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Message: Intersects 937 m of 1.14% Cu (1.42% Cu Eq.) At Haquira East Discovery, Peru
| February 11, 2009 | |
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Antares Intersects 937 m of 1.14% Cu (1.42% Cu Eq.) At Haquira East Discovery, Peru
Includes 331 m of 1.76% Cu (1.94% Cu Eq.) |
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WATERDOWN, ONTARIO--(Marketwire - Feb. 11, 2009) - Antares Minerals Inc. ("Antares") (TSX VENTURE:ANM) is very pleased to present the results of an additional nine holes (9,442.85 m) from the Haquira East zone at the Haquira Cu-Mo-Au porphyry project, Peru. These holes include several of the best intervals encountered to date at the Haquira project. Highlights from the nine holes reported in this release are presented below. Holes AHAD-124 and AHAD-127 are in-fill holes to complete the 100 m grid within the known deposit and the remaining seven holes are mostly 100 m step-out holes along the west, southwest and southeast margins of the Haquira East deposit. These holes represent all of the Haquira East holes remaining to be reported from the 2008 drilling campaign. Additional 2008 holes from Haquira West and the Potato Patch zones will be reported separately in the near future. - AHAD-124: 423.00 m with 0.71% Cu and 0.011% Mo (0.78% CuEQ(1)) -- Includes 254.80 m with 0.81% Cu, 0.010% Mo and 0.12 g/t Au (0.94% CuEQ) - AHAD-127: 902.90 m with 0.67% Cu and 0.014% Mo (0.76% CuEQ) -- Plus an additional 97.15 m with 0.50% Cu and 0.043% Mo (0.79% CuEQ) - AHAD-130: 651.05 m with 0.87% Cu and 0.037% Mo (1.12% CuEQ) -- Includes 210.30 m with 1.06% Cu and 0.054% Mo (1.42% CuEQ) -- and 157.95 m with 1.21% Cu and 0.037% Mo (1.46% CuEQ) - AHAD-133: 404.50 m 0.69% Cu (0.69% CuEQ) -- Includes 205.75 m with 0.88% Cu and 0.012% Mo (0.96% CuEQ) - AHAD-159: 937.30 m with 1.14% Cu, 0.034% Mo and 0.10 g/t Au (1.42% CuEQ) -- Includes 331.20 m with 1.76% Cu, 0.013% Mo and 0.20 g/t Au (1.94% CuEQ) John Black, President and CEO of Antares Minerals Inc. commented as follows: "The Haquira East primary Cu-Mo-Au porphyry discovery continues to deliver outstanding results. Drill holes AHAD-130 and AHAD-159, located along the south-eastern margin of the Haquira East deposit, are the two best holes drilled to date at Haquira and will undoubtedly add additional higher grade tonnage to the Haquira East resource. The higher grade mineralization found in these holes remains open to depth and to the south and southeast. The step-out drill holes along the south-western margin of the system have also extended mineralization, in particular near AHAD-133. The horizontal dimensions of the known body of primary porphyry copper mineralization, as defined by longer drill holes, are now approximately 700 m by 425 m and mineralization remains open to the west and southeast as well as at depth to the southwest. An improved understanding of the nature of mineralization and alteration at Haquira has also led to the identification of several additional targets within the project area. These targets provide significant upside potential for the project and we look forward to reporting more on these in the near future. We are now on a break with respect to drilling activity at Haquira during the wet season (Dec to April). Our current focus is on completion of metallurgical testing and building the geological database for future updated resource estimates. Antares is financially strong with approximately C$17 million in working capital. We have taken measures to optimize our financial burn rate to allow completion of key objectives, while at the same time protecting the value of our assets during the currently difficult market conditions." Discussion of Haquira East Results The 2008 Haquira drill campaign was completed in mid-December with a total of 57 diamond-drill holes (29,083 m). Six holes were drilled for bulk metallurgical samples and 10 holes from Haquira East (AHAD-111 to AHAD-120) have been previously reported (August 8, 2008) and incorporated into the first interim resource estimation for primary Cu-Mo-Au mineralization at Haquira East (November 24, 2008). Antares has drilled an additional 41 holes (19,902 m) at the Haquira project subsequent to the cut-off for inclusion in the first interim resource estimate. Nine of these holes (9,443 m) were drilled to delineate further primary mineralization at the Haquira East deposit and are presented in this release. Seven holes (5,076 m) were drilled to test new primary sulphide targets at the Haquira West and Potato Patch zones and 25 holes (5,383 m) were drilled as infill holes to improve the resource classification status of the near-surface, leachable secondary secondary-copper mineralization of the Haquira West zone. Results from the Haquira West and Potato Patch holes will be announced as separate releases in the next few weeks. Please see Tables 1 and 2 below for a complete summary of the new results and refer to the Antares website at www.antaresminerals.com for drill-hole location maps, geological cross-sections and additional information about the Haquira Cu-Mo-Au project. The locations, drilling orientations and offset directions for the nine holes presented in this release are listed below. Drill holes AHAD-124 and AHAD-127 were drilled as in-fill holes to complete the 100 m drilling grid within the known deposit. The remaining holes were mostly drilled as 100-200 m step-outs along the western, south-western and south-eastern margins of the known deposit. Individual drill holes are described in more detail below. ----------------------------------------------------------------------------
