Antares Confirms Continuity of Higher Grade Cu-Au Mineralization at Sofia Zone, Rio Grande Cu-Au Project, Argentina
Mon Jun 2, 9:00 AM
ca.news.finance.yahoo.com
WATERDOWN, ONTARIO--(Marketwire - June 2, 2008) - Antares Minerals Inc. ("Antares")(TSX VENTURE: ANM.V) is pleased to present the results from the first three holes (1,884 m) of the current drilling program at the Rio Grande copper-gold project in north-western Argentina. The holes were drilled at the northern end of the Sofia Zone as 75 m offsets to higher grade copper gold mineralization previously encountered in RGA-034 (189 m with 0.70% Cu, 0.67 g/t Au and 11.1 g/t Ag). All three holes intersected zones of higher grade copper gold mineralization and confirm the presence and continuity of this style of mineralization at the northern end of the Sofia Zone. The significant intercepts from the three holes are as follows:
- RGA-08-065: 146 m with 0.60% Cu, 0.57 g/t Au and 7.2 g/t Ag
-- includes 73 m with 0.87% Cu, 0.85 g/t Au and 8.5 g/t Ag
-- which includes 46.4 m with 1.16% Cu, 1.18 g/t Au and 10.4 g/t Ag
-- located 75 m to north of RGA-07-034
- RGA-08-064: 114 m with 0.56% Cu, 0.58 g/t Au and 10.6 g/t Ag
-- includes 62 m with 0.79% Cu, 0.85 g/t Au and 15.9 g/t Ag
-- which includes 28 m with 1.10% Cu, 1.22 g/t Au and 20.6 g/t Ag
-- located 75 m to south of RGA-07-034
- RGA-08-063: 65 m with 0.49% Cu, 0.35 g/t Au and 6.0 g/t Ag
-- Includes 19.6 m with 0.88% Cu, 0.82 g/t Au and 13.6 g/t Ag
-- located 75 m to west and drilling below RGA-07-034
-- also intersected 48.5 m with 0.064% Mo in a separate zone
Please see table 1 below for a complete summary of the new results and refer to the Antares website at www.antaresminerals.com for drill-hole location maps and additional information.
John Black, President and CEO of Antares Minerals Inc. commented as follows:
"We are very pleased with the drilling results from the Sofia Zone. The copper-gold mineralization is proving to be continuous and is characterized by a high-grade core with grades exceeding 1% Cu, 1 g/t Au and 10 g/t Ag which is surrounded by a halo of lower grade material. The strike length of the Sofia Zone is now approximately 450 m with an average true thickness of approximately 90 m and up to 500 m of down-dip extent. We also continue to intersect potentially significant values of molybdenum in a distinctly separate zone beneath the copper-gold mineralization that is not well understood. This new molybdenum zone warrants further investigation.
It is important to note that Sofia is only one of the four areas where we have encountered higher grades and thicknesses of copper-gold mineralization at Rio Grande. An exploration drilling program is underway to test all four areas. If positive results continue to be encountered in the initial holes, Antares will consider expanding the drilling program to a level that will allow for the completion of an initial resource estimate and metallurgical characterization for Rio Grande by the end of 2008."
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Antares Rio Grande Drilling 2007 - Significant Intervals
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Drill Holes reported March 2008
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Total
Drill depth Significant Includes Length Cu Au Ag
Hole Zone (m) Interval (m) (m) (m) % g/t g/t
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RGA-08- Sofia-
65 North 828.00 196-342 146.00 0.60 0.57 7.2
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196-269 73.00 0.87 0.85 8.5
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includes
204-250.40 46.40 1.16 1.18 10.4
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RGA-08- Sofia-
64 North 507.20 224-338 114.00 0.56 0.58 10.6
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226-288 62.00 0.79 0.85 15.9
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includes
260-288 28.00 1.10 1.22 20.6
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RGA-08- Sofia-
63 North 549.00 394-459 65.00 0.49 0.35 6.0
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400-419.60 19.60 0.88 0.82 13.6
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Please Note - Reported mineralized intervals represent down-hole lengths and
do not represent true thicknesses. The mineralized zone at Sofia is a
tabular body that dips at approximately 70 degrees to the west. True
thicknesses of the mineralization are estimated to be approximately 60% of
the down-hole intercept lengths. The cut-off for calculating significant
intervals was 0.2% Cu and/or 0.2 g/t Au.
Discussion of Results
The three drill holes presented in this release were drilled as 75-m offsets to previously completed drill-hole RGA-07-034 which encountered 189 m with 0.70% Cu, 0.67 g/t Au and 11.1 g/t Ag. The offset direction and drilling orientation for each hole are listed below:
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Drill hole Azimuth Inclination Offset from RGA-07-034
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RGA-08-063 090 -75 75 m to the west
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RGA-08-064 090 -70 75 m to the south
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RGA-08-065 090 -70 75 m to the north
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All significant mineralized intervals from the drill holes are listed in Table 1 above (please refer to the Antares website at www.antaresminerals.com for drill-hole location maps and additional information).
