AQM Updates the Zafranal Project Resource Increasing Tonnage in the Measured and Indicated Categories by 70%
03 Aprile 2012 - 1:00PM
Marketwired Canada
AQM Copper Inc. (TSX VENTURE:AQM)(BVL:AQM) ("AQM Copper" or the "Company") is
pleased to announce resource estimates for four porphyry deposits within the
Zafranal Project, as prepared by Tetra Tech WEI Inc. and NCL Ingenieria y
Construccion Ltda. The new resource estimates incorporate 369 drill holes
completed in the Main Zone, Victoria, Sicera Sur and Sicera Norte zones.
The overall resource for the Zafranal Property, which combines four separate
models and resource calculations, is summarized below. These resources represent
a 70% increase in tonnage with respect to the first, in-situ, resource
calculation published in early 2011. All four resources are contained within
conceptual Whittle pits, using the parameters described in this news release:
---------------------------------------------------------------
Table 1: Overall Zafranal Project Resource
---------------------------------------------------------------
Category Tonnes (in millions) Cu% Au g/t
---------------------------------------------------------------
Measured 138.2 0.39 0.07
Indicated 372.5 0.35 0.07
---------------------------------------------------------------
Measured+Indicated 510.7 0.36 0.07
---------------------------------------------------------------
Inferred 4.9 0.26 0.04
---------------------------------------------------------------
Notes: Mineral resources are reported at an average cut-off grade of 0.16%
Cu, as determined by the Whittle pit shells. Cut-off varies on a block by
block basis, according to type of mineralization and combination of copper
and gold grades
The Main Zone resource has been updated with the additional drilling completed
during 2011, and is reported in Table 2 below together with an initial resource
for the adjacent Victoria porphyry. Both zones are spatially continuous and any
future mine planning would consider them to be conceptually part of the same
deposit. The combined Main Zone and Victoria resource shows an overall Measured
and Indicated resource of 493.6 million tonnes grading 0.36% Cu and 0.07 g/t Au,
including 154.4 million tonnes of Supergene mineralization grading 0.58% Cu and
0.08 g/t Au. This represents a 64% increase in overall tonnage with respect to
the 2011 in-situ resource prepared by Amec Minproc as announced on January 13th
2011 and filed on SEDAR on February 25th, 2011. An additional 1.2 million tonnes
grading 0.23% Cu are classified as Inferred Resources. All numbers were
calculated using an average 0.16% copper cut-off, and are tabulated in Table 2
(tonnes rounded off):
---------------------------------------------------------------
Table 2: Combined Main Zone and Victoria Resources
---------------------------------------------------------------
Category Tonnes (in millions) Cu% Au g/t
---------------------------------------------------------------
Measured 138.2 0.39 0.07
Indicated 355.4 0.35 0.07
---------------------------------------------------------------
Measured+Indicated 493.6 0.36 0.07
---------------------------------------------------------------
Inferred 1.2 0.23 0.09
---------------------------------------------------------------
Notes:
- All the samples were composited to two metres; 874 bulk density
measurements were supplied, and average values for each
mineralization type were used to calculate the resource.
- Individual models were created for each zone. All models were
constructed using the same block size of 15x15x15 metres.
- Interpolations were carried out using ordinary kriging.
- Resource blocks classified as Measured required that the
interpolated grade was based upon a minimum of six drill holes
with a maximum mean sample-to-block distance of 100 metres.
Resource blocks classified as Indicated required that the
interpolated grade was based upon a minimum of four and a maximum
of five drill holes and a maximum mean sample-to-block distance of
200 metres. All other blocks with contained copper grades greater
than 0.001% and with a maximum mean sample-to-block distance of
300 meters were classified as Inferred.
Initial resource estimates, using the same Whittle parameters as the Main Zone
and Victoria, were also compiled for the Sicera Norte and Sicera Sur satellite
targets, located 6 km west and 10 km northwest of the Main Zone respectively.
