Antares Recommences Drilling at the Haquira Cu-Mo-Au Project
01 Settembre 2009 - 1:30PM
Marketwired Canada
Antares Minerals Inc. ("Antares") (TSX VENTURE:ANM) is pleased to announce that
the 2009 drilling campaign is underway at the Haquira Cu-Mo-Au Project in
Southern Peru.
- The initial phase of the 2009 drilling program will utilize four drill rigs
and will focus on exploration of four satellite targets in the immediate
vicinity of the known Cu-Mo-Au mineralization at the Haquira East and Haquira
West Zones. The drilling program also will test the Cristo de los Andes target,
located 10 km to the south of the main Haquira Zones. These exploration targets
have the potential to add significant tonnage to the already sizeable Haquira
deposits.
- Two rigs are currently drilling in the immediate Haquira area and will drill a
total of 5000 m to test the Haquira Far East (HFE), Haquira East SW Extension
(HESWX), Potato Patch (PP) and Haquira West Primary (HWP) targets (see location
map below).
- Two additional rigs have commenced drilling a minimum of 3,000 m at the Cristo
de los Andes target where three shallow holes completed in 1994-96 cut 33 m @
0.65% Cu (Hole 143-06), 33 m @ 0.77% Cu (Hole 143-08) and 15.4 m @ 0.48% Cu and
17.5 m with 0.44% Cu (Hole CA-2). The copper discovered here is near-surface
secondary copper within sedimentary rocks along the margin of a multi-phase
monzonite intrusive complex in a setting almost identical to that of the Haquira
East deposit.
- These targets are described below. To view a location map for these targets,
please visit
http://media3.marketwire.com/docs/Haquira%20Project%20Target%20Locations%20Sept%2020091.pdf.
Additional information is available on the Antares website at
www.antaresminerals.com.
- Results from the initial phase of drilling will begin to be available in
October and will be integrated with results from previous and ongoing scoping
and early prefeasibility studies to develop a second-phase drill plan which will
likely continue until the end of the year. The objective of the second-phase
drilling program will be to collect sufficient data to complete an integrated
Preliminary Economic Assessment (PEA) of the fully integrated Haquira Project,
including both the near-surface secondary copper mineralization amenable to
SX-EW processing and the more voluminous primary sulphide mineralization
amenable to processing by conventional milling and flotation. The current PEA
(see press release of May 14, 2008) only assesses the potential value of the
near-surface secondary mineralization (i.e. only the SX-EW project) and,
therefore, does not begin to reveal the full potential value of the Haquira
Project.
Haquira Project Highlights
- Very large porphyry Cu-Mo-Au discovery (see 43-101 resource table below) that
presents an opportunity for both an SX-EW leach operation and a large primary
sulphide mine with conventional flotation/concentration.
- Cu-Mo-Au mineralization recognized to date occurs in two zones; the Haquira
East (HE) and Haquira West (HW) zones. Currently defined, 43-101 compliant
resources for the project are listed below in Table 1. Mineralization remains
open in several directions and the current drilling campaign will focus on
testing the significant upside exploration potential for additional zones of
mineralization.
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Table 1. Mineral Resource Summary Haquira Project - 0.3% Cu cut-off
----------------------------------------------------------------------------
Haquira East Primary Sulphide Mineral Resources (Tetra Tech Nov 2008)
- 0.3% Cu cut-off
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Resource
Classi- Tonnes Cu Eq(i) Cu Mo Au Ag lbs Cu lbs Cu Eq(i)
fication (millions) % % % g/t g/t (billions) (billions)
----------------------------------------------------------------------------
Indicated 147.9 0.71 0.57 0.015 0.054 1.63 1.86 2.31
----------------------------------------------------------------------------
Inferred 304.6 0.64 0.53 0.012 0.047 1.42 3.54 4.31
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Haquira East and West Secondary Cu Mineral Resources (CAM Oct 2007)
- 0.3% Cu cut-off
----------------------------------------------------------------------------
Resource
Classi- Tonnes Cu Eq(i) Cu lbs Cu lbs Cu Eq(i)
fication (millions) % % (billions) (billions)
----------------------------------------------------------------------------
Indicated 133.7 0.53 0.53 1.55 1.55
----------------------------------------------------------------------------
Inferred 43.6 0.44 0.44 0.43 0.43
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(i) CuEQ equals Copper Equivalent is calculated for intervals dominated by
primary mineralization using US$1.50/lb Cu, US$500/oz Au, US$10/oz Ag and
US$10.00/lb Mo and is not adjusted for metallurgical recoveries as these
remain uncertain. Metallurgical recoveries and net smelter returns are
assumed to be 100%. The formula used is as follows: CuEQ equals Cu% +
(Au g/t x 0.4862) + (Mo% x 10.00/1.50) + (Ag g/t x 0.0077). Copper
Equivalent contributions are only applied to primary sulphide
mineralization.