Table 1 - Drill hole locations and orientations (UTM PSAD56)
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Drill hole Easting Northing Azimuth Inclination Comments
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AHAD-124 786615 8432693 055 -80 100 m SE of AHAD-107
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AHAD-125 786526 8432622 235 -80 Same pad as AHAD-120
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AHAD-127 786629 8432820 055 -80 100 m NE of AHAD-107
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AHAD-130 786749 8432540 055 -80 100 m NE of AHAD-100
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AHAD-132 786388 8432654 055 -80 100 m SW of AHAD-116
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AHAD-133 786332 8432736 055 -80 100 m SW of AHAD-112
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AHAD-143 786217 8432282 055 -70 450 m SW of AHAD-117
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AHAD-159 786970 8432692 235 -70 Same pad as AHAD-082
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AHAD-160 786329 8432945 055 -80 200 m SW of AHAD-115
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All significant mineralized intervals from the drill holes are listed in
Table 2 below:
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Table 2 - Significant drill intercepts Haquira East - Holes AHAD-124, 125,
127, 130, 132, 133, 143, 159, and 160
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from Length Au Cu eq
Drill-hole (m) to (m) (m) Cu% Mo% g/t % (1) Comments
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0.2% Cu
less cut-off;
than secondary/
AHAD-124 90.70 513.70 423.00 0.71 0.011 .1 0.78 primary
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0.2% Cu
cut-off;
secondary
TD = 1157.90 m 90.70 147.50 56.80 0.91 NA NA 0.91 only
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less less 0.2% Cu
than than cut-off;
147.50 513.70 366.20 0.67 .010 .1 0.67 primary only
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0.5% Cu
cut-off;
147.50 402.30 254.80 0.81 0.010 0.12 0.94 primary only
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less 1.0% Cu
than cut-off;
312.50 341.30 28.80 1.23 .010 0.17 1.31 primary only
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less less 0.2% Cu
than than cut-off;
555.80 1155.90 600.10 0.37 .010 .1 0.37 primary only
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less less 0.3% Cu
than than cut-off;
808.75 1155.90 347.15 0.43 .010 .1 0.43 primary only
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0.2% Cu
cut-off;
secondary
AHAD-125 58.15 71.05 12.90 0.75 NA NA 0.75 only
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0.2% Cu
cut-off;
secondary
TD = 1107.05 m 203.20 218.10 14.90 0.54 NA NA 0.54 only
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0.2% Cu
cut-off;
secondary
242.50 256.75 14.25 0.77 NA NA 0.77 only
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less less 0.2% Cu
than than cut-off;
827.60 1096.60 269.00 0.54 .010 .1 0.54 primary only
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0.5% Cu
cut-off;
861.65 890.40 28.75 1.37 0.011 0.13 1.51 primary only
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less 0.5% Cu
than cut-off;
960.30 996.10 35.80 0.72 0.018 .1 0.84 primary only
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0.2% Cu
less cut-off;
than secondary/
AHAD-127 69.70 972.60 902.90 0.67 0.014 .1 0.76 primary
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0.2% Cu
cut-off;
secondary
TD = 1153.30 m 69.70 94.85 25.15 0.64 NA NA 0.64 only
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less 0.2% Cu
than cut-off;
94.85 972.60 877.75 0.67 0.015 .1 0.77 primary only
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1.0% Cu
cut-off;
497.05 522.20 25.15 1.12 0.015 0.14 1.29 primary only
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less 0.2% Cu
than cut-off;
1006.05 1103.20 97.15 0.50 0.043 .1 0.79 primary only
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0.2% Cu
cut-off;
secondary
AHAD-130 164.50 184.25 19.75 0.43 NA NA 0.43 only
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0.2% Cu
cut-off;
less secondary/
TD = 959.60 m 283.00 934.05 651.05 0.87 0.037 than 1.12 primary
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0.2% Cu
cut-off;
