CDY!!! HERE WE GO FOLKS
ANCOUVER, British Columbia, Sep 01, 2005 (BUSINESS WIRE) -- Cardero Resource Corp. (the "Company" or "Cardero") (CDU) (CDY)(FWB:CR5) is pleased to announce that it has received the anticipated drill permits from Mexican provincial authorities in Baja California Norte for its Phase I Alisitos Belt IOCG diamond drill campaign. Cardero is now in position to complete final site preparation at the first target, San Fernando, which includes camp set up, drill pad preparation and drill-rig mobilization.
The Company assumed operatorship of the project on July 13, 2005 and has since successfully completed the "Land Use" report, lodged the drill permission application and taken officials on a site visit of San Fernando and Amargosa targets.
Cardero anticipates that the 1900m drilling campaign, designed by Anglo American to test the San Fernando and Amargosa IOCG targets, will begin in early- to mid-September. San Fernando, the highest priority target defined to date, will initially be tested with five diamond drill-holes for an approximately total of 1500m diamond drilling (Table 1 & Figure 1).
At Mina San Fernando reports from the early 1900s, state that it was intermittently worked from 1769 to 1907 with the majority of development occurring in the period 1900 - 1907 when the 'Main' and 'Ingelesa' shafts were deepened to approximately 180 and 140 metres respectively with 800 metres of drifting on 6 levels.
Production appears to have exploited structurally controlled, high-grade, copper mineralization and abruptly ceased in 1907 in 15 feet of 'massive chalcopyrite' mineralization as a result of the Mexican Revolution. Sampling of high grade pillars at 120 foot depth in 1910 returned values of 25%, 35.5% and 18.8% Cu and in 1922 a 'systematic' channel sample from disseminated mineralization reportedly returned 71 feet at 2.26% Cu. Recent grab samples from dumps at the San Fernando shafts have assayed up to 7% copper. The average grade of mineralization sampled to date on the property appears to range between 1-2% copper and 0.5 - 1.0 g/t gold.
This stock will be over 10.00 within 12 months. This is only ONE of 20 super properties. With 16 million in the bank its a great junior exploration play. JMO Ironguy |
