Azul Completes 4,088 Metre Drill Program Which Demonstrates Continuous Broad Dissemination of Copper and Massive Magnetite Mi...
22 Mai 2012 - 10:30PM
Marketwired Canada
Azul Ventures Inc. ("Azul", or the "Company") (TSX VENTURE:AZL) is pleased to
announce initial results of the first phase of drilling at its La Higuera
copper-iron project (I.O.C.G. style) in central Chile. The drilling and channel
sampling completed to date supports management's belief that the main zone of
disseminated and stockwork copper (Chalcopyrite) mineralization associated with
massive magnetite is continuous over a length in excess of one kilometre ("km")
and down to depths of several hundred metres ("m"). A total of 2,006 m of
diamond drilling in five holes and 2,082 m of reverse circulation ("RC")
drilling in nine holes was completed. Analytical results are available for the
first four RC holes and the first two diamond drill holes as well as partial
results for a third diamond drill hole.
David O'Connor, President and CEO, said, "We are very encouraged by our first
phase drill results. Several holes terminated in underground workings, showing
that high-grade mineralization was mined to greater depths than we anticipated
while those holes that managed to penetrate the mineralized system, such as hole
LHDD-13 (24 m of 0.47% Cu and 36.26% Fe), intersected broad disseminated and
stockwork chalcopyrite, with massive magnetite mineralization. These results
advance the conclusions of the geophysical surveys that the central core of the
anomaly (the San Antonio Zone), which extends over a length of about 1.5 km and
to depths of several hundred metres, likely contains a significant volume of
magnetite mineralization and that the coincident chargeability anomalies
indicate that sulphide mineralization is present together with the magnetite.
Planned drilling is expected to firm up the nature and extent of mineralization
in this zone and to expand it."
The next phase of drilling will be targeted to intersect the projection of the
high-grade copper zone at regular intervals (100 m) beneath the underground
workings in the San Antonio Zone and along strike from them. Also, in order to
more efficiently drill the deeper zones, a program of underground drilling is
planned, which will require the construction of drill bays within the Juan Munoz
Tunnel.
Drill hole positions from the first phase drill program are shown in Figure 1
and drill cross- sections on are shown in Figures 2-4 at the end of this press
release.
Highlights include:
LHDD-10 Intersected 14.0 m at 0.46% Cu at shallow depth associated with a
strong chargeability anomaly located to the north of the principal
San Antonio mineralized zone.
LHDD-11 Intersected 4.1 m at 1.46% Cu and 13.86% Fe, along the western
extension of the San Antonio Zone.
LHDD-13 Intersected 24.0 m at 0.47% Cu and 36.26% Fe, including 14.0 m at
0.70% Cu beneath the main San Antonio Zone.
LHRC-03 Intersected several zones of copper and iron mineralization before
hole obtained 2 m at 2.38% Cu and stopped in workings at 169 m.
LHRC-04 Intersected 9.0 m of 0.97% Cu and 12.07% Fe, including 7.0 m of
1.21% Cu, along the main San Antonio Zone.
Photographs of drill core from LHDD-13 are shown in Figures 5A-5D at the end of
this press release.
Channel sampling in the open pits obtained the following results:
- 8 m at 0.95% Cu and 34.38% Fe;
- 20 m at 0.27% Cu and 8.65% Fe;
- 15 m at 0.53% Cu and 29.36% Fe;
- 17 m at 1.69% Cu and 11.54% Fe;
- 6 m at 1.54% Cu and 21.85% Fe;
- 20 m at 0.76% Cu and 16.10% Fe; and,
- 10 m at 0.40% Cu and 12.68% Fe.
Many of the holes drilled beneath the open pits failed to penetrate the main
mineralized zone due to encountering underground workings which extend deeper
than anticipated. An exception was LHDD-013 which did not hit workings and which
intersected 24 m of 0.47% Cu and 36.26% Fe beneath the San Antonio workings.
