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November 09, 2001 10:02
InterAmerican Resources, Inc. Announces Significant Land Position in the Mazama Porphyry Copper Deposit
MIAMI--(BUSINESS WIRE)--Nov. 9, 2001--InterAmerican Resources, Inc. (OTC:IAMR) announced today that the core assets of InterAmerican Resources wholly-owned subsidiary Sovereign Resources, Inc. ("Sovereign Resources") is the Mazama project.
The Mazama copper-molybdenum porphyry deposit is located in north central Washington on the eastern flank of the Cascade Mountain Range within the Okanogan National Forest. Mazama is situated about 25 miles south of the Canadian border, approximately 120 miles northeast of Seattle, and 12 miles northwest of Winthrop, and the closest town. Access to the property is via well-maintained Forest Service roads.
Sovereign Resources has assembled a significant land position in the Mazama District.
The company's land position consists of 81 unpatented BLM lode mining claims totaling 1,620 acres, covering virtually all of the previously-delineated Mazama ore deposit, as well as areas considered to have excellent potential for discovery of significant additional porphyry Cu-Mo-Ag-Au mineralization. Sovereign Resources is negotiating to acquire one final claim to complete its consolidation of the Mazama District.
During the 1960s and 1970s, Mazama was explored by several major mining companies.
Bear Creek Mining (the exploration division of Kennecott) did the initial exploration work at Mazama, conducting geophysical surveys and core drilling in 1963 and 1964. Brenda Mines briefly optioned the property in 1968. Inspiration Development Co. optioned the Mazama project in 1970 and subsequently drilled 16 core holes (18,517 feet). During the 1970s, Exxon Minerals drilled several hundred shallow (less than 100 ft) percussion holes to the south and east of the main ore zone, seeking to outline a second porphyry deposit.
Quintana Minerals acquired the Mazama project in late 1973, and over the next several years, spent approximately $1,000,000 on exploration and development work, including drilling 14 core holes (12,168 ft). Quintana also completed various pre-feasibility / scooping studies, engineering / metallurgy work and mine plans for a proposed 30,000 ST/day mining and milling operation.
Copper mineralization at Mazama extends to considerable depths: Quintana drill hole No. 17 intersected greater than 0.30% Cu at a depth of 1,900 feet. All areas drilled to date exhibit excellent continuity and consistency of copper grades.
Among the best drill intercepts to date at Mazama are:
Hole No. From To Interval Copper
-------- ------- ------ -------- ------
9 190 ft 992 ft 762 ft 0.39%
15 310 ft 1372 ft 962 ft 0.42%
25 53 ft 1117 ft 858 ft 0.36%
31 86 ft 886 ft 800 ft 0.46%
Quintana Minerals previously reported a mineable (proven + probable) ore reserve estimate for Mazama of 143,718,000 ST grading 0.36% Cu and 0.008% Mo containing approximately one billion pounds of copper and more than 20 million pounds of molybdenum. At today's depressed metals prices, the value of the copper and molybdenum "in the ground" is approximately US$650 million.
None of the prior drilling programs assayed for gold or silver, although recent sampling by Sovereign Resources indicates that the Mazama deposit hosts potentially-significant precious metals credits. Additionally, work undertaken by Sovereign's geologists suggests that the copper grades at Mazama may also be significantly understated due to improper drill orientation.
Mazama is believed to have significant exploration potential.
An independent report prepared in 1991 by Brian K. Jones reportedly estimated the potential within the Mazama mineral system to be on the order of 500 million ST at 0.40% Cu and 0.01 oz Au/ST containing approximately four billion pounds of copper and five million ounces of gold.
The primary porphyry copper mineralization at Mazama extends over a minimum strike length of 5,000 feet SW-NE and remains open along strike; recent exploration work by Sovereign Resources indicates that fault-offsets to the known Mazama deposit may extend the strike length by several additional miles. Overall, copper mineralization at Mazama reportedly extends over a 12-square mile area, and, as such, Mazama may represent one of the largest under-explored copper porphyry systems in North America.
ON BEHALF OF THE BOARD Allan Smith President
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the proceeding discussion, the words "plan", "confident that", "believe", "expect", or "intend to" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of components for, and delays in the start of production, general acceptance of the company's products and technologies, competitive factors, the ability to successfully complete additional financing and other risks described in the company's SEC reports and filing.
CONTACT: InterAmerican Resources, Inc., Miami
Allan Smith, 305/438-0020
email: interamericanresources@yahoo.com
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