All three of the holes encountered a complex sequence of intermediate composition dikes and sub-volcanic intrusive rocks with variable degrees of potassic, calcic, and propylitic alteration and local late- to post-mineral dikes of intermediate composition. At approximately 400-m depth each of the holes began to encounter intervals of sedimentary red-bed sandstones which form the wallrocks to the Rio Grande intrusive center. The sedimentary rocks are cut by numerous sub-volcanic dikes.
All three holes intersected the Sofia mineralization zone which is a steeply dipping (-70 degrees) tabular zone that strikes due north in this area. The better mineralized portion of the Sofia mineralization zone has a strike length of approximately 450 m, an average true width of approximately 90 m and has been intercepted at up to 500 m down dip. Copper-gold mineralization in RGA-08-064 and RGA-08-065 consists of predominantly oxide minerals with only minor traces of chalcopyrite present. Mineralization in the deeper RGA-08-063 is only weakly oxidized and contains mostly chalcopyrite with pyrite and magnetite. A deeper and distinctly separate zone of molybdenum mineralization was encountered in both drill-hole RGA-08-063 (48.5 m with 0.064% Mo) and drill-hole RGA-08-065 (31 m with 0.027% Mo). Several other holes in the vicinity of these two holes have returned similar molybdenum intercepts (e.g. RGA-07-049 with 54.4 m of 0.10% Mo for example). The significance of this molybdenum mineralization is not well understood but warrants further investigation.
About the Rio Grande Project, Salta Province, Argentina
The Rio Grande project is very favourably located along the prominent northwest-trending Archibarca Lineament which also controls the location of the world-class giant Escondida porphyry copper deposit 150 km to the northwest in Chile. The Rio Grande project setting shares many similarities with that of the Bajo de Alumbrera porphyry copper-gold deposit which is located along a similar northwest-trending regional structural lineament approximately 300 km to the south.
Copper-gold mineralization at Rio Grande occurs within a distinct two-km diameter ring fracture zone defined by IP chargeability as well as copper and gold soil geochemical anomalies. The mineralization is hosted by a complex sequence of intermediate sub-volcanic intrusive rocks with variable degrees of potassic, calcic, and propylitic alteration and local late- to post-mineral intermediate dikes. The mineralization originally consisted of chalcopyrite and magnetite as disseminations and fracture fillings. The chalcopyrite has subsequently been partially to completely oxidized to green and black copper oxides to depths of 300-400 m or more. Oxidation is typically in situ with little to no remobilization of copper.
Antares has earned a 50% interest in the Rio Grande project pursuant to an agreement with Mansfield Minerals Inc. ("Mansfield"). Antares recently completed the required expenditures and payments and plans to vest in its 50% interest in the property shortly. Antares and Mansfield will formalize a definitive joint venture agreement in the near future to fund ongoing development at Rio Grande on a 50/50 basis with Antares as the operator.
About Antares
Antares is focused on the acquisition and exploration of precious and base-metal exploration properties in Latin America that can be quickly and cost-effectively advanced to the discovery and production stage. In addition to the Rio Grande copper-gold project in Argentina, Antares is aggressively advancing the Haquira SX-EW copper project in south-central Peru, immediately adjacent to the Las Bambas copper project of Xstrata Copper. Antares recently announced an updated resource estimate (October 09, 2007) and Preliminary Economic Assessment (May 14, 2008) for the near-surface, SX-EW amenable portion of the Haquira project. Haquira hosts an indicated resource of 133.7 million tonnes at 0.53% total Cu with an additional inferred resource of 43.6 million tonnes at 0.44% total Cu (0.3% total Cu cut-off, leachable secondary copper sulphide and oxide mineralization only). This resource is projected to support a 50,000 t/d SX/EW heap leach operation that will produce an average of 109 million lbs of copper cathode for 11 years of mine life. The capital cost to construct the operation is estimated at US$301 million with a projected IRR of 26.9% and an NPV of US$224 million utilizing a copper price of US$2.00/lb and a discount rate of 8%. The current resource estimate does not incorporate any of the 2007-8 drilling that has been focused on delineation of the newly discovered primary copper-molybdenum-gold zone beneath the Haquira East copper oxide zone. Antares has an option to acquire a 100% interest in the Haquira project from Minera Phelps Dodge del Peru S.A.C.
All of Antares' exploration programs and pertinent disclosure of a technical or scientific nature are prepared by, or prepared under the direct supervision of John Black, Antares' President, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.
Antares' security, chain of custody and quality control is described on their website and can be reviewed at: antaresminerals.com
Mineral resources do not have demonstrated economic viability and future in-fill drilling and scoping, pre-feasibility and feasibility studies will determine what percentage of the inferred resource can be placed into the mineable category. Antares is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing or other issue which may materially affect this estimate of mineral resources.
Certain disclosure in this release, including management's assessment of Antares' plans and projects, constitutes forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Antares' operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts
John Black
Antares Minerals Inc.
President and CEO
(720) 514-9036 or Cell: (303) 618-7797
Email: john.black@antaresminerals.com
Mark Wayne
Antares Minerals Inc.
CFO
(403) 705-4968
Website: www.antaresminerals.com |
