Ascendant drills 314 m of 0.34% Cu, 0.02% Mo at Chaucha
2007-09-12 09:08 ET - News Release
Mr. Gary Davis reports
ASCENDANT COPPER ANNOUNCES NEW DRILL CAMPAIGN TO DEFINE RESOURCE AT CHAUCHA COPPER/MOLY PROJECT
Minera Dos Rios SA, a wholly owned subsidiary of Ascendant Copper Corp., has received the final analysis from its phase II drilling program on its Chaucha property located in Ecuador. The results from this phase of drilling were initially received in early August. However, because certain sections of drill core contained copper concentrations of greater than 1 per cent, the samples were reassayed in mid-August. The reassay results subsequently confirmed the existence of plus-1-per-cent copper grades.
Based on these results and prior work, Ascendant has now commenced a phase III 5,000- to 6,000-metre program of additional drilling in the Naranjos sector of the Chaucha project. "The goal of our new drill program at Chaucha is to move the known mineralization into internationally recognized modern inferred and indicated resource categories," said Gary Davis, president and chief executive officer of the company. "We believe, based on historic drilling by previous owners and some of our own recent work, that this program will demonstrate a significant resource in the Naranjos zone alone." Pending the results of the planned phase III infill drilling program in the Naranjos sector, the company expects that a prefeasibility study, incorporating both the Naranjos and Gur Gur sectors of Chaucha, should commence before the end of this year.
The Naranjos mineralized zone was previously tested by a Japanese consortium and Billiton Exploration and identified an inferred copper-molybdenum resource as estimated by Billiton in 1998. Although Ascendant believes that Billiton's historical resource estimate is reliable, it was prepared prior to the creation of the CIM Standards on Mineral Resources and Reserves Definitions and Guidelines and is not compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Billiton drilled five holes totalling 931 metres with one of the drill holes, Ch-03, intercepting 105 metres that graded 0.63 per cent copper and 0.02 per cent molybdenum. Ascendant's recently completed drilling has extended the mineralized zone to the Northwest in holes NA-11, NA-12, NA-17 and NA-18. The longest intercept in this area was in hole NA-12 where Ascendant identified 314 metres of 0.34 per cent copper and 0.026 per cent molybdenum, with a 16-metre interval of 0.082 per cent molybdenum.
Hole NA-13 was drilled as a twin to earlier Japanese drilling in the centre of the Naranjos zone and gave excellent duplication of copper results. NA-13 yielded 138 metres, between 74 and 212 metres, of 0.69 per cent copper and 0.015 per cent molybdenum, as well as cut an eight-metre section of 1.3 per cent copper, and a second 32-metre section of 1.13 per cent copper. Holes NA-14 and 15 were drilled to test conceptual ideas proposed by Ascendant's former joint venture partner at Chaucha and encountered no significant values.
The Chaucha property is less than 45 kilometres from the port of Balao. This represents a unique development opportunity compared with many other mineral deposits in Ecuador that face transportation challenges for supplies and concentrates.
The Chaucha property is known to have seven anomalous mineralized zones within the Janeth 1 concession area. One additional mineralized zone, previously drilled by Ascendant this year, is Gur Gur. Located approximately one kilometre from the Naranjos zone, positive results were previously reported and will most likely be included in the development plan for the property.
Significant intersections of copper mineralization from the phase II drilling program are shown. Due to the massive nature of the mineralization, reported widths are assumed to be true widths.
CHAUCHA PROJECT -- NARANJOS ZONE
INTERVALS OF NOTE
From (m) To (m) Interval (m) Cu% Mo%
NA-11 12 60 48 0.38 0.017
including 12 30 18 0.52
and 34 38 4 0.55
Molybdenum of
note 16 40 24 0.030
NA-12 30 344 314 0.34 0.026
including 32 102 70 0.40
including 32 52 20 0.46
and 228 274 46 0.47
Molybdenum of
note 92 110 18 0.028
118 134 16 0.082
166 182 16 0.058
NA-13 74 212 138 0.69 0.015
including 76 84 8 1.30
and 84 92 8 0.90
and 92 124 32 1.13
Molybdenum of
note 0 212 212 0.017
NA-16 30 176 146 0.20 0.008
Molybdenum of
note 90 108 18 0.022
NA-17 34 208 174 0.22 0.012
including 50 66 16 0.37
NA-18 30 192 162 0.25 0.02
including 30 36 6 0.40
and 98 110 12 0.45
Molybdenum of
note 30 104 74 0.031
including 30 38 8 0.061
and 44 50 6 0.04
and 98 104 6 0.052
CHAUCHA PROJECT -- GUR GUR ZONE
PREVIOUSLY REPORTED INTERVALS OF NOTE
From (m) To (m) Interval (m) Cu% Mo%
GG-01 8 168 160 0.24 0.007
includes 12 40 28 0.47 0.010
includes 74 104 30 0.27 0.005
includes 132 144 12 0.35 0.003
GG-02 40 110 70 0.39 0.008
includes 126 136 10 0.33 0.030
includes 40 76 36 0.54 0.010
GG-03 16 188 172 0.4 0.005
includes 16 70 36 0.54 0.010
includes 16 34 18 0.63 less than 0.001
and 152 188 172 0.54 less than 0.001
GG-04 22 172 150 0.28 0.003
includes 22 126 104 0.39 less than 0.001
includes 46 88 42 0.57 less than 0.001
GG-05 16 156 140 0.35 0.005
includes 16 122 106 0.39 0.003
includes 16 76 60 0.52 0.003
includes 152 156 4 0.45 less than 0.001
John R. King, the company's resident exploration and geological expert as well as a qualified person as defined by NI 43-101, has reviewed the above statements and assay results. Mr. King confirms that quality controls and correct assay procedures were followed by the company, and these geologic observations of the samples are correct.
