QRS Capital Corp Provides Exploration Update on Vista Hermosa Copper Oxide Project in Chile
THUNDER BAY, ONTARIO -- (Marketwire) -- 02/29/12 -- QRS Capital Corp. (TSX VENTURE: QRS) ('QRS' or the 'Company') is pleased to provide an update on its ongoing exploration program at the Vista Hermosa copper oxide project in Chile.
Program Description
The program to-date consisted of a new topographic survey, detailed local geological and structural mapping, surface rock and soil geochemical sampling and a 57 linear km 3D IP pole-dipole geophysical survey. The results of this work program are being used to define diamond drill hole targets for the upcoming diamond drilling program. Results from chip and grab samples, with grades up-to 4.5% Cu were promising and demonstrate the potential to significantly expand on the historic resource of 12M tons at 1 % copper (as disclosed by the company on February 14, 2012 - (i)please see historic resource cautionary disclosure below). Systematic geochemical sampling results were also encouraging, indicating that the copper (and silver) content in the underlying rock sequences could be substantial and possibly very shallow in depth. Lastly, the ground geophysics demonstrated a structurally controlled formation with increasing chargeability at depth. The drilling campaign will use the surface data collected to target potentially mineralized bodies.
Rock and Soil Surface Sampling
175 chip and grab samples were collected and results returned grades between 0.01 and 4.5% Cu, with 106 samples returning results of greater than 0.4% Cu. Of these samples, 69 contain greater than 1% Cu, 28 contain greater than 2% Cu, and 6 samples contain greater than 3% Cu. Samples were also tested for silver and returned encouraging results, with grades ranging between 0.2 and 32 g/t Ag. Of these samples, 102 contain greater than 1 g/t Ag, 60 contain greater than 5 g/t Ag, 21 samples returned results greater than 10 g/t Ag and 5 samples contain greater than 20 g/t Ag.
554 samples were taken at the superficial soil-bedrock boundary in order to confirm the presence of mineralization as indicated by the strong results from surface rock samples. These samples were taken systematically at intervals of 100m from east to west, with intervals of 100m north-south, using the same lines used for the geophysical 3D IP study conducted in the area. Results range between 0.001 and 1% Cu. 392 samples achieved grades greater than 0.01% Cu and of these 21 returned results greater than 0.1% Cu, and 2 results grade at 1% Cu. For silver, results returned grades between 0.01 and 1.75 g/t Ag, with more than 196 samples grading greater than 0.1 g/t Ag, 10 returned results greater than 0.5 g/t and of these 3 contain greater than 1 g/t Ag. (See Rock and Soil Surface Sampling Map)
To view the first map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/770275_map_1.pdf
Geophysical 3D Induced Polarization Survey
The survey was conducted over 57 linear km oriented east to west, divided into 33 individual lines measuring between 1.5 - 2km. The survey consisted of the acquisition, processing and 3D inversion modeling of 100m Offset Pole-Dipole Induced Polarization / Resistivity.
The resistivity and chargeability distributions are interpreted to be controlled by north-south and north-northwest oriented contours with increasing chargeability at depth. In the shallow depth slices (100 and 200m depth), a north-south trending contour is observed in the modeled resistivity image. At 300 - 500m depth, resistivity and chargeability features become coarser. Both in the north and the south of the survey area there are elevated chargeability anomalies that may be indicative of deep zones of weak to moderate disseminated mineralization.
Geology and Structure
Detailed geological mapping at 1:5,000 scale concluded that Vista Hermosa comprises a volcanic-sedimentary geological sequence of Mesozoic age. These intrusive formations are in-places observed to be acting as feeders of mineral-rich solutions. Overlying the sequence of igneous rocks is a layer of sedimentary hosted rock which contains an important concentration of copper mineralization in sulphides.
Evidence of fracturing, in particular normal faulting, is abundant throughout the area. The faulting presents itself within locally observed shear zones, where a concentration of sulphidation is often found indicating that the mineralization is dominantly structure-controlled. (See Geology Map)
To view the second map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/770275_map_2.pdf
Topographic Survey
A topographic survey at 1:10,000 scale covering 334 hectares, included construction of 33 east-west oriented lines over a total of 57 linear km, with 100m spacing which were used for soil geochemical sampling and the 3D IP geophysical survey.
Conclusions
The overlap of geochemical anomalies and chargeability readings combined with a clear surface geological expression is typical of mineralized occurrences associated with disseminated systems and provides positive evidence for the likelihood of the existence of more than one mineralized zone. An initial 6,000m diamond drill program is planned, with average drill hole depths in the order of 300m with several deep holes planned for 550 and 600 meters aimed to test for the presence of a sulphide mineralized system at depth.
Diego Benalcazar, President, commented 'We are very pleased with the results so far and are eager to begin the drill program to test the targets identified by the geochemical and geophysical anomalies. We are fortunate to have a near surface copper oxide asset and look forward to further expanding on current and historic work done to date.'
(i)Historic Resource
Only a minor portion of the Vista Hermosa Project has been studied and less than 5% of the mineralized footprint has been explored through drilling. Professional Geologist Hernan Valenzuela ran the initial exploration and the preliminary results of the prior drilling identified a historic resource estimate of 12M tons at a grade of 1% Cu in a report prepared by him and dated December 15, 2005. The work received the support of Victor Alcalde, who is a recognized Chilean geological system analyst. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and QRS is not treating the historical estimate as current mineral resources. The historical estimate is relevant for exploration of the project which QRS intends to undertake and is indicative of mineralization.
Quality Assurance and Quality Control
Samples are sealed on the property and driven directly to the ALS Chemex laboratory in Coquimbo, Chile for preparation under constant supervision by QRS representatives.
The above information has been prepared under the supervision of geologist Mr. Allen Maynard, MAIG, MAusIMM, who is designated as a 'Qualified Person', and who has reviewed the information and has verified the authenticity and validity of the data.
About QRS Capital Corp.
QRS Capital (TSX VENTURE: QRS) is a mineral exploration company actively seeking exploration stage copper, gold, and silver targets, focused on Latin America, particularly in Chile, Mexico, Colombia, and Brazil. The company's currently has 3 drill ready advanced exploration targets, including its flagship Vista Hermosa asset which is a near surface copper oxide asset located near La Serena, Chile.
ON BEHALF OF THE BOARD OF DIRECTORS
John Seaman, Chairman & CEO
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain information that may constitute 'forward-looking information' under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about future results of exploration and objectives and expected date of commencement of drilling. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the Company's disclosure documents. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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.
Contacts:
Apex Capital Inc.
Brett Allan
416-907-4148
ballan@apexcap.ca