CuOro Resources Corp.: Intersects 12 Metres of 4.28% Copper
05.06.2012 | Marketwire
VANCOUVER, 06/05/12 - CuOro Resources Corp. (TSX VENTURE: CUA) (FRANKFURT: 6BC) "CuOro" or the "Company" is pleased to announce additional drill results from its 100% owned Colombian Santa Elena Copper-Gold Project. The company currently has 3 drill rigs on the property continuing its Phase One 25,000 metre drill program. To date a total of 88 drill holes have now been completed with approximately 17,720 meters drilled (see Figure 1).Highlights:
- Hole SEDDH-83 intersected 12.0 meters of 4.28% copper at a down-hole depth of 28 meters in a newly discovered massive sulphide body
- Hole SEDDH-79 intersected 10.0 meters of 3.21% copper at a down-hole depth of 42 meters
- SEDDH-81 intersected 9.0 meters of 1.51% copper
- Hole SEDDH-062 intercepted semi-massive sulphide mineralization at a down hole depth of 37.0 meters with an interval of 5.0 metres at 1.12% Cu
- Hole SEDDH-058 intercepted three distinct mineralized zones between depths of 29.6 meters to 114.5 meters down-hole with intervals of 6.6 metres @ 0.81% Cu, 8.0 meters @ 0.52% Cu, and 6.0 meters @ 0.40% Cu
TABLE 1: DRILLING ASSAY RESULTS
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Drill From To Length Cu UTM UTM
Hole (m) (m) (m) % East North Azimuth Dip
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SE-DDH-56 61.5 67.5 6.0 0.39 476478.9 754660.1 150 -60
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SE-DDH-58 29.6 36.2 6.6 0.81 476478.2 754660.5 150 -85
and 70.2 78.2 8.0 0.52
and 108.5 114.5 6.0 0.40
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SE-DDH-61 10.8 12.3 1.5 1.33 476345.6 754547.3 110 -45
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SE-DDH-62 37.0 47.0 10.0 0.86 476479.0 754661.5 150 -45
including 37.0 42.0 5.0 1.12
and 85.0 90.0 5.0 0.39
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SE-DDH-65 19.8 30.8 11.0 0.38 476475.8 754661.8 290 -80
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SE-DDH-69 112.0 130.5 18.5 0.58 476863.0 755280.7 180 -55
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SE-DDH-79 42.0 52.0 10.0 3.21 476469.6 754708.6 175 -55
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SE-DDH-80 128.5 139.0 10.5 0.29 476832.9 755266.6 180 -50
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SE-DDH-81 72.5 81.5 9.0 1.51 476457.4 754592.7 125 -45
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SE-DDH-81A 78.0 83.0 5.0 1.27 476502.3 754561.3 125 -45
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SE-DDH-83 28.0 40.0 12.0 4.28 476467.4 754708.5 235 -45
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All other drill holes not listed in the table above did not return any significant economic 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.
To view, Figure 1: Map of all CuOro Drill Holes to Date, please visit the following link:
http://media3.marketwire.com/docs/796137A.jpg
To view, Figure 2: Map of Significant CuOro Drill Holes with Assays, please visit the following link:
http://media3.marketwire.com/docs/796137B.jpg
CuOro Resources President & CEO, Robert Sedgemore stated "We continue to advance our exploration at the Santa Elena with both geophysical surveys and drilling. The down-hole Pulse EM surveys have provided significant information that has allowed us to better target our drilling. These new drill results are very encouraging, and demonstrate significant mineralization throughout our property."
Drill holes SEDDH-79 and SEDDH-83 tested an off-hole geophysical anomaly that was modeled from various drill holes. The off-hole conductor is located approximately 125 meters west of the TEM-2 outcrop. Initial modeling showed a 100 meter long conductive body parallel and near surface striking east-west. Both holes targeted the central portion of the conductor and intercepted massive sulphide mineralization less than 40 meters from surface. This massive sulphide body is currently being drilled to delineate the size and extent of the body.
Drill holes SEDDH-69 and SEDDH-80 tested an off-hole geophysical anomaly that was situated in the TEM-1 area located halfway between the TEM-1 massive sulphide outcrops and the exploration tunnel. Both holes intersected semi-massive sulphide mineralization where the off-hole conductor was modeled.
Drill hole SEDDH-058 encountered three distinct zones of mineralization in the TEM-4 area. Each mineralized zone consisted of disseminated and stringer type mineralization.
The drilling to date south and west of the TEM-2 area, towards the San Julian Creek, has shown very encouraging results with intercepts of 40 to 50 meters of disseminated sulphides in some areas consisting of phyrrotite, pyrite, and chalcopyrite. These intercepts indicate that the drilling program is narrowing the gap to the location of the main massive sulphide ore body(s).
Exploration Update
The company currently has Crone Geophysics and Exploration Ltd. on site conducting down-hole pulse EM surveys. Down hole measurements are being made at 5 metre intervals to identify any possible conductive off-hole targets. The company has received results from numerous drill holes that have been surveyed. In general, results from the survey have been very good to excellent. Many of the down-hole EM results display a strong correlation with mineralization - that being outcropping massive sulphides and known mineralization at depth. The presence of geophysical anomalies spatially associated with known mineralization is extremely encouraging. Likewise, several of the conductors that have been modeled are new exploration targets.
The company prioritized the geophysical anomalies based on their size and strength, and concentrated on conductors - modeled from several different holes - that overlapped. The company is currently drill testing these targets.
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.
CuOro Shareholder Consent for Transaction with Pacific Road Resources Fund II
Additionally, the company would like to remind all shareholders of the recent transactions accounted on May 28th with Pacific Road Resources Fund II. The Board of Directors of CuOro unanimously recommends that CuOro shareholders consent to the transactions with Pacific Road and urge all shareholders to approve the proposed transaction agreement, as fully described on SEDAR at www.sedar.com, including Pacific Road potentially becoming a "control person" of CuOro under TSXV rules.
In connection with the Agreement, CuOro hereby requests that you execute the attached Consent addressed to CuOro and the TSXV. If you have any questions concerning the Consent, please contact Dave Doherty at CuOro (ddoherty@cuororesources.com) or one of our lawyers at Cassels Brock: Andrea Fitzgerald (afitzgerald@casselsbrock.com) or Jake Bullen (jbullen@casselsbrock.com).
Please execute and return via PDF to ddoherty@cuororesources.com or fax to 1.866.728.1687 the Consent as soon as possible.
Please click here to download the Shareholder Consent form
About CuOro Resources Corp.
CuOro's growth strategy has been to identify mineral properties that have significant potential to develop large scale resources in well-established and mining friendly districts such as Colombia. Management looks to leverage its exploration and development expertise to bring additional resources and value to shareholders and to reduce development risk and expense through its focus on community relations, corporate and social responsibility. With approximately $12 million in the treasury, the Company will continue to look for additional opportunities that can bring value to the Company and its shareholders through its approach to business. The company is committed to upholding the highest environmental and social standards while focusing on delivering the financial growth its shareholders expect.
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