| CALGARY, ALBERTA, Feb 13, 2008 (Marketwire via COMTEX News Network) -- Atlas Minerals Inc. ("the Company" or "Atlas") (TSX VENTURE:AMR) is pleased to present significant results of underground sampling on the Breccia (3C) deposit at the Tres Chorreras project ("the Project"), located in southern Ecuador.
Significant panel and channel sample results include:
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Mo
Length Au Ag equivalent
Adit - Adit branch (m) Mo% Cu% g/t g/t (Mo+0.1 x Cu)
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Chorrones - CH3Lc 12.4 0.379 0.71 2.00 34.03 0.450
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Chorrones - CH0Rb 15.0 0.252 0.06 0.29 3.98 0.258
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Chorrones CH2L1 raise 33.0 0.250 0.19 0.27 6.26 0.269
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Chorrones - CH1 62.0 0.193 0.12 0.26 5.08 0.205
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Chorrones - CH2L1 48.0 0.170 0.10 0.28 2.59 0.180
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Gansos - G1 22.9 0.017 0.28 0.16 4.04 0.0455
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Also, including one high-grade stope over 21 channel samples:
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Mo
Length Au Ag equivalent
Adit - Adit branch (m) Mo% Cu% g/t g/t (Mo+0.1 x Cu)
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Chorrones - CH3Ld Average 1.510 10.88 2.65 179.62 2.598
(high grade 21
stope) channel
samples
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Results of recent underground sampling from 3 adits; Chorrones, Humildes and Gansos have been received, compiled and combined with a limited number of results reported in the Company's 43-101 report.
Chorrones adit:
The Chorrones adit lies near and along the known eastern limit of the Breccia (3C) deposit, although this limit has not been fully defined. A number of adit branches penetrate the central part of the deposit. Variable grade (from less than 0.04% to greater than 1.0%) copper-molybdenum mineralization is found throughout the adit and adit branches. Molybdenum accounts for the highest value commodity encountered.
The Company averaged arithmetically 237 panel and channel samples, excluding high grade values of the high grade breccia chimney (reference #16, table and map). The average value is 0.132% Mo equivalent (not including gold, silver or rhenium credits, or high-grade values of the CH3Ld stope).
Using a cut-off grade of 0.04% Mo (considered comparable with that used for reporting porphyry deposit reserves), it can be seen that a large portion of the area of influence of the Chorrones adit is of potentially economic (bulk mineable) grade (see table below for full results).
The high grade mineralization above the Chorrones adit level was partly mined by artisan miners, who were interested only in gold values. Highest individual gold values range up to 39.79 g/t over 3 metres. The best overall interval of 2.90 g/t Au over 42 metres was encountered in the CH2L2 branch (reference #11, table and map). Very limited exploration below the Chorrones level has been conducted, other than in a cursory manner by drill holes 94-07 and 94-08, which did confirm significant mineralization at depth. The zone remains open and prospective at depth.
Gansos adit:
Sampling in the Gansos adit where it intersects part of The Epithermal target was reported in the news release dated January 30, 2008. The results for the interval within the Breccia (3C) deposit are presented in table 1. A zone of lower grade mineralization (0.039 to 0.045% Mo equivalent - reference 20 and 22, table and map), possibly about 20 m wide, was intersected in two adit branches.
Humildes adit:
Sampling conducted in the main part of the Humildes adit has been summarized in the company's 43-101 report, where variable low to high grades are found, similar to those reported above. More recently, sampling was conducted in the southern branch of the Humildes adit, in the diatreme breccia, where negligible to weakly anomalous multi-element values were obtained. These values are considered sub-economic and thus are not reported herein. This diatreme breccia post-dates the Breccia (3C) deposit; however it is one of the hosts for gold and silver mineralization at The Epithermal target located to the southeast and recently reported on January 30, 2008.
The Breccia (3C)
The Breccia (3C) deposit is a zone of hydrothermal brecciation surrounded by fracture-controlled disseminated copper-molybdenum-gold-silver mineralization formed along a contact between dacitic intrusive rocks, rhyolitic volcanic rocks and a post-mineral diatreme breccia. The mineralized breccias comprise rhyolite rock fragments cemented with comminuted rock containing disseminated pyrite, chalcopyrite and molybdenite. Pockets or chimneys of breccias cemented with massive pyrite, chalcopyrite and molybdenite occur locally in the main body of the breccia.
The breccia zone has been traced along strike for at least 300 metres and for a vertical distance of about 300 metres through underground working of the local artisan miners and previous diamond drilling. Recent drilling (drill hole 08-24) encountered significant visible mineralization to 535 m and weak visible mineralization noted to the bottom of the hole at 625 m. Assay results are pending and will be released shortly.
In conclusion, the analyses presented herewith provide good infill information, and support our understanding of the nature of the widespread Cu-Mo mineralization in the Breccia (3C) deposit, and the nature of the high grade mineralization controlled by the breccia pipes.
TABLE 1
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Mo
Map Adit Length Au Ag equivalent
Adit Reference branch (m) Mo% Cu% g/t g/t (Mo+0.1 x Cu)
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1 CH4 94.5 0.028 0.08 0.18 4.49 0.036
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2 CH3 21.2 0.041 0.04 0.26 2.15 0.045
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3 CH3Ra 16.0 0.013 0.05 0.06 2.67 0.018
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4 CH3L 39.0 0.036 0.03 0.15 1.30 0.039
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5 CH3La 13.3 0.018 0.23 0.23 3.28 0.041
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6 CH3Lb 32.1 0.094 0.28 0.62 12.71 0.122
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7 CH3Lc 12.4 0.379 0.71 2.00 34.03 0.450
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8 CH2 53.0 0.140 0.09 0.14 2.25 0.149
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9 CH2L 15.0 0.037 0.04 0.21 1.02 0.041
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10 CH2L1 48.0 0.170 0.10 0.28 2.59 0.180
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11 CH2L2 42.0 0.051 0.18 2.90 6.51 0.069
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12 CH2L1b 48.0 0.070 0.05 0.28 2.59 0.075
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Chorrones 13 CH1 62.0 0.193 0.12 0.26 5.08 0.205
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14 CH0Ra 42.0 0.032 0.04 0.05 1.84 0.036
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15 CH0Rb 15.0 0.252 0.06 0.29 3.98 0.258
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CH3Ld Average 1.510 10.88 2.65 179.62 2.598
(high 21
16 grade channel
stope) samples
CH2L1
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17 CH2L1 33.0 0.250 0.19 0.27 6.26 0.269
raise
R1
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18 CH2L1 27.0 0.101 0.26 1.14 5.27 0.127
raise
R2
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19 CH2L1 30.0 0.090 0.08 0.49 2.89 0.098
raise
R3
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Arith- Not Cu and 0.117 0.15 0.63 8.54 0.132
metic includ- Mo
average ing cut to
237 high 1% each,
samples grade Au
cut stope cut to
grade (16) 10 g/t
1-15,
17-18
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20 G1 22.9 0.017 0.28 0.16 4.04 0.045
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21 G2 45.2 0.008 0.06 0.06 1.82 0.014
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Gansos 22 G1R 25.3 0.017 0.22 0.05 2.81 0.039
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23 G2L 26.5 0.011 0.057 0.15 0.74 0.017
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Analysis was conducted by ICP Mass Spectrometer at Acme Laboratories of
Vancouver, B.C. and by Multielement Atomic Absorption Analysis at
Inspectorate Services Peru S.A. on panel samples 1 - 3 metres long by
0.5 metres wide and channel samples 1 to 2 metres long (see accompanying
map).
Note: 1 gram per metric tonne (g/t) equals 0.029 troy ounce per short ton
1 troy ounce per short ton (oz/ ton) equals 34.28 grams per metric tonne
1% equals 10000 parts per million (ppm) equals 10000 grams per metric tonne
To view the map accompanying this press release please click on the following link: http://media3.marketwire.com/docs/AMR0213.pdf
Qualified Person and Quality Control/Quality Assurance
The work program at Tres Chorreras was designed and is supervised by Donald G. Allen, PEng (B.C.), Vice President of Exploration, Atlas Minerals Inc., who is responsible for all aspects of the work, including the quality control/quality assurance program. Allen is a Qualified Person as defined by National Instrument 43-101. Samples comprise 1 to 3 metre by 0.5 metre panel or channel samples which were sealed and shipped either to the preparation laboratory of AcmeLabs in Cuenca, Ecuador or that of Inspectorate of Ecuador in Quito, where samples are crushed and split. Sample pulps were then shipped to Acme Analytical Laboratories in Vancouver, British Columbia, or to Inspectorate services Peru S.A. in Lima, Peru, for chemical analysis. The quality system of both companies complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025. Analytical accuracy and precision are monitored by the inclusion and analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international standards. This news release was also reviewed by Leslie Smith, PGeol (Alberta), consultant to the company, and also a Qualified Person under National Instrument 43-101.
About Atlas Minerals
Atlas Minerals is a new publicly held mineral exploration company incorporated in Canada with an attractive land package in Ecuador. Atlas Minerals is committed to maximizing shareholder value through our exploration efforts, to improving the social and economic atmosphere for local communities and to protecting the environment by adhering to industry best practice. Our goal is prosperity for all.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS: This press release concerns certain "forward-looking statements", including but not limited to, the statements regarding the Company's strategic plan, work programs and exploration budgets at the Company's Tres Chorreras. The forward-looking statements express, as at the date of this press release, the Company's plans, estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with industry risks, risks associated with foreign operations, environmental risks and hazards and other risks.
Close: $0.65
Shares outstanding: 28,736,036
SOURCE: Atlas Minerals Inc.
Atlas Minerals Inc. Barry Herring President & CEO (403) 630-0881 (403) 262-4860 (FAX) Email: [email protected] Atlas Minerals Inc. Leslie Vickers Controller (403) 294-5717 (403) 262-4860 (FAX) Email: [email protected] Website: www.atlasminerals.ca Copyright (C) 2008 Marketwire. All rights reserved.
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