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News: Atlas Provides Exploration Update at Three Targets at Tres Chorreras
Feb 11, 2008 03:52PM
Atlas Minerals Inc
Atlas Provides Exploration Update at Three Targets at Tres Chorreras 2/11/2008
CALGARY, ALBERTA, Feb 11, 2008 (Marketwire via COMTEX News Network) --
Atlas Minerals Inc. ("the Company" or "Atlas") (TSX VENTURE:AMR) is pleased to report that diamond drilling is advancing well on the Tres Chorreras project and the Company is currently drilling the 14th hole. All drill holes have intersected visible copper and molybdenum mineralization. Significantly, the 9th drill hole, 08-24, the deepest hole drilled to date, encountered generally, visible Cu-Mo mineralization interspersed with scattered sulphide-rich intervals ranging between 1 m and 20 m wide, from approximately 220 m to 535 m depth. The drill hole ended at 624.95 m while still in visible Cu-Mo mineralization. Previous to the first drill program conducted in 1994, mineralization had been noted at the Breccia Project (3C) to 200 metres depth (300 metre vertical range). The vertical extent of visible mineralization appears to have been significantly increased. Core photo pictures can be reviewed at http://atlasminerals.ca/?page_id=22. Assay results for the first 4 drill holes will be released shortly.
The Company's multi-faceted exploration program is ongoing at three prospective targets on its premier Tres Chorerras property, and the Company believes they are making significant progress towards developing an inferred resource. The three key targets at Tres Chorerras are: 1. "The Breccia" (3C); 2. "The Epithermal; and 3. "The Porphyry".
The Breccia - "3C"
The Breccia (3C deposit) is a first priority target for high grade copper, molybdenum, and lesser gold and silver. This target is located in the northwest part of the Tres Chorreras concession and lies along the northeast edge of a diatreme breccia pipe 600 metres in diameter. This diatreme breccia is apparently younger than the 3C mineralized hydrothermal breccia previously identified, and partially cuts the Breccia (3C) deposit off to the south but the Breccia (3C) deposit still appears to be open to the southwest. The Breccia (3C) deposit appears to also wrap around this diatreme breccia. From initial exploration review, the project appears prospective for multiple breccia deposits.
What the Company knew prior to the current drill program is that mineralization at the Breccia (3C) deposit has been traced from over a vertical extent of 300 metres down dip and 300 metres along strike. The Company also knows that mineralization is locally greater than 50 metres thick and the mineralized zone remains open along strike in both directions and down dip. The mineralization also occurs as locally massive in pockets or "chimneys" with disseminated mineralization throughout the zones.
Exploration to date, the Company has defined so far from its Phase 1 drill program significant potential for multiple breccias and that visible mineralization of these breccias has been extended at depth.
The Company is currently drilling 08-29, the 14th hole of a 30 hole Phase I drill program. Drill holes 07-16 to 08-23 and 08-25 to 08-28 were drilled as infill holes and to define the northern and western boundaries of the Breccia (3C) deposit. These first 15 to 20 drill holes are targeting the Breccia (3C) deposit both to confirm results of previous drilling and define limits along strike, as well as to test depth extension. All drill holes encountered Cu-Mo mineralization throughout and were successful in partly defining the limits primarily to the west. Assay results are pending which will determine the significance of what has visibly been encountered to date.
The ninth drill hole 08-24, was the first of several planned to target a large porphyry target at depth which the Company believes theoretically responsible for the multiple mineralized systems tested to date at the Tres Chorreras Property. The intrusive porphyry was not encountered; however, porphyry style mineralization in the form of breccias, surrounded by fracture controlled mineralization is present throughout the drill hole. These breccias appear visibly to be more extensive than what was first considered.
As currently planned, drill holes # 08-37 and # 08-38 (26th and 27th drill holes of Phase I drill program) will follow up this mineralization to depths of 400 to 500 metres below surface.
Other exploration at the Breccia (3C) Project has recently revealed significant concentrations of rhenium, a rare element of exceptionally high value in the range of $6 per gram ($6,000/kg). This was previously reported January 15, 2008. Rhenium results from selected panel samples were reported in the 2.5 grams per tonne (g/t) range, surpassing analytical overlimits. Further studies to determine real values for the anomalous samples and to determine rhenium distribution at the Breccia (3C) Project are underway, with results to follow shortly.
The epithermal zone, not as yet fully defined, lies immediately to the southeast of 3C deposit, where anomalous and locally potentially economic values of gold and silver occur over an area approximately 150 m to 300 m by 400 m in aerial extent.
At present there exist three prospects at the Epithermal zone: 1. Agglomerate, Cuy and Arsenic Prospect; 2. Pucara Prospect; and, 3. Galena Prospect. The three prospects are parallel and separated by distances of 130m to 200m. They are also open to depth and open to the south and southeast. All three prospects occur where quartz veining is abundant.
The Company recently received and has compiled results of sampling on 12 surface trenches and artisan underground workings, mostly from the Cuy-Agglomerate subzone and which were presented in a news release dated January 30, 2008. In sum, significant grades (+1.3 g/t Au) over widths of up to 48 metres with relatively high grades (up to 22 g/t Au over 15 metres estimated true width) were encountered. This one subzone has been partly defined to date over a distance approximately 200 metres along strike, 10 to 48 metres in width, and a vertical distance of 185 metres.
Testing of the epithermal zone, in conjunction with testing the Breccia (3C) deposit at depth will begin with about the 20th drill hole. This project is considered highly prospective.
The association of hydrothermal breccias and epithermal mineralization with porphyry style mineralization has been well documented in geologic literature. This suggests a third potential target at Tres Chorreras - a large tonnage porphyry style copper molybdenum deposit at depth.
As mentioned above, the fracture controlled mineralization, although occurring generally on dry fractures (without quartz), can be described as typical of porphyry style mineralization. Similar mineralization was encountered in the northern part of the epithermal zone.
Currently, the drill program at the Breccia (3C) Project is targeting the deep extension of the breccias while at the same time testing the Company's belief that a porphyry intrusion with surrounding and accompanying porphyry style mineralization exists at depth.
The Company's interests at Tres Chorreras covers a total of 43,860 hectares (439 square kilometres) of unexplored terrain which will be the focus of regional exploration and evaluation once permitting is received. The land position is located near to that of several companies where work is establishing significant mineral resources; for example International Minerals at Ponce Enriquez, 24 km to the northwest (porphyry Au-Cu: 165.9 Mt @ 0.73 g/t Au) and Rio Blanco, 41 km to the north northeast (high sulphidation epithermal Au-Ag: 2.0 Mt @ 8.8 g/t Au, 6.7 g/t Ag); Ascendant Copper at Chaucha, 29 km to the north northeast (porphyry Cu-Mo: 216 Mt +0.2% Cu, +0.01% Mo); and IAMGOLD at Quimsacocha, 39 km to the northeast (high sulphidation epithermal Au-Cu: 33 Mt @ 3.2 g/t Au). The Company believes the land position highly prospective, especially considering the significant targets currently being worked.
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 and Director of Atlas Minerals Inc, who is responsible for all aspects of the work, including the quality control/quality assurance program. Donald G. Allen, PEng (B.C), is the Qualified Person under National Instrument 43-101. This news release was also reviewed by Leslie Smith, PGeo (Alberta), consultant to the company and also a Qualified Person under National Instrument 43-101.
About Atlas Minerals
Atlas Minerals is a new publically 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.
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
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