The Sicera Sur and Sicera Norte resources are tabulated in Table 3:
---------------------------------------------------------
Table 3: Sicera Sur and Sicera Norte Resources
---------------------------------------------------------
Indicated Tonnes (in millions) Cu% Au g/t
---------------------------------------------------------
Sicera Norte 11.7 0.27 0.02
Sicera Sur 5.3 0.34 0.03
---------------------------------------------------------
---------------------------------------------------------
Inferred Tonnes (in millions) Cu% Au g/t
---------------------------------------------------------
Sicera Norte 1.9 0.27 0.02
Sicera Sur 1.7 0.29 0.03
---------------------------------------------------------
The new resource was also subdivided into mineralization types in order to
facilitate the geometallurgical modeling currently under way for the Preliminary
Economic Assessment (PEA), expected to be completed during 2012. Mineralization
types were determined using copper solubility based upon the percent of copper
that was liberated in three sequential digestions: 1) sulphuric acid, 2)
cyanide, and 3) nitric and hydrochloric acid.
---------------------------------------------------------
Table 4: Zafranal Resource by Mineralization Type
---------------------------------------------------------
Zafranal Main Zone - Measured + Indicated Resource
---------------------------------------------------------
Mineral Zone Tonnes (in millions) Cu% Au g/t
---------------------------------------------------------
Leached 22.5 0.29 0.11
Oxide 5.6 0.27 0.14
Supergene 154.4 0.58 0.08
Hypogene 289.6 0.26 0.07
---------------------------------------------------------
Total 472.1 0.36 0.08
---------------------------------------------------------
Zafranal Main Zone - Inferred Resource
---------------------------------------------------------
Mineral Zone Tonnes (in millions) Cu% Au g/t
---------------------------------------------------------
Leached 0.07 0.20 0.09
Supergene 0.2 0.29 0.03
Hypogene 0.4 0.17 0.23
---------------------------------------------------------
Total 0.6 0.21 0.15
---------------------------------------------------------
Victoria Zone - Measured + Indicated Resource
---------------------------------------------------------
Mineral Zone Tonnes (in millions) Cu% Au g/t
---------------------------------------------------------
Leached 0.3 0.22 0.06
Mixed 4.7 0.31 0.03
Supergene 3.1 0.41 0.03
Transitional 9.4 0.25 0.03
Hypogene 4.0 0.24 0.04
---------------------------------------------------------
Total 21.5 0.28 0.03
---------------------------------------------------------
Victoria Zone - Inferred Resource
---------------------------------------------------------
Mineral Zone Tonnes (in millions) Cu% Au g/t
---------------------------------------------------------
Oxide 0.5 0.26 0.03
Transitional 0.1 0.22 0.02
---------------------------------------------------------
Total 0.6 0.25 0.03
---------------------------------------------------------
Sicera Norte - Indicated Resource
---------------------------------------------------------
Mineral Zone Tonnes (in millions) Cu% Au g/t
---------------------------------------------------------
Transitional 1.6 0.30 0.01
Hypogene 10.1 0.27 0.02
---------------------------------------------------------
Total 11.7 0.27 0.02
---------------------------------------------------------
Sicera Norte - Inferred Resource
---------------------------------------------------------
Mineral Zone Tonnes (in millions) Cu% Au g/t
---------------------------------------------------------
Supergene 0.4 0.28 0.02
Transitional 0.08 0.36 0.02
Hypogene 1.4 0.25 0.02
---------------------------------------------------------
Total 1.9 0.26 0.02
---------------------------------------------------------
Sicera Sur -Indicated Resource
---------------------------------------------------------
Mineral Zone Tonnes (in millions) Cu% Au g/t
---------------------------------------------------------
Oxide 2.8 0.33 0.04
Mixed 0.02 0.30 0.02
Transitional 0.03 0.26 0.02
Hypogene 2.1 0.37 0.03
---------------------------------------------------------
Total 5.3 0.34 0.03
---------------------------------------------------------
Sicera Sur - Inferred Resource
---------------------------------------------------------
Mineral Zone Tonnes (in millions) Cu% Au g/t
---------------------------------------------------------
Oxide 1.2 0.26 0.03
Supergene 0.06 1.5 0.06
Transitional 0.4 0.17 0.02
Hypogene 0.1 0.45 0.06
---------------------------------------------------------
Total 1.7 0.29 0.03
---------------------------------------------------------
The in-situ resources and block models were prepared by Greg Mosher, P.Geo, an
independent Qualified Person as defined by National Instrument 43-101, using
ordinary kriging and without the use of a grade shell to constrain the model.
