Corriente Resources V.CTQ Junior Exploration Co. Message Board

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Gold/Mining/Energy : Corriente Resources V.CTQ Junior Exploration Co.

CTQ 25.45

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Sep 6 5:00 PM EST

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To: WillC who wrote (1406)	9/14/2000 7:56:58 AM
From: jerry janko	Read Replies (1) of 1416

Mr. Dan Carriere reports All the results have been received for the latest drilling on the Mirador project, Corriente copper belt, Ecuador. Results indicate the discovery of a large copper-gold porphyry deposit with strong primary copper grades and a significant gold credit. The best assay interval to date is in hole 35 with 263 metres of 0.98 per cent copper equivalent. A number of holes show an improvement in grade with depth as shown by hole 16 which averages 0.48 per cent copper equivalent from surface to 62 metres depth but then increases to 1.03 per cent copper equivalent for the last 59 metres of drilling (from 155 to 214 metres) which is the end of the hole. Most of the drill holes bottomed within mineralized rock and show that Mirador has excellent depth potential. Mirador appears to be a conventional porphyry copper-gold system with classic high-level alteration features such as abundant silicification. Consistent with this interpretation is the predominant breccia texture found in the drill holes which appears to be related to several intrusive breccia bodies which are typically found in the upper portions of porphyry copper systems. Results greater than 0.5 per cent copper equivalent for all the holes drilled to date are shown on the following table: (a drill plan map and assays for unmineralized or low-grade intervals are available at the company Web site). From To Interval Au Cu Hole (m) (m) Cu (g/t) Equiv. 2 39 69 30 .88 .122 .94 69 198 129 .64 .126 .70 4 62 77 15 .49 .146 .56 5 45 156 111 .55 .195 .64 182 194 12 .69 .165 .77 6 8 42 34 .82 .208 .91 54 78 24 .82 .223 .94 78 93 15 .46 .207 .56 93 120 27 .75 .256 .87 120 147 27 .47 .162 .55 147 200 53 .73 .235 .85 7 10 26 16 .74 .250 .87 26 74 48 .42 .210 .52 74 104 30 .57 .282 .71 8 11 87 76 .84 .100 .94 87 158 71 .49 .125 .55 9 52 60 8 .79 .166 .86 99 114 15 .53 .139 .60 123 138 15 .61 .131 .67 10 10 112 102 .67 .278 .80 112 124 12 .45 .169 .53 124 142 18 .62 .276 .75 11 24 139 115 .81 .207 .90 139 151 12 .48 .163 .55 12 38 55 17 .99 .223 1.10 64 115 51 .66 .193 .75 130 211 81 .76 .276 .90 13 34 45 11 1.00 .183 1.09 45 73 28 .59 .197 .68 115 153 38 .62 .238 .74 14 29 58 29 .46 .163 .54 58 127 69 .85 .161 .92 127 151 24 .42 .194 .52 15 43 62 19 .70 .349 .87 62 74 12 .40 .435 .62 74 176 102 .74 .304 .89 16 62 119 57 .73 .275 .86 119 155 36 .53 .164 .61 155 214 59 .86 .359 1.03 17 38 47 9 .92 .316 1.07 47 116 69 .50 .194 .59 116 131 15 .71 .225 .82 18 15 56 41 .86 .386 1.04 56 86 30 .68 .447 .90 19 18 35 17 .81 .251 .93 35 106 71 .57 .113 .62 20 19 56 37 .35 .409 .55 56 89 33 .55 .400 .74 101 212 111 .75 .198 .85 25 58 68 10 .95 .146 1.02 30 29 50 21 .45 .117 .51 50 107 57 .56 .257 .68 116 125 9 .58 .128 .64 149 161 12 .85 .129 .90 31 0 14 14 .54 .143 .61 26 149 123 .75 .253 .87 149 161 12 .44 .128 .50 161 170 9 .65 .179 .73 182 194 12 .60 .091 .63 215 248 33 .62 .182 .70 263 280 17 .70 .140 .77 32 93 105 12 .51 .200 .61 231 295 64 .94 .216 1.05 33 50 281 231 .64 .249 .77 35 40 303 263 .82 .332 .98 41 0 63 63 .70 .192 .79 72 126 54 .58 .216 .69 150 168 18 .77 .078 .80 42 22 156 134 .70 .247 .83 243 261 18 .53 .141 .60 273 294 21 .74 .137 .81 Copper equivalent is calculated using a formula where one gram per tonne Au is equivalent to 0.5 per cent copper. All drill holes are vertical except for holes 1, 24 and 25 which are drilled at -60 to -70 degrees. The highest grade holes lie within an area of approximately 600 by 800 metres which is open to the northwest and to the east. Within this zone, using the light drill rig, hole depths ranged from 100 to 300 metres, averaging about 190 metres. All holes within this area had significant intervals above a 0.5 per cent copper cutoff. Total lengths of greater than 0.5 per cent Cu intercepts varied from 38 metres in hole 9 to 263 metres in hole 35, and averaged over 130 metres in the 24 holes within the block. The average copper equivalent grade for all of these greater than 0.5 per cent Cu intercepts is 0.79 per cent copper equivalent. Mineralization remains wide open for expansion to depth. According to J. David Lowell, who is managing exploration of the Corriente copper belt, "Mirador represents the upper part of a copper system, which means excellent potential for additional resources to be identified at the project." As a general observation, the variable grade at Mirador would naturally lend itself to a selective mining approach where high-grade intervals would be mined and processed through a mill and lower grade intervals would be stockpiled for later treatment. Such selective mining could significantly improve project economics by increasing early cash flows. Mirador is the second copper target drilled since Corriente/Lowell became operator of the project at the beginning of the year. In each case a significant copper deposit has been indicated by the first phase drilling. The drill has now been moved from Mirador, three kilometres southwest, to the high-grade Chancho project which has several surface targets assaying over 1 per cent copper. Testing of this target will start immediately. Drilling in the northern part of the Corriente copper belt will commence in late September on the Panantza project with a second drill. The initial target at Panantza is a high-grade oxide copper (greater than 1 per cent) zone outlined by previous drilling. Panantza lies to the west of the San Carlos project, which has an inferred resource of 400 million tonnes of 0.7 per cent copper. All of these deposits and targets are contained within the Corriente copper belt joint venture with Billiton PLC.cheers

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