Cyprium Mining (CUG-V) July 17, '14 has completed its first phase of drilling on its Las Cristinas property located in Chihuahua state, Mexico. This phase of the Company's exploration program included a total of 1,204 meters of diamond drilling and focused on the North Mount and South Mount, a 550 meter long mineralized section located at the southern end of the property where copper production took place in the early 70s. A total of twelve holes were drilled to a maximum vertical depth of 150 meters. The main objective of phase one was to test potential sulphide copper/silver mineralization at depth. The drilling program also forms part of the Company's plan to produce an initial NI 43-101 compliant resource report by the end of 2014.
Andre St Michel, President and CEO of Cyprium Mining commented: "All holes to date have returned visual copper mineralization mostly chalcopyrite in epithermal stockwork. The initial identification of at least broad visual copper mineralization in all drill holes, and the favorable near-surface expressions to date are in-line with our geological model. It should be noted that assay results are pending."
Pictures of the Las Cristinas project taken in early July 2014 are available on the Company's website at cypriummining.com
Cores from the twelve holes have been split and were delivered, in secure tagged bags, directly to the analytical facility for analysis, namely the laboratory of ALS Chemex de Mexico, located in Chihuahua City, Mexico. The samples were weighed, identified and photographed prior to sample preparation. All samples will be analyzed by ME-MS41 for 51 elements, Ag-OG62 when Ag is greater than 100g/t, Cu-OG62 when copper is greater than 1% and Cu-AA07n to obtain the oxide portion of copper if necessary. The Company expects to receive the assay results by mid-August.
The drilling program was designed following the analysis of assay results from the sampling program that was announced by the Company on February 13, 2014. These sampling results delivered up to 17.95% copper and 429 g/t silver. The results also included 64 samples from the South Mount that averaged 1.697% copper and 10 g/t silver. From those 64 samples, the 41 samples that were taken within the estimated 30 meter of true width of the mineralized section averaged 2.454% copper and 11 g/t silver. Results from the sampling program also included a number of higher grade assays from the mineralized surface and underground workings, including a six meter section on surface of the South Mount with 5.089% copper and 20 g/t silver and a contiguous underground channel sample of nine meters in the North Mount that averaged 2.938% copper and 105 g/t silver.
Additional drilling is planned in the fall and will serve to better define the mineralized structure of the North Mount and South Mount. Details regarding future drilling campaigns will be finalized upon full review and analysis of the results of phase one.
The Company also wishes to update shareholders on the status of its Canadian mining exploration property. In 2011, the Company signed an option agreement with North American Exploration Ltd. ("NAE"), a private company, to acquire a 100% interest in the Ogden property located in Ontario. The Odgen property consists of four mineral claims covering approximately 272 hectares. The Company paid an amount of $10,000 in February 2012 to NAE, issued 210,000 common shares for a value of $31,500 and committed to incurring exploration work totaling $300,000 over a period of two years. As at December 31, 2013, the Company had incurred a total of $270,000 in exploration expenditures on the Ogden property. The Company recently amended its agreement with NAE whereby NAE has agreed to transfer title to the Ogden property in consideration for the exploration expenditures incurred to date ($270,000) and the issuance of 25,000 common shares of Cyprium. As the Company's business plan consists of exploration and production projects in Northern Mexico, the Company does not intend to make additional expenditures on the Ogden property and is currently reviewing its options with respect to the property. This amendment is subject to regulatory approval by the TSX Venture Exchange and the securities issued to NAE will be subject to a four month and a day statutory hold period. |