secondary
283.00 333.65 50.65 0.91 NA NA 0.91 only
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0.2% Cu
less cut-off;
333.65 934.05 600.40 0.87 0.038 than 1.12 primary only
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0.5% Cu
less cut-off;
375.00 585.30 210.30 1.06 0.054 than 1.42 primary only
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0.5% Cu
less cut-off;
666.55 824.50 157.95 1.21 0.037 than 1.46 primary only
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0.2% Cu
cut-off;
secondary
AHAD-132 8.45 31.25 22.8 0.68 NA NA 0.68 only
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0.2% Cu
cut-off;
secondary
TD = 1133.40 m 86.90 100.50 13.60 0.37 NA NA 0.37 only
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less 0.2% Cu
than cut-off;
355.25 446.00 90.75 0.69 0.025 .1 0.86 primary only
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less less 0.2% Cu
than than cut-off;
586.55 650.40 63.85 0.49 .010 .1 0.49 primary only
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less less 0.2% Cu
than than cut-off;
718.50 835.70 117.2 0.33 .010 .1 0.33 primary only
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0.2% Cu
cut-off;
secondary
AHAD-133 144.70 161.10 16.40 0.71 NA NA 0.71 only
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0.2% Cu
cut-off;
secondary
TD = 1132.75 m 174.40 185.80 11.40 0.65 NA NA 0.65 only
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less less 0.2% Cu
than than cut-off;
336.55 422.50 85.95 0.36 .010 .1 0.36 primary only
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less less 0.3% Cu
than than cut-off;
372.70 422.50 49.80 0.45 .010 .1 0.45 primary only
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less 0.2% Cu
than cut-off;
590.25 664.85 74.60 0.72 0.050 .1 1.05 primary only
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0.5% Cu
cut-off;
592.00 630.15 38.15 1.14 0.036 0.12 1.44 primary only
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less less 0.2% Cu
than than cut-off;
728.25 1132.75 404.50 0.69 .010 .1 0.69 primary only
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less 0.5% Cu
than cut-off;
728.25 934.00 205.75 0.88 0.012 .1 0.96 primary only
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0.2% Cu
cut-off;
secondary
AHAD-143 379.40 395.90 16.50 2.11 NA NA 2.11 only
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0.2% Cu
cut-off;
secondary
TD = 1005.55 m 415.70 434.75 19.05 0.97 NA NA 0.97 only
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less less 0.2% Cu
than than cut-off;
832.10 893.20 61.10 0.41 .010 .1 0.41 primary only
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less less 0.2% Cu
than than cut-off;
939.30 1005.55 66.25 0.38 .010 .1 0.38 primary only
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0.2% Cu
cut-off;
secondary/
AHAD-159 117.40 1054.70 937.30 1.14 0.034 0.10 1.42 primary
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0.2% Cu
cut-off;
secondary
TD = 1057.5 m 117.40 208.85 91.45 0.47 NA NA 0.47 only
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0.2% Cu
cut-off;
208.85 1054.70 845.85 1.21 0.034 0.11 1.49 primary only
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0.5% Cu
cut-off;
563.55 1045.35 481.80 1.49 0.013 0.16 1.65 primary only
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1.0% Cu
cut-off;
600.50 931.70 331.20 1.76 0.013 0.20 1.94 primary only
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0.2% Cu
less cut-off;
than secondary/
AHAD-160 115.25 252.30 137.05 0.63 0.022 .1 0.77 primary
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0.2% Cu
cut-off;
secondary
TD = 735.8 m 115.25 182.30 67.05 0.90 NA NA 0.90 only
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less 0.2% Cu
than cut-off;
182.30 252.30 70.00 0.37 0.037 .1 0.62 primary only
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less less 0.2% Cu
than than cut-off;
265.20 336.40 71.20 0.34 .010 .1 0.34 primary only
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less less 0.2% Cu
than than cut-off;
374.20 504.85 130.65 0.56 .010 .1 0.56 primary only
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less less 0.2% Cu
than than cut-off;
532.50 599.80 67.30 0.38 .010 .1 0.38 primary only
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less less 0.2% Cu
than than cut-off;
702.90 724.90 22.00 0.35 .010 .1 0.35 primary only
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(1) CuEQ = Copper Equivalent is calculated for intervals dominated by
primary mineralization using US$1.50/lb Cu, US$500/oz Au, and
US$10.00/lb Mo and is not adjusted for metallurgical recoveries as
these remain uncertain. Metallurgical recoveries and net smelter
returns are assumed to be 100%. The formula used is as follows:
CuEQ = Cu% + (Au g/t x 10.72/22.05) + (Mo% x 10.00/1.50). Copper
Equivalent contributions from Au and Mo only occur if the grade of Au
exceeds 0.1 g/t and/or the grade of Mo exceeds 0.01% and if the
interval is dominated by primary sulphide mineralization.
