Friday, February 13, 2009
Apoquindo Minerals Renegotiates Payment Schedule and seeks Joint Venture partner for its Pachagon Porphyry Copper Project in Peru
Vancouver, British Columbia-- Apoquindo Minerals Inc. ("Apoquindo" or the "Company") through its wholly owned subsidiary, Minera KoriTambo SAC, has renegotiated its option to purchase agreements for the Pachagon porphyry copper prospect in the Department of La Libertad, Peru. The principal target at Pachagon is leachable copper ore in secondary chalcocite hosted in both the sedimentary rocks and the granodiorite porphyry.
Minera KoriTambo SAC paid a total of US$73,000 upon the signing of amendments to the original agreements with the two underlying owners, postponing the remaining schedule of payments by 12 months in each case. The next payment according to the new schedule will not come due until May 2010.
Furthermore, the Company has been actively seeking a partner to develop the Pachagon Porphyry Copper Project, located approximately 40 kilometers northwest of the Alto Chicama gold deposits of Barrick
To date, Apoquindo, through its wholly owned subsidiary Minera KoriTambo SAC, has performed the following work at the Pachagon Porphyry Copper Project: obtained the social agreements and permitting required for exploration, performed underground and surface sampling, geological mapping and detailed sampling of the leached capping, IP geophysics and data compilation.
Below are results from the Rock Samples taken from underground tunnels:
|
Rock Samples
|
Width
(metres)
|
Copper
(%)
|
|
Chip
|
68.00
|
3.93
|
|
Chip
|
58.00
|
2.76
|
|
Chip
|
4.00
|
9.52
|
|
Chip
|
9.50
|
5.77
|
General BackgroundThe Pachagón porphyry copper prospect is located 60 km northeast of Trujillo and 15 km northwest of the village of Otuzco, at an elevation of between 2800 and 3200 m. The area has a long and colorful history of gold mining by artisanal miners.
There are no historic copper resources at Pachagon. It has seen limited previous drilling by Canadian junior Altai Resources in the 90's (seven short holes -- total 350 meters) and Anaconda (subsidiary of Antofagasta Holdings) in year 2002 (three holes -- total 663 meters).
At Pachagon, mineralized moderate to strong phyllic alteration is recognized over an area of at least 5 square kilometers. The entire system has not been outlined. Secondary chalcocite and copper oxides, as much as 60 meters in thickness, have been recognized in limited previous drilling. Multi-percent secondary copper, as chalcocite and copper oxides, is noted in old tunnels where the chalcocite blanket crops out on the side of the mountain.
Strongly leached, former quartz-sulfide stockwork mineralization is recognized over an area of 1200 meters by 600 meters at Pachagon, affecting both the intrusions and the sedimentary rocks. This strongly leached zone, and associated limonite, correspond to a quartz-k feldspar vein stockwork overprinted by intense phyllic, quartz-sulfide stockwork. This stockwork is central to the 5+ square kilometer zone of moderate to intense phyllic alteration. The topographic high is thought to be underlain by a mineralized intrusive, represented at surface by intensely altered dikes and sills.
The following results have been reported from private reports (PCH holes drilled by Anaconda in 2002 and MAD holes drilled by Altai Resources in 1995).
|
Hole #
|
|
From
(m)
|
To (m)
|
Interval
(m)
|
% Cu
|
|
PCH-01
|
|
96
|
170
|
74
|
0.44
|
|
Including
|
134
|
158
|
24
|
0.67
|
|
PCH-02
|
|
98
|
110
|
12
|
1.04
|
|
PCH-03
|
|
84
|
88
|
4
|
2.63
|
|
MAD-2
|
|
0
|
48.6
|
48.6
|
0.60
|
|
Including
|
27.0
|
47.2
|
20.2
|
1.08
|
|
MAD-3
|
|
0
|
50.3
|
50.3
|
0.57
|
|
Including
|
17.6
|
23.8
|
6.2
|
2.47
|
There are no records of the sampling and assay techniques nor are there any survey results for the exact location of the holes, thus the results are not in compliance with the rules of Instrument 43-101 and should not be relied upon.
The maps and figures for the sampling program at the Pachagón Prospect are posted and available for viewing on the company's website at www.apoquindominerals.com.
Dr. Tom Henricksen, Chief Geologist of KoriTambo and the Company's Qualified Person for the purposes of NI 43-101 has approved the information contained in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Cesar Lopez