The geological model was supplied in Leapfrog by Atticus, a Lima-based
consulting firm. The database was comprised of 77,803 samples and 369 drill
holes distributed as follows:
--------------------------------------------------------------------
Table 5: Zafranal Resource Database Summary
--------------------------------------------------------------------
No.
Core No. No. RC No.
Zone Holes Metres Samples Holes Metres Samples
--------------------------------------------------------------------
Main Zone 192 67,682 33,860 43 13,328 15,637
Victoria 31 10,765 5,379 9 2,729 1,662
Sicera Norte 47 14,504 7,381 10 3,232 2,861
Sicera Sur 3 1,018 448 34 11,456 10,575
--------------------------------------------------------------------
TOTAL 273 93,969 47,068 96 30,745 30,735
--------------------------------------------------------------------
A conceptual Whittle pit shell was used for each resource published here in
order to demonstrate potential for economic extraction. Parameters used in the
estimate include metals prices (and respective recoveries) of US$2.70/lb. copper
(87% in flotation and 30-70% in leach) and US$1,100/oz. gold (50-60% flotation,
0% in leach. Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources may be
materially affected by environmental, permitting, legal, marketing, or other
relevant issues. The Whittle pit shells were prepared by NCL Ingenieria Y
Construccion Ltda based in Santiago Chile, under the direction of Carlos Guzman,
Registered Member of the Chilean Mining Commission, an independent Qualified
Person as defined by National Instrument 43-101.
Discussion
The resource at the combined Main Zone and Victoria zones shows a 64% tonnage
increase in the combined Measured and Indicated categories and a 23% decrease in
the total copper grade with respect to the 2011 estimate. This increase in
tonnage and decrease in grade is due to the conversion of lower grade Inferred
resource into Measured and Indicated resource, the addition of lower grade
tonnage from the periphery of the Main Zone and from the new Victoria deposit,
and the absence of a grade shell when constructing the current resource. Without
a grade shell, ordinary kriging and the subsequent economic Whittle shell will
tend to incorporate additional lower grade material into the resource as the
search ellipsoid is no longer constrained by a hard boundary, thus increasing
tonnage while decreasing grade.
The Sicera Sur and Sicera Norte initial resource estimates show that both zones
contain potentially recoverable mineral resources, but further work is needed to
determine their economic viability. This is particularly true of the Sicera Sur
deposit, which remains open in several directions.
Bruce Turner, President and CEO of the Company, stated: "This is yet another
significant milestone for the Zafranal Project. This updated resource
significantly increases the overall mineral inventory at Zafranal, potentially
allowing for economies of scale in the designing of a processing plant for the
Project. The mineral resources that our exploration team has so successfully
identified and drilled, clearly show that Zafranal hosts a series of potentially
significant porphyry deposits. We are excited to embark on the next phase of
development which will see us complete a Preliminary Economic Assessment for the
Zafranal Project in 2012".
Two diamond rigs are currently working on Zafranal, testing the extensions of
the Sicera Sur zone and new exploration targets.
The exploration program at Zafranal is supervised by Alvaro Fernandez-Baca,
P.Geo, Vice President Exploration for AQM Copper Inc.
Conference Call
AQM Copper Inc. will be hosting a conference call today, April 3, at 4:30 p.m.
Eastern Time to discuss the project's updated resource.
To join the conference call toll free In North America please call 1.866.512.0904.
In Chile the toll free number for the AQM Copper conference call is
12300-202-784, and in Peru the toll free number is 0800-53117.
The Participant Code for the conference call is: 1250118.
ABOUT AQM Copper: AQM Copper Inc. (formerly Apoquindo Minerals) is a Canadian
based mineral exploration company developing copper deposits in South America.
Through its wholly owned Peruvian subsidiary, Minera AQM Peru SAC, the Company
is developing the Zafranal Copper-Gold Porphyry Project located in Southern
Peru. Minera AQM 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. Management and directors have extensive
experience working for the world's largest mining Copper producers. Please refer
to the Company's website www.aqmcopper.com for further information regarding the
Company and its projects.
Grafico Azioni AQM Copper Inc. (TSXV:AQM)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni AQM Copper Inc. (TSXV:AQM)
Storico
Da Giu 2023 a Giu 2024