Drill holes AHAD-124 and AHAD-127 were drilled as in-fill holes to complete gaps in the 100 m grid over the area of known mineralization. Both holes were drilled at the standard grid orientation to the northeast (055 degrees) with an inclination of -80 degrees. The holes passed through shallow colluvial cover before entering into well mineralized monzonite porphyry for the majority of the length of the holes. The upper 25-50 m of bedrock in each hole consists of secondary copper mineralization with the remainder of the hole consisting of primary Cu-Mo-(Au) mineralization associated with potassic alteration. The grades in these holes match reasonably well with the grades predicted by the block model for the interim resource calculation and serve to validate the model. Drill holes AHAD-130 and AHAD-159 were drilled on drill section 1800NW along the south-eastern margin the known zone of mineralization. They were drilled to better define higher grade mineralization previously encountered in AHAD-085 and AHAD-099 with a specific objective to test for an extension of mineralization to the south-southeast of and below AHAD-099. AHAD-130 was drilled parallel to and between holes AHAD-099 and AHAD-100 to complete the 100 m grid spacing along this line. The hole encountered deep oxidation with well-developed secondary copper mineralization to a depth of 334 m before entering into well-developed primary Cu-Mo-Au sulphide mineralization in sedimentary wall rock cut by numerous monzonite porphyry dikes. AHAD-159 was drilled from the same site as AHAD-082 and at the same bearing (235 degrees) and inclination (- 70 degrees). AHAD-082 terminated at 249.8 m in 42.8 m of primary sulphide mineralization with 0.97% Cu and 0.077% Mo. AHAD-159 closely reproduced the results of AHAD-082 and extended the strong mineralization to a total depth of greater than 1000 m with the majority of the mineralization hosted in monzonite porphyry dikes which coalesce into a stock below 538 m depth. Hole AHAD-159 is the best mineralized hole to date at Haquira. Both AHAD-130 and AHAD-159 have significant intervals with all assays consistently above 1.00% Cu and will undoubtedly add higher grade tonnage to the resource at Haquira East. This mineralization is open to depth and to the south and southeast. Mineralization was previously thought to be closed off to the south on drill section 1700NW but with these new results it is now apparent the holes AHAD-100 and AHAD-101 were probably cut short at about 500 m prior to entering into better mineralization at depth. AHAD-101 terminates in 17 m of 0.65% Cu and 0.012% Mo and AHAD-100 terminates in 84 m with 0.35% Cu and 0.029% Mo with notably increasing Mo grades with depth. The Haquira East deposit has notably low contents of As but there is an unusual occurrence of enargite at depth in AHAD-159 within the core of the higher grade Cu interval from 600.50-931.70 m. The interval from 755-858 m contains readily visible enargite with corresponding As contents of 1000-5000 ppm. The enargite occurs as fine disseminations and veinlets and appears to be intergrown and somewhat later than abundant bornite and chalcopyrite in the same intervals. Pyrite is scarce to non-existent and the potassic alteration is partially destroyed by weak argillic to sericitic alteration. The enargite zone is associated with high Cu contents (1-3% Cu) and elevated Au, Ag, and Mo but high Cu-Au-Mo grades extend well beyond the limits of the enargite. To date no other occurrences of enargite have been noted at Haquira, including in the nearby holes AHAD-130, AHAD-099, and AHAD-082. Additional work will be required to determine the nature and extent of this occurrence. AHAD-132, and AHAD-133 were drilled as 100 m step-out holes along the south-western margin of the deposit and AHAD-160 was drilled as a 200 m step out to the southwest of AHAD-115 at the north-western end of the deposit. All three holes encountered intervals of significant mineralization but these intervals were typically less continuous, lower grade, and less lengthy than holes to the northeast. A notable exception is hole AHAD-133 which cut 404.50 m of 0.69% Cu at depth. All three holes drilled through variably mineralized sedimentary wall rocks prior to encountering better mineralized monzonite porphyry at depths of approximately 600m. AHAD-125 was drilled from the same site as AHAD-120 but drilled in the opposite direction (235 degrees) at an inclination of -80 degrees. Haquira East displays a notable asymmetry in metal ratios, sulphide species distribution, and alteration/vein types. Ratios of Au/Cu, bornite/chalcopyrite and chalcopyrite/pyrite increase notably to the southwest which suggests that additional mineralization may be found to the south and southwest of the mineralization known to date. AHAD-125 was located to test this hypothesis. The upper portion of the hole remained mostly in sedimentary wall rocks with several short intervals of secondary copper mineralization. Monzonite dikes begin to be encountered