|December 15, 2011|
Alturas’s initial drilling in Chapi Chapi confirms large copper-gold system
Toronto, December 15, 2011 – Alturas Minerals Corp. (the “Company” or “Alturas”) (TSX-V, BVL: ALT) announces encouraging assay results from the first four widely-spaced diamond drill holes completed as part of the first phase 5,000 meter drill program at its Chapi Chapi project in southeastern Peru.
Highlights include copper-gold mineralized sections of skarn reporting:
22.60 meters grading 0.35% copper, 0.25 grams/ton gold, 1.30 grams/ton silver and 0.01% molybdenum, and
14.70 meters grading 0.52% copper, 0.27 grams/ton gold, 1.81 grams/ton silver and 0.01% molybdenum, both in drillhole CHA-11-03.
Sections with gold-silver mineralized in altered and brecciated sandstones include:
28.00 meters grading 0.27 grams/ton gold and 0.35 grams/ton silver in drillhole CHA-11-02, and
30.00 meters grading 0.37 grams/ton gold and 0.67 grams/ton silver, and
26.70 meters grading 0.39 grams/ton gold and 1.45 grams/ton silver, including 10.30 meters grading 0.66 grams/ton gold and 2.75 grams/ton silver, both in drillhole CHA-11-02A
Miguel Cardozo, President and CEO of Alturas commented: “We are pleased to announce that the kilometric size and strength of the Chapi Chapi mineralization system has been confirmed by the results obtained from these first four core holes drilled by Alturas. One of the holes (CHA-11-03) intersected copper-gold mineralization associated with magnetite-skarn bodies proximal to altered intrusive bodies and another two holes (CHA-11-02 and CHA-11-02A) reported distal gold replacement mineralization hosted by hydrothermally altered and brecciated sandstones”.
Dr. Cardozo added that “the targeted Chapi Chapi mineralization system of 4.5 by 2.5 kilometers is associated with a large dioritic to monzonitic plutonic complex showing porphyry-style alteration and strong copper-gold anomalies. The significant lateral and vertical extent of the mineralization encountered to date would suggest that we are on track to defining a large, potentially economic, copper-gold mineralized system and that a second phase drilling program of 10,000 meters planned for 2012 is now fully justified. The second phase program will aim to more precisely define the extent and quality of the copper-gold mineralization.”
To date, Alturas has completed four holes totaling 1,365 meters and now has increased the number of drill rigs in operation from one to three, with the aim of completing the first drilling phase of 5,000 meters before the end of January 2012.
Assay results received to date are as follows:
Hole CHA-11-01: Located in the western end of the Chapi Chapi area was directed at a combination of mineralized skarn bodies adjacent to intrusive outcrops, both showing copper, gold and molybdenum rock chip anomalies. The hole intercepted recrystallized limestones with limited hydrothermal alteration. No significant mineralization was reported.
Hole CHA-11-02 and 02A: Located in the central part of the Huarajo area and targeted a combination of high chargeable-low resistive geophysical anomalies underlying a magnetic anomaly. Outcrops in this area include altered and brecciated sandstones and intrusive fingers, both showing phyllic stockwork-type alteration and moderate copper and gold rock chip anomalies. The holes intercepted a thick sedimentary sequence including feldspatic and quartz-rich sandstones intercalated with shales and siltstones, displaying intense phyllic alteration with abundant pyrite throughout. Gold mineralization is associated with shallow-dipping hydrothermal breccias with silica, sericite and pyrite in the matrix, replacing selected sandstone units that can be correlated for the 200 meters between drill holes number 02 and 02A.
Hole CHA-11-03: Located on the eastern end of the Chapi Chapi area aimed to test an outcropping plutonic complex comprising dioritic, monzodioritic and monzonitic stocks, with the later displaying phyllic, stockwork-type alteration and anomalous copper and gold values at surface. The hole intercepted an intercalated package of propylitically-altered dioritic to monzonitic stocks and sub-horizontal magnetite skarn zones that can be correlated with skarn bodies outcropping 250 meters west of the drillhole collar. The skarn features abundant disseminations and veinlets of sulphides reporting significant copper-gold mineralization. The drillhole was lost due to ground conditions at 221 meters, bottoming at the top of another mineralized magnetite-skarn zone.
About Alturas Minerals Corp
Alturas is a Canadian corporation, and is the indirect parent of the Peruvian company, Alturas Minerals S.A. (“Alturas Peru”) and of the Chilean company, Alturas Chile Limitada (“Alturas Chile”). Alturas Peru has been exploring various mineral projects in Peru since January 2004. Alturas Chile initiated exploration activities during the second quarter of fiscal 2010. Alturas’ exploration strategy is focused on the discovery of large copper-gold porphyry/skarn deposits and epithermal gold mineralized deposits.
The principal assets of Alturas are six drill-ready mineral exploration projects located in Peru and Chile, including the Chapi Chapi-Utupara, Sombrero, Huajoto, Ccaccapaqui and Pampa Colorada projects in Peru, and La Corina property in Chile. In addition, Alturas Peru has interests in three other less-advanced exploration projects in Peru (Callejones, San Antonio and La Divina).