- The 43-101 compliant resources contain a total of 8.0 billion lbs Cu or 9.2
billion lbs Cu EQ utilizing a cut-off grade of 0.2% Cu for leachable resources
and 0.3% Cu for primary sulphide resources.
- The current resource estimates utilize only the drilling up to drill hole
AHAD-120. Additional drill holes that have been released after the completion of
the current resources estimations include drill hole AHAD-159 which intersected
937 m of 1.14% Cu, 0.034% Mo and 0.1 g/t Au - the best hole completed and
Haquira to date (February 11. 2009).
- Antares announced a Preliminary Economic Assessment (PEA) for the near-surface
SX-EW amenable portion of the Haquira project (see press release dated May 14,
2008). This study estimated that the known tonnage and grades of leachable
copper mineralization are sufficient to support a 50,000 t/d SX-EW heap-leach
operation that would produce an average of 109 million lbs of copper cathode for
11 years of mine life. The capital cost to construct the operation is estimated
at US$301 million with a projected after tax IRR of 26.9% and an NPV (8%
discount rate) of US$224 million utilizing a copper price of US$2.00. This PEA
does not take into consideration any of the underlying primary sulphide
mineralization.
- Antares can obtain a 100% interest in the principal Haquira portion of the
project with one final payment of US$5 million to Minera Phelps Dodge del Peru
by March 4th, 2010 (the Cristo de los Andes project is not subject to this
agreement). Funds to make the payment have been reserved for this purpose.
- The Haquira project is located immediately adjacent to XSTRATA's Las Bambas
project with ample opportunity for shared infrastructure.
- Antares has recently entered into a strategic relationship with the IFC, the
member of the World Bank Group focused on private sector investments in
developing countries (see press release dated May 13th, 2009).
- Antares is financially sound with current cash on hand of $16.5 million and no
debt.
John Black, President and CEO of Antares Minerals Inc. commented as follows:
"The past year has been challenging due to the collapse of the financial markets
and as a result we chose to cautiously shepherd shareholder resources and await
the opportune time to commence more aggressive work at Haquira. We now feel it
is time to get back to work to reveal the full value of the Haquira discovery
and we are very pleased to have multiple rigs turning again at the Haquira
project. Copper prices have improved dramatically and copper assets like Haquira
will likely be highly sought after in the near future. We are commencing with
exploration work that will test for the existence of additional satellite bodies
to the already sizable zones of mineralization defined at Haquira to date. This
will allow us to better visualize the true size potential of the project.
Subsequent work will focus on advancing the project towards a fully integrated
PEA to understand better the full potential value of the project."
Cristo de los Andes Target: The Cristo de los Andes Project is to the south of
and contiguous with the Haquira Project. The principal area of known
mineralization is located approximately 10 km from the Haquira East and Haquira
West discoveries. The project is owned by Minera del Suroeste S.A.C. (MISOSA),
now a wholly-owned subsidiary of Hochschild Mining PLC. Antares has an option to
earn up to a 60% interest in the project (see press release dated April 28,
2008). The best exposed mineralization at Cristo de los Andes occurs as a 100 m
by 400 m zone with abundant copper oxides and secondary copper sulphides hosted
in siltstones, sandstones and quartzites of the Jurassic Chuquibambilla and
Soraya Formations. This area of mineralization is associated with the margins of
a multi-phase monzonite intrusive complex in a setting almost identical to that
of the Haquira East deposit. Limited previous drilling was completed by other
parties at the project in the mid 1990's and consisted of eight, widely-spaced,
shallow drill holes testing for the existence of a large high-grade primary
porphyry body. Three of the eight holes encountered ore-grade intervals of
near-surface secondary copper mineralization (Hole 143-06 with 33 m @ 0.65% Cu,
Hole 143-08 with 33 m @ 0.77% Cu and Hole CA-2 with 15.4 m @ 0.48% Cu and 17.5 m
with 0.44% Cu). The current drilling program will confirm the previously
identified mineralization and begin to delimit the approximate size potential of
the mineralized zone. Antares will also apply knowledge gained from the Haquira
East discovery to look for higher grade primary sulphide mineralization beneath
the zone of secondary copper mineralization.
