Acquires Alto Rico Gold Project in Patagonia Region, Argentina
Thursday January 30, 2:14 pm ET
VANCOUVER, BRITISH COLUMBIA--Tenke Mining Corp. (the "Company") is pleased to announce the acquisition of the Alto Rico gold project in the Patagonia region of Argentina. The 4,271 hectare property is located in north-central Santa Cruz province and lies 130 kilometres northwest of the Cerro Vanguardia gold/silver mine (8 million oz. gold equivalent) owned by Anglo Gold.
The target model is high grade, low sulphidation epithermal gold/silver vein systems such as those found at Cerro Vanguardia as well as Meridian's Esquel gold deposits, located on similar volcanics within the Patagonia region of Argentina. The known extent of the Alto Rico vein system appears to be of large scale - more than 12 kilometres of recognized vein length. There is a principal northeast trending quartz vein system, with 5 outcropping sub parallel veins, which vary between 1 and 10 metres in width with an average outcrop width of 3 metres. These sub parallel veins converge on a hill which shows signs of extensive stockwork, including strong silicification, acid leaching and argillic alteration. First samples collected by Tenke include gold values up to 2.0g/t gold from the stockwork zone, including several zones of impressive high mercury anomalies (up to 30 ppm Hg), both at the stockwork zone and the veins. The mineralization is hosted in permeable dacitic to an
desitic tuffaceous rocks.
The geology of the Alto Rico area comprises Jurassic ignimbrites and pyroclastic breccias of predominantly rhyolitic composition and underlying andesites and basalts of Bajo Pobre formation (Triassic).
The project has been virtually unexplored to date. The Company has now opened a road to the project area and has established a permanent exploration camp on site. Over the next several weeks, the Company will carry out a sampling and mapping program, followed by trenching and geophysics to define potential drill targets.
Alto Rico is being acquired from FK Minera SA pursuant to an option agreement. Tenke, over an earn-in period of 5 years, has the option to acquire a 90% interest in the project through overall expenditures of US$1.47 million. Tenke will be operator of the project. Upon earn-in, Tenke will have the option to acquire the remaining 10% interest for a purchase price of US$1 million. If a mine is developed under a 100% Tenke earn-in, then a final payment of US$1 million is due 30 months after plant start-up.
Tenke's exploration programs in Argentina will be carried out under the direction and management of J. Patricio Jones, PhD. and Mr. Ricardo Martinez, MSc. (Geology). Dr. Jones holds a Master of Science degree in geology from Witwatersrand University and a Doctorate from La Plata University. Dr. Jones and Mr. Martinez both have many years of experience as exploration geologists and were the same team that discovered the Veladero gold deposit (12+ million ounces) in Argentina. Information and results from the exploration programs carried out on Tenke's properties will be reviewed by Mr. Paul K. Conibear, P.Eng., President of Tenke Mining Corp., who is an appropriately qualified person as defined by National Instrument 43-101. Samples are sent to ALS Chemex labs in Santiago, Chile, for analysis using conventional ICP methods with multi-acid digestion. A 50 gram fire assay with AA (atomic absorption) finish is run on all samples for gold. A series of blanks are routinely introduced with each batch of samples. Quality controls include preparation and analysis statistics performed to industry standards.
ON BEHALF OF THE BOARD
Paul K. Conibear, President
NOTE: Location map available from the company at the number listed below.
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Contact:
Tenke Mining Corp.
Sophia Shane
Corporate Development
Phone: (604) 689-7842
Fax: (604) 689-4250
Website: tenke.com |
