CuOro Resources Drills 9.42% Copper Over 6 Meters at Santa Elena Project, Colombia
06 Marzo 2012 - 1:00AM
Marketwired Canada
CuOro Resources Corp. (TSX VENTURE:CUA)(FRANKFURT:6BC) ("CuOro" or the
"Company") is pleased to announce drill results from 9 additional drill holes
from its Santa Elena Copper-Gold Project in Colombia.
Highlights:
-- Hole SEDDH-053, located near the TEM-4 anomaly and over 650 meters south
of the TEM-1 orebody, intercepted massive sulphide mineralization at a
down hole depth of 123.1 meters (50 meters below surface) with an
interval of:
-- 6.0 metres @ 9.42% Cu.
-- Hole SEDDH-47, located 100 meters south of the TEM-1 orebody,
intercepted massive sulphide mineralization at a depth of 156.0 meters
downhole (70 meters below surface) with an interval of:
-- 4.0 metres @ 1.78% Cu.
-- Additional mineralization intercepted on the following hole:
-- SE-DDH-43: 7.5 metres of 0.42% Cu.
TABLE 1: DRILLING ASSAY RESULTS
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Total
Azimuth Dip Depth From To Interval Cu Au Ag Zn
Hole ID (Deg.) (Deg.) (m) (m) (m) (m) % (g/t) (g/t) (%)
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SE-DDH-43 160 -55 201.2 45.1 52.6 7.5 0.42 0.02 1.0 0.06
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SE-DDH-47 110 -45 250.0 156.0 160.0 4.0 1.78 0.53 11.8 1.30
including 156.0 157.0 1.0 2.90 0.43 21.0 4.47
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SE-DDH-53 150 -45 250.0 100.65 111.5 10.85 0.45 0.5 1.25
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SE-DDH-53 150 -45 250.0 123.1 129.1 6.0 9.42 22.3 0.10
Including 123.1 124.1 1.0 15.97 37 0.22
Including 124.1 125.1 1.0 7.52 22 0.97
Including 125.1 126.1 1.0 2.78 7.98 0.04
Including 126.1 127.1 1.0 7.15 8.85 0.01
Including 127.1 128.1 1.0 7.10 17 0.07
Including 128.1 129.1 1.0 15.98 41 0.17
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UTM coordinates for the above drill holes are as follows: SE-DDH-43 - 874669E
1247570N, SE-DDH-047 - 874688E 1247406N, and SE-DDH-053 - 874490E 1246871N.
Drill holes SE-DDH-42, SE-DDH-44 to SE-DDH-46, and SE-DDH-48 to SE-DDH-50 did
not return any significant values. All widths represent down-hole core lengths
and the true widths are unknown at this stage. Average grades are calculated by
the average weighted length of each individual intercept over the entire length
of the intercept. Assay results from holes SE-DDH-051 and SE-DDH-052 have not
been received from the laboratory and are pending.
Drilling update
The Company currently has 4 rigs on the property conducting a 25,000-meter,
Phase I drill program. The fourth rig was added recently and is being
commissioned on its platform. This drill rig is a smaller man-portable unit and
will be utilized to allow for more efficient, cost effective and environmentally
friendlier access to some areas.
A total of 56 drill holes have now been completed to date with approximately
11,325 meters drilled. Assay results for the 51 holes have been received by the
company.
Current drilling is continuing to be carried out over favorable geological zones
and interpreted geophysical anomalies. Systematic fence drilling is being
carried out between the TEM-1 and TEM-4 anomalies, which are separated by a
distance of 800 meters. The newly arrived man portable drill rig will test the
area south of TEM-4 where large outcrops of stringer type sulphide
mineralization have been found. Topography in this area is extremely steep and
access is difficult, necessitating the use of a man portable drill rig.
Drill hole SE-DDH-053 was drilled approximately 150 meters southwest of the
visible TEM-2 outcrops. The hole was drilled at a 150 degree azimuth and -45 dip
angle downslope. Two mineralized zones were encountered in this drill hole.
Massive sulphide mineralization was encountered 123.1 meters down the hole with
a 6 meter intercept length and returned an average copper grade of 9.42% (note
that two separate one meter intercepts of 15.97% Cu and 15.98% are included in
this average copper grade calculation). Vertical depth from surface to
mineralization is approximately 50 meters below surface. Additional lower grade
copper mineralization, averaging 0.45% over 10.85 meters, was encountered
between 100.65 to 111.5 meters down the hole.
Drill hole SE-DDH-047 was drilled approximately 100 meters south and below the
TEM-1 outcrops. This hole was the first one drilled in a series of 100 meter
spaced fence line holes. The hole was orientated in such a manner as to test the
historic TEM anomaly and the possible extension of massive sulphide
mineralization south of TEM-1. In this drill hole mineralization was intercepted
156.0 meters down the hole over a length of 4.0 meters returning an average
grade of 1.78% copper. Vertical depth from surface to mineralization is
approximately 70 meters below surface.
Drill holes SE-DDH-44, SE-DDH-46, and SE-DDH-48 were drilled approximately 300
meters north of the TEM-1 ore body. These holes tested a large IP anomaly that
was situated on strike with the current know massive sulphide mineralization.