Targets in the immediate vicinity of the Haquira East and Haquira West Zones:
The Haquira Far East (HFE), Haquira East SW Extension (HESWX), Potato Patch (PP)
and Haquira West Primary (HWP) targets are all located in the immediate vicinity
of the Haquira East and Haquira West discoveries. The definition of these
targets has been based largely on the improved understanding of the nature and
expression of the Haquira East and Haquira West zones as well as the controls on
their emplacement and formation. The HFE and PP targets are located
approximately 1 km to the east and west of the HE zone and are characterized by
recessive weathering hollows surrounded by fractured quartzites with anomalous
geochemical signatures. This geological setting is identical to that of the HE
zone. In addition, a small number of shallow drill holes in the areas has
provided encouragement that these zones could host mineralized intrusive bodies.
The HESWX target has been identified as a result of detailed characterization of
the Haquira East deposit. Antares geologists have noted a distinct asymmetry to
the Haquira East orebody (the abundance of certain vein types and the ratios of
Au/Cu and bornite/chalcopyrite all increase to the south and southwest). This
suggests there may be an additional mineralized center to the south-southwest of
the known Haquira East zone. This concept is also supported by geophysical data
(IP/resistivity) and previous holes (mostly shallow) that intersected secondary
copper in the area. The target at HWP is primary Cu sulphide mineralization
beneath the extensive area of secondary copper mineralization at the Haquira
West zone.
About the Haquira Copper Project, Peru
The Haquira project offers potential for a low-strip, low-cost SX-EW copper
operation in southern Peru as well as a good opportunity for an underlying
higher grade primary porphyry copper-molybdenum mill/concentrator operation. The
project is located contiguous to, and immediately south of, Xstrata Copper's Las
Bambas Cu-Au project and consists of two blocks of property optioned under
separate agreements as well as additional concessions acquired by Antares for a
total of 20,635 hectares of area. Antares has an option agreement with Minera
Phelps Dodge del Peru S.A.C. to acquire a 100% interest in the original Haquira
project by completing optional payments totalling US$15 million over a five-year
period (see Antares press release dated March 17, 2005). A total of US$10
million has been paid to date with the remaining US$5.0 million due on or before
March 4, 2010. Antares also has an option agreement with Minera del Suroeste
S.A.C. (MISOSA), a wholly owned subsidiary of Hochschiild Mining PLC, whereby
Antares can acquire up to a 60% interest in the Cristo de los Andes project,
located contiguous to, and immediately south of the Haquira project (April 28,
2008). Antares can acquire an initial 51% interest in the Cristo de los Andes
project by completing 12,000 m of drilling, making US$1,050,000 in payments and
granting MISOSA a production royalty of US$0.005/lb of Antares' share of copper
production exceeding 500,000,000 lbs from the Cristo de los Andes Property.
Antares also has the option to acquire an additional 9% interest in the project
for a total of 60% by electing to complete a bankable feasibility study within
five years.
About Antares
Antares is a successful mineral exploration company with highly experienced
technical and management teams. The Company is focused on precious- and
base-metal exploration properties in Latin America that can be quickly and
cost-effectively advanced to the discovery and production stage. In addition to
the Haquira Project in Peru, Antares is also currently exploring the Rio Grande
(Cu-Au porphyry) project in Salta Province of NW Argentina in a 50/50
option/joint-venture basis with Pachamama Resources Ltd., a spin-off from
Mansfield Minerals Inc.
For further information: please visit our website at www.antaresminerals.com.
All of Antares' exploration programs and pertinent disclosure of a technical or
scientific nature are prepared by, or prepared under the direct supervision of
John Black, Antares' President, who serves as the qualified person (QP) under
the definitions of National Instrument 43-101.
Antares' security, chain of custody and quality control is described on their
website and can be reviewed at:
http://www.antaresminerals.com/bestpractices/samplingmethodologies
Mineral resources do not have demonstrated economic viability and future in-fill
drilling and scoping, pre-feasibility and feasibility studies will determine
what percentage of the inferred resource can be placed into the mineable
category. Antares is not aware of any environmental, permitting, legal, title,
taxation, socio-political, marketing or other issue which may materially affect
this estimate of mineral resources.
Certain disclosure in this release, including management's assessment of
Antares' plans and projects, constitutes forward-looking statements that are
subject to numerous risks, uncertainties and other factors relating to Antares'
operation as a mineral exploration company that may cause future results to
differ materially from those expressed or implied. Readers are cautioned not to
place undue reliance on forward-looking statements.
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