Also, hole LHDD-014, which tested the San Antonio Zone along strike from the
main workings area, obtained substantial intercepts of magnetite and analytical
results are awaited. Whereas hitting workings caused drilling problems, higher
grade copper mineralization was encountered immediately adjacent to the workings
in some holes (e.g. LHRC-03 - 164-166 m; 2 m at 2.38% Cu), showing that the
workings extend deeper than anticipated and the high-grade copper zone also
extends to a considerable depth, as indicated by the magnetic anomaly.
MINERALIZED INTERCEPTS
Diamond Drilling
----------------------------------------------------------------------------
Drill Hole From To Width Copper Iron
ID Metres Metres Metres % %
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LHDD-10 62.0 70.0 8.0 0.03 21.59
---------------------------------------------------
112.0 115.0 3.0 0.66 15.71
---------------------------------------------------
142.0 156.0 14.0 0.46 6.39
---------------------------------------------------
includes 8.0 0.65 6.41
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LHDD-11 159.9 164.0 4.1 1.46 13.86
---------------------------------------------------
179.0 182.0 3.0 0.64 8.30
---------------------------------------------------
206.0 218.0 12.0 0.41 15.08
---------------------------------------------------
includes 2.0 0.87 14.10
---------------------------------------------------
224.0 259.0 35.0 0.06 27.31
---------------------------------------------------
269.0 277.0 8.0 0.46 13.82
---------------------------------------------------
includes 3.0 1.05 17.82
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LHDD-13 Partial 258.0 282.0 24.0 0.47 36.26
---------------------------------------------------
includes 14.0 0.70 28.82
---------------------------------------------------
281.0 290.0 9.0 0.07 30.29
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Reverse Circulation
----------------------------------------------------------------------------
Drill Hole From To Width Copper Iron
ID Metres Metres Metres % %
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LHRC-01 78.0 88.0 10.0 0.04 23.96
---------------------------------------------------
138.0 144.0 6.0 0.68 13.60
---------------------------------------------------
includes 3.0 1.03 13.67
---------------------------------------------------
149.0 159.0 10.0 0.29 22.46
---------------------------------------------------
170.0 175.0 5.0 0.56 9.86
---------------------------------------------------
210.0 212.0 2.0 0.82 16.85
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LHRC-02 1.0 5.0 4.0 0.58 10.97
---------------------------------------------------
86.0 114.0 28.0 0.02 22.76
---------------------------------------------------
136.0 144.0 8.0 0.03 32.76
---------------------------------------------------
180.0 182.0 2.0 0.78 10.88
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LHRC-03 38.0 46.0 8.0 0.05 24.98
---------------------------------------------------
92.0 108.0 16.0 0.01 20.36
---------------------------------------------------
137.0 141.0 4.0 0.46 21.88
---------------------------------------------------
149.0 152.0 3.0 0.50 11.46
---------------------------------------------------
163.0 167.0 (i) 4.0 1.28 12.40
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LHRC-04 30.0 40.0 10.0 0.01 32.77
---------------------------------------------------
117.0 126.0 9.0 0.97 12.07
---------------------------------------------------
includes 7.0 1.21 12.48
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i) last recovered sample before drillhole was lost in mine workings
All drill hole samples consist of split HQ and NQ diamond drill core. Core
samples were split at the ALS Chemex core cutting facility in Coquimbo, Chile.
Sample preparation and analysis was conducted by ALS Chemex lab in Coquimbo,
Chile and at Acme Analytical Laboratories in Santiago, Chile. Gold is determined
using fire assay using 30g aliquots with an AAS finish. Copper and iron are
determined by four acid digestion followed by ICP-ES or ICP-AES analysis. All
samples are subject to a chain of custody and are submitted with standards and
blanks to check the assay results. The laboratories also use internal standards
and repeat analysis.
Since the mineralization is controlled by a complicated set of intersecting
structures it is difficult to comment on true width at this stage, but the angle
of hole LHDD-13 in relation to the overall mineralized system may have
exaggerated the width by approximately 30%.