Although sulphides were visible in the core, assay results showed no significant
copper or gold values.
Exploration Update
The Company has Crone Geophysics and Exploration Ltd. on site conducting
down-hole pulse EM surveys and fixed-loop surface surveys. Down hole
measurements are being made at 5 metre intervals to identify any possible
conductive off-hole targets. High density surface surveys have been completed
between the TEM-1 and TEM-4 targets and the company is awaiting the results.
These surveys will continue to complement ongoing exploration efforts at Santa
Elena and has historically been very useful in the discovery and development of
VMS deposits.
Company geologists have recently found several adits located approximately two
kilometers west of the current drill area within the Company's concession. One
main adit has significant work done, advanced up to 100 meters. These adits
appear to be abandoned artisanal gold mines. Sampling and testing of these
workings will be carried out during the work program scheduled over the next few
weeks.
QA/QC
Sampling of the diamond drilling, and sample preparation, were performed by
CuOro personnel and were carried out under strict protocols. Samples were taken
every 1m and split in half to yield seven to ten kilogram samples. Drill sample
recovery was generally in excess of 90%. CuOro has a rigorous QA/QC program to
control the chain-of-custody of samples and the insertion of blanks, duplicates,
and certified reference standards in each batch of samples. Samples were sent to
SGS in Medellin where they were dried, crushed, pulverized. After preparation of
the samples they were sent to SGS in Lima and assayed. All gold assays were
obtained by standard 50g fire assaying with AA finish. All copper, silver, and
zinc assays reported in the press release were obtained by four-acid dissolution
followed by ICP measurement.
The above information has been prepared under the supervision of Michel Rowland,
P.Geo., who is designated as a "Qualified Person", and who has reviewed the
information and has verified the authenticity and validity of the data.
About CuOro Resources Corp.
CuOro Resources (TSX VENTURE:CUA) is a Canadian publicly-listed exploration
company currently developing two projects in Colombia. The company flagship
Santa Elena Copper project, located in Antioquia hosts potential high-grade near
surface VMS deposits. The current 25,000m drill program is well underway with 56
drill holes totaling 11,000m of drilling completed, with recent results
returning assays of 102.9 m at 1.44% Cu including 14 m at 2.9% copper. The
Company has the right to acquire 100% interest in the Santa Elena Property. The
Company is managed by an experienced and technical management team residing in
Medellin, Colombia and is well capitalized with $17M in the treasury. The
long-term growth strategy is to continue identifying and acquiring new assets in
South America with a focus on copper and gold, and the commitment to upholding
the highest environmental and social standards.
For further information regarding CuOro, see CuOro's disclosure documents on
SEDAR at www.sedar.com.
On Behalf of the Board of Directors of CuOro,
Robert Sedgemore, President & CEO
Forward-Looking Statement
Statements contained in this news release that are not historical facts
constitute "forward-looking statements" or "forward-looking information" within
the meaning of applicable securities laws and are based on expectations,
estimates and projections as of the date of this release. Forward-looking
statements include, without limitation, possible events, statements with respect
to possible events, the future price of gold and silver, the realization of
mineral resource estimates and success of exploration activities. The words "is
expected" or "estimates" or variations of such words and phrases or statements
that certain actions, events or results "may" or "could" occur and similar
expressions identify forward-looking statements. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that, while
considered reasonable by the Company as of the date of such statements, are
inherently subject to significant business, economic and competitive
uncertainties and contingencies. The estimates and assumptions of the Company
contained in this release which may prove to be incorrect, include, but are not
limited to, (1) the discovery and expansion of mineral resources on the
Company's Property being consistent with the Company's current expectations; (2)
the implementation of Colombia's mining law and related regulations and policies
being consistent with the Company's current expectations; (3) certain price
assumptions for gold and silver. Known and unknown factors could cause actual
results to differ materially from those projected in the forward-looking
statements. Such factors include, but are not limited to: fluctuations in the
spot and forward price of gold or certain other commodities; changes in national
and local government legislation, taxation, controls, regulations and political
or economic developments in Canada, Colombia or other countries in which the
Company does business or may carry on business in the future; business
opportunities that may be presented to, or pursued by, the Company; operating or
technical difficulties in connection with mining activities; the speculative
nature of gold exploration and development, including the risks of obtaining
necessary licenses and permits; diminishing quantities or grades of reserves;
and contests over title to properties, particularly title to undeveloped
properties.
In addition, there are risks and hazards associated with the business of gold
exploration, development and mining, including environmental hazards, industrial
accidents, unusual or unexpected formations, pressures, cave-ins, flooding and
gold bullion losses (and the risk of inadequate insurance, or the inability to
obtain insurance, to cover these risks). Many of these uncertainties and
contingencies can affect the Company's actual results and could cause actual
results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, the Company. There can be
no assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those anticipated
in such statements. Forward-looking statements are provided for the purpose of
providing information about management's expectations and plans relating to the
future. All of the forward-looking statements made in this release are qualified
by these cautionary statements and those made in our other filings with the
securities regulators in Canada. These factors are not intended to represent a
complete list of the factors that could affect the Company. Although the Company
believes that the expectations in the forward-looking statements are reasonable,
actual results may vary, and future results, levels of activity, performance or
achievements cannot be guaranteed.
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