Strait Provides Update on Status of Alicia Property in Peru
13 Febrero 2014 - 3:36PM
Marketwired
Strait Provides Update on Status of Alicia Property in Peru
TORONTO, ONTARIO--(Marketwired - Feb 13, 2014) - Strait Minerals
Inc. ("Strait" or the "Company") (TSX-VENTURE:SRD) reports that
Teck Minerals Peru S.A.C. ("Teck Peru"), a wholly owned subsidiary
of Teck Resources Limited. ("Teck"), has notified the Company that
it does not intend to exercise its option to earn an interest in
Strait's 100%-owned Alicia copper property in Peru.
In 2013 Teck Peru funded a 10-hole drill program at Alicia under
an option/joint-venture agreement with the Company. That program
intersected copper mineralization in nine of 10 holes, including
one step-out hole to test the porphyry system under cover about 150
metres west of the outcropping porphyry. This extended the extent
of known porphyry mineralization to approximately one kilometre
along strike. The only hole not to intersect porphyry
mineralization was a 500-metre step-out to the east which was
terminated at 61 metres in barren limestone. Selected results of
the drill program were reported in the Company's news release of
January 21, 2014.
"Teck Peru mainly tested the outcropping porphyry at Alicia and
added two step-out holes," said Strait President Jim Borland.
"Highly anomalous copper values from soil sampling where the
porphyry appears to continue under cover east and west of the
outcropping area are primary targets for future work. These soil
anomalies coincide with geophysical anomalies and both soil and
geophysical anomalies extend beyond the area tested by this drill
program."
As at December 31, 2013, Teck Peru had spent approximately $2.9
million at Alicia, which includes a 10% administration fee paid to
Strait to manage the work program. Work included mapping and
sampling of a polymetallic zone approximately 1,500 metres south of
the outcropping porphyry. Rock sampling of this polymetallic zone
returned encouraging results, the highlights of which included
15.12% zinc, 989 grams per tonne (g/t) silver, greater than 30%
lead, 3.27 g/t gold and 5.8% copper (news release of December 10,
2012). This polymetallic zone was not drill tested by Teck Peru and
will be the subject of future work.
Teck also acquired nine million shares of Strait from treasury
at a total cost of $1.26 million in two private placements and the
exercise of warrants. As a result, Teck holds a 14.5% equity
interest in Strait.
Drilling by Strait in 2011, prior to optioning the property to
Teck Peru, tested several outcropping skarn zones along the contact
of the porphyritic intrusives with surrounding limestone. That
program intersected continuous mineralization across 600 metres,
east to west. (See NI43-101- technical report dated April 15, 2011,
and filed April 26, 2011, on sedar.com). Best results from that
drilling included 94.3 metres (true width) of mixed skarn and
porphyry material in Hole ALC10-08 grading 0.33% copper and 0.04
grams per tonne (g/t) gold and 134.0 metres of mixed skarn and
porphyry material in Hole ALC11-16 grading 0.29% copper and 0.03
g/t gold.
Alicia lies within the 150-km-long Andahuaylas-Yauri copper belt
where several large copper projects are at the development stage.
Most notable of these are Glencore-Xstrata's Las Bambas project
approximately 40 km west of Alicia and HudBay Mining's Constancia
project approximately 60 km east of Alicia. The Company also holds
an option to earn a 100% interest in the Caribe property
approximately 80 km west of Alicia and within the same copper
belt.
All of the Company's exploration programs are prepared by, or
prepared under the supervision of, Dr. Roger Moss, P.Geo., who
serves as the Qualified Person as defined by NI 43-101 and is a
director of the Company. Dr. Moss has reviewed and approved the
technical content of this news release.
About Strait Minerals Inc.
Strait Minerals Inc. is a Canadian mineral exploration company
active solely in Peru since 2003 and listed on the TSX Venture
Exchange. It holds a 100% interest in the Alicia copper-gold
property which lies within the Andahuaylas-Yauri copper belt
approximately 500 km southeast of Lima. The Company also holds an
option to earn a 100% interest in the Caribe copper-molybdenum
property approximately 80 km west of Alicia and holds a 100%
interest in both the Letra Rumi South base metals property and the
Culebrilla precious metals property approximately 250 km north of
Lima. The Company continuously reviews exploration opportunities in
Peru and is actively seeking additional projects. Please visit our
web site at www.straitminerals.com.
Forward Looking Statement: Some of the statements contained
herein may be forward-looking statements which involve known and
unknown risks and uncertainties. Without limitation, statements
regarding potential mineralization and resources, exploration
results, and future plans and objectives of the Company are forward
looking statements that involve various risks. The following are
important factors that could cause the Company's actual results to
differ materially from those expressed or implied by such forward
looking statements: changes in the world wide price of mineral
commodities, general market conditions, risks inherent in mineral
exploration, risks associated with development, construction and
mining operations, the uncertainty of future profitability and the
uncertainty of access to additional capital. There can be no
assurance that forward-looking statements will prove to be accurate
as actual results and future events may differ materially from
those anticipated in such statements. Strait undertakes no
obligation to update such forward-looking statements if
circumstances or management's estimates or opinions should change,
except as required by law. The reader is cautioned not to place
undue reliance on such forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Strait Minerals Inc.Jim
BorlandPresident416-272-7387jborland@straitminerals.comwww.straitminerals.com
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