AQM Copper Updates Its Exploration and Pre-Development Activities at the Zafranal Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/06/12 -- AQM Copper Inc. (TSX VENTURE: AQM)(BVL: AQM) ("AQM Copper" or the "Company") AQM Copper is pleased to announce an update of its exploration and pre-development activities at the Zafranal Project, located in the southern Peruvian copper porphyry belt. The Company has recently completed the exploratory drilling program at Victoria and Sicera Sur, has carried out condemnation drilling to the north of the Main Zone and is currently working on a Preliminary Economic Assessment ("PEA") which will be published later this year.
The Company announces today results from its drill program on the Victoria Zone, aimed at further defining the extent of mineralization in this newly discovered zone.
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Drill Hole From (m.) To (m.) Interval (m.) Cu%T Au g/t
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ZFDDH12-238 No Significant Results
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ZFDDH12-239 0 24 24 0.21% 0.02
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ZFDDH12-240 No Significant Results
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ZFDDH12-241 0 20 20 0.27% 0.04
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And 55.50 110 55.50 0.35% 0.01
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ZFDDH12-242 204 224 20 0.22% 0.02
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And 264 294 30 0.23% 0.02
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ZFDDH12-243 No Significant Results
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ZFDDH12-244 122 160 38 0.32% 0.03
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And 176 233.3(i) 57.3 0.33% 0.05
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ZFDDH12-246 124 158 34 0.26% 0.04
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And 172 266 94 0.27% 0.04
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And 310 333.50(i) 23.50 0.29% 0.02
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ZFDDH12-250 264 353.4 89.4 0.22% 0.05
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And 410 536 126 0.26% 0.03
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ZFDDH12-251 No Significant Results
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(i) Hole ended in mineralization
These results confirm the eastern limit of the Victoria Zone. Drill hole ZFDDH12-239 is the easternmost mineralized drill hole completed on Victoria. Drill hole ZFDDH12-243, located a further 200 metres to the east, failed to encounter significant mineralization. Victoria has now been defined as a northerly dipping tabular body with a strike length of 800 metres and a width of up to 400 metres.
Drilling also tested the extensions of the two mineralized zones found on the Sicera Sur target.
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Drill Hole From (m.) To (m.) Interval (m.) Cu%T Au g/t
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SSDDH12-004 No Significant Results
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SSDDH12-005 No Significant Results
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SSDDH12-006 No Significant Results
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SSDDH12-007 No Significant Results
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SSDDH12-008 No Significant Results
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SSDDH12-009 No Significant Results
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SSDDH12-010 92 108 16 0.22% 0.09
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And 276 350 74 0.26% 0.02
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SSDDH12-011 202.3 427 224.7 0.30% 0.03
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Incl. 220 234 14 0.62% 0.08
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And 471.1 488 16.9 0.25% 0.02
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SSDDH12-012 No Significant Results
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SSDDH12-013 No Significant Results
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SSDDH12-014 No Significant Results
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Drill holes SSDDH12-004 through to SSDDH12-006 and SSDDH12-008 were drilled on the possible northern extension of the northern Sicera Sur porphyry target. None of the results of the drilling indicate significant copper mineralization and the Company has now defined the northern limit of the system. Drill holes SSDDH12-007 and SSDDH12-012 were drilled on the southern extension of the southern Sicera Sur porphyry target. Neither encountered significant mineralization. Drill holes SSDDH12-009 and SSDDH12-010 were drilled on the central part of the northern Sicera Sur porphyry, while drill hole SSDDH12-011 was drilled further to the east in order to test the deeper portion of the porphyry target. The wide intercepts encountered in this drill hole shows that the mineralization extends further at depth than previously identified.
Additionally, the Company has completed condemnation drilling to the northwest of the Main Zone, where rock chip sampling had identified a high-contrast gold anomaly. Four drill holes were completed in this area, and results are shown below:
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Drill Hole From (m.) To (m.) Interval (m.) Au g/t
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ZFDDH12-245 142 144 2 2.57
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And 190 228.8 38.8 0.12
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And 370 378 8 0.48
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ZFDDH12-247 No Significant Results
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ZFDDH12-248 26 72 46 0.27
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ZFDDH12-249 No Significant Results
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The results obtained confirm the presence of a gold anomaly to the northwest of the Main Zone and indicates that further work is warranted to determine the extent of the anomaly.
The existing permit for the project is being modified to allow for exploration drilling of additional mineral anomalies to the south and northwest of the Main Zone and west of Sicera Sur, as well as condemnation drilling of locations identified for proposed project infrastructure. Until the modification is approved, drilling will focus on condemnation drilling around the Main Zone and Victoria deposits as well as geotechnical drilling for the proposed open pits and crusher location.
The Company is presently advancing its PEA for the Zafranal Project with the assistance of Tetra Tech WEI and is expecting to publish the PEA later in 2012.
The Company is also pleased to announce that it has renewed and expanded the surface access agreement that was originally signed in 2009 with the local governmental agency controlling the surface rights in the area (AUTODEMA). This annual renewable agreement allows for continued exploration activities within the Zafranal mineral concession and may, under certain conditions, be modified to allow for future development of the project.
The Company has established a rigorous QA/QC program at Zafranal, which includes the insertion of blanks, duplicates and certified standards into the sample stream. Core is photographed on site and subsequently sawed in half, with one half sent for analysis and the other half stored for future reference and assay verification. RC chips are split twice on site using a riffle splitter, with 25% of the sample being sent to the laboratory for assay and the rest stored for future verification purposes. All samples are shipped to ALS Chemex's sample preparation facility in the city of Arequipa, where they are crushed and pulverized. Prepared samples are shipped to ALS Chemex's certified laboratory in Lima where they are analyzed for gold, copper and multi-element ICP.
Alvaro Fernandez-Baca, P.Geo, Vice President Exploration for AQM Copper Inc. and the Company's Qualified Person for the purposes of NI 43-101, has approved the information contained in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Bruce Turner, President and CEO
ABOUT AQM Copper: AQM Copper Inc. is a Canadian based mineral exploration company exploring and developing copper deposits in South America. 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 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 NI 43-101 compliant measured and indicated resources of 510.7 million tonnes grading 0.36% copper and 0.07 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 at www.aqmcopper.com, for further information regarding the Company and its projects.
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