Geological mapping and geochemical sampling is underway at La Higuera via the
rehabilitated Juan Munoz Tunnel which extends horizontally for approximately 1.5
km and connects the historical underground workings. Initial reconnaissance
along the tunnel revealed stockwork and veinlet hosted chalcopyrite
mineralization within massive magnetite zones, (see photos below - Figure 6;
Figure 7). As intersected in drilling, this demonstrates that copper sulphide
mineralization at La Higuera is not restricted to the historically mined
high-grade structures, but is developed extending beyond these high-grade
structures. Mapping and sampling of these mineralized zones underground is
providing valuable geological information regarding the controls of
mineralization and will assist in planning future drill campaigns.
Michael Easdon, M.Sc., CPG, an independent consultant to the Company, is a
"qualified person" as defined by National Instrument 43-101, and has reviewed
and approved the technical information and data included in this press release.
About Azul Ventures Inc.
Azul Ventures Inc. is a mineral exploration company with the rights, through its
wholly owned subsidiary Minera Azul Ventures Limitada, to acquire a 100%
interest in a prospective copper- iron property in La Higuera, Chile (the "La
Higuera Property"). The La Higuera Property, which is located approximately 600
km north of Santiago, was assembled as a result of the first-time consolidation
of mining rights in a historical I.O.G.C. mining center and is located in a
prolific I.O.C.G. belt surrounded by excellent infrastructure in a mining
friendly jurisdiction.
The La Higuera Property covers a historic copper mining district with mining
activity dating back to at least the late 18th century; however, there has been
no known modern exploration conducted on the property. Since the consolidation
of the mining rights in June of 2011, Azul has initiated a rock sampling
program, completed geophysical work which has generated intense magnetic and
chargeability anomalies coincident with existing copper workings, finalized a
4,088 m drill program, and commenced an underground mapping and sampling
program.
Azul also hold the rights to acquire a 100% interest in the Caballo Blanco
Property, a prospective copper-iron property located approximately 6 km
southwest of the La Higuera Property.
Cautionary Statements
Information set forth in this news release may involve forward-looking
statements under applicable securities laws. Forward-looking statements are
statements that relate to future, not past, events. In this context,
forward-looking statements often address expected future business and financial
performance, and often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or event "may",
"might", "could", "should", or "will" be taken or occur, or other similar
expressions. All statements, other than statements of historical fact, are
forward-looking statements. By their nature, forward-looking statements involve
known and unknown risks, uncertainties and other factors which may cause our
actual results, performance or achievements, or other future events, to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include,
among others, the following risks: the need for additional financing;
operational risks associated with mineral exploration; market conditions;
fluctuations in commodity prices; title matters; environmental liability claims
and insurance; reliance on key personnel; the potential for conflicts of
interest among certain officers, directors or promoters with certain other
projects; the absence of dividends; competition; dilution; the volatility of our
common share price and volume and the additional risks identified in the "Risk
Factors" section of the Company's Filing Statement or other reports and filings
with the TSX Venture Exchange and applicable Canadian securities regulations.
Forward-looking statements are made based on management's beliefs, estimates and
opinions on the date that statements are made and Azul undertakes no obligation
to update forward-looking statements if these beliefs, estimates and opinions or
other circumstances should change, except as required by applicable securities
laws. Investors are cautioned against attributing undue certainty to
forward-looking statements.
To view FIGURE 1, please visit the following link:
http://media3.marketwire.com/docs/AZLFigure1.pdf.
To view FIGURE 2, please visit the following link:
http://media3.marketwire.com/docs/AZLFigure2.pdf.
To view FIGURE 3, please visit the following link:
http://media3.marketwire.com/docs/AZLFigure3.pdf.
To view FIGURE 4, please visit the following link:
http://media3.marketwire.com/docs/AZLFigure4.pdf.
To view FIGURE 5A, 5B, 5C & 5D, please visit the following link:
http://media3.marketwire.com/docs/AZLFigure5.pdf.
To view FIGURE 6 & 7, please visit the following link:
http://media3.marketwire.com/docs/AZLFigure6_7.pdf.
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