Strait Extends Porphyry Mineralization at Alicia
22 1월 2014 - 5:40AM
Marketwired Canada
Strait Minerals Inc. ("Strait" or the "Company") (TSX VENTURE:SRD) is pleased to
report results from a drill program at the Company's 100%-owned Alicia porphyry
copper property in Peru.
Teck Peru S. A. ("Teck Peru"), a wholly owned subsidiary of Teck Resources
Limited ("Teck"), funded the program under an option/joint-venture agreement
with the Company. Selected results from the 10-hole, 4,000-metre core drilling
program are provided in the table below.
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Easting Northing Inter- Cu Mo
Hole ID (i) (i) From To section (%) (%)
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ALC-13-19 177765 8440470 38 46 8 0.10 less than 0.001
ALC-13-20 177600 8440930 64 88 24 0.24 0.002
including 64 74 10 0.40 0.006
ALC-13-21 177600 8440780 40 120.5 80.5 0.17 less than 0.001
including 84 94 10 0.25 less than 0.001
ALC-13-22 177600 8440480 190.35 198.35 8 0.11 less than 0.001
316.35 350.35 34 0.17 0.001
including 322.35 332.35 10 0.29 0.001
ALC-13-23 177400 8440917 161.8 182 20.2 0.10 0.004
200 252 52 0.10 0.003
including 200 220 20 0.13 0.006
364 544.6 180.6 0.11 0.002
including 364 378 14 0.22 0.004
including 370 376 6 0.36 0.008
ALC-13-24 177400 8440617 6 19.5 13.5 0.11 less than 0.001
ALC-13-25 178300 8440800 11.9 34.55 22.65 0.11 less than 0.001
101.9 158 56.1 0.12 0.001
337.1 347.3 10.2 0.16 0.008
ALC-13-26 178800 8440435 No assays - Limestone
ALC-13-27 178300 8440650 184 203.7 19.7 0.12 0.001
294 300 6 0.10 0.002
ALC-13-28 177248 8440767 152 163 11 0.14 less than 0.001
388.5 503.7 115.2 0.05 0.010
including 388.5 419 30.5 0.10 0.009
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(i) UTM Co-ordinate system PSAD 56 Zone 19S. For complete assays results,
click on this link:
http://www.straitminerals.com/i/pdf/Assays-2013-Complete.pdf
Drilling tested the outcropping zone of porphyry intrusives across approximately
900 metres east to west. In addition, two holes were drilled to test for
porphyry mineralization under cover to the east and west of the area of outcrop
(See drill location map at:
http://www.straitminerals.com/i/pdf/KTh-Comp-with-2013-drillholes.pdf). The
average depth of the holes was 400 metres with the deepest hole, ALC-13-23,
bottoming at 601 metres and ALC-13-26, a 500m step-out to the east, terminated
in barren limestone at 61 metres.
Porphyry style alteration was intersected in nine of the 10 holes, with the
exception being ALC-13-26. Potassic alteration (biotite-K-feldspar+/- magnetite)
is dominant in the central and western part of the porphyry complex, with lesser
sericite-chlorite-clay (SCC) alteration. Both of these alteration types are also
present in hole ALC-13-28, a 150-metre step-out drilled to test for porphyry
mineralization under cover to the west of the limit of outcrop.
"This program confirmed the existence of a mineralized copper-molybdenum
porphyry system at Alicia," said Strait President Jim Borland. "The full extent
of the mineralization has not yet been established, as drilling tested only a
portion of the area of interest outlined by geophysics, rock sampling and soil
sampling. In particular, the presence of porphyry mineralization and alteration
in hole ALC-13-28 suggests further potential associated with untested soil
anomalies to the west and northwest."
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.
Under an Option/Joint Venture Agreement, Teck Peru can earn an initial 45%
interest in the Alicia property by spending $4 million by December 31, 2014.
Since entering into the Agreement in late 2011, Teck Peru has spent
approximately $2.5 million. Strait has conducted the exploration program on Teck
Peru's behalf for which it received a 10% management fee. Teck Peru can earn up
to a 75% interest in the Alicia property in stages by December 31, 2019, by,
among other things, (a) completing aggregate exploration expenditures of $30
million or (b) completing aggregate exploration expenditures of $10 million and
delivering a pre-feasibility study.
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 filed April 26,
2011, on sedar.com). Best results from that drilling included 94.3 metres (true
width) of skarn material in Hole ALC10-08 grading 0.33% copper and 0.04 grams
per tonne (g/t) gold and 134.0 metres of skarn material in Hole ALC11-16 grading
0.29% copper and 0.03 g/t gold.
Quality Control and Quality Assurance
All sampling is supervised by Strait Minerals personnel. Samples are placed in
plastic sample bags that are closed with single use plastic ties. Samples are
securely stored in a locked room prior to transportation to Cusco by Strait
Minerals personnel. Copper and molybdenum, together with 30 other elements, were
assayed by inductively coupled plasma-atomic emission spectrometry (ICP-AES)
following aqua regia dissolution. Samples with copper assays above the upper
limit for the ICP-AES technique were re-assayed by atomic absorption (AA).
Strait Minerals routinely carries out a program of quality assurance/quality
control (QA/QC) that includes insertion of blanks, standards and duplicates into
the sample stream to verify results prior to dissemination.
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. Strait has granted Teck Peru
S.A., a wholly owned subsidiary of Teck Resources Limited, an option to earn up
to a 75% interest in the property by, among other things, spending $30 million
on exploration or by spending $10 million on exploration and delivering a
pre-feasibility study. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Strait Minerals Inc.
Jim Borland
President
416-272-7387
jborland@straitminerals.com
www.straitminerals.com
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