About Alturas’s QA/QC Procedures
Strict sample integrity is maintained throughout the geochemical sampling program. The bagged samples are transported by Alturas staff to the city of Abancay in South Peru where they are shipped directly to Inspectorate Services Perú SAC Labs in Lima. Inspectorate is an ISO 9001:2000 certified laboratory that is preparing for ISO 17025 accreditation. At the Inspectorate´s Lima facility, all samples are dried then crushed to 90% -10 mesh (<2mm) size; then riffle split to obtain an approximately 200 gram subsample. The subsample is further crushed to 95% -200 mesh (<75 microns) to obtain a 100 gram split ready for analysis. All samples are routinely assayed for gold by conventional fire-assay methods at Inspectorate´s Lima facility, and for 34 additional elements (including silver, copper, lead, zinc) using aqua regia acid digestion followed by Inductively Coupled Plasma-Atomic Emission Spectroscopy ("ICP-AES") analysis. Alturas follows a rigorous QC/QA program, including routine insertion of standards and blanks as well as assay of duplicate samples at other independent laboratories. Certified standards, of known gold grade are inserted “blind” every 20th sample as an independent check on assay accuracy.
As required by the National Instrument 43-101, Alturas's designated Qualified Person for the supervision of exploration of the projects is Dr. Paul Pearson, F. AUSIMM, who has reviewed the technical information reported in this News Release.
About the Huaquirca copper-gold district
The Huaquirca copper-gold district is situated in the department of Apurimac in southern Peru, within the emerging Apurimac-Cusco porphyry-skarn belt of southeastern Peru. The 6,903 hectare Chapi Chapi property block is immediately adjacent to Alturas’ 5,276 hectare Utupara property. Together the two projects now comprise a larger joint venture area (“Huaquirca Joint Venture”) between Alturas and Minera IRL Limited.
At Chapi Chapi, Alturas conducted 104.7 line-km ground magnetic and 70.2 line-km induced polarization geophysical surveys during 2011. Geophysical modeling, complemented by surface geochemical copper-gold anomalies and extensive areas of mapped skarn mineralization, hydrothermally altered sandstone horizons and strong alteration within monzonitic intrusive rocks, together define a 4.5 kilometer by 2.5 kilometer zone of skarn-, replacement- and porphyry-style mineralization.
The limestones in the Huaquirca District are part of the same unit (Ferrobamba Formation) that hosts world-class skarn deposits in the Apurimac-Cusco porphyry-skarn belt, such as the Tintaya and Las Bambas copper-gold skarn projects of Xstrata. The quartzite sandstone unit (Hualhuani Formation) also hosts a significant copper oxide resource at the nearby Antilla project of Panoro Minerals, situated some 10 kilometers to the west. The Los Chancas copper porphyry deposit (in feasibility stage by Southern Copper Corporation) is hosted by a similar intrusive complex located 20 kilometers north of the Huaquirca District and the Trapiche copper porphyry exploration project of Buenaventura occurs 15 kilometers to the south.
For maps and an extended summary of previous exploration results, refer to the Company’s website www.alturasminerals.com/project-pdfs.html
About the Agreement with Minera IRL Limited
Under an amended agreement signed with Minera IRL Limited (“IRL”) in January 2011, the parties agreed that the Chapi-Chapi and Utupara properties would be combined as the “Huaquirca Joint Venture” and IRL would hold a 20% and Alturas an 80% interest in the Huaquirca Joint Venture upon Alturas fulfilling the following conditions:
a) Alturas would have to start drilling on the joint venture property no latter that June 30, 2011 in order to complete at least 15,000 additional meters of drilling on the Chapi-Chapi Property and a scoping study by December 31, 2012.
b) If IRL does not contribute pro-rata and its percentage interest in the Huaquirca Joint Venture dilutes below the initial 20%, IRL shall have the right to convert its joint venture interest to a 2% net smelter royalty (“NSR”) on the properties. If IRL’s percentage interest in the Huaquirca Joint Venture dilutes below 10%, IRL shall have the right to receive an additional 1% NSR on the JV Property (for a total of 3%). The NSR shall be subject to a total buyout for $5 million at Alturas’ option.
For further information, please visit the Company's website at www.alturasminerals.com
or contact Alturas at:
Phone: + 51-1- 372-3739 (Lima, Peru)
+ 1-416-363-4900 (Toronto, Canada)
Alturas Minerals Corp.
67 Yonge Street, Suite 1102, Toronto, ON Canada M5E 1J8
Av. Del Pinar 180, Suite 804, Chacarilla del Estanque, Lima 33, Peru
The TSX Venture Exchange and the Bolsa de Valores de Lima do not accept responsibility for the adequacy or accuracy of this release.
Cautionary Language and Forward Looking Statements
This press release may contain “forward-looking statements”, which are subject to various risks and uncertainties that could cause actual results and future events to differ materially from those expressed or implied by such statements. Investors are cautioned that such statements are not guarantees of future performance and results. Risks and uncertainties about the Company’s business are more fully discussed in the Company’s disclosure documents filed from time to time with the Canadian securities authorities