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Message: Signs Option/Joint Venture Agreement for the Chalcocite-Cu-Au Project
| May 14, 2009 |
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Apoquindo Signs Option/Joint Venture Agreement for the Chalcocite-Enriched Zafranal Porphyry Cu-Au Project, Department of Arequipa, Peru
HIGHLIGHTS: |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 14, 2009) - Apoquindo Minerals Inc. (TSX VENTURE:AQM)(BVLAC:AQM) ("Apoquindo") through its wholly owned Peruvian subsidiary, Minera KoriTambo SAC, ("KoriTambo" or the "Company") announce they have signed an option/joint venture agreement with Teck Cominco Peru S.A. ("Teck Peru"), a wholly owned subsidiary of Teck Resources Limited (TSX:TCK.B), whereby Teck Peru has granted KoriTambo an option to acquire an initial 51% interest in the Zafranal copper-gold porphyry project in the northern extension of the Paleocene Porphyry Copper Belt of Southern Peru, subject only to a back-in right and royalty reserved to Teck Peru, but with further options for KoriTambo to increase its interest to 100%. KoriTambo can exercise its initial option to acquire a 51% interest in the Zafranal property by making cash payments totalling US $5,000,000, incurring work expenditures totalling US $7,500,000 (of which $2,225,000 of expenditures are considered a firm commitment) and causing Apoquindo to issue an aggregate of 1,500,000 common shares, all by May 31, 2013. Teck Peru may exercise its back-in right to acquire an additional 11% interest (resulting in a 60% Teck Peru interest and 40% KoriTambo interest) by making a cash payment of up to US $2 million and incurring additional expenditures based on the amounts contributed by KoriTambo at the time the back-in right is exercised. If Teck Peru does not exercise its back-in right KoriTambo will have the option of increasing its interest in the Zafranal property to 60% by paying Teck Peru US $5,000,000, following which, if Teck Peru elects not to participate in funding its 40% interest, KoriTambo will have the option of acquiring a 100% interest in the Zafranal property, subject to a 1% net smelter return royalty payable to Teck Peru, by paying Teck Peru an additional US $15,000,000 as an advance against the royalty. Zafranal is located 90 km northwest of Arequipa in the Department of Arequipa, Southern Peru. The property includes 19,799.6 ha 100% owned by Teck Peru and the 4,700 ha Chicharron option, which is subject to a 1.5% capped NSR royalty. Exploration efforts to date at Zafranal include a total of 11,805 m of drilling in 36 holes (32 reverse circulation holes, 4 diamond) as well as detailed mapping, rock sampling, AMT and EM geophysical surveys. The main zone consists of secondary chalcocite and primary copper sulfides extending approximately 2.5 kilometers in length east-west, with an average width of nearly one kilometer. The main zone has been principally defined by 23 reverse circulation and diamond drill holes at a drill spacing of 250 m - 400 m. Within this long zone, the higher grade chalcocite blanket, which is characterized by secondary copper minerals replacing chalcopyrite, is approximately 1.2 kilometer in length, 250 meters in width, averaging approximately 100 meters in thickness. The limited diamond drilling to date appears to give higher copper grades than the reverse circulation copper grades in the same location. A few select drill results to date include: - 70m @ 1.08% Cu & 0.25 g/t Au (RC hole 7) - 110m @ 1.02% Cu (RC hole 8) - 110m @ 1.22% Cu (DH hole 1 - twin of RC 8) - 77m @ 1.80% Cu & 0.21 g/t Au (DH hole 4) The Zafranal near surface secondary copper mineralization is open to the west and the primary copper-gold zone is open at depth. Good grade primary copper mineralization was intercepted near the bottom of hole RC-08, including 18m @ 0.88% Cu, 0.18 g/t Au, which suggests a potential for a good grade porphyry Cu-Au-Mo system in potassic alteration at depth. Within the Zafranal property boundary, several other excellent prospective porphyry copper-gold prospects (Sicera Sur, Campanero and Rosario) have been recognized but have seen limited exploration to date. Zafranal was first discovered by Teck Peru in 2003 through a generative exploration program within the northern segment of the Paleocene Porphyry Copper Belt of Peru which includes mega-deposits Toquepala (770Mt @ 0.74% Cu), Quellaveco (213Mt @ 0.94% Cu, 0.014% Mo, 1.74g/t Ag, and 761Mt @0.57% Cu, 0.23% Mo, 2.32g/t Ag), Cuajone (61Mt @ 0.49% Cu oxides, 1212Mt @ 0.64% Cu, Cerro Verde (1000 Mt@ 0.51% Cu), and Cerro Negro (64 Mt @ 0.56 Cu oxides). Geological mapping at Zafranal in the area of the main zone has outlined strong phyllic-biotite alteration over a 5 x 0.5 - 1.5 km area. The altered zone is hosted by a strongly foliated volcano-sedimentary unit of Jurassic age cut by several generations of porphyritic diorite to dacite stocks and dikes with moderate phyllic alteration and strong biotite alteration. Geological interpretation indicates that the Cu-Au rich porphyry system is associated with a multiphase biotite-altered quartz diorite stock located at the center of the Zafranal alteration system. The mineralization and alteration observed in drill core exhibits a well-zoned pattern consisting of a leached zone, an enriched supergene blanket and a much lesser explored hypogene sulfide zone at depth. The hematite-goethite-jarosite leached capping varies from 32 meters to 174 meters in thickness, based on drilling to date. The best copper mineralization comes from an enriched blanket defined over a 1200m x 250m x 100m (thickness of blanket) east-west trending area which averages approximately 0.9% Cu consisting principally of chalcocite and covellite that has replaced chalcopyrite. Preliminary metallurgical testing has returned encouraging results which indicate that approximately 80% of the total copper content present in the enriched intervals may be recovered using sodium cyanide leaching technology. In accordance with the work commitment to Teck Peru and with the expressed purpose of defining a NI-43-101 compliant resource, Apoquindo will launch an aggressive exploration program on the Zafranal project in 2009/2010 consisting of 13,000m of diamond drilling to test the primary hypogene mineralization at depth, conduct infill and exploratory drilling on the known chalcocite blanket, and drill test several of the satellite properties on the land package. Additional twinning of RC holes by diamond drilling is planned. The program will also include extensive geologic studies, geophysical surveys, and additional metallurgical studies. Cesar Lopez, the President and CEO of Apoquindo commented, "The Zafranal project is extremely attractive due to its excellent secondary-enriched copper grade and tonnage as well as the potential to expand into a mega porphyry copper-gold deposit in multiple zones. The company is very pleased to have developed a strategic alliance with Teck and looks forward to maintaining a venturing relationship with the Teck team in the future." ON BEHALF OF THE BOARD OF DIRECTORS Cesar Lopez, President and CEO ABOUT APOQUINDO Apoquindo Minerals Inc. (TSX VENTURE:AQM)(BVLAC:AQM) is a Canadian based mineral exploration company whose principal purpose is the acquisition and development of base and precious metal deposits in South America. The Company is advancing its Apoquindo Copper Oxide Project in Chile comprised of highly prospective leachable copper deposits under option located in a historic mining district in the Antofagasta Region's Coastal Range through a joint venture with Minera S.A. Management and directors have extensive experience working for the world's largest mining companies as well as several junior exploration companies. Apoquindo Minerals has offices in Santiago, Chile, Lima, Peru and Vancouver, Canada and will continue to expand its business using its effective team of experts in Exploration, Geology, Metallurgy, Mine Engineering, Law and Finance. Apoquindo is well positioned for success. Our Projects are uniquely valuable, and our knowledgeable management and directors provide a "pipeline" of growth opportunities. |
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