQM Copper Inc. (TSX VENTURE: AQM)(BVLAC: AQM) ('AQM Copper' or the 'Company') is pleased to announce further results from its Victoria discovery, located east of the Main Zone on the Zafranal Property and to announce the contract award for the resource update and the Preliminary Economic Assessment for the Zafranal Project. The Company is also pleased to announce the appointment of a new General Manager of Compania Minera Zafranal S.A.C., the Joint Venture operating company for the Zafranal Project. Through its wholly owned Peruvian subsidiary, Minera AQM Copper Peru SAC, the Company is developing the Zafranal Copper-Gold Porphyry Project located in Southern Peru. Minera AQM Copper Peru S.A.C. is the operator of a 50/50 JV with Teck Resources Limited through a sole purpose Peruvian company.The Company's ongoing drilling program at Victoria continues to intercept copper mineralization over significant widths, with the zone remaining open to the east and at depth. Mineralization is hosted by strongly foliated diorite intrusive rocks and more mafic sub-volcanic rocks, emplaced along a regional scale shear zone, and in contact with the Coastal Batholith. The mineralized body appears to be parallel to the principal foliation orientation, and is interpreted to form a steep tabular body dipping to the north. Additional chalcocite mineralization has been encountered on the southern side of the zone, which now extends at least 700 metres in strike length and up to 350 metres in width. The true thickness of the zone is up 300 metres.
Today, the Company announces results from 9 diamond drill holes recently completed at Victoria, 2 diamond drill holes completed at the La Rechazada zone and 1 diamond drill hole completed on the northwestern extension of the Main Zone.
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From To Interval Au
Drill Hole (m.) (m.) (m.) Cu%T g/t Comment
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ZFDDH11-216 172 268 96 0.24% 0.09 La Rechazada
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Incl. 184 226 42 0.28% 0.10
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Incl. 236 268 32 0.25% 0.11
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And 301 320.20 19.20 0.23% 0.08
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ZFDDH11-217 344 350 6 0.28% 0.05 Victoria Porphyry
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And 394 403.3(1) 9.3 0.25% 0.04
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ZFDDH11-218 No Significant Results Victoria Porphyry
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ZFDDH11-219 164 190 26 0.26% 0.06 Victoria Porphyry
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And 252 504 252 0.27% 0.03
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Incl. 252 368 116 0.29% 0.03
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Incl. 436 474 38 0.30% 0.06
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ZFDDH11-220 No Significant Results La Rechazada
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ZFDDH11-221 316 342 26 0.30% 0.02 Victoria Porphyry
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And 376 408 32 0.32% 0.04
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And 514 640 126 0.33% 0.04
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ZFDDH11-222 272 380 108 0.25% 0.02 Victoria Porphyry
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ZFDDH11-223 No Significant Results Victoria Porphyry
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ZFDDH11-224 149 165 16 0.36% 0.04 Victoria Porphyry
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And 199 223 24 0.23% 0.02
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ZFDDH11-225 No Significant Results Main Zone
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ZFDDH11-226 420 546 126 0.24% 0.03 Victoria Porphyry
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Incl. 454 496 42 0.23% 0.03
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And 512 530 18 0.41% 0.04
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ZFDDH11-228 56 64 8 0.38% 0.10 Victoria Porphyry
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And 146 396 250 0.30% 0.04
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Incl. 146 294 148 0.35% 0.04
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(1) Hole ended in mineralization
Drill hole ZFDDH11-217 was drilled along section 795600E and was aimed at testing the western limits of the Victoria zone. Drill holes ZFDDH11-218 and ZFDDH11-223 were drilled on section 795800E, aimed at testing the northern extent of the Victoria mineralization. Hole ZFDDH11-218 was lost before hitting target depth; hole ZFDDH11-223 was drilled in a northerly direction and failed to intersect significant copper mineralization.
Drill hole ZFDDH11-221 was drilled on section 795900E and intersected the down-dip extension of the mineralized zone. Drill holes ZFDDH11-219 and ZFDDH11-228 were drilled on section 796000E and confirm the lateral continuity of the zone towards the east, extending the known limits of the hypogene copper mineralization. The zone was extended a further 200 metres to the east with drill holes ZFDDH11-222 and ZFDDH11-224, drilled on sections 796100E and 796200E respectively. Both of these holes intercepted hypogene copper mineralization showing that the zone remains open along strike to the east and to the south.
Bruce Turner, the Company's President and CEO, stated, 'We are very pleased with the ongoing success of our exploration drilling on Victoria. These results confirm that the zone extends to the east and remains open. We currently have two diamond rigs testing the zone and we expect to announce results as we receive them. Victoria is turning into an important discovery which will be incorporated into the resource estimate and the Preliminary Economic Assessment that AQM plans to complete in early 2012.'
Two diamond drill holes were completed on the La Rechazada zone. Both holes were drilled along the same section 100 metres northwest of a previously completed section that included drill holes ZFDDH11-168 and ZFDDH11-169 (102.7 metres @ 0.30% Cu). This zone remains underexplored and the company plans further drilling there during 2012 to better define the extents of the mineralization.
The Joint Venture partners have selected Wardrop, A Tetra Tech Company (Tetra Tech) to update the resource for the Zafranal Project including the Main Zone, Victoria, Sicera Sur and Sicera Norte deposits. Tetra Tech has also been selected to perform the Preliminary Economic Assessment for the project, in association with Peruvian based CESEL S.A.
Tetra Tech is a leading provider of consulting, engineering, program management, construction, and technical services. The Company supports government and commercial clients by providing innovative solutions to complex problems focused on water, environment, energy, infrastructure, and natural resources. With more than 13,000 employees worldwide, Tetra Tech's capabilities span the entire project life cycle.
CESEL S.A. is a leading consulting engineering firm in Peru with over 39 years of experience and more than 1100 employees involved in studies, design work, engineering supervision and project management. The Company has extensive expertise in many areas, including; mining, metallurgy, power generation and transmission, transportation and ports, manufacturing, petroleum, water and sewage, and socio-environmental issues associated with project development.
On November 15th 2011, the Joint Venture partners appointed Mrs. Juana Rosa Del Castillo as General Manager of Compania Minera Zafranal. Prior to joining the Company, Mrs. Del Castillo served as Chairman of INGEMMET, the Institute of Geology, Mining and Metallurgy of Peru. She has also held the positions of General Manager of Centromin Peru, Principal Advisor to the CEO of Glencore Peru and Manager of Environment and Community Relations for Los Calatos Project of Minera Hampton Peru.
Mrs. Del Castillo graduated with a M.Sc. degree in Mineral Processing from the Montana School of Mines in USA, a M.S degree in Extractive Metallurgy from the Royal School of Mines, Imperial College of the University of London and holds a Chemical Engineering degree from the San Agustin University of Arequipa, Peru.
ABOUT AQM Copper:
AQM Copper Inc. (formerly Apoquindo Minerals) is a Canadian based mineral exploration company developing copper deposits in South America. Through its wholly owned Peruvian subsidiary, Minera AQM Peru SAC, the Company is developing the Zafranal Copper-Gold Porphyry Project located in Southern Peru. Minera AQM Peru SAC is the operator of a 50/50 JV with Teck Resources Limited through a sole purpose Peruvian company formed for Zafranal as announced in its press release on July 8, 2010. The Zafranal project has NI43-101 compliant measured and indicated resources of 301 million tonnes grading 0.47% copper and 0.08 grams per tonne gold, and an inferred resource of 51 million tonnes grading 0.32% copper and 0.06 grams per tonne gold. Management and directors have extensive experience working for the world's largest mining Copper producers. Please refer to the Company's website www.aqmcopper.com for further information regarding the Company and its projects.
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