Ascendant Copper-Results of Check Assaying Program on Junin Property (Ecuador)
DENVER, COLORADO--(CCNMatthews - June 11, 2007) - Ascendant Copper Corporation (the "Company" or "Ascendant") (TSX:ACX)(TSX:ACX.WT)(BERLIN:A0HMLE)(FRANKFURT:A5C)(WKN:A0HMLE) announces the results from a check assay program on its Junin project, a copper/molybdenum, gold/silver porphyry property located in northern Ecuador. During the period from 1991 to 1997, prior to the acquisition of the property by Ascendant, a third-party consortium carried out an exploration program (the "1990s Program") on the Junin project, which included the drilling of 30 drill holes.
In late 2006, based on recommendations contained in the Junin Report(1), Ascendant initiated a check assaying program of selected intervals of historic drill core from four holes (Holes 27, 28, 29 and 30) drilled under the 1990s Program. The assay results that Ascendant received from this check assay program were substantially different from the results of the 1990s Program. Given the discrepancy in results, as set out in the table below, Ascendant retained Micon International Co. Limited ("Micon") to review Ascendant's check assay results. Micon recommended that core from an additional four holes (Holes 4, 10, 17 and 22) from the 1990s Program be re-sampled and assayed. Ascendant completed this re-assay work in March 2007, with a total of 702 check samples taken from the selected eight holes of historic core drilled during the 1990s Program.
A summary of check assaying results from the eight holes re-assayed (the "2007 Check Assay Program") as compared to the original assay data prepared and reported by the 1990s Program is as follows:
2007 Check
Interval Sampled 1990s Program Assay Program
Hole Total Depth From To % Cu % Mo % Cu % Mo
----------- ---- -- ---- ---- ---- ----
(meters) (meters) (meters)
4 149 26 96 1.66 0.217 2.08 0.201
10 301 12 59 0.36 0.003 0.47 0.002
17 150 12 139 0.34 0.007 0.41 0.023
22 304 96 206 0.28 0.009 0.22 0.007
27 603 6 602 0.57 0.008 0.33 0.018
28 603 6 596 0.46 0.008 0.28 0.016
29 602 250 508 1.25 0.135 0.50 0.034
30 603 242 506 1.77 0.077 0.88 0.016
The 2007 Check Assay Program involved Ascendant obtaining access to the boxes of historical core, which are the property of the Ecuadorian government and stored in a government warehouse, diamond sawing the remaining core in the boxes, and re-assaying one-half of the core. In order to maintain the core in good condition, a substantial portion of the core had been previously transferred from deteriorating core boxes into new core boxes. From visual examination, it appeared that much of the fine fraction of material was lost in the transfer process. In many cases, as noted in the table above, the 2007 Check Assay Program results were significantly different from the historically reported assays from the 1990s Program, with check assays showing a range of both higher and lower results.
It was expected that the 2007 Check Assay Program results would be in close proximity to the 1990s Program results. Because of the noted discrepancies, Micon has advised Ascendant that the inferred resource estimate contained in the Junin Report of 982 million tonnes grading 0.89% copper, 0.04% molybdenum and 1.9 grams per tonne silver, may not be fully representative of the mineralization at Junin, as the inferred resource estimate was based on historical data, some of which is now considered to be unverifiable due to deterioration of the core samples over time, the loss of fine material in the transfer of the historical core samples, and the methods of sampling and assaying employed during the 1990s Program.
Micon has also advised Ascendant, however, that it does not believe that the results obtained in the 2007 Check Assay Program are sufficient to complete a meaningful revision of the inferred resource estimate identified in the Junin Report. As previously outlined in the Junin Report, Micon recommends that Ascendant complete a drilling program of the Junin project, including twinning of certain historic holes, and that all aspects of future drilling, logging, sampling and assaying be closely scrutinized and carried out in accordance with industry standard best-practices. Ascendant intends to follow Micon's recommendation.
"Management remains optimistic about the value-creation potential of the Company's mineral properties," declared Gary E. Davis, President and Chief Executive Officer of Ascendant. "Our Chaucha copper/molybdenum project in southern Ecuador has yielded encouraging drill results, and we will continue to carry out work on our Junin property with the aim of realizing the value that it could offer Ascendant's shareholders."
John R. King, Ascendant's resident exploration and geological expert as well as a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, has reviewed the above statements and check assay results of the 2007 Check Assay Program. Mr. King confirms that Ascendant followed quality controls and correct assay procedures in the 2007 Check Assay Program and that the geologic observations of the samples are correct.
Ascendant Copper Corporation is a mineral exploration and development company responsibly advancing the Chaucha copper-molybdenum project, the Company's lead project, and the Junin copper-molybdenum project, both in Ecuador, toward a verifiable economic base metal discovery. Ascendant has a solid mineral asset base, a diversified portfolio, proven management, and is committed to becoming a mid-tier copper producer through its agreement in respect of the Chaucha project with Antofagasta PLC (LSE:ANTO) and its strategic exploration alliance in Ecuador with Rio Tinto (LSE:RTZ).
(1) Technical report dated April 7, 2005, and amended August 5, 2005 and October 12, 2005, entitled Technical Report Review of the Quartz Porphyry-Hosted Copper-Molybdenum Mineralisation at Junin, Otavalo, Ecuador (the "Junin Report"), prepared by Qualified Person, Paul D. Gribble, C. Eng., Senior Mineral Resources Geologist, of Micon.
CONTACT INFORMATION:
Ascendant Copper Corporation
John R. Haigh
Manager of Investor Relations
1-866-907-6047 or (303) 824-0271
Fax: (720) 962-4648
Email: jhaigh@ascendantcopper.com
Website: www.ascendantcopper.com