at 655 m depth and the hole bottoms in 150 of more continuous monzonite porphyry. The final 269 m interval of the hole averages 0.54% Cu. A 28.75 m subinterval in this zone averages 1.37% Cu, 0.011% Mo and 0.13 g/t Au. This deep interval is approximately 200 m to the southwest of mineralization in AHAD-120 and may represent a shoulder of the Haquira East porphyry that extends to the southwest. Drill hole AHAD-143 is located approximately 450 m to the southwest of AHAD-117 on drill section 1900NW and was drilled to the northeast (055 degrees) with an inclination of -70 degrees to further test the possibility of additional mineralization to the southwest of Haquira East. The hole was collared 250 m to the northwest of AHAC-077, a previous reverse-circulation hole that cut 18 m of 0.68% secondary copper mineralization beneath a thick leached cap. AHAD-143 also encountered approximately 380 m of deep oxidation prior to intersecting 16.50 m of 2.11% Cu and 19.05 m of 0.97% Cu as secondary copper oxides and chalcocite. The hole remained in sedimentary wall rock to a total depth of 1005.55 m with only one small monzonite porphyry dike encountered. The lower portion of the hole is mineralized with two zones of 61.10 m of 0.41% Cu and 66.25 m of 0.38% Cu mineralization. Much of this lower mineralization is hosted in quartzite wall rock, a notably poor host rock. These levels of mineralization in quartzites may be indicative of nearby better grades in monzonite porphyry. Although the primary mineralization encountered in AHAD-143 and AHAD-125 is deep and lower grade there does appear to be evidence that the Haquira East system continues to the southwest and additional drilling is warranted to determine if additional mineralization can be found closer to the surface. Resignation of Robert D. Wunder Mr. Robert D. Wunder, Chief Operating Officer of Antares Minerals Inc since August 2007 has resigned his position effective January 31, 2009 to pursue other opportunities. Mr. Wunder's position will not be immediately filled and his responsibilities will be assumed by current Antares Management personnel and external consultants. About the Haquira Copper Project, Peru The Haquira project offers potential for a low-strip, low-cost SX-EW operation in southern Peru as well as a good opportunity for an underlying higher grade primary porphyry copper-molybdenum deposit. The project is located contiguous to, and immediately south of, Xstrata Copper's Las Bambas Cu-Au project. Antares has an option agreement with Minera Phelps Dodge del Peru S.A.C. to acquire a 100% interest in the Haquira project by completing optional payments totalling US$15 million over a five-year period (see Antares press release dated March 17, 2005). A total of US$6.5 million has been paid to date with the remaining US$8.5 million due as a payment of US$3.5 million on or before March 04, 2009 and a final payment of US$5.0 million on or before March 4, 2010. Antares has 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%. Antares has also recently announced the first interim resource estimate for the underlying primary Cu-Mo-Au mineralization at the Haquira East zone based upon drill holes up to AHAD-120 (November 24, 2008). The Haquira East primary mineralization includes an indicated resource of 147.9 million tonnes at 0.57% Cu and 0.015% Mo, an inferred resource to a depth of 700m of 205.2 million tonnes at 0.56% Cu and 0.014% Mo and an additional inferred resource below 700 m depth of 99.4 million tonnes at 0.46% Cu and 0.008% Mo. Mineralization remains open to depth and several directions laterally. Drill holes presented in this release were not utilized to calculate the reported resource estimate. Additional information about the Haquira project is available on our website at www.antaresminerals.com. About Antares Antares is a successful mineral exploration company with highly experienced technical and management teams. The Company is focused on 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 Haquira Project in Peru, Antares is also currently exploring the Rio Grande (Cu-Au porphyry) project in Salta Province of NW Argentina in a 50/50 option/joint-venture agreement with Mansfield Minerals Inc. (1) CuEQ = Copper Equivalent is calculated for intervals dominated by primary mineralization using US$1.50/lb Cu, US$500/oz Au, and US$10.00/lb Mo and is not adjusted for metallurgical recoveries as these remain uncertain. Metallurgical recoveries and net smelter returns are assumed to be 100%. The formula used is as follows: CuEQ = Cu% + (Au g/t x 10.72/22.05) + (Mo% x 10.00/1.50). Copper Equivalent contributions from Au and Mo only occur if the grade of Au exceeds 0.1 g/t and/or the grade of Mo exceeds 0.01% and if the interval is dominated by primary sulphide mineralization. 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 under the section on best practices - sampling methodologies. 